ITQ

Tập đoàn Thiên Quang ·HNX ·2026Q1

▲▲ Improving positively

Price

2,600

Latest close

03 Jun 2026

P/E 13.68x

P/B 0.24x

EPS 190

BVPS 10,630

ROE 1.8%

ROA 1.1%

Profit Margin 0.9%

Asset Turnover 1.23x

Equity Mult. 1.66x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, ITQ is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 686bn
	                                
+24.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 6bn
	                                
+653.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -2.64x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	641.0	555.4	544.4	666.2	686.0
Growth	+15%	+2%	-18%	-3%	—
Net Income	5.1	1.0	1.9	-17.7	12.7
Net Margin	0.79%	0.19%	0.35%	-2.66%	1.85%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	164.6	174.4	185.8	161.1	119.7	153.6	139.1	140.3	122.4	144.7	144.8	145.0
Growth	-6%	-6%	+15%	+35%	-22%	+10%	-1%	+15%	-15%	-0%	-0%	—
Net Income	1.1	2.1	2.3	0.7	0.1	0.3	0.3	0.1	0.4	0.6	0.2	0.6
Net Margin	0.64%	1.19%	1.22%	0.41%	0.10%	0.19%	0.19%	0.09%	0.30%	0.39%	0.11%	0.42%

Drivers of ITQ's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 15.5bn

Administrative expenses ↑ 5.8bn

Financial income ↓ 1.7bn

Finance costs ↑ 1.4bn

Selling expenses ↑ 1.3bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 3.3bn

Financial income ↑ 0.3bn

Other profit ↑ 0.1bn

Administrative expenses ↑ 1.6bn

Selling expenses ↑ 0.7bn

Finance costs ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.2% = 0.1% × 1.06 × 1.57

2026Q1 1.8% = 0.9% × 1.23 × 1.66

ROE rose from 0.2% to 1.8% — all three components improved, with asset turnover contributing the most.

Net margin: 0.9% +0.7pp Asset turnover: 1.23x +0.17x Leverage: 1.66x +0.09x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 0.88%, rising 0.7pp. Core operating signals are improving as Gross margin rose 1.3pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.2pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 0.88% +0.7pp

Gross Margin 6.29% +1.3pp

SG&A / Revenue 4.04% +0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.44x +0.22x

Average Invested Capital 476.7bn +24.5bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.69x equity, net debt at 0.44x equity.

Inventory ended the period at 216.5bn, roughly 37.9% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.9 days versus the same period last year. The main moves came from DIO fell 10.9 days, DSO fell 13.7 days, and DPO fell 5.7 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 168.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 93.6 days −13.7 days

Inventory 111.7 days −10.9 days

Payables 36.8 days −5.7 days

Cash Conversion Cycle 168.5 days −18.9 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.44x and interest coverage only at 0.52x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 4.1% of debt, and total debt stands at 156.9bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.52x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.44x +0.05x

Interest Coverage 0.52x +0.47x

Cash / Debt 4.1% −0.5pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -2.64x +14.12x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -24.4bn in 2025, against investing cash flow of 5.0bn.

Post-investment cash flow was negative +19.4bn. Financing cash flow was positive +34.4bn.

CFO / net income was -2.64x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 16.0bn −2.5bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 0.52x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.52x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	641.4	555.6	544.7	669.7	689.0
Revenue Deductions	0.4	0.2	0.3	3.5	0.0
Net Revenue	641.0	555.4	544.4	666.2	686.0
Cost of Goods Sold	601.1	528.1	514.8	655.7	0.0
Gross Profit	39.9	27.3	29.6	10.5	51.1
Financial Income	1.1	3.1	2.0	2.3	1.3
Financial Expenses	10.7	9.3	11.2	8.9	-5.9
Interest Expense	8.3	6.4	8.9	5.0	-4.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	9.4	8.8	8.6	11.1	-13.0
General and Administrative Expenses	16.0	11.8	9.7	11.4	-18.2
Operating Profit	5.0	0.6	2.1	-18.6	15.3
Other Income	0.4	0.5	0.3	0.9	0.0
Other Expenses	0.1	0.1	0.4	0.0	0.0
Other Profit	0.3	0.4	-0.1	0.9	0.6
Profit Before Tax	5.3	1.0	2.0	-17.7	15.9
Current Income Tax Expense	0.2	0.0	0.1	0.0	-3.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	5.1	1.0	1.9	-17.7	12.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	5.1	1.0	1.9	-17.7	12.7
Earnings per Share	176.00	33.00	60.00	-561.00	534.00
Diluted EPS	159.77	33.00	60.00	-561.00	532.50

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	430.9	398.7	395.5	421.2	403.8
I. Cash and cash equivalents	19.7	4.7	4.7	8.7	13.7
1. Cash	19.7	4.7	4.7	8.7	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	10.0	4.0	4.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	10.0	4.0	4.0	0.0
III. Short-term receivables	171.9	156.7	173.2	166.8	178.7
1. Short-term trade accounts receivable	170.9	149.0	148.9	162.7	0.0
2. Short-term prepayments to suppliers	0.3	7.5	0.1	4.0	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	23.0	0.0	0.0
6. Other short-term receivables	0.6	0.2	1.2	0.1	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	216.5	205.6	194.5	221.8	191.4
1. Inventories	216.5	205.6	194.5	221.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	22.9	21.7	19.1	19.9	9.9
1. Short-term prepayments	0.3	0.4	0.4	0.4	0.0
2. Value added tax to be reclaimed	22.5	21.2	18.6	19.4	0.0
3. Taxes and other receivables from state authorities	—	0.1	0.1	0.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	140.7	143.3	121.1	129.1	101.9
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	36.7	47.6	55.8	66.2	97.1
1. Tangible fixed assets	36.1	41.0	49.1	59.6	60.4
- Cost	147.6	144.6	144.6	148.8	0.0
- Accumulated depreciation	-111.5	-103.6	-95.5	-89.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.6	6.6	6.6	6.7	36.7
- Cost	1.2	7.1	7.1	7.1	0.0
- Accumulated depreciation	-0.6	-0.5	-0.5	-0.5	0.0
III. Investment properties	72.5	72.7	30.0	30.0	0.0
- Cost	72.8	72.8	30.0	30.0	0.0
- Accumulated depreciation	-0.4	-0.1	0.0	0.0	0.0
IV. Long-term assets in progress	19.6	19.6	27.4	23.1	0.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	19.6	19.6	27.4	23.1	0.0
V. Long-term financial investments	10.0	0.0	6.0	6.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	10.0	0.0	6.0	6.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.9	3.4	1.9	3.7	0.0
1. Long-term prepayments	1.9	3.4	1.9	3.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3.8
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	571.5	542.0	516.6	550.3	505.6
A. LIABILITIES (300=210+330)	234.1	209.4	184.9	220.3	235.2
I. Short -term liabilities	234.1	209.4	184.9	220.3	234.4
1. Short-term trade accounts payable	72.6	88.6	70.1	93.8	157.5
2. Short-term advances from customers	4.1	0.0	0.6	1.0	2.9
3. Taxes and other payables to state authorities	0.1	0.0	0.0	0.0	0.0
4. Payable to employees	2.4	0.4	1.1	1.4	0.0
5. Short-term acrrued expenses	0.2	0.1	0.1	0.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	0.1	0.1	0.2	0.0
10. Short-term borrowings and financial leases	154.1	119.7	112.4	123.0	65.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.3	0.5	0.6	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.8
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.8
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	337.4	332.5	331.7	330.0	270.5
I. Owner's equity	337.4	332.5	331.7	330.0	0.0
1. Owner's capital	318.4	318.4	318.4	318.4	270.5
- Common stock with voting right	318,433,050,000.00	318,433,050,000.00	318,433,050,000.00	318,433,050,000.00	238,433,050,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	6.4	6.4	6.4	6.4	6.5
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	6.1	6.1	6.3	6.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	6.5	1.6	0.6	-1.4	19.3
- Accumulated retained earning at the end of the previous period	1.4	0.6	-1.4	16.4	6.7
- Undistributed earnings in this period	5.1	1.0	1.9	-17.7	12.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	571.5	542.0	516.6	550.3	505.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.1	0.0	0.0	-1.8	0.0
Other Operating Receipts	0.8	1.3	0.3	1.1	0.0
Other Operating Payments	-23.4	-15.3	-15.7	-27.1	0.0
Net Cash Flow from Operating Activities	-24.4	2.9	34.1	-110.1	77.6
Payments for Fixed Assets and Other Long-term Assets	-2.7	-36.8	-6.0	-32.3	-71.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.0	0.0	0.6	0.1	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-16.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	16.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.7	3.5	0.7	1.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	5.0	-10.3	-27.7	-31.2	-70.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	79,879,500,000.00	11,389,202,288.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	440.4	355.4	390.5	297.3	300.6
Repayment of Borrowings	-406.0	-348.0	-401.1	-240.8	-310.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-7.2
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	34.4	7.4	-10.6	136.4	-5.5
Net Cash Flow During the Period	14.9	-0.0	-4.3	-4.9	10.2
Cash and Cash Equivalents at Beginning of Period	4.7	4.7	8.7	13.7	12.3
FX Difference from Revaluation	-0.0	0.0	0.3	-0.0	0.0
Cash and Cash Equivalents at End of Period	19.7	4.7	4.7	8.7	13.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	164.8	174.5	186.1	161.1	119.7	153.6	139.1	140.3	122.5	144.7	145.0	145.0
Revenue Deductions	0.1	0.1	0.3	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0
Net Revenue	164.6	174.4	185.8	161.1	119.7	153.6	139.1	140.3	122.4	144.7	144.8	145.0
Cost of Goods Sold	154.7	163.7	172.4	151.9	113.1	148.3	133.1	130.6	116.1	137.1	138.7	137.0
Gross Profit	9.9	10.7	13.4	9.2	6.6	5.3	6.0	9.7	6.3	7.6	6.1	7.9
Financial Income	0.3	0.6	0.4	0.0	0.1	1.0	0.4	1.7	0.1	1.1	0.2	0.6
Financial Expenses	2.5	3.1	2.5	2.9	2.2	2.3	1.8	3.3	1.8	3.5	2.3	3.2
Interest Expense	2.2	2.7	2.0	2.1	1.5	1.8	1.8	1.6	1.5	2.5	1.6	2.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.8	2.8	2.4	2.1	2.1	1.9	2.2	2.7	2.1	2.3	1.6	2.4
General and Administrative Expenses	4.0	3.5	6.4	3.7	2.4	1.7	2.3	5.4	2.3	2.4	2.2	2.3
Operating Profit	0.9	1.8	2.5	0.6	0.1	0.3	0.0	0.0	0.2	0.5	0.2	0.5
Other Income	0.1	0.2	0.0	0.1	0.0	0.1	0.2	0.1	0.1	0.1	0.1	0.1
Other Expenses	0.0	0.0	0.0	0.0	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.1	0.2	0.0	0.1	0.0	-0.0	0.2	0.1	0.1	0.1	0.0	0.1
Profit Before Tax	1.1	2.1	2.5	0.7	0.1	0.3	0.3	0.1	0.4	0.6	0.2	0.6
Current Income Tax Expense	—	—	0.2	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.1	2.1	2.3	0.7	0.1	0.3	0.3	0.1	0.4	0.6	0.2	0.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.1	2.1	2.3	0.7	0.1	0.3	0.3	0.1	0.4	0.6	0.2	0.6
Earnings per Share	33.00	65.00	71.00	21.00	4.00	9.00	8.00	4.00	11.00	18.00	5.00	19.00
Diluted EPS	32.99	65.12	71.41	20.53	3.66	9.26	8.23	4.07	11.36	17.86	4.87	18.94

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	444.7	440.5	464.0	426.9	388.7	398.3	428.6	398.1	391.7	396.9	433.3	395.3
I. Cash and cash equivalents	6.4	19.7	5.9	8.0	6.3	4.7	13.8	3.7	4.2	4.8	7.4	9.2
1. Cash	6.4	19.7	5.9	8.0	6.3	4.7	13.8	3.7	4.2	4.8	7.4	9.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	10.0	10.0	10.0	10.0	10.0	4.0	4.0	4.0	4.0	4.0	4.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	10.0	10.0	10.0	10.0	10.0	4.0	4.0	4.0	4.0	4.0	4.0
III. Short-term receivables	195.2	171.8	187.2	171.5	171.3	156.7	208.4	185.4	194.5	174.8	202.4	170.5
1. Short-term trade accounts receivable	184.3	170.9	173.1	159.0	167.5	149.0	177.0	151.2	157.3	149.9	187.8	165.0
2. Short-term prepayments to suppliers	2.3	0.3	3.5	2.9	3.6	7.5	11.3	8.6	12.9	0.8	1.9	5.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	19.0	23.0	23.0	0.0	0.0	0.0
6. Other short-term receivables	8.6	0.6	10.5	9.5	0.2	0.2	1.1	2.7	1.2	24.2	12.7	0.4
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	211.5	216.5	236.5	214.8	182.0	205.6	184.1	187.0	170.9	194.5	200.3	193.7
1. Inventories	211.5	216.5	236.5	214.8	182.0	205.6	184.1	187.0	170.9	194.5	200.3	193.7
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	31.6	22.6	24.5	22.6	19.1	21.3	18.2	18.0	18.2	18.7	19.2	17.9
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	31.5	22.5	24.4	22.5	19.1	21.2	18.2	17.9	16.3	18.6	19.1	17.8
3. Taxes and other receivables from state authorities	0.0	—	0.0	0.0	0.0	0.1	0.1	0.1	1.8	0.1	0.1	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.1	0.0	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	138.7	131.0	130.2	138.6	141.1	143.7	115.1	116.9	119.4	121.4	124.1	124.7
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	34.7	36.7	35.6	43.6	45.6	47.6	49.6	51.6	53.7	55.8	58.1	60.3
1. Tangible fixed assets	34.1	36.1	35.1	37.0	39.0	41.0	43.0	45.0	47.1	49.1	51.5	53.6
- Cost	147.6	—	—	—	—	144.6	144.6	144.6	144.6	144.6	144.6	144.2
- Accumulated depreciation	-113.5	—	—	—	—	-103.6	-101.6	-99.6	-97.6	-95.5	-93.1	-90.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.6	0.6	0.6	6.6	6.6	6.6	6.6	6.6	6.6	6.6	6.6	6.6
- Cost	1.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	72.4	72.5	72.5	72.6	72.6	72.7	30.0	30.0	30.0	30.0	37.8	30.0
- Cost	72.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	19.6	19.6	19.7	19.7	19.6	19.6	27.4	27.4	27.4	27.4	19.6	25.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	19.6	19.6	19.7	19.7	19.6	19.6	27.4	27.4	27.4	27.4	19.6	25.3
V. Long-term financial investments	10.0	—	—	—	—	0.0	6.0	6.0	6.0	6.0	6.0	6.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	10.0	—	—	—	—	0.0	6.0	6.0	6.0	6.0	6.0	6.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.0	2.3	2.4	2.8	3.3	3.8	2.1	1.9	2.3	2.3	2.6	3.2
1. Long-term prepayments	2.0	2.3	2.4	2.8	3.3	3.8	2.1	1.9	2.3	2.3	2.6	3.2
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	583.4	571.5	594.3	565.5	529.9	542.0	543.6	515.0	511.0	518.3	557.4	520.0
A. LIABILITIES (300=210+330)	244.9	234.1	258.9	232.4	197.3	209.4	211.4	183.0	179.0	186.6	226.2	188.9
I. Short -term liabilities	244.9	234.1	258.9	232.4	197.3	209.4	211.4	183.0	179.0	186.6	226.2	188.9
1. Short-term trade accounts payable	72.4	72.6	74.4	68.2	57.3	88.6	66.8	69.9	65.0	70.7	100.8	70.8
2. Short-term advances from customers	3.9	4.1	1.8	1.1	0.1	0.0	2.4	1.0	0.1	1.6	1.2	2.2
3. Taxes and other payables to state authorities	9.7	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	1.6	2.4	0.5	1.1	1.2	0.4	0.4	0.9	1.2	1.1	1.1	1.3
5. Short-term acrrued expenses	—	-0.0	0.0	0.0	—	0.0	0.1	0.1	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	0.5	0.4	0.4	0.3	0.3	0.2	0.2	0.2	0.3	0.3	0.4
10. Short-term borrowings and financial leases	156.9	154.1	181.3	161.3	138.1	119.7	141.3	110.6	112.2	112.4	122.2	113.5
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.5	0.6	0.6
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	338.5	337.4	335.4	333.1	332.6	332.5	332.3	332.1	332.0	331.7	331.2	331.1
I. Owner's equity	338.5	337.4	335.4	333.1	332.6	332.5	332.3	332.1	332.0	331.7	331.2	331.1
1. Owner's capital	318.4	318.4	318.4	318.4	318.4	318.4	318.4	318.4	318.4	318.4	318.4	318.4
- Common stock with voting right	318,433,050,000.00	318,433,050,000.00	318,433,050,000.00	318,433,050,000.00	318,433,050,000.00	318,433,050,000.00	318,433,050,000.00	318,433,050,000.00	318,433,050,000.00	318,433,050,000.00	318,433,050,000.00	318,433,050,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4	6.4
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	6.1	6.1	6.1	6.1	6.0	6.1	6.1	6.2	6.2	6.2	6.3	6.4
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	7.5	6.5	4.4	2.1	1.7	1.6	1.3	1.0	0.9	0.6	0.0	-0.1
- Accumulated retained earning at the end of the previous period	6.5	4.4	2.1	—	—	1.3	1.0	0.9	0.6	0.0	-0.1	-0.7
- Undistributed earnings in this period	1.1	2.1	2.3	2.1	1.7	0.3	0.3	0.1	0.4	0.6	0.2	0.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	583.4	571.5	594.3	565.5	529.9	542.0	543.6	515.0	511.0	518.3	557.4	520.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	-0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.3	—	—	—	—	0.9	0.0	0.2	0.2	-0.0	0.1	-0.3
Other Operating Payments	-5.2	1.6	-12.8	-8.6	-3.6	-1.4	-4.9	-8.5	-0.7	-4.1	-4.1	-5.7
Net Cash Flow from Operating Activities	-8.3	42.4	-37.7	-12.4	-16.8	28.5	-26.4	1.2	-0.5	19.5	1.8	17.4
Payments for Fixed Assets and Other Long-term Assets	—	-2.6	—	-0.1	—	-36.8	0.0	0.0	0.0	-2.2	-0.3	-3.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	7.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.2	0.5	0.0	0.0	1.7	1.8	0.0	0.1	0.6	0.0	0.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-7.7	-1.5	15.6	-9.1	0.0	-16.1	5.8	0.0	0.1	-12.6	-12.3	-2.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	77.3	88.8	148.6	126.2	76.8	88.1	96.1	106.5	64.7	126.8	99.2	83.3
Repayment of Borrowings	-74.5	-116.0	-128.5	-103.1	-58.4	-109.6	-65.4	-108.1	-64.9	-136.7	-90.5	-91.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	2.8	-27.2	20.1	23.1	18.4	-21.5	30.7	-1.6	-0.2	-9.9	8.7	-8.6
Net Cash Flow During the Period	-13.3	13.7	-2.1	1.7	1.6	-9.1	10.1	-0.5	-0.6	-2.9	-1.8	5.9
Cash and Cash Equivalents at Beginning of Period	19.7	5.9	8.0	6.3	4.7	4.7	4.7	4.7	4.7	8.7	8.7	8.7
FX Difference from Revaluation	—	-0.0	-0.0	-0.0	—	-0.0	0.0	0.0	0.0	0.3	0.0	0.0
Cash and Cash Equivalents at End of Period	6.4	19.7	5.9	8.0	6.3	4.7	13.8	3.7	4.2	4.7	7.4	9.2

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ITQ

What Is Changing

Drivers of ITQ's profit

Financial Highlights

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Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▲

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Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow