MEL

Thép Mê Lin ·HNX ·2026Q1

▼ Slightly negative

Capital efficiency remains weak ROE 0.67%, −0.00pp YoY

Price

7,700

Latest close

03 Jun 2026

P/E 10.58x

P/B 0.43x

EPS 728

BVPS 18,087

ROE 4.1%

ROA 1.5%

Profit Margin 1.3%

Asset Turnover 1.14x

Equity Mult. 2.83x

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

What Is Changing

On a TTM 2026Q1 basis, MEL has not moved the needle on revenue, but profitability has edged up slightly — earnings have been recovering gradually over multiple periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 857bn
	                                
−7.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 11bn
	                                
+35.8%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    59.0%

Metric	2025	2024	2023	2022	2021
Revenue	837.2	879.8	670.8	773.8	687.3
Growth	-5%	+31%	-13%	+13%	—
Net Income	9.6	8.1	4.4	5.7	62.8
Net Margin	1.15%	0.92%	0.66%	0.73%	9.13%

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	236.3	232.1	227.5	161.4	216.2	283.4	268.0	158.1	170.4	177.3	183.6	179.8
Growth	+2%	+2%	+41%	-25%	-24%	+6%	+70%	-7%	-4%	-3%	+2%	—
Net Income	2.4	1.7	0.3	6.5	1.1	4.1	1.0	1.9	1.5	0.5	0.9	1.1
Net Margin	1.01%	0.74%	0.13%	4.03%	0.51%	1.43%	0.36%	1.21%	0.90%	0.27%	0.49%	0.61%

Drivers of MEL's profit

TTM

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

Gross profit ↑ 6.7bn

Other profit ↑ 3.8bn

Financial income ↓ 2.6bn

Tax ↑ 1.6bn

Finance costs ↑ 1.5bn

Selling expenses ↑ 1.5bn

TTM

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

Gross profit ↑ 3.8bn

Finance costs ↑ 1.2bn

Administrative expenses ↑ 0.7bn

Tax ↑ 0.3bn

Selling expenses ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.1% = 0.9% × 1.28 × 2.83

2026Q1 4.1% = 1.3% × 1.14 × 2.83

ROE rose from 3.1% to 4.1% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 1.3% +0.4pp Asset turnover: 1.14x -0.14x Leverage: 2.83x -0.00x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 1.27%, rising 0.4pp. Core operating signals are improving as Gross margin rose 1.1pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (in addition, Other profit / Revenue rose 0.5pp added support while Net financial result / Revenue fell 0.7pp remained a drag).

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

Profitability trend

Net Margin 1.27% +0.4pp

Gross Margin 5.28% +1.1pp

SG&A / Revenue 1.73% +0.3pp

Non-core / Revenue -1.95% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (59.0% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 0.67%, broadly flat versus the same period. That translates to 0.67 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.15x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 0.67% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.67% −0.0pp

NOPAT Margin 0.52% +0.1pp

Capital Turnover 1.27x −0.15x

Average Invested Capital 672.5bn +24.8bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 1.67x equity, net debt at 1.58x equity.

Inventory ended the period at 548.2bn, roughly 76.4% 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 37.2 days versus the same period last year. The main moves came from DIO rose 34.8 days, DSO rose 5.2 days, and DPO rose 2.8 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 273.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +5.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 40.4 days +5.2 days

Inventory 260.1 days +34.8 days

Payables 27.3 days +2.8 days

Cash Conversion Cycle 273.2 days +37.2 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.58x and interest coverage only at 0.22x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1.1% of debt, and total debt stands at 434.8bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.58x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.22x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.58x +0.11x

Interest Coverage 0.22x +0.01x

Cash / Debt 1.1% −1.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -5.97x −8.99x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -26.6bn in 2025, against investing cash flow of 16.1bn.

Post-investment cash flow was negative +10.5bn. Financing cash flow was positive +8.9bn.

CFO / net income was -5.97x.

After spending +0.3bn on fixed-asset investment, the business generated trailing free cash flow of −65.5bn.

Cash Conversion

CFO TTM 65.2bn −89.5bn

Cash Capex 0.3bn −6.0bn

FCF TTM −65.5bn −83.5bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is -180.9%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.7%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -180.9% of PBT and CFO / net income currently at -5.97x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	838.4	880.9	670.8	774.3	694.6
Revenue Deductions	1.2	1.1	0.0	0.5	0.0
Net Revenue	837.2	879.8	670.8	773.8	687.3
Cost of Goods Sold	796.4	841.1	623.7	730.2	0.0
Gross Profit	40.8	38.8	47.2	43.6	108.3
Financial Income	1.2	3.7	0.6	0.8	2.5
Financial Expenses	24.7	25.2	29.2	23.4	-17.1
Interest Expense	23.1	24.4	28.2	20.2	-17.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	4.9	3.3	4.5	4.3	-4.1
General and Administrative Expenses	8.5	8.6	8.8	9.8	-11.5
Operating Profit	3.9	5.4	5.2	6.8	78.1
Other Income	8.5	4.1	0.5	0.4	0.0
Other Expenses	0.3	0.1	0.1	0.1	0.0
Other Profit	8.2	3.9	0.4	0.3	0.0
Profit Before Tax	12.1	9.3	5.6	7.1	78.1
Current Income Tax Expense	2.5	1.2	1.1	1.5	-15.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	9.6	8.1	4.4	5.7	62.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	9.6	8.1	4.4	5.7	62.8
Earnings per Share	641.00	540.00	296.00	378.00	4,185.00
Diluted EPS	641.00	540.00	296.00	378.00	4,184.96

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	658.2	656.3	572.1	559.6	618.5
I. Cash and cash equivalents	15.7	17.2	8.2	15.4	7.3
1. Cash	15.7	17.2	8.2	15.4	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	90.7	101.6	80.7	83.8	97.6
1. Short-term trade accounts receivable	91.6	102.1	74.0	51.0	0.0
2. Short-term prepayments to suppliers	0.3	1.2	1.0	1.0	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	5.0	4.5	11.8	37.9	0.0
7. Provision for short-term doubtful debts (*)	-6.2	-6.3	-6.1	-6.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	548.2	533.4	480.5	454.6	494.2
1. Inventories	548.2	533.4	480.5	454.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.7	4.1	2.7	5.8	11.9
1. Short-term prepayments	0.4	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	2.1	2.3	1.6	2.9	0.0
3. Taxes and other receivables from state authorities	1.2	1.8	1.1	2.9	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)	59.3	72.8	76.4	83.9	88.5
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	54.1	62.2	64.8	71.2	77.9
1. Tangible fixed assets	50.2	57.3	60.6	67.0	73.6
- Cost	153.4	157.0	158.0	158.6	0.0
- Accumulated depreciation	-103.2	-99.7	-97.4	-91.6	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	3.9	4.9	4.2	4.2	4.3
- Cost	5.8	6.8	6.1	6.1	0.0
- Accumulated depreciation	-1.9	-1.9	-1.9	-1.9	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	0.6	2.3	0.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.6	2.3	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	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	5.3	10.6	11.0	10.3	0.0
1. Long-term prepayments	5.3	10.6	11.0	10.3	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	10.0
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)	717.6	729.1	648.5	643.5	707.0
A. LIABILITIES (300=210+330)	448.6	469.8	397.3	396.7	451.2
I. Short -term liabilities	445.6	467.2	394.7	393.5	448.5
1. Short-term trade accounts payable	37.6	67.8	28.7	147.4	202.7
2. Short-term advances from customers	1.1	1.3	1.3	0.1	1.0
3. Taxes and other payables to state authorities	0.3	0.2	0.0	0.0	0.0
4. Payable to employees	—	0.5	0.0	0.0	0.0
5. Short-term acrrued expenses	0.2	0.3	0.5	0.3	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	2.1	1.7	1.5	2.2	2.1
9. Other short-term payables	—	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	404.3	395.4	362.8	243.5	238.1
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	3.0	2.7	2.6	3.2	2.7
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	3.0	2.7	2.6	3.2	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)	268.9	259.3	251.2	246.7	255.8
I. Owner's equity	268.9	259.3	251.2	246.7	0.0
1. Owner's capital	150.0	150.0	150.0	150.0	255.8
- Common stock with voting right	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
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	118.9	109.3	101.2	96.7	105.8
- Accumulated retained earning at the end of the previous period	109.3	101.2	96.7	91.1	43.1
- Undistributed earnings in this period	9.6	8.1	4.4	5.7	62.8
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)	717.6	729.1	648.5	643.5	707.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	1.8
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-2.3	-0.3	-0.0	-7.9	0.0
Other Operating Receipts	12.0	27.1	45.0	41.0	0.0
Other Operating Payments	-59.9	-48.2	-34.1	-72.7	0.0
Net Cash Flow from Operating Activities	-26.6	-20.9	-126.7	9.9	71.8
Payments for Fixed Assets and Other Long-term Assets	-2.1	-3.2	0.0	-1.7	-2.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	18.1	0.5	0.0	0.1	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	—	0.0	0.0	0.0	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	1.9	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	16.1	-2.6	0.0	7.8	27.9
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	825.4	820.0	697.4	660.5	372.0
Repayment of Borrowings	-816.5	-787.4	-578.0	-655.1	-474.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-15.0	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	8.9	32.6	119.3	-9.6	-102.6
Net Cash Flow During the Period	-1.6	9.1	-7.3	8.1	0.0
Cash and Cash Equivalents at Beginning of Period	17.2	8.2	15.4	7.3	11.4
FX Difference from Revaluation	0.0	-0.0	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	15.7	17.2	8.2	15.4	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	236.5	233.2	227.5	161.4	216.2	284.2	268.2	158.1	170.4	177.4	183.6	179.8
Revenue Deductions	0.1	1.2	—	—	—	0.9	0.2	0.0	0.0	0.0	0.0	0.0
Net Revenue	236.3	232.1	227.5	161.4	216.2	283.4	268.0	158.1	170.4	177.3	183.6	179.8
Cost of Goods Sold	222.2	221.1	217.7	151.0	205.9	273.5	258.3	149.4	159.8	165.4	172.5	168.5
Gross Profit	14.2	10.9	9.7	10.4	10.3	9.9	9.7	8.6	10.5	11.9	11.1	11.3
Financial Income	0.0	0.5	0.5	0.0	0.1	3.5	0.2	-0.1	0.1	0.1	0.0	0.1
Financial Expenses	6.5	6.0	5.9	7.4	5.3	6.2	5.7	7.3	6.1	8.7	7.3	7.3
Interest Expense	6.5	5.9	5.8	6.1	5.3	5.9	5.7	6.8	6.0	8.2	7.0	7.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.0	1.4	1.4	0.9	1.8	0.8	0.9	0.7	0.9	0.9	0.9	1.0
General and Administrative Expenses	2.9	1.9	2.3	2.0	2.2	2.2	2.4	1.8	2.1	1.9	2.0	1.9
Operating Profit	2.8	2.2	0.6	0.1	1.1	4.1	1.0	-1.3	1.5	0.5	1.0	1.3
Other Income	0.2	0.0	0.1	13.3	5.0	0.1	0.5	3.6	0.0	0.1	0.1	0.1
Other Expenses	—	0.1	0.2	5.2	4.7	0.0	0.3	0.0	0.0	0.0	0.0	0.0
Other Profit	0.2	-0.1	-0.1	8.0	0.3	0.1	0.2	3.6	-0.0	0.1	0.1	0.1
Profit Before Tax	3.0	2.0	0.6	8.1	1.4	4.2	1.2	2.4	1.5	0.6	1.1	1.4
Current Income Tax Expense	0.6	0.3	0.3	1.6	0.3	0.2	0.3	0.5	0.0	0.1	0.2	0.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.4	1.7	0.3	6.5	1.1	4.1	1.0	1.9	1.5	0.5	0.9	1.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.4	1.7	0.3	6.5	1.1	4.1	1.0	1.9	1.5	0.5	0.9	1.1
Earnings per Share	160.00	115.00	20.00	433.00	73.00	271.00	65.00	127.00	82.00	32.00	60.00	73.00
Diluted EPS	159.64	115.20	19.88	433.18	73.50	270.55	64.56	127.32	102.34	32.04	59.70	72.79

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)	684.7	657.8	610.5	680.6	689.5	656.3	632.5	645.1	616.9	572.1	551.9	521.3
I. Cash and cash equivalents	4.8	15.7	3.9	44.5	11.3	17.2	9.1	41.7	7.3	8.2	2.6	3.7
1. Cash	4.8	15.7	3.9	44.5	11.3	17.2	9.1	41.7	7.3	8.2	2.6	3.7
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	89.6	90.7	83.7	70.8	101.6	101.6	97.8	42.0	80.4	80.7	71.3	72.0
1. Short-term trade accounts receivable	87.9	91.6	54.4	72.4	102.0	102.1	97.8	44.6	76.7	74.0	59.8	61.9
2. Short-term prepayments to suppliers	5.0	0.3	29.7	1.0	0.2	1.2	1.1	1.0	1.0	1.0	1.0	0.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.9	5.0	5.9	3.7	5.7	4.5	5.1	2.4	8.8	11.8	16.6	15.9
7. Provision for short-term doubtful debts (*)	-6.2	-6.2	-6.2	-6.2	-6.2	-6.3	-6.1	-6.1	-6.1	-6.1	-6.1	-6.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	586.0	548.2	522.4	563.4	571.4	533.4	523.1	554.6	523.8	480.5	474.5	444.3
1. Inventories	586.0	548.2	522.4	563.4	571.4	533.4	523.1	554.6	523.8	480.5	474.5	444.3
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	4.3	3.3	0.5	1.8	5.2	4.1	2.5	6.9	5.4	2.7	3.4	1.3
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	4.1	2.1	0.5	1.4	4.8	2.3	2.2	6.6	4.6	1.6	2.2	0.1
3. Taxes and other receivables from state authorities	0.2	1.2	—	0.4	0.4	1.8	0.3	0.3	0.8	1.1	1.2	1.1
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)	58.8	59.7	61.0	62.8	69.8	72.8	70.6	72.7	74.7	76.4	78.2	80.0
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	53.4	54.1	55.6	57.0	63.8	62.2	60.5	62.2	63.8	65.4	66.4	68.0
1. Tangible fixed assets	49.6	50.2	51.7	53.2	58.9	57.3	55.6	57.4	58.9	60.6	62.2	63.8
- Cost	154.1	—	—	—	—	157.0	154.5	158.0	158.0	158.0	158.0	158.4
- Accumulated depreciation	-104.6	—	—	—	—	-99.7	-98.9	-100.6	-99.0	-97.4	-95.8	-94.6
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	3.9	3.9	3.9	3.9	4.9	4.9	4.9	4.9	4.9	4.9	4.2	4.2
- Cost	5.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.9	—	—	—	—	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	0.6	0.6
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	0.6	0.6
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	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	5.4	5.7	6.0	10.6	10.1	10.4	10.8	11.0	11.2	11.4
1. Long-term prepayments	5.4	5.6	5.4	5.7	6.0	10.6	10.1	10.4	10.8	11.0	11.2	11.4
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)	743.6	717.6	671.5	743.4	759.3	729.2	703.2	717.8	691.5	648.5	630.1	601.3
A. LIABILITIES (300=210+330)	472.3	448.6	404.4	476.5	498.9	469.9	447.9	463.5	439.1	397.3	379.4	351.5
I. Short -term liabilities	469.2	445.6	401.4	473.4	496.1	467.2	445.2	460.4	436.5	394.7	376.8	348.8
1. Short-term trade accounts payable	24.8	37.6	22.7	66.9	96.8	67.8	50.4	37.3	22.4	28.7	34.7	46.3
2. Short-term advances from customers	3.7	1.1	2.9	3.6	3.5	1.3	3.9	0.3	5.7	1.3	1.5	0.7
3. Taxes and other payables to state authorities	0.6	0.3	3.7	1.8	0.2	0.2	0.3	0.0	0.0	0.0	0.0	0.5
4. Payable to employees	0.9	—	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.0	0.5	0.5
5. Short-term acrrued expenses	—	0.2	—	0.2	—	0.3	0.0	0.3	0.0	0.5	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	4.4	2.1	1.4	1.7	0.4	1.7	1.5	1.6	1.2	1.5	1.7	1.9
9. Other short-term payables	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	434.8	404.3	370.1	398.7	394.5	395.4	388.7	420.6	406.7	362.8	338.2	298.6
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	0.0	0.0	0.0	0.0
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	3.0	3.0	3.0	3.1	2.9	2.7	2.8	3.0	2.6	2.6	2.6	2.8
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	3.0	3.0	3.0	3.1	2.9	2.7	2.8	3.0	2.6	2.6	2.6	2.8
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)	271.3	268.9	267.2	266.9	260.4	259.3	255.2	254.3	252.4	251.2	250.7	249.8
I. Owner's equity	271.3	268.9	267.2	266.9	260.4	259.3	255.2	254.3	252.4	251.2	250.7	249.8
1. Owner's capital	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0
- Common stock with voting right	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	121.3	118.9	117.2	116.9	110.4	109.3	105.2	104.3	102.4	101.2	100.7	99.8
- Accumulated retained earning at the end of the previous period	118.9	109.3	109.3	109.3	109.3	101.2	101.2	101.2	101.2	96.7	96.7	96.7
- Undistributed earnings in this period	2.4	9.6	7.9	7.6	1.1	8.1	4.0	3.1	1.2	4.4	4.0	3.0
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)	743.6	717.6	671.5	743.4	759.3	729.2	703.2	717.8	691.5	648.5	630.1	601.3

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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.3	-0.1	-2.0	-0.0	-0.2	-0.3	0.0	0.0	-0.0	0.0	0.0	0.0
Other Operating Receipts	2.3	—	—	—	—	11.1	5.4	4.8	5.7	18.2	6.0	5.9
Other Operating Payments	-4.5	-16.3	-24.1	-10.4	-9.2	-13.4	-14.0	-8.3	-12.5	-3.3	-12.4	-6.3
Net Cash Flow from Operating Activities	-40.6	-22.5	-12.1	9.9	-1.9	10.7	-0.9	16.4	-46.8	-8.9	-40.9	38.6
Payments for Fixed Assets and Other Long-term Assets	-0.8	-0.0	0.0	1.1	-3.1	-3.2	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	18.0	—	0.0	0.2	0.0	0.0	-0.1	0.1	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	-6.1	0.0	4.1	2.1	-10.0	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	-0.8	-0.0	0.1	19.1	-3.1	-9.3	0.2	4.1	2.1	-10.1	0.1	0.0
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	276.6	205.8	243.0	166.4	210.2	257.1	210.2	154.8	197.8	164.3	199.4	132.1
Repayment of Borrowings	-246.1	-171.6	-271.6	-162.3	-211.0	-250.4	-242.1	-140.9	-153.9	-139.7	-159.8	-172.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	30.5	34.3	-28.6	4.1	-0.8	6.7	-31.9	13.9	43.9	24.6	39.6	-40.9
Net Cash Flow During the Period	-10.8	11.8	-40.6	33.2	-5.9	8.1	-32.6	34.3	-0.8	5.5	-1.1	-2.2
Cash and Cash Equivalents at Beginning of Period	15.7	3.9	44.5	11.3	17.2	8.2	8.2	8.2	8.2	15.4	15.4	15.4
FX Difference from Revaluation	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Cash and Cash Equivalents at End of Period	4.8	15.7	3.9	44.5	11.3	17.2	9.1	41.7	7.3	8.2	2.6	3.7

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MEL

What Is Changing

Drivers of MEL's profit

Financial Highlights

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What is driving the margin? ●

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Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▼▼

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Leverage & Liquidity ▼▼

Cash Flow ▼▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow