MCP

In và Bao bì Mỹ Châu ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 1.80%, −3.56pp YoY

Price

27,500

Latest close

03 Jun 2026

P/E 71.99x

P/B 2.00x

EPS 382

BVPS 13,755

ROE 2.7%

ROA 2.3%

Profit Margin 1.8%

Asset Turnover 1.28x

Equity Mult. 1.19x

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

What Is Changing

On a TTM 2026Q1 basis, MCP posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit is at an all-time high. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 418bn
	                                
−4.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 7bn
	                                
−68.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    114.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	418.1	466.6	492.8	514.6	431.3
Growth	-10%	-5%	-4%	+19%	—
Net Income	9.3	30.1	17.4	11.3	22.6
Net Margin	2.21%	6.45%	3.54%	2.19%	5.24%

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	88.6	116.7	111.9	100.4	89.4	106.0	117.4	125.2	118.1	125.7	130.4	120.6
Growth	-24%	+4%	+11%	+12%	-16%	-10%	-6%	+6%	-6%	-4%	+8%	—
Net Income	-2.2	7.4	1.3	1.0	0.8	12.5	4.2	6.0	6.6	1.9	8.2	6.5
Net Margin	-2.47%	6.37%	1.12%	0.99%	0.88%	11.77%	3.60%	4.76%	5.62%	1.55%	6.27%	5.38%

Drivers of MCP's profit

TTM

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

Selling expenses ↓ 2.7bn

Gross profit ↓ 8.3bn

Financial income ↓ 7.0bn

Administrative expenses ↑ 6.3bn

TTM

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

Financial income ↑ 0.9bn

Selling expenses ↓ 0.7bn

Administrative expenses ↑ 2.6bn

Gross profit ↓ 2.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.8% = 5.4% × 1.37 × 1.20

2026Q1 2.7% = 1.8% × 1.28 × 1.19

ROE fell from 8.8% to 2.7% — all three components weakened, with asset turnover being the main drag.

Net margin: 1.8% -3.6pp Asset turnover: 1.28x -0.10x Leverage: 1.19x -0.01x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 1.80%, losing 3.6pp. The main pressure comes from Gross margin fell 1.5pp and SG&A / Revenue rose 1.3pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 1.6pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 1.80% −3.6pp

Gross Margin 9.31% −1.5pp

SG&A / Revenue 9.86% +1.3pp

Non-core / Revenue 3.01% −1.5pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 1.5pp, financial result still accounts for 122.5% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.18x equity, net debt at 0.04x equity.

Inventory ended the period at 84.8bn, roughly 26.1% of total assets.

Over the last 12 months, working capital absorbed 39.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −32.8bn

Inventories increased → lower CFO: −19.1bn

Payables increased → higher CFO: +12.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 16.4 days versus the same period last year. The main moves came from DIO fell 5.3 days, DSO fell 9.9 days, and DPO rose 1.1 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 100.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 54.4 days −9.9 days

Inventory 67.5 days −5.3 days

Payables 21.3 days +1.1 days

Cash Conversion Cycle 100.6 days −16.4 days

Is financial risk significant?

Leverage is safe but FCF is negative at 50.3bn due to capex of 0.7bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.04x and interest coverage at 4.50x.

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 0.04x +0.05x

Interest Coverage 4.50x −16.97x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -6.62x −6.62x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -24.9bn in 2025, against investing cash flow of 52.1bn.

Post-investment cash flow was positive +27.2bn. Financing cash flow was negative +7.2bn.

CFO / net income was -6.62x.

After spending +0.7bn on fixed-asset investment, the business generated trailing free cash flow of −50.3bn.

Cash Conversion

CFO TTM 49.7bn −49.7bn

Cash Capex 0.7bn +0.7bn

FCF TTM −50.3bn −50.3bn

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 3.6 pp. The next watchpoint is the earnings mix, when non-core contribution is 114.5%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 114.5% of PBT and CFO / net income currently at -6.62x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 1.80% after a 3.6pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	418.6	467.3	494.0	515.8	431.7
Revenue Deductions	0.5	0.7	1.2	1.2	0.0
Net Revenue	418.1	466.6	492.8	514.6	431.3
Cost of Goods Sold	377.0	411.1	432.6	462.3	0.0
Gross Profit	41.1	55.5	60.2	52.3	63.3
Financial Income	12.9	20.3	0.9	1.7	2.8
Financial Expenses	2.1	1.7	2.7	6.6	-3.7
Interest Expense	1.1	0.2	1.6	3.9	-4.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	11.8	14.6	15.5	16.7	-16.3
General and Administrative Expenses	28.8	21.9	20.0	16.6	-18.0
Operating Profit	11.2	37.6	22.8	13.9	28.1
Other Income	0.6	0.4	0.3	0.1	0.0
Other Expenses	0.0	0.2	0.9	0.1	0.0
Other Profit	0.6	0.1	-0.6	0.0	0.3
Profit Before Tax	11.9	37.8	22.3	13.9	28.4
Current Income Tax Expense	2.6	7.7	4.8	2.7	-5.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	9.3	30.1	17.4	11.3	22.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	9.3	30.1	17.4	11.3	22.6
Earnings per Share	466.00	1,667.00	1,159.00	749.00	1,500.00
Diluted EPS	465.26	1,665.50	1,159.00	748.39	1,498.96

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	306.0	294.2	237.8	222.2	244.6
I. Cash and cash equivalents	36.8	16.9	11.2	5.3	24.5
1. Cash	36.8	15.9	11.2	5.3	0.0
2. Cash equivalents	—	1.0	0.0	0.0	0.0
II. Short-term financial investments	38.0	85.0	25.0	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	38.0	85.0	25.0	0.0	0.0
III. Short-term receivables	140.4	129.5	89.6	93.5	100.6
1. Short-term trade accounts receivable	59.8	65.5	85.9	92.1	0.0
2. Short-term prepayments to suppliers	11.1	3.9	4.2	1.4	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	68.2	64.9	0.0	0.0	0.0
6. Other short-term receivables	11.3	0.6	0.5	0.1	0.0
7. Provision for short-term doubtful debts (*)	-10.0	-5.5	-1.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.2	0.0	0.0
IV. Inventories	84.8	61.6	109.8	120.3	110.5
1. Inventories	84.8	61.6	109.8	120.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.9	1.2	2.2	3.1	1.7
1. Short-term prepayments	0.4	1.1	1.3	2.7	0.0
2. Value added tax to be reclaimed	0.3	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	5.2	0.1	0.9	0.4	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)	19.3	23.5	81.3	89.3	89.2
I. Long-term receivables	0.0	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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	11.5	17.0	24.7	34.6	35.7
1. Tangible fixed assets	11.5	17.0	24.7	34.6	35.7
- Cost	363.2	362.9	360.1	359.3	0.0
- Accumulated depreciation	-351.8	-345.8	-335.3	-324.7	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	—	0.0	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
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	1.2	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	1.2	0.0	0.0
V. Long-term financial investments	1.8	2.0	49.0	48.8	49.0
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	2.0	2.0	49.0	49.0	0.0
4. Provision for diminution in value of long-term investments	-0.1	0.0	0.0	-0.2	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	6.0	4.5	6.3	5.8	0.0
1. Long-term prepayments	6.0	4.5	6.3	5.8	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	4.6
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)	325.3	317.7	319.1	311.4	333.8
A. LIABILITIES (300=210+330)	49.6	41.0	70.7	79.4	110.8
I. Short -term liabilities	49.6	41.0	70.7	79.4	110.8
1. Short-term trade accounts payable	28.0	16.0	16.7	27.3	19.0
2. Short-term advances from customers	1.0	0.3	0.1	0.0	0.5
3. Taxes and other payables to state authorities	1.3	5.7	5.6	2.8	0.0
4. Payable to employees	3.8	8.5	7.8	5.3	0.0
5. Short-term acrrued expenses	4.4	0.7	1.3	1.0	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	9.3	9.2	10.1	11.3	0.0
10. Short-term borrowings and financial leases	—	0.0	28.2	29.9	63.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.8	0.6	0.9	1.8	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	0.0
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	0.0
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)	275.7	276.7	248.3	232.0	223.0
I. Owner's equity	275.7	276.7	248.3	232.0	0.0
1. Owner's capital	198.9	180.8	150.7	150.7	223.0
- Common stock with voting right	198,868,710,000.00	180,810,530,000.00	150,713,370,000.00	150,713,370,000.00	150,713,370,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.5	0.5	15.6	15.6	15.6
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	-317,124,000.00	-317,124,000.00	-317,124,000.00	-317,124,000.00	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	67.1	65.6	64.9	54.8	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	9.6	30.1	17.4	11.3	22.4
- Accumulated retained earning at the end of the previous period	0.3	0.0	0.0	0.0	0.1
- Undistributed earnings in this period	9.3	30.1	17.4	11.3	22.3
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)	325.3	317.7	319.1	311.4	333.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	11.9	37.8	22.3	13.9	0.0
Depreciation of Fixed Assets and Investment Property	6.0	10.5	10.7	11.1	0.0
Provision (Increase)/Reversal	4.7	4.3	0.8	0.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.3	-0.0	-0.1	0.0
Gain/Loss from Investment Activities	-12.8	-19.5	-0.5	-1.2	0.0
Interest Expense	1.1	0.2	1.6	3.9	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	10.8	33.0	34.9	28.0	0.0
Increase/(Decrease) in Receivables	-13.4	21.1	2.8	6.6	0.0
Increase/(Decrease) in Inventory	-23.2	48.2	10.5	-9.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.2	-3.1	-6.4	4.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.9	2.1	0.8	-2.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.1	-0.5	-1.4	-4.0	0.0
Corporate Income Tax Paid	-5.4	-5.3	-4.8	-2.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.9	-2.1	-2.0	-2.3	0.0
Net Cash Flow from Operating Activities	-24.9	93.4	34.5	17.5	4.8
Payments for Fixed Assets and Other Long-term Assets	-0.4	-1.6	-2.0	-10.2	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-153.3	-149.9	-25.0	0.0	-38.2
Receipts from Loan Repayments and Sale of Debt Instruments	200.3	25.0	0.0	7.2	105.0
Investments in Other Entities	—	0.0	0.0	0.0	-47.0
Proceeds from Investments in Other Entities	—	64.9	0.0	0.0	0.0
Dividends and Interest Income Received	5.4	2.0	0.1	1.4	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	52.1	-59.5	-26.9	-1.6	23.0
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	47.2	5.8	54.7	174.9	49.3
Repayment of Borrowings	-47.2	-33.9	-56.4	-209.3	-102.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-7.2	0.0	0.0	-0.8	-11.2
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	-7.2	-28.2	-1.7	-35.2	-64.1
Net Cash Flow During the Period	19.9	5.7	5.9	-19.3	12.7
Cash and Cash Equivalents at Beginning of Period	16.9	11.2	5.3	24.5	54.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	36.8	16.9	11.2	5.3	24.5

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	89.0	116.7	111.9	100.7	89.4	106.0	117.4	125.2	118.1	125.7	130.8	121.1
Revenue Deductions	0.4	0.0	0.1	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.5	0.5
Net Revenue	88.6	116.7	111.9	100.4	89.4	106.0	117.4	125.2	118.1	125.7	130.4	120.6
Cost of Goods Sold	82.4	102.9	100.7	92.7	81.0	95.7	104.0	110.0	102.2	112.3	110.9	103.8
Gross Profit	6.2	13.8	11.1	7.7	8.4	10.3	13.4	15.2	15.9	13.4	19.4	16.8
Financial Income	1.9	4.1	1.8	6.1	1.0	18.6	0.6	0.6	0.4	0.5	0.0	0.0
Financial Expenses	0.1	0.3	0.7	1.0	0.1	0.4	0.5	0.3	0.4	0.7	0.2	0.6
Interest Expense	—	0.2	0.6	0.3	0.0	0.0	0.0	0.0	0.2	0.4	0.1	0.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.4	3.0	2.9	3.1	3.0	3.4	3.6	4.1	3.7	4.4	4.2	3.9
General and Administrative Expenses	7.9	5.6	7.9	8.3	5.3	9.7	4.6	3.9	3.9	5.5	5.0	4.3
Operating Profit	-2.3	8.9	1.5	1.4	0.9	15.4	5.3	7.4	8.3	3.3	10.0	8.1
Other Income	0.1	0.4	0.2	0.0	0.1	0.0	0.1	0.3	0.0	0.0	0.3	0.0
Other Expenses	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.8	0.1	0.0
Other Profit	0.1	0.4	0.2	-0.0	0.1	0.0	0.1	0.0	0.0	-0.7	0.2	0.0
Profit Before Tax	-2.2	9.4	1.7	1.3	1.0	15.5	5.3	7.5	8.3	2.6	10.2	8.1
Current Income Tax Expense	—	2.0	0.5	0.4	0.2	3.0	1.1	1.5	1.7	0.6	2.0	1.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-2.2	7.4	1.3	1.0	0.8	12.5	4.2	6.0	6.6	1.9	8.2	6.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-2.2	7.4	1.3	1.0	0.8	12.5	4.2	6.0	6.6	1.9	8.2	6.5
Earnings per Share	-110.00	374.00	63.00	55.00	44.00	829.00	281.00	396.00	441.00	129.00	543.00	431.00
Diluted EPS	-110.03	373.84	63.15	55.14	43.62	827.77	280.32	395.13	440.33	129.31	542.29	430.33

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)	307.2	308.0	362.0	362.1	309.0	295.4	243.2	241.2	229.1	238.7	227.7	213.0
I. Cash and cash equivalents	31.8	36.8	25.1	9.2	10.7	16.9	18.6	6.9	3.8	11.1	10.1	6.1
1. Cash	31.8	36.8	25.1	9.2	10.7	15.9	16.6	4.9	3.8	11.1	10.1	6.1
2. Cash equivalents	—	—	—	—	—	1.0	2.0	2.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	88.0	38.0	105.0	105.3	98.3	85.0	61.0	47.0	31.0	25.0	25.0	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	88.0	38.0	105.0	105.3	98.3	85.0	61.0	47.0	31.0	25.0	25.0	0.0
III. Short-term receivables	92.4	140.7	134.3	134.8	139.6	130.1	75.6	100.4	96.2	90.4	96.8	96.4
1. Short-term trade accounts receivable	58.9	59.5	66.6	62.0	65.5	65.5	69.0	85.6	88.7	85.9	89.6	89.8
2. Short-term prepayments to suppliers	30.5	11.2	5.4	9.3	14.0	4.6	2.0	15.6	8.3	4.2	7.0	6.3
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	—	68.2	68.2	68.2	64.9	64.9	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	11.7	11.5	2.0	1.8	0.6	0.1	5.2	0.5	0.2	0.5	0.3	0.5
7. Provision for short-term doubtful debts (*)	-10.5	-9.7	-8.5	-7.1	-5.5	-5.5	-0.7	-1.2	-1.2	-0.5	-0.2	-0.2
8. Assets awaiting resolution	1.8	—	0.6	0.6	—	0.6	0.1	0.0	0.2	0.2	0.0	0.0
IV. Inventories	80.7	86.0	92.1	101.6	59.4	62.2	86.9	82.1	96.6	110.2	90.8	107.0
1. Inventories	80.7	86.0	92.1	101.6	59.4	62.2	86.9	82.1	96.6	110.2	90.8	107.0
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	14.2	6.5	5.5	11.2	1.0	1.2	1.2	4.7	1.6	2.1	5.0	3.5
1. Short-term prepayments	12.9	1.1	5.1	10.0	0.8	1.1	0.9	1.3	1.3	1.3	1.2	1.7
2. Value added tax to be reclaimed	1.0	—	—	0.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	5.4	0.4	0.7	0.2	0.1	0.3	3.4	0.4	0.8	3.8	1.8
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)	17.9	18.9	18.6	19.6	20.5	23.5	73.4	76.8	78.4	80.5	81.6	83.0
I. Long-term receivables	0.0	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 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	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	10.7	11.5	12.2	13.0	14.8	17.0	19.7	22.3	23.4	26.0	27.8	29.1
1. Tangible fixed assets	10.7	11.5	12.2	13.0	14.8	17.0	19.7	22.3	23.4	26.0	27.8	29.1
- Cost	363.2	—	—	—	—	362.9	362.9	362.9	361.3	361.3	360.5	359.3
- Accumulated depreciation	-352.5	—	—	—	—	-345.8	-343.2	-340.5	-337.9	-335.3	-332.8	-330.2
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	—	—	—	—	—	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
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	1.8	1.8	2.0	2.0	2.0	2.0	49.0	49.0	49.0	49.0	48.8	48.8
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	2.0	1.8	2.0	2.0	2.0	2.0	49.0	49.0	49.0	49.0	49.0	49.0
4. Provision for diminution in value of long-term investments	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.2	-0.2
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	5.4	5.6	4.4	4.6	3.7	4.5	4.8	5.5	6.0	5.6	5.0	5.1
1. Long-term prepayments	5.4	5.6	4.4	4.6	3.7	4.5	4.8	5.5	6.0	5.6	5.0	5.1
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)	325.1	326.9	380.6	381.6	329.5	318.9	316.7	318.0	307.5	319.3	309.3	296.0
A. LIABILITIES (300=210+330)	51.6	49.8	103.8	106.1	52.0	42.6	52.9	58.8	52.5	70.4	62.2	57.1
I. Short -term liabilities	51.6	49.8	103.8	106.1	52.0	42.6	52.9	58.8	52.5	70.4	62.2	57.1
1. Short-term trade accounts payable	21.0	28.0	27.7	25.9	23.2	15.9	20.2	29.2	19.9	16.7	15.0	18.1
2. Short-term advances from customers	0.7	1.0	1.3	0.9	0.5	0.3	0.1	0.2	0.1	0.1	0.0	0.1
3. Taxes and other payables to state authorities	11.2	1.6	12.0	10.8	4.0	5.5	11.4	8.1	7.5	5.5	21.8	9.6
4. Payable to employees	3.6	3.8	5.8	5.3	6.9	10.4	9.0	8.1	7.4	7.7	6.5	4.8
5. Short-term acrrued expenses	2.0	4.3	4.9	3.7	0.9	0.8	1.1	1.0	1.0	1.3	0.9	0.7
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	11.6	9.3	8.8	9.4	10.1	9.2	10.4	10.1	10.5	10.0	11.4	11.1
10. Short-term borrowings and financial leases	—	—	41.5	47.2	5.7	0.0	0.0	0.0	5.6	28.1	5.5	10.8
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	1.5	1.8	1.8	3.0	0.6	0.6	0.6	2.2	0.4	0.9	0.9	1.9
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)	273.5	277.1	276.8	275.5	277.5	276.3	263.8	259.2	255.0	248.9	247.1	238.9
I. Owner's equity	273.5	277.1	276.8	275.5	277.5	276.3	263.8	259.2	255.0	248.9	247.1	238.9
1. Owner's capital	198.9	198.9	198.9	180.8	180.8	150.7	150.7	150.7	150.7	150.7	150.7	150.7
- Common stock with voting right	198,868,710,000.00	198,868,710,000.00	198,868,710,000.00	180,810,530,000.00	180,810,530,000.00	150,713,370,000.00	150,713,370,000.00	150,713,370,000.00	150,713,370,000.00	150,713,370,000.00	150,713,370,000.00	150,713,370,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.5	0.5	0.5	0.5	0.5	15.6	15.6	30.6	15.6	15.6	15.6	15.6
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	-317,124,000.00	-317,124,000.00	-317,124,000.00	-317,124,000.00	-317,124,000.00	-317,124,000.00	-317,124,000.00	-317,124,000.00	-317,124,000.00	-317,124,000.00	-317,124,000.00	-317,124,000.00
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	67.1	67.1	67.1	67.1	65.6	65.6	65.6	65.6	64.9	64.9	64.9	64.9
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	7.4	11.0	10.6	27.4	30.9	44.8	32.3	12.6	24.1	18.0	16.2	8.0
- Accumulated retained earning at the end of the previous period	9.6	0.3	7.6	25.6	30.1	15.1	15.1	0.0	17.4	0.0	0.0	0.0
- Undistributed earnings in this period	-2.2	10.7	3.1	1.8	0.8	29.7	17.2	12.6	6.6	18.0	16.2	8.0
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)	325.1	326.9	380.6	381.6	329.5	318.9	316.7	318.0	307.5	319.3	309.3	296.0

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	-1.6	9.5	1.4	1.0	0.0	-16.3	8.0	8.3	22.3	-10.1	8.2	1.9
Depreciation of Fixed Assets and Investment Property	0.8	1.6	1.8	2.6	0.0	-5.2	2.6	2.6	10.7	-5.5	2.6	2.9
Provision (Increase)/Reversal	—	3.1	1.5	—	0.0	0.0	0.0	0.0	0.8	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	0.0	—	0.0	0.2	-0.2	0.0	-0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-5.8	-6.1	-1.0	0.0	0.8	-0.3	-0.4	-0.5	0.0	-0.0	-0.0
Interest Expense	—	0.8	0.3	0.0	0.0	-0.2	-0.2	0.4	1.6	-1.2	0.5	0.7
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.5	-0.5	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-0.8	9.2	-1.0	2.6	0.0	-20.3	9.4	10.9	34.9	-16.8	11.3	5.5
Increase/(Decrease) in Receivables	-19.3	-10.1	6.9	-10.2	0.0	9.6	-2.0	-7.6	2.8	4.3	0.3	-4.6
Increase/(Decrease) in Inventory	4.1	12.8	-38.3	2.3	0.0	-27.8	14.5	13.2	10.5	-13.3	-2.8	16.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.1	-4.7	8.3	6.7	0.0	-9.9	5.1	4.7	-6.4	4.0	2.1	-6.1
Increase/(Decrease) in Prepaid Expenses	-11.9	8.1	-10.0	1.1	0.0	-0.9	0.5	0.3	0.8	-1.7	1.2	0.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.8	-0.3	-0.0	0.0	0.5	-0.3	-0.2	-1.4	1.2	-0.5	-0.8
Corporate Income Tax Paid	1.1	-1.5	-2.4	-1.5	0.0	1.5	-1.5	0.0	-4.8	1.5	0.0	-1.5
Other Operating Receipts	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-1.3	-0.6	-0.0	0.0	0.5	-0.0	-0.5	-2.0	1.0	-1.0	-0.0
Net Cash Flow from Operating Activities	-24.8	11.7	-37.5	0.8	0.0	-46.6	25.8	20.9	34.5	-19.8	10.7	9.1
Payments for Fixed Assets and Other Long-term Assets	-0.3	0.0	0.0	-0.4	0.0	1.6	-1.6	0.0	-2.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-70.0	-48.0	-105.3	—	0.0	47.0	-41.0	-6.0	-25.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	88.2	115.3	97.3	-12.3	0.0	-25.0	25.0	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	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.9	3.0	1.4	1.0	0.0	-0.9	0.5	0.3	0.1	-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	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	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	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	19.8	70.3	-6.6	-11.7	0.0	22.7	-17.1	-5.7	-26.9	-0.0	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	0.0	41.5	5.7	0.0	-5.8	0.1	5.6	54.7	-17.0	1.2	15.8
Repayment of Borrowings	—	-47.2	—	—	0.0	33.9	-5.7	-28.3	-56.4	36.0	-20.0	-16.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-7.2	—	—	0.0	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	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-54.4	41.5	5.7	0.0	28.2	-5.5	-22.6	-1.7	19.0	-18.8	-0.2
Net Cash Flow During the Period	-5.0	27.6	-2.5	-5.2	0.0	4.2	3.2	-7.4	5.9	-0.8	-8.1	8.9
Cash and Cash Equivalents at Beginning of Period	36.8	16.9	10.7	15.9	0.0	0.0	11.2	11.2	5.3	0.0	5.3	5.3
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	31.8	36.8	9.2	10.7	0.0	0.0	6.9	3.8	11.2	0.0	6.1	14.1

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MCP

What Is Changing

Drivers of MCP's profit

Financial Highlights

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Balance Sheet ▼

Working Capital Efficiency ▲

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Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow