KVC

Sản xuất Xuất nhập khẩu Inox Kim Vĩ ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −25.02%, −27.57pp YoY

Price

1,200

Latest close

03 Jun 2026

P/E -2.13x

P/B 0.14x

EPS -564

BVPS 8,691

ROE -6.3%

ROA -5.6%

Profit Margin -25.0%

Asset Turnover 0.22x

Equity Mult. 1.13x

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

What Is Changing

On a TTM 2026Q1 basis, KVC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 111bn
	                                
−29.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 28bn
	                                
−794.2%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.56x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	113.3	155.5	208.0	229.2	190.2
Growth	-27%	-25%	-9%	+21%	—
Net Income	-28.5	-1.0	-14.0	-12.0	-33.1
Net Margin	-25.14%	-0.67%	-6.71%	-5.24%	-17.39%

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	36.0	34.6	20.6	20.1	38.0	35.2	43.2	41.5	35.5	41.4	31.3	64.0
Growth	+4%	+68%	+3%	-47%	+8%	-19%	+4%	+17%	-14%	+32%	-51%	—
Net Income	-3.9	-3.4	-15.7	-4.8	-4.5	18.3	-4.7	-5.1	-5.0	-5.3	-6.3	12.4
Net Margin	-10.79%	-9.94%	-76.11%	-24.04%	-11.87%	52.08%	-10.90%	-12.29%	-13.97%	-12.79%	-20.07%	19.37%

Drivers of KVC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to weaker other profit. Supporting and offsetting drivers:

Other profit ↓ 28.7bn

Gross profit ↓ 6.8bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 0.3bn

Gross profit ↓ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.9% = 2.5% × 0.29 × 1.20

2026Q1 -6.3% = -25.0% × 0.22 × 1.13

ROE fell from 0.9% to -6.3% — all three components weakened, with net margin being the main drag.

Net margin: -25.0% -27.6pp Asset turnover: 0.22x -0.06x Leverage: 1.13x -0.07x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -25.02%, losing 27.6pp. The main pressure comes from Gross margin fell 8.1pp and SG&A / Revenue rose 0.5pp (in addition, Net financial result / Revenue rose 0.8pp added support while Other profit / Revenue fell 19.7pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin -25.02% −27.6pp

Gross Margin -12.95% −8.1pp

SG&A / Revenue 4.88% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.09x equity, net debt at 0.06x equity.

Inventory ended the period at 278.0bn, roughly 59.0% of total assets.

Over the last 12 months, working capital released 26.0bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +13.0bn

Inventories decreased → higher CFO: +5.5bn

Payables increased → higher CFO: +7.5bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 261.9 days versus the same period last year. The main moves came from DIO rose 203.3 days, DSO rose 76.3 days, and DPO rose 17.7 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 972.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +76.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 188.4 days +76.3 days

Inventory 832.7 days +203.3 days

Payables 48.4 days +17.7 days

Cash Conversion Cycle 972.7 days +261.9 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity 0.06x −0.06x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.56x +7.44x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 19.5bn in 2025, against investing cash flow of 42.4bn.

Post-investment cash flow was positive +61.8bn. Financing cash flow was negative +60.0bn.

CFO / net income was -0.56x.

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 15.6bn +47.7bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 27.6 pp. The next watchpoint is the earnings mix, when non-core contribution is 20.7%. The main offsetting support comes from leverage pressure is easing, with net debt/equity down to 0.06x.

Improvement: leverage pressure is easing, with net debt / equity down 0.06x to 0.06x while interest coverage holds at None.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 20.7% of PBT and CFO / net income currently at -0.56x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -25.02% after a 27.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	113.3	155.5	208.0	229.2	190.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	113.3	155.5	208.0	229.2	190.2
Cost of Goods Sold	124.1	163.5	216.7	224.5	0.0
Gross Profit	-10.7	-8.1	-8.6	4.7	-13.1
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	3.3	4.6	8.4	9.0	-11.0
Interest Expense	3.3	4.6	8.4	9.0	-11.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	2.2	1.8	0.6	0.7	-0.6
General and Administrative Expenses	3.5	5.0	11.5	7.3	-7.4
Operating Profit	-19.7	-19.4	-29.2	-12.1	-32.0
Other Income	0.0	23.0	19.3	0.1	0.0
Other Expenses	8.7	0.0	1.5	0.0	0.0
Other Profit	-8.7	23.0	17.8	0.1	-1.0
Profit Before Tax	-28.5	3.6	-11.4	-12.0	-33.1
Current Income Tax Expense	—	4.6	2.6	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-28.5	-1.0	-14.0	-12.0	-33.1
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-28.5	-1.0	-14.0	-12.0	-33.1
Earnings per Share	-576.00	-21.00	-282.00	-243.00	-668.05
Diluted EPS	-575.57	-20.94	-282.00	-243.00	-668.05

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	345.6	361.6	324.0	337.2	318.2
I. Cash and cash equivalents	2.4	0.5	5.0	6.8	2.6
1. Cash	2.4	0.5	5.0	6.8	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	64.5	77.3	40.3	57.1	58.1
1. Short-term trade accounts receivable	64.5	77.2	40.2	57.0	0.0
2. Short-term prepayments to suppliers	—	0.0	0.0	0.0	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	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.1	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	278.0	283.1	277.9	272.6	256.8
1. Inventories	282.6	287.9	282.8	272.6	0.0
2. Provision for decline in value of inventories	-4.6	-4.8	-4.9	0.0	0.0
V. Other short-term assets	0.7	0.7	0.8	0.7	0.7
1. Short-term prepayments	0.1	0.1	0.1	0.1	0.0
2. Value added tax to be reclaimed	0.6	0.6	0.6	0.6	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	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)	125.8	194.8	237.8	278.5	305.6
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	125.8	194.8	237.5	278.1	304.3
1. Tangible fixed assets	125.8	143.2	166.2	189.2	213.2
- Cost	358.9	373.1	391.5	402.0	0.0
- Accumulated depreciation	-233.1	-230.0	-225.3	-212.8	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	—	51.6	71.3	88.8	91.1
- Cost	2.7	63.0	86.6	106.1	0.0
- Accumulated depreciation	-2.7	-11.4	-15.3	-17.3	0.0
III. Investment properties	—	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
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.2	0.3	0.5
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	—	0.0	0.2	0.3	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	0.0	0.0	0.1	0.0
1. Long-term prepayments	—	0.0	0.0	0.1	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	0.3
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)	471.5	556.4	561.8	615.7	623.7
A. LIABILITIES (300=210+330)	37.4	93.8	98.2	138.1	134.0
I. Short -term liabilities	37.2	93.1	77.4	137.3	133.1
1. Short-term trade accounts payable	28.3	24.6	14.0	18.2	13.7
2. Short-term advances from customers	0.1	0.1	0.0	0.1	0.0
3. Taxes and other payables to state authorities	5.6	4.9	0.0	0.0	0.0
4. Payable to employees	0.2	0.2	0.2	0.2	0.0
5. Short-term acrrued expenses	0.1	0.2	0.2	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	—	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	60.0	60.0	115.6	115.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.0	3.0	3.0	3.0	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	0.2	0.8	20.8	0.8	0.9
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	0.2	0.8	0.8	0.8	0.0
8. Long-term borrowings and financial leases	—	0.0	20.0	0.0	0.0
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)	434.1	462.6	463.6	477.6	489.8
I. Owner's equity	434.1	462.6	463.6	477.6	0.0
1. Owner's capital	495.0	495.0	495.0	495.0	489.8
- Common stock with voting right	495,000,000,000.00	495,000,000,000.00	495,000,000,000.00	495,000,000,000.00	495,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1
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	—	0.0	0.0	0.0	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	-60.9	-32.4	-31.3	-17.4	-5.2
- Accumulated retained earning at the end of the previous period	-32.4	-31.3	-17.4	-5.3	28.1
- Undistributed earnings in this period	-28.5	-1.0	-14.0	-12.0	-33.2
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)	471.5	556.4	561.8	615.7	623.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	-28.5	3.6	-11.4	-12.0	-33.1
Depreciation of Fixed Assets and Investment Property	17.9	20.2	22.8	26.9	30.1
Provision (Increase)/Reversal	-0.2	-0.1	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	-23.0	-19.3	-0.0	0.0
Interest Expense	3.3	4.6	8.4	9.0	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	-7.4	5.3	0.6	23.8	8.0
Increase/(Decrease) in Receivables	21.4	-37.0	16.8	0.9	0.0
Increase/(Decrease) in Inventory	5.2	-5.1	-5.4	-15.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.6	11.1	-4.3	4.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.1	0.0	0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.4	-4.6	-8.5	-9.0	0.0
Corporate Income Tax Paid	—	0.0	-2.6	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-0.2	0.0
Net Cash Flow from Operating Activities	19.5	-30.2	-3.4	4.5	76.3
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-0.6	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	42.4	45.5	37.0	0.4	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.2	0.1	0.2	0.0
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	0.0	0.0	0.0	0.0	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	42.4	45.7	37.1	0.1	-0.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	46.6	170.2	164.2	135.7
Repayment of Borrowings	-60.0	-66.6	-205.8	-164.6	-215.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
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	-60.0	-20.0	-35.6	-0.3	-79.5
Net Cash Flow During the Period	1.8	-4.4	-1.9	4.3	1.9
Cash and Cash Equivalents at Beginning of Period	0.5	5.0	6.8	2.6	6.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.4	0.5	5.0	6.8	2.6

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	36.0	34.6	20.6	20.1	38.0	35.2	43.2	41.5	35.5	41.4	31.3	64.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	36.0	34.6	20.6	20.1	38.0	35.2	43.2	41.5	35.5	41.4	31.3	64.0
Cost of Goods Sold	38.7	47.9	20.0	19.2	40.0	36.9	44.8	43.9	38.0	43.7	33.4	66.0
Gross Profit	-2.6	-13.3	0.7	0.8	-2.0	-1.7	-1.5	-2.4	-2.4	-2.3	-2.1	-2.1
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	—	0.3	0.8	1.1	1.0	1.2	1.1	1.2	1.1	1.3	1.9	2.9
Interest Expense	—	0.3	0.8	1.1	1.0	1.2	1.1	1.2	1.1	1.3	1.9	2.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.6	0.6	0.6	0.6	0.6	0.6	0.9	0.2	0.2	0.2	0.2	0.2
General and Administrative Expenses	0.7	0.6	0.7	1.2	1.0	1.1	1.3	1.3	1.3	1.5	1.5	1.7
Operating Profit	-3.9	-14.7	-1.5	-2.0	-4.5	-4.7	-4.7	-5.1	-5.0	-5.3	-5.7	-6.9
Other Income	0.0	2.2	40.0	0.2	—	45.5	0.0	0.0	0.0	0.0	0.0	37.0
Other Expenses	0.0	-9.1	54.2	3.0	0.0	22.5	0.0	0.0	0.0	0.0	0.6	17.7
Other Profit	-0.0	11.3	-14.2	-2.8	-0.0	23.0	-0.0	-0.0	-0.0	-0.0	-0.6	19.3
Profit Before Tax	-3.9	-3.4	-15.7	-4.8	-4.5	18.3	-4.7	-5.1	-5.0	-5.3	-6.3	12.4
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-3.9	-3.4	-15.7	-4.8	-4.5	18.3	-4.7	-5.1	-5.0	-5.3	-6.3	12.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-3.9	-3.4	-15.7	-4.8	-4.5	18.3	-4.7	-5.1	-5.0	-5.3	-6.3	12.4
Earnings per Share	-79.00	-70.00	-317.00	-98.00	-91.00	371.00	-95.00	-103.00	-100.00	-107.00	-127.00	250.00
Diluted EPS	-78.53	-69.48	-317.43	-97.47	-91.19	370.47	-95.21	-102.98	-100.34	-106.84	-126.91	250.35

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)	338.0	345.6	357.4	340.7	349.7	361.6	360.9	326.7	325.5	328.9	340.3	371.0
I. Cash and cash equivalents	2.4	2.4	3.7	5.7	4.4	0.5	5.5	2.9	10.8	5.0	2.3	24.4
1. Cash	2.4	2.4	3.7	5.7	4.4	0.5	5.5	2.9	10.8	5.0	2.3	24.4
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	55.4	64.5	65.0	47.4	59.7	77.3	74.1	43.8	37.6	40.3	56.5	68.0
1. Short-term trade accounts receivable	55.3	64.5	64.7	47.3	59.6	77.2	74.0	43.7	37.4	40.2	56.4	66.5
2. Short-term prepayments to suppliers	0.0	—	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.4
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	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
7. Provision for short-term doubtful debts (*)	0.0	—	—	—	—	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	279.5	278.0	288.0	286.9	284.9	283.1	280.6	279.2	276.4	282.8	280.6	277.8
1. Inventories	284.1	282.6	292.7	291.7	289.7	287.9	285.5	284.1	281.3	282.8	280.6	277.8
2. Provision for decline in value of inventories	-4.6	-4.6	-4.8	-4.8	-4.8	-4.8	-4.9	-4.9	-4.9	0.0	0.0	0.0
V. Other short-term assets	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.8	0.9	0.8
1. Short-term prepayments	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.0	0.1	0.1	0.2	0.2
2. Value added tax to be reclaimed	0.7	0.6	0.6	0.6	0.6	0.6	0.6	0.7	0.6	0.6	0.6	0.6
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	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)	121.5	125.8	130.1	185.5	190.1	194.8	222.0	227.4	232.6	237.8	243.3	248.8
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	121.5	125.8	130.1	185.5	190.1	194.8	222.0	227.1	232.3	237.5	243.0	248.5
1. Tangible fixed assets	121.5	125.8	130.1	134.4	138.8	143.2	152.0	156.7	161.4	166.2	171.2	176.3
- Cost	358.9	—	—	—	—	373.1	391.5	391.5	391.5	391.5	391.5	391.5
- Accumulated depreciation	-237.4	—	—	—	—	-230.0	-239.5	-234.8	-230.1	-225.3	-220.3	-215.2
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	—	—	—	51.0	51.3	51.6	70.0	70.4	70.9	71.3	71.8	72.2
- Cost	2.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	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
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.2	0.2	0.2	0.2	0.2
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	—	—	—	—	—	0.0	0.0	0.2	0.2	0.2	0.2	0.2
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	459.5	471.5	487.5	526.1	539.8	556.4	582.9	554.0	558.0	566.6	583.6	619.8
A. LIABILITIES (300=210+330)	29.4	37.4	50.0	72.9	81.8	89.2	134.3	100.5	99.4	98.2	109.8	139.6
I. Short -term liabilities	29.1	37.2	49.4	72.1	81.0	88.5	127.5	79.7	78.6	77.4	89.0	138.7
1. Short-term trade accounts payable	20.3	28.3	11.8	7.1	13.0	24.6	50.1	15.9	14.9	14.0	25.0	32.7
2. Short-term advances from customers	0.0	0.1	0.1	0.1	0.1	0.1	14.1	0.0	0.0	0.0	0.1	0.1
3. Taxes and other payables to state authorities	5.6	5.6	4.6	4.6	4.6	0.3	0.0	0.3	0.3	0.0	0.7	0.7
4. Payable to employees	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
5. Short-term acrrued expenses	0.0	0.1	0.0	0.1	0.0	0.2	0.0	0.2	0.1	0.2	0.0	0.2
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	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	—	29.7	57.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	101.8
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	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
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	0.2	0.2	0.6	0.8	0.8	0.8	6.8	20.8	20.8	20.8	20.8	0.9
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	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.2	0.6	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.9
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	6.0	20.0	20.0	20.0	20.0	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)	430.2	434.1	437.5	453.2	458.1	467.2	448.7	453.5	458.6	468.5	473.7	480.2
I. Owner's equity	430.2	434.1	437.5	453.2	458.1	467.2	448.7	453.5	458.6	468.5	473.7	480.2
1. Owner's capital	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0	495.0
- Common stock with voting right	495,000,000,000.00	495,000,000,000.00	495,000,000,000.00	495,000,000,000.00	495,000,000,000.00	495,000,000,000.00	495,000,000,000.00	495,000,000,000.00	495,000,000,000.00	495,000,000,000.00	495,000,000,000.00	495,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-64.7	-60.9	-57.4	-41.7	-36.9	-27.8	-46.3	-41.4	-36.3	-26.5	-21.2	-14.7
- Accumulated retained earning at the end of the previous period	-60.9	-32.4	-32.4	-32.4	-32.4	-31.3	-31.5	-31.3	-31.3	-17.5	-17.5	-17.4
- Undistributed earnings in this period	-3.9	-28.5	-25.1	-9.3	-4.5	3.6	-14.8	-10.1	-5.0	-8.9	-3.6	2.6
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)	459.5	471.5	487.5	526.1	539.8	556.4	582.9	554.0	558.0	566.6	583.6	619.8

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	-3.9	-3.4	-15.7	-4.8	-4.5	18.3	-4.7	-5.1	-5.0	-10.3	-6.3	12.4
Depreciation of Fixed Assets and Investment Property	4.3	18.5	-9.9	4.7	4.7	4.8	5.1	5.2	5.2	5.5	5.5	5.8
Provision (Increase)/Reversal	—	-0.2	—	—	—	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	-20.3	20.5	-0.2	-0.0	-23.0	-0.0	0.0	-0.0	-0.0	-0.0	-19.3
Interest Expense	—	0.3	0.8	1.1	1.0	1.2	1.1	1.2	1.1	1.3	1.9	2.9
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	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.4	-10.0	0.6	0.8	1.2	1.3	1.5	1.3	1.3	-3.5	1.1	1.8
Increase/(Decrease) in Receivables	9.1	-1.1	-7.3	12.3	17.6	-3.2	-30.2	-6.3	2.8	16.2	11.5	-32.3
Increase/(Decrease) in Inventory	-1.5	10.1	-1.1	-2.0	-1.8	-2.4	-1.4	-2.8	1.5	2.7	-2.8	-1.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.0	17.1	4.4	-6.0	-12.0	-39.2	47.8	1.1	1.3	-11.8	-5.2	30.2
Increase/(Decrease) in Prepaid Expenses	0.0	0.1	-0.1	0.1	-0.0	0.0	-0.1	0.1	0.1	0.1	-0.0	-0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.4	-0.8	-1.1	-1.1	-1.1	-1.1	-1.2	-1.1	-1.2	-2.0	-2.8
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-2.6	2.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	-0.2	0.0	0.0	0.2	-0.2	-0.0
Net Cash Flow from Operating Activities	0.0	15.7	-4.2	4.1	3.9	-44.5	16.3	-7.9	5.8	2.6	-0.2	-2.1
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	12.7	29.5	0.2	—	45.5	0.0	0.0	0.0	0.0	0.0	37.0
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	0.2	0.0	0.0	0.0	0.0	0.1
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	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
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	0.0	12.7	29.5	0.2	0.0	45.5	0.2	-0.0	0.0	0.0	0.0	37.1
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	—	—	—	—	—	0.0	5.0	22.0	19.6	33.4	32.8	5.0
Repayment of Borrowings	—	-29.7	4.9	-3.0	—	-6.0	-19.0	-22.0	-19.6	-33.4	-54.6	-19.1
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	—	-29.7	-27.3	-3.0	—	-6.0	-14.0	-0.0	-0.0	-0.0	-21.8	-14.1
Net Cash Flow During the Period	0.0	-1.3	-2.0	1.3	3.9	-4.9	2.5	-7.9	5.8	2.6	-22.0	20.9
Cash and Cash Equivalents at Beginning of Period	2.4	3.7	5.7	4.4	0.5	5.0	5.0	5.0	5.0	6.8	6.8	6.8
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.4	2.4	3.7	5.7	4.4	0.5	5.5	2.9	10.8	5.0	2.3	24.4

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KVC

What Is Changing

Drivers of KVC's profit

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Balance Sheet ▲

Working Capital Efficiency ▼▼

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Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow