NBW

Cấp nước Nhà Bè ·HNX ·2026Q1

▼ Under pressure

Price

38,500

Latest close

25 May 2026

P/E 14.75x

P/B 2.19x

EPS 2,610

BVPS 17,555

ROE 14.7%

ROA 8.9%

Profit Margin 3.1%

Asset Turnover 2.87x

Equity Mult. 1.65x

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

What Is Changing

On a TTM 2026Q1 basis, NBW is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is at an all-time high. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 916bn
	                                
+0.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 28bn
	                                
−19.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	914.9	906.1	888.9	853.4	748.6
Growth	+1%	+2%	+4%	+14%	—
Net Income	31.9	30.3	25.3	20.8	17.8
Net Margin	3.48%	3.34%	2.85%	2.43%	2.37%

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	223.8	233.2	224.0	235.4	222.3	233.4	221.1	231.7	219.9	223.5	222.0	228.9
Growth	-4%	+4%	-5%	+6%	-5%	+6%	-5%	+5%	-2%	+1%	-3%	—
Net Income	8.4	7.8	3.1	9.1	11.9	6.9	8.1	8.4	7.0	5.5	5.7	8.2
Net Margin	3.77%	3.33%	1.39%	3.88%	5.33%	2.97%	3.65%	3.63%	3.18%	2.48%	2.58%	3.58%

Drivers of NBW's profit

TTM

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

Tax ↓ 1.7bn

Selling expenses ↓ 1.0bn

Administrative expenses ↑ 6.8bn

Financial income ↓ 1.5bn

TTM

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

Tax ↓ 0.8bn

Administrative expenses ↓ 0.7bn

Gross profit ↓ 2.8bn

Selling expenses ↑ 2.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 18.7% = 3.9% × 2.94 × 1.64

2026Q1 14.7% = 3.1% × 2.87 × 1.65

ROE fell from 18.7% to 14.7% — asset turnover weakened the most, though leverage still provided support.

Net margin: 3.1% -0.8pp Asset turnover: 2.87x -0.07x Leverage: 1.65x +0.02x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 3.10%, falling 0.8pp. The main pressure comes from SG&A / Revenue rose 0.4pp and Gross margin fell 0.3pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 3.10% −0.8pp

Gross Margin 32.27% −0.3pp

SG&A / Revenue 28.18% +0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.

Is capital being deployed efficiently?

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

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 3.11% −0.8pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.81x equity, with a net cash position equivalent to 0.13x equity.

Over the last 12 months, working capital released 10.0bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −5.8bn

Inventories decreased → higher CFO: +4.6bn

Payables increased → higher CFO: +11.2bn

Working Capital Efficiency

Cash conversion cycle improved by 0.1 days versus the same period last year. The main moves came from DIO rose 0.6 days, DSO rose 1.5 days, and DPO rose 2.3 days.

Working capital cycle is flat — components are offsetting each other.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Receivables collection is slowing

DSO increased by +1.5 days, pointing to slower receivables turnover.

Inventory turnover is slowing

DIO increased by +0.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 11.0 days +1.5 days

Inventory 18.3 days +0.6 days

Payables 45.0 days +2.3 days

Cash Conversion Cycle -15.7 days −0.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 54.2bn.

Leverage & Liquidity

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

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

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity -0.13x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 2.17x +0.96x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 54.2bn in 2025, against investing cash flow of -9.2bn.

Post-investment cash flow was positive +45.0bn. Financing cash flow was negative +20.4bn.

CFO / net income was 2.17x.

After spending +69.0bn on fixed-asset investment, the business generated trailing free cash flow of −7.1bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 61.8bn +19.0bn

Cash Capex 69.0bn +6.0bn

FCF TTM −7.1bn +12.9bn

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 some core pressures remaining the main constraint. The next watchpoint is capital efficiency. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.17x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.17x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	914.9	906.1	888.9	853.4	748.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	914.9	906.1	888.9	853.4	748.6
Cost of Goods Sold	616.4	618.0	606.6	585.8	0.0
Gross Profit	298.5	288.1	282.2	267.7	201.2
Financial Income	1.0	2.5	5.2	2.0	1.2
Financial Expenses	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	166.5	166.4	165.5	164.8	-115.1
General and Administrative Expenses	90.4	84.4	88.8	78.0	-66.1
Operating Profit	42.6	39.8	33.1	26.8	21.2
Other Income	0.1	0.2	0.0	0.1	0.0
Other Expenses	0.2	0.0	0.2	0.0	0.0
Other Profit	-0.1	0.2	-0.1	0.1	0.8
Profit Before Tax	42.5	40.0	33.0	27.0	22.0
Current Income Tax Expense	10.0	9.0	8.4	9.3	-4.3
Deferred Income Tax Expense	0.6	0.7	-0.8	-3.1	0.0
Net Income	31.9	30.3	25.3	20.8	17.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	31.9	30.3	25.3	20.8	17.8
Earnings per Share	2,924.00	2,780.00	2,324.00	1,904.00	1,628.73
Diluted EPS	2,924.38	2,780.49	2,324.00	1,904.22	1,628.73

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	107.0	126.1	141.4	155.3	105.1
I. Cash and cash equivalents	49.7	25.1	33.6	58.1	56.5
1. Cash	44.7	20.1	33.6	37.1	0.0
2. Cash equivalents	5.0	5.0	0.0	21.0	0.0
II. Short-term financial investments	10.0	60.0	65.0	55.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	10.0	60.0	65.0	55.0	0.0
III. Short-term receivables	12.4	11.7	12.5	13.6	26.3
1. Short-term trade accounts receivable	14.0	12.3	13.2	11.9	0.0
2. Short-term prepayments to suppliers	0.4	0.4	0.3	0.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.3	1.3	1.1	1.0	0.0
7. Provision for short-term doubtful debts (*)	-2.3	-2.4	-2.1	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	28.2	23.7	28.3	27.1	9.0
1. Inventories	28.2	23.7	28.3	27.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	6.6	5.6	2.0	1.6	3.4
1. Short-term prepayments	2.2	3.2	0.5	0.5	0.0
2. Value added tax to be reclaimed	2.5	2.4	1.5	0.0	0.0
3. Taxes and other receivables from state authorities	1.9	0.0	0.0	1.0	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)	224.3	199.3	161.2	145.9	153.5
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	204.9	180.2	146.2	141.0	139.9
1. Tangible fixed assets	199.3	179.2	144.6	138.5	136.6
- Cost	606.2	556.3	495.7	468.7	0.0
- Accumulated depreciation	-406.9	-377.2	-351.1	-330.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	5.6	1.1	1.6	2.5	3.4
- Cost	19.9	14.2	13.5	12.8	0.0
- Accumulated depreciation	-14.3	-13.1	-12.0	-10.3	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	8.2	9.3	8.9	1.0	1.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	8.2	9.3	8.9	1.0	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	11.1	9.7	6.2	3.9	0.0
1. Long-term prepayments	7.9	5.9	1.7	0.2	0.0
2. Deferred income tax assets	3.2	3.8	4.5	3.7	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	12.6
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)	331.3	325.4	302.7	301.2	258.6
A. LIABILITIES (300=210+330)	148.4	142.5	126.9	119.3	90.3
I. Short -term liabilities	148.1	142.2	126.6	118.9	89.9
1. Short-term trade accounts payable	83.4	94.0	85.7	76.0	60.0
2. Short-term advances from customers	0.9	1.1	0.6	0.6	0.8
3. Taxes and other payables to state authorities	29.0	26.0	17.8	22.9	0.0
4. Payable to employees	30.4	15.5	16.0	15.8	0.0
5. Short-term acrrued expenses	0.4	0.2	0.2	0.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	3.5	4.7	6.2	3.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.5	0.8	0.1	0.5	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	0.3	0.3	0.3	0.3	0.4
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	0.3	0.3	0.3	0.3	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)	182.9	182.9	175.7	181.9	168.3
I. Owner's equity	182.9	182.9	175.7	181.9	0.0
1. Owner's capital	109.0	109.0	109.0	109.0	168.3
- Common stock with voting right	109,000,000,000.00	109,000,000,000.00	109,000,000,000.00	109,000,000,000.00	109,000,000,000.00
- 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	0.4	0.4	0.4	0.4	0.4
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	41.6	41.6	41.6	41.6	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	31.9	31.9	24.7	30.9	17.8
- Accumulated retained earning at the end of the previous period	—	1.5	-0.6	10.1	0.0
- Undistributed earnings in this period	31.9	30.3	25.3	20.8	17.8
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)	331.3	325.4	302.7	301.2	258.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	42.5	40.0	33.0	27.0	22.0
Depreciation of Fixed Assets and Investment Property	37.1	35.7	30.6	31.5	32.9
Provision (Increase)/Reversal	-0.1	0.3	1.9	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.0	-2.6	-5.2	-2.0	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	—	-0.1	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	78.4	73.4	60.3	56.7	52.8
Increase/(Decrease) in Receivables	-3.0	-0.5	-1.6	11.8	0.0
Increase/(Decrease) in Inventory	-4.5	6.2	-1.1	-3.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.2	14.8	2.6	16.6	0.0
Increase/(Decrease) in Prepaid Expenses	-1.1	-6.6	-0.4	12.9	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	-10.1	-9.3	-13.3	-3.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-11.7	-7.1	-6.4	-5.3	0.0
Net Cash Flow from Operating Activities	54.2	70.8	40.1	86.9	21.0
Payments for Fixed Assets and Other Long-term Assets	-60.6	-70.2	-45.1	-28.7	-16.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.9
Loans and Purchases of Debt Instruments	-40.0	-130.0	-140.0	-75.0	-10.0
Receipts from Loan Repayments and Sale of Debt Instruments	90.0	135.0	130.0	30.0	10.0
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	1.5	2.7	5.1	1.6	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	-9.2	-62.4	-49.9	-72.1	-14.3
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-20.4	-16.8	-14.6	-13.1	-12.5
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	-20.4	-16.8	-14.6	-13.1	-12.5
Net Cash Flow During the Period	24.6	-8.5	-24.5	1.6	32.7
Cash and Cash Equivalents at Beginning of Period	25.1	33.6	58.1	56.5	62.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	49.7	25.1	33.6	58.1	56.5

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	223.8	233.2	224.0	235.4	222.3	233.4	221.1	231.7	219.9	223.5	222.0	228.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	223.8	233.2	224.0	235.4	222.3	233.4	221.1	231.7	219.9	223.5	222.0	228.9
Cost of Goods Sold	151.8	157.9	156.8	154.3	147.5	155.2	151.5	158.4	151.3	142.3	156.4	155.5
Gross Profit	72.1	75.3	67.2	81.1	74.9	78.2	69.6	73.2	68.6	81.2	65.6	73.4
Financial Income	0.0	0.4	0.1	0.4	0.2	0.6	0.6	1.1	0.3	1.7	0.7	2.4
Financial Expenses	—	—	—	—	—	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
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	37.5	38.9	39.7	50.5	35.4	43.5	42.8	45.8	35.6	44.8	41.0	44.9
General and Administrative Expenses	23.9	26.0	22.3	19.4	24.6	25.5	16.8	17.9	24.4	30.1	18.1	20.3
Operating Profit	10.7	10.8	5.3	11.6	14.9	9.8	10.6	10.6	8.8	7.9	7.2	10.6
Other Income	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	-0.0	-0.1	-0.0	0.0	0.1	0.1	0.0	-0.0	0.0	0.0	0.0
Profit Before Tax	10.7	10.8	5.2	11.6	15.0	9.9	10.7	10.6	8.8	7.9	7.2	10.6
Current Income Tax Expense	1.4	2.3	2.1	3.3	2.2	3.0	2.2	3.5	0.8	2.2	1.4	3.2
Deferred Income Tax Expense	0.8	0.7	0.0	-0.9	0.9	-0.0	0.5	-1.3	1.1	0.1	0.0	-0.8
Net Income	8.4	7.8	3.1	9.1	11.9	6.9	8.1	8.4	7.0	5.5	5.7	8.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.4	7.8	3.1	9.1	11.9	6.9	8.1	8.4	7.0	5.5	5.7	8.2
Earnings per Share	774.90	712.70	284.87	837.99	1,087.34	635.23	740.49	772.09	641.18	509.02	525.02	751.07
Diluted EPS	774.90	712.70	284.87	837.99	1,087.34	635.23	740.49	772.09	641.18	509.02	525.02	751.07

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)	99.7	110.3	117.1	127.2	122.1	123.7	134.1	149.3	146.7	141.8	148.3	173.6
I. Cash and cash equivalents	24.9	49.7	42.7	54.3	36.2	25.1	19.5	17.4	30.5	33.6	27.9	37.8
1. Cash	24.9	44.7	37.7	49.3	36.2	20.1	19.5	17.4	30.5	33.6	27.9	27.8
2. Cash equivalents	—	5.0	5.0	5.0	—	5.0	0.0	0.0	0.0	0.0	0.0	10.0
II. Short-term financial investments	10.0	10.0	15.0	15.0	25.0	60.0	65.0	80.0	65.0	65.0	65.0	75.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	10.0	10.0	15.0	15.0	25.0	60.0	65.0	80.0	65.0	65.0	65.0	75.0
III. Short-term receivables	31.4	12.2	23.6	22.7	26.9	11.7	23.1	24.7	24.5	12.6	32.9	34.7
1. Short-term trade accounts receivable	31.3	14.0	22.5	22.7	23.8	12.3	21.0	23.4	23.3	13.2	29.9	29.1
2. Short-term prepayments to suppliers	1.9	0.4	2.6	1.2	4.2	0.4	3.0	2.2	2.5	0.3	1.7	3.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.5	0.3	0.9	1.2	1.3	1.3	1.2	1.2	0.8	1.1	1.7	2.3
7. Provision for short-term doubtful debts (*)	-2.3	-2.4	-2.4	-2.4	-2.4	-2.4	-2.1	-2.1	-2.1	-2.1	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	28.9	28.2	34.7	31.8	33.5	23.7	25.0	26.4	26.0	27.9	21.8	25.5
1. Inventories	28.9	28.2	34.7	31.8	33.5	23.7	25.0	26.4	26.0	27.9	21.8	25.5
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	4.4	10.1	1.1	3.4	0.5	3.2	1.5	0.8	0.8	2.7	0.6	0.6
1. Short-term prepayments	3.6	5.7	1.1	3.4	0.5	0.8	1.5	0.8	0.5	0.8	0.6	0.5
2. Value added tax to be reclaimed	0.9	—	—	—	—	2.4	0.0	0.0	0.0	1.9	0.0	0.0
3. Taxes and other receivables from state authorities	—	4.4	—	—	—	0.0	0.0	0.0	0.2	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)	223.0	221.3	194.1	194.7	193.7	199.8	169.3	160.9	155.8	161.2	144.7	137.4
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	215.0	204.9	180.8	183.6	182.4	180.2	156.9	146.8	147.4	146.2	137.9	130.4
1. Tangible fixed assets	209.9	199.3	180.0	183.0	181.5	179.2	155.7	145.4	146.2	144.6	136.2	128.8
- Cost	626.6	—	—	—	—	557.1	532.2	513.1	505.6	495.7	489.1	473.1
- Accumulated depreciation	-416.7	—	—	—	—	-377.9	-376.6	-367.8	-359.4	-351.1	-352.9	-344.3
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	5.1	5.6	0.8	0.7	0.9	1.1	1.3	1.5	1.2	1.6	1.7	1.6
- Cost	20.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-14.9	—	—	—	—	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	0.5	8.2	4.9	2.4	1.8	9.3	3.2	7.7	1.8	8.9	0.8	1.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.5	8.2	4.9	2.4	1.8	9.3	3.2	7.7	1.8	8.9	0.8	1.7
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	7.5	8.2	8.3	8.6	9.5	10.2	9.2	6.3	6.5	6.1	6.0	5.2
1. Long-term prepayments	5.1	5.1	4.5	4.8	6.6	5.9	4.9	1.5	3.1	1.7	1.5	0.6
2. Deferred income tax assets	2.4	3.1	3.8	3.8	2.9	4.3	4.3	4.7	3.4	4.4	4.5	4.5
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)	322.7	331.6	311.2	321.9	315.8	323.5	303.4	310.1	302.5	303.0	293.0	311.0
A. LIABILITIES (300=210+330)	131.3	148.7	136.1	149.8	121.1	142.1	128.9	143.7	119.8	126.9	112.1	135.8
I. Short -term liabilities	131.1	148.4	135.8	149.5	120.8	141.7	128.6	143.4	119.5	126.5	111.8	135.5
1. Short-term trade accounts payable	81.9	83.4	70.0	69.1	71.1	94.0	73.8	74.2	72.2	88.4	59.1	71.0
2. Short-term advances from customers	1.1	0.9	0.8	1.1	0.9	1.1	0.9	0.9	0.9	0.6	0.8	0.8
3. Dividends and profits payable	0.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	33.1	28.9	32.3	33.4	33.5	26.0	25.7	27.8	29.2	17.8	20.2	25.4
4. Payable to employees	10.8	30.4	19.5	13.0	11.2	15.5	18.8	12.7	10.8	16.0	15.2	14.5
5. Short-term acrrued expenses	0.2	0.9	0.2	—	0.1	0.2	0.1	0.0	0.0	0.2	9.4	0.8
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	3.2	3.5	6.8	23.9	3.5	4.7	3.8	20.6	6.3	3.5	4.3	18.6
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	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	0.2	0.5	6.1	9.1	0.5	0.3	5.5	7.1	0.0	0.1	2.8	4.5
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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)	191.3	182.9	175.1	172.0	194.7	181.4	174.5	166.4	182.7	176.1	180.9	175.2
I. Owner's equity	191.3	182.9	175.1	172.0	194.7	181.4	174.5	166.4	182.7	176.1	180.9	175.2
1. Owner's capital	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0	109.0
- Common stock with voting right	109,000,000,000.00	109,000,000,000.00	109,000,000,000.00	109,000,000,000.00	109,000,000,000.00	109,000,000,000.00	109,000,000,000.00	109,000,000,000.00	109,000,000,000.00	109,000,000,000.00	109,000,000,000.00	109,000,000,000.00
- 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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	41.6	41.6	41.6	41.6	41.6	41.6	41.6	41.6	41.6	41.6	41.6	41.6
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	40.3	31.9	24.1	21.0	43.7	30.4	23.5	15.4	31.7	25.1	29.9	24.2
- Accumulated retained earning at the end of the previous period	31.9	—	—	—	31.9	0.0	0.0	0.0	24.7	-0.3	10.1	10.1
- Undistributed earnings in this period	8.4	31.9	24.1	21.0	11.9	30.4	23.5	15.4	7.0	25.3	19.8	14.1
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)	322.7	331.6	311.2	321.9	315.8	323.5	303.4	310.1	302.5	303.0	293.0	311.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	10.7	10.8	5.2	11.6	15.0	9.9	10.7	10.6	8.8	7.9	7.2	10.6
Depreciation of Fixed Assets and Investment Property	10.3	8.9	9.0	9.5	9.6	1.6	9.0	8.7	8.7	6.6	9.0	7.5
Provision (Increase)/Reversal	-0.0	-0.1	—	—	—	0.3	0.0	-0.0	0.0	1.9	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	-0.4	-0.1	-0.4	-0.2	-0.4	-0.6	-1.1	-0.3	-1.7	-0.7	-2.4
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	21.0	19.2	14.1	20.7	24.4	11.3	19.1	18.2	17.2	14.7	15.5	15.6
Increase/(Decrease) in Receivables	-15.6	6.9	-0.9	3.8	-12.8	9.7	4.9	0.7	-10.5	16.8	2.0	-12.6
Increase/(Decrease) in Inventory	-0.6	6.4	-2.8	1.7	-9.8	1.2	1.4	1.5	0.3	-6.3	3.7	2.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-15.9	20.1	8.6	-1.5	-20.9	18.5	3.9	-8.0	0.5	10.5	-9.7	15.9
Increase/(Decrease) in Prepaid Expenses	1.5	-4.6	2.6	-1.1	2.0	-0.4	-4.1	1.4	-1.5	0.9	-0.9	-0.4
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	-2.3	-1.6	-4.0	-2.2	-2.4	-4.0	-1.3	-4.0	0.0	-1.5	-3.2	-8.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-5.7	-3.0	-2.7	-0.3	-5.8	-1.1	-0.7	0.0	-3.6	-0.8	-2.0
Net Cash Flow from Operating Activities	-12.1	40.8	14.5	18.7	-19.7	30.6	22.9	9.2	6.2	31.6	6.5	10.3
Payments for Fixed Assets and Other Long-term Assets	-12.6	-36.2	-8.7	-11.4	-4.3	-30.8	-19.3	-8.5	-9.5	-27.6	-13.0	3.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-15.0	-0.0	-15.0	-10.0	-65.0	5.0	-40.0	-30.0	-75.0	10.0	-35.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	20.0	0.0	25.0	45.0	70.0	0.0	35.0	30.0	75.0	0.0	35.0
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	0.4	0.1	0.8	0.2	0.6	0.4	1.3	0.3	1.6	1.4	1.7
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	-12.6	-30.8	-8.7	-0.6	30.9	-25.2	-13.9	-12.2	-9.3	-26.0	-1.6	5.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-3.0	-17.4	-0.0	-0.0	0.2	-16.8	-0.0	0.0	0.1	-14.7	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	-0.0	-3.0	-17.4	-0.0	-0.0	0.2	-16.8	-0.0	0.0	0.1	-14.7	0.0
Net Cash Flow During the Period	-24.7	7.0	-11.6	18.1	11.1	5.6	-7.9	-3.1	-3.1	5.7	-9.9	15.3
Cash and Cash Equivalents at Beginning of Period	49.7	42.7	54.3	36.2	25.1	33.6	33.6	33.6	33.6	58.1	58.1	58.1
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	24.9	49.7	42.7	54.3	36.2	25.1	19.5	27.4	30.5	33.6	27.9	37.8

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NBW

What Is Changing

Drivers of NBW's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▲

Working Capital Efficiency ●

Is financial risk significant?

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