LBE

Thương mại và Dịch vụ LVA ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 10.54%, +3.43pp YoY

Price

32,300

Latest close

03 Jun 2026

P/E 4.47x

P/B 1.56x

EPS 7,228

BVPS 20,719

ROE 37.8%

ROA 28.0%

Profit Margin 10.5%

Asset Turnover 2.66x

Equity Mult. 1.35x

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

What Is Changing

On a TTM 2026Q1 basis, LBE is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 173bn
	                                
+25.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 18bn
	                                
+86.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	131.2	106.2	90.7	98.6	73.2
Growth	+24%	+17%	-8%	+35%	—
Net Income	18.8	2.9	1.6	2.1	1.6
Net Margin	14.32%	2.73%	1.73%	2.17%	2.12%

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	37.0	37.6	29.8	68.7	34.3	17.0	49.1	37.4	2.5	5.8	41.2	39.0
Growth	-2%	+26%	-57%	+100%	+102%	-65%	+31%	+1387%	-56%	-86%	+6%	—
Net Income	4.6	6.0	5.2	2.4	5.6	2.3	1.5	0.4	-0.8	0.2	0.9	0.6
Net Margin	12.53%	16.06%	17.29%	3.53%	16.38%	13.51%	2.98%	1.15%	-31.95%	4.30%	2.09%	1.52%

Drivers of LBE's profit

TTM

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

Gross profit ↑ 71.9bn

Selling expenses ↑ 58.0bn

Tax ↑ 2.4bn

Financial income ↓ 1.8bn

Administrative expenses ↑ 0.9bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher selling expenses. Supporting and offsetting drivers:

Gross profit ↑ 5.9bn

Tax ↓ 0.3bn

Financial income ↑ 0.1bn

Selling expenses ↑ 6.8bn

Administrative expenses ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 35.4% = 7.1% × 3.47 × 1.43

2026Q1 37.8% = 10.5% × 2.66 × 1.35

ROE rose from 35.4% to 37.8% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 10.5% +3.4pp Asset turnover: 2.66x -0.81x Leverage: 1.35x -0.09x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 10.54%, rising 3.4pp. Core operating signals are improving as Gross margin rose 36.4pp are enough to offset pressure from SG&A / Revenue rose 30.5pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 1.5pp remained a drag).

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

Profitability trend

Net Margin 10.54% +3.4pp

Gross Margin 61.49% +36.4pp

SG&A / Revenue 48.06% +30.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 38.4 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 43.77%, rising 10.6pp. That translates to 43.77 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.4pp, with capital turnover fell 0.47x; with invested capital holding roughly steady.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 43.77% +10.6pp

NOPAT Margin 10.64% +3.4pp

Capital Turnover 4.12x −0.47x

Average Invested Capital 42.0bn +12.0bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.21x equity, with a net cash position equivalent to 0.27x equity.

Inventory ended the period at 18.5bn, roughly 25.6% 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

Cash conversion cycle lengthened by 38.4 days versus the same period last year. The main moves came from DIO rose 44.7 days, DSO rose 2.0 days, and DPO rose 8.3 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 102.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +2.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 7.2 days +2.0 days

Inventory 116.6 days +44.7 days

Payables 21.5 days +8.3 days

Cash Conversion Cycle 102.3 days +38.4 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 5.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.27x and interest coverage at 61.98x.

At present, short-term debt accounts for 34.6% of total debt, cash equals 1342.1% of debt, and total debt stands at 1.4bn.

Leverage and liquidity trend

Net Debt / Equity -0.27x −0.43x

Interest Coverage 61.98x −50.87x

Cash / Debt 1342.1% +1299.3pp

Short-term Debt / Total Debt 34.6% −65.4pp

CFO / NI 0.17x −0.05x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 5.2bn in 2025, against investing cash flow of -4.0bn.

Post-investment cash flow was positive +1.2bn. Financing cash flow was positive +16.1bn.

CFO / net income was 0.17x.

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 3.1bn +1.0bn

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 brighter spot is operating efficiency, with net margin improving 3.4 pp. The next item to monitor is cash generation still needs confirmation.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.54% after expanding 3.4pp versus the same period last year.

Watchpoint: Cash generation still needs confirmation.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	131.2	107.0	90.9	100.2	73.7
Revenue Deductions	—	0.8	0.2	1.5	0.0
Net Revenue	131.2	106.2	90.7	98.6	73.2
Cost of Goods Sold	33.7	93.9	80.7	86.9	0.0
Gross Profit	97.5	12.3	10.0	11.8	8.2
Financial Income	0.3	2.1	1.1	0.9	0.7
Financial Expenses	0.4	0.7	0.1	0.3	-0.3
Interest Expense	0.0	0.3	0.1	0.1	-0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	70.7	7.1	6.2	6.7	-4.7
General and Administrative Expenses	2.7	2.7	2.7	3.0	-2.0
Operating Profit	24.0	4.0	2.1	2.7	1.8
Other Income	0.1	0.0	0.0	0.0	0.0
Other Expenses	0.4	0.2	0.1	0.0	0.0
Other Profit	-0.2	-0.2	-0.1	-0.0	0.0
Profit Before Tax	23.7	3.9	2.0	2.7	1.8
Current Income Tax Expense	4.9	1.0	0.5	0.6	-0.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	18.8	2.9	1.6	2.1	1.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	18.8	2.9	1.6	2.1	1.6
Earnings per Share	9,148.00	1,448.00	728.00	1,815.00	1,393.00
Diluted EPS	9,148.00	1,448.00	728.00	1,815.00	1,413.13

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	52.3	36.4	21.6	20.1	21.3
I. Cash and cash equivalents	17.5	1.8	0.6	1.1	1.6
1. Cash	17.5	1.8	0.6	1.1	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	5.1	5.6	5.9	0.0
1. Available for sale securities	—	5.4	5.8	6.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	-0.2	-0.2	-0.1	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	7.5	9.1	0.5	0.3	2.1
1. Short-term trade accounts receivable	1.8	2.0	0.1	0.1	0.0
2. Short-term prepayments to suppliers	2.9	7.0	0.1	0.1	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	2.4	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.4	0.1	0.3	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	18.5	19.8	14.8	12.8	17.5
1. Inventories	18.5	20.7	14.8	13.0	0.0
2. Provision for decline in value of inventories	—	-0.9	0.0	-0.3	0.0
V. Other short-term assets	8.8	0.6	0.1	0.1	0.1
1. Short-term prepayments	8.8	0.4	0.1	0.1	0.0
2. Value added tax to be reclaimed	—	0.2	0.0	0.0	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)	19.9	5.3	4.8	4.9	8.8
I. Long-term receivables	0.2	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	0.2	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	4.7	4.3	4.6	4.8	4.1
1. Tangible fixed assets	3.7	3.2	3.5	3.6	3.9
- Cost	5.6	5.9	6.2	6.0	0.0
- Accumulated depreciation	-1.8	-2.8	-2.7	-2.4	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	1.0	1.1	1.1	1.1	0.1
- Cost	1.6	1.7	1.6	1.6	0.0
- Accumulated depreciation	-0.6	-0.5	-0.5	-0.4	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	4.5	0.1	0.1	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.5	0.1	0.1	0.0	0.0
V. Long-term financial investments	9.7	0.0	0.0	0.0	3.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.9	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	-0.3	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.7	0.9	0.1	0.1	0.0
1. Long-term prepayments	0.7	0.9	0.1	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	1.1
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)	72.2	41.7	26.4	25.0	30.0
A. LIABILITIES (300=210+330)	12.6	15.0	2.6	2.6	9.6
I. Short -term liabilities	11.6	15.0	2.5	2.5	9.5
1. Short-term trade accounts payable	4.2	3.7	1.6	1.7	3.7
2. Short-term advances from customers	0.1	0.1	0.0	0.1	0.1
3. Taxes and other payables to state authorities	6.1	1.1	0.2	0.2	0.0
4. Payable to employees	0.7	0.7	0.7	0.6	0.0
5. Short-term acrrued expenses	0.0	0.2	0.0	0.0	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	—	0.5	0.0	0.0	0.0
10. Short-term borrowings and financial leases	0.5	8.8	0.0	0.0	5.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	1.0	0.0	0.0	0.0	0.1
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	0.0
8. Long-term borrowings and financial leases	1.0	0.0	0.0	0.0	0.1
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)	59.6	26.7	23.8	22.4	20.4
I. Owner's equity	59.6	26.7	23.8	22.4	0.0
1. Owner's capital	31.0	20.0	20.0	11.0	20.4
- Common stock with voting right	31,000,000,000.00	19,999,340,000.00	19,999,340,000.00	11,000,000,000.00	11,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	4.0	0.4	0.4	3.9	3.8
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	0.3	0.3	0.2	3.3	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	24.4	6.0	3.3	4.2	2.4
- Accumulated retained earning at the end of the previous period	5.6	3.1	1.7	2.1	0.8
- Undistributed earnings in this period	18.8	2.9	1.6	2.1	1.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.1	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)	72.2	41.7	26.4	25.0	30.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	23.7	3.9	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.2	0.4	0.0	0.0	0.0
Provision (Increase)/Reversal	0.3	1.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.1	0.1	0.0	0.0	0.0
Interest Expense	0.0	0.3	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	24.1	5.7	0.0	0.0	0.0
Increase/(Decrease) in Receivables	-0.8	-3.9	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-12.1	-5.9	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.4	3.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-8.7	-1.1	0.0	0.0	0.0
Changes in Trading Securities	—	0.4	0.0	0.0	0.0
Interest Paid	-0.0	-0.1	0.0	0.0	0.0
Corporate Income Tax Paid	-1.8	-0.5	-0.5	-0.7	0.0
Other Operating Receipts	—	0.0	3.1	4.8	0.0
Other Operating Payments	—	-0.1	-1.8	-2.5	0.0
Net Cash Flow from Operating Activities	5.2	-2.5	-0.6	4.6	-12.3
Payments for Fixed Assets and Other Long-term Assets	-1.6	-5.2	0.0	-0.0	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-2.4	0.0	0.0	0.0	-6.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	5.3
Investments in Other Entities	—	0.0	0.0	0.0	3.6
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	0.1	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	-4.0	-5.1	0.0	0.1	2.1
Proceeds from Equity Issuance and Capital Contributions	14,595,891,000.00	50,000,000.00	0.00	106,920,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	3.6	21.4	0.0	12.2	-6.4
Repayment of Borrowings	-2.1	-12.6	0.0	-17.4	16.4
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	16.1	8.9	0.0	-5.2	8.7
Net Cash Flow During the Period	17.3	1.2	-0.6	-0.5	1.3
Cash and Cash Equivalents at Beginning of Period	0.2	0.6	1.1	1.6	3.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	17.5	1.8	0.6	1.1	1.6

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	37.1	37.6	29.8	68.7	34.3	17.1	49.1	38.1	2.5	5.8	41.3	39.1
Revenue Deductions	0.2	—	—	0.0	0.0	0.1	0.0	0.6	0.0	0.1	0.0	0.1
Net Revenue	37.0	37.6	29.8	68.7	34.3	17.0	49.1	37.4	2.5	5.8	41.2	39.0
Cost of Goods Sold	8.7	9.1	8.0	40.8	12.0	12.3	44.2	34.8	2.1	4.4	36.4	35.9
Gross Profit	28.2	28.5	21.8	27.9	22.3	4.7	4.9	2.7	0.4	1.4	4.8	3.1
Financial Income	0.1	0.2	0.0	0.1	0.0	1.7	0.5	0.0	0.0	0.7	0.0	0.3
Financial Expenses	0.0	0.1	0.0	0.2	0.1	0.4	0.0	-0.3	0.4	0.0	0.0	0.1
Interest Expense	—	—	—	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	21.2	19.9	14.6	23.4	14.4	2.3	2.7	1.6	0.5	1.2	2.7	1.9
General and Administrative Expenses	1.3	0.9	0.7	1.2	0.8	0.7	1.0	0.7	0.3	0.6	1.1	0.7
Operating Profit	5.8	7.8	6.5	3.1	7.1	3.0	1.7	0.7	-0.8	0.3	1.1	0.8
Other Income	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.3	0.1	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	0.1	-0.2	-0.0	-0.0	0.0	-0.1	-0.0	-0.1	-0.0	0.0	0.0	-0.0
Profit Before Tax	5.8	7.6	6.5	3.1	7.1	2.9	1.7	0.6	-0.8	0.3	1.1	0.8
Current Income Tax Expense	1.2	1.6	1.3	0.7	1.5	0.6	0.2	0.1	0.0	0.1	0.2	0.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.6	6.0	5.2	2.4	5.6	2.3	1.5	0.4	-0.8	0.2	0.9	0.6
Non-controlling Interest	—	—	—	0.0	-0.0	-0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.6	6.0	5.2	2.4	5.6	2.3	1.5	0.4	-0.8	0.2	0.9	0.6
Earnings per Share	1,493.00	1,947.00	2,578.00	1,209.80	2,808.61	1,148.00	730.61	215.00	-402.00	124.00	430.00	297.00
Diluted EPS	1,493.00	1,947.00	2,578.00	1,209.80	2,808.61	1,694.00	730.61	215.00	-402.00	124.00	430.00	297.00

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)	51.2	52.4	32.4	76.2	43.5	36.9	50.3	41.4	21.5	21.6	27.7	35.3
I. Cash and cash equivalents	18.9	17.5	6.5	5.7	3.8	1.8	1.7	0.5	0.3	0.6	0.3	0.9
1. Cash	18.9	17.5	6.5	5.7	3.8	1.8	1.7	0.5	0.3	0.6	0.3	0.9
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	2.4	—	—	5.1	5.1	5.2	13.5	0.0	4.7	5.6	5.0	4.9
1. Available for sale securities	—	—	—	5.4	5.4	5.5	13.5	0.0	5.2	5.8	5.7	5.6
2. Provision for diminution in value of available for sale securities (*)	—	—	—	-0.3	-0.3	-0.2	0.0	0.0	-0.5	-0.2	-0.8	-0.8
3. Held to maturity investments	2.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
III. Short-term receivables	6.7	7.5	9.0	29.2	9.3	9.0	13.9	11.4	0.9	0.5	6.2	7.9
1. Short-term trade accounts receivable	3.3	1.8	2.6	11.0	3.6	2.0	7.5	6.2	0.3	0.1	5.0	6.6
2. Short-term prepayments to suppliers	2.6	2.9	3.0	15.4	3.4	7.0	5.6	4.9	0.0	0.1	0.0	0.0
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	—	2.4	2.4	1.6	1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.9	0.4	1.1	1.2	0.7	0.0	0.8	0.2	0.5	0.3	1.1	1.3
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	16.8	18.5	16.7	35.6	24.8	20.3	20.6	28.9	14.9	14.8	16.1	21.6
1. Inventories	16.8	18.5	16.7	36.5	25.8	20.8	20.6	28.9	14.9	14.8	16.1	21.6
2. Provision for decline in value of inventories	—	—	—	-0.9	-0.9	-0.5	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	6.4	8.9	0.2	0.6	0.5	0.6	0.6	0.6	0.7	0.1	0.1	0.2
1. Short-term prepayments	6.4	8.9	0.2	0.3	0.3	0.4	0.1	0.1	0.1	0.1	0.1	0.1
2. Value added tax to be reclaimed	—	—	—	0.3	0.2	0.2	0.5	0.5	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.6	0.0	0.0	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	25.8	20.2	18.6	9.9	9.6	5.3	4.5	4.6	4.8	4.8	4.9	5.0
I. Long-term receivables	0.3	0.2	0.2	0.2	—	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	0.3	0.2	0.2	0.2	—	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	4.6	4.7	3.2	4.1	4.2	4.3	4.4	4.5	4.6	4.6	4.7	4.8
1. Tangible fixed assets	3.6	3.7	2.2	3.0	3.1	3.2	3.2	3.3	3.4	3.5	3.6	3.6
- Cost	5.6	—	—	—	—	5.8	5.8	6.0	5.2	6.2	6.2	6.2
- Accumulated depreciation	-1.9	—	—	—	—	-2.6	-2.5	-2.8	-1.8	-2.7	-2.6	-2.6
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	1.0	1.0	1.0	1.1	1.1	1.1	1.2	1.2	1.2	1.1	1.1	1.1
- Cost	1.6	—	—	—	—	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	—	—	—	—	—	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	4.5	4.5	4.5	4.5	4.5	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.5	4.5	4.5	4.5	4.5	0.1	0.1	0.1	0.1	0.1	0.1	0.1
V. Long-term financial investments	9.7	9.9	9.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	9.9	9.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.9	—	—	—	—	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	-0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.7	0.7	0.6	0.9	0.8	0.9	0.1	0.1	0.1	0.1	0.1	0.1
1. Long-term prepayments	6.7	0.7	0.6	0.9	0.8	0.9	0.1	0.1	0.1	0.1	0.1	0.1
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)	77.0	72.5	51.0	86.0	53.1	42.2	54.8	46.0	26.2	26.4	32.5	40.3
A. LIABILITIES (300=210+330)	12.7	12.7	11.8	51.4	20.8	15.1	29.9	22.6	3.1	2.6	9.0	17.6
I. Short -term liabilities	11.8	12.6	11.8	51.3	20.8	15.0	29.9	22.6	3.1	2.5	8.9	17.6
1. Short-term trade accounts payable	3.1	4.1	4.1	21.5	4.8	3.7	9.6	22.3	2.7	1.6	6.6	17.0
2. Short-term advances from customers	0.2	—	0.6	0.2	2.8	0.1	0.1	0.1	0.1	0.0	0.1	0.0
3. Taxes and other payables to state authorities	6.9	6.2	6.4	4.5	3.4	1.1	0.2	0.1	0.6	0.2	0.6	0.2
4. Payable to employees	0.9	0.7	0.4	0.4	0.4	0.8	1.1	0.0	-0.3	0.7	1.5	0.2
5. Short-term acrrued expenses	0.0	0.0	0.2	0.6	0.3	0.0	0.0	0.0	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	0.2	0.1	0.0	0.6	0.5	0.6	16.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	0.5	1.5	—	23.6	8.8	8.8	2.9	0.0	0.0	0.0	0.0	0.0
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	—	—	—	0.0	—	0.0	0.0	0.1	0.0	0.0	0.1	0.1
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	1.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.9	—	—	—	—	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)	64.2	59.9	39.2	34.7	32.3	27.1	24.9	23.4	23.1	23.8	23.6	22.7
I. Owner's equity	64.2	59.9	39.2	34.7	32.3	27.1	24.9	23.4	23.1	23.8	23.6	22.7
1. Owner's capital	31.0	31.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
- Common stock with voting right	31,000,000,000.00	31,000,000,000.00	19,999,340,000.00	19,999,340,000.00	19,999,340,000.00	19,999,340,000.00	19,999,340,000.00	19,999,340,000.00	19,999,340,000.00	19,999,340,000.00	19,999,340,000.00	19,999,340,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	3.9	4.0	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2
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	29.0	24.7	18.6	14.0	11.6	6.5	4.2	2.7	2.5	3.3	3.0	2.2
- Accumulated retained earning at the end of the previous period	24.4	18.6	13.5	6.0	6.0	3.1	3.1	3.1	3.3	1.7	1.7	1.7
- Undistributed earnings in this period	4.6	6.0	5.2	8.0	5.6	3.4	1.1	-0.4	-0.8	1.6	1.3	0.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	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)	77.0	72.5	51.0	86.0	53.1	42.2	54.8	46.0	26.2	26.4	32.5	40.3

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	—	13.5	—	3.1	7.1	2.9	1.7	-0.2	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	—	0.1	0.1	0.1	0.1	0.2	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.2	—	0.0	0.0	0.7	0.0	-0.2	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	0.0
Gain/Loss from Investment Activities	—	-0.1	—	-0.0	-0.0	-0.1	-0.0	0.1	0.0	0.0	0.0	0.0
Interest Expense	—	-0.2	—	0.2	0.0	0.1	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	—	13.5	—	3.4	7.2	3.7	1.8	-0.1	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	22.4	—	-20.2	-3.0	5.1	-2.5	-6.4	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	3.7	—	-10.7	-5.0	-0.2	8.3	-14.1	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-15.5	—	15.5	4.4	-21.2	4.4	19.9	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	-8.7	—	-0.1	0.1	-1.1	-0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	8.0	-13.5	5.8	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	—	-0.0	-0.0	-0.1	-0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	-1.0	-0.1	-0.7	-0.1	-0.2	-0.1	0.0	-0.1	-0.4	0.0	0.0
Other Operating Receipts	5.1	—	—	—	—	0.0	0.0	-1.1	1.1	-3.0	4.8	-3.4
Other Operating Payments	-2.7	—	-6.6	—	—	-0.0	-0.0	1.6	-1.6	7.4	-8.3	4.5
Net Cash Flow from Operating Activities	1.6	-3.5	17.8	-12.8	3.6	-5.9	-1.6	6.1	-1.1	-10.3	9.9	1.0
Payments for Fixed Assets and Other Long-term Assets	—	-1.6	—	—	—	-0.0	0.0	-5.1	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	-0.3	0.3	-0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-0.8	—	0.0	-1.6	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	9.9	-9.9	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	0.1	0.0	0.0	0.0	-0.2	0.2	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	—	-1.6	-0.8	0.0	-1.6	0.1	0.0	4.0	-9.1	-6.5	6.6	-5.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	-9,950,000,000.00	10,000,000,000.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	40,000,000.00	-40,000,000.00	0.00
Proceeds from Borrowings	3.7	-11.1	—	14.8	0.0	5.9	2.9	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-3.9	-2.1	—	-0.0	—	0.0	0.0	0.0	0.0	17.0	-17.0	4.3
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	-0.2	1.3	—	14.8	0.0	5.9	2.9	-9.9	10.0	17.1	-17.1	4.3
Net Cash Flow During the Period	1.4	11.0	2.3	2.0	2.0	0.1	1.2	0.2	-0.2	0.3	-0.6	0.0
Cash and Cash Equivalents at Beginning of Period	17.5	6.5	5.7	3.8	1.8	0.6	0.6	0.6	0.6	1.1	1.1	1.1
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	18.9	17.5	6.5	5.7	3.8	1.8	1.7	0.5	0.3	0.6	0.3	0.9

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LBE

What Is Changing

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Balance Sheet ●

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Cash Flow ●

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Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow