NCT

Dịch vụ Hàng hóa Nội Bài ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 33.96%, +5.16pp YoY

Price

91,000

Latest close

02 Jun 2026

P/E 4.68x

P/B 2.92x

EPS 19,446

BVPS 31,170

ROE 59.7%

ROA 50.8%

Profit Margin 34.0%

Asset Turnover 1.50x

Equity Mult. 1.17x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,263bn
	                                
+29.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 429bn
	                                
+52.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,211.8	920.6	701.8	735.9	742.2
Growth	+32%	+31%	-5%	-1%	—
Net Income	386.9	266.4	216.8	237.2	224.0
Net Margin	31.93%	28.94%	30.89%	32.23%	30.18%

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	292.7	372.6	317.6	280.4	241.2	277.5	238.6	218.7	185.8	205.8	190.3	155.7
Growth	-21%	+17%	+13%	+16%	-13%	+16%	+9%	+18%	-10%	+8%	+22%	—
Net Income	106.0	123.3	114.3	85.4	64.4	77.2	75.5	64.0	49.9	54.3	65.4	50.9
Net Margin	36.21%	33.10%	36.00%	30.45%	26.71%	27.83%	31.63%	29.26%	26.83%	26.38%	34.40%	32.68%

Drivers of NCT's profit

TTM

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

Gross profit ↑ 151.6bn

Financial income ↑ 52.0bn

Tax ↑ 29.8bn

Administrative expenses ↑ 23.8bn

TTM

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

Financial income ↑ 31.5bn

Gross profit ↑ 23.5bn

Administrative expenses ↑ 7.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 50.8% = 28.8% × 1.50 × 1.18

2026Q1 59.7% = 34.0% × 1.50 × 1.17

ROE rose from 50.8% to 59.7% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 34.0% +5.2pp Asset turnover: 1.50x -0.00x Leverage: 1.17x -0.00x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 33.96%, rising 5.2pp. The main driver is Gross margin rose 1.8pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 3.4pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 33.96% +5.2pp

Gross Margin 46.54% +1.8pp

SG&A / Revenue 11.60% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 33.84% +5.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.37x equity, with a net cash position equivalent to 0.15x equity.

Over the last 12 months, working capital released 75.5bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +19.8bn

Inventories decreased → higher CFO: +0.7bn

Payables increased → higher CFO: +54.9bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 2.0 days versus the same period last year. The main moves came from DIO fell 0.6 days, DSO fell 0.3 days, and DPO fell 2.8 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +2.0 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 21.1 days −0.3 days

Inventory 1.4 days −0.6 days

Payables 9.5 days −2.8 days

Cash Conversion Cycle 13.1 days +2.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 414.0bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.15x and interest coverage at 2733.74x.

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 -0.15x —

Interest Coverage 2733.74x +747.10x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.03x +0.21x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 414.0bn in 2025, against investing cash flow of -233.6bn.

Post-investment cash flow was positive +180.4bn. Financing cash flow was negative +209.1bn.

CFO / net income was 1.03x.

After spending +63.4bn on fixed-asset investment, the business generated trailing free cash flow of +377.5bn.

Cash Conversion

CFO TTM 440.9bn +210.9bn

Cash Capex 63.4bn +41.1bn

FCF TTM +377.5bn +169.9bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 5.2 pp. The next item to monitor is the earnings mix, when non-core contribution is 15.4%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 33.96% after expanding 5.2pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.03x. Even so, net financial result still accounts for 15.4% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,211.8	920.6	701.8	735.9	742.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,211.8	920.6	701.8	735.9	742.2
Cost of Goods Sold	647.9	506.4	362.8	377.2	0.0
Gross Profit	564.0	414.2	339.0	358.7	347.2
Financial Income	49.3	28.9	22.1	17.7	8.9
Financial Expenses	0.1	0.2	0.1	0.0	-0.2
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	26.6	20.9	11.9	10.3	-8.4
General and Administrative Expenses	109.7	91.2	75.8	69.3	-66.4
Operating Profit	476.8	330.9	273.4	296.7	281.1
Other Income	2.1	0.1	0.2	0.4	0.0
Other Expenses	0.2	0.3	0.3	0.1	0.0
Other Profit	2.0	-0.2	-0.1	0.3	-0.1
Profit Before Tax	478.8	330.7	273.3	297.0	281.0
Current Income Tax Expense	94.0	64.1	56.5	59.8	-57.0
Deferred Income Tax Expense	-2.0	0.1	0.0	-0.0	0.0
Net Income	386.9	266.4	216.8	237.2	224.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	386.9	266.4	216.8	237.2	224.0
Earnings per Share	13,524.00	9,175.00	7,877.00	8,646.00	8,340.00
Diluted EPS	14,785.42	10,182.37	8,285.11	9,064.33	8,560.02

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	747.6	518.8	388.0	316.8	387.8
I. Cash and cash equivalents	105.2	134.2	46.8	41.5	59.9
1. Cash	35.2	24.2	36.8	31.5	0.0
2. Cash equivalents	70.0	110.0	10.0	10.0	0.0
II. Short-term financial investments	530.3	306.3	260.3	190.7	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	530.3	306.3	260.3	190.7	0.0
III. Short-term receivables	109.1	74.8	66.4	70.0	81.6
1. Short-term trade accounts receivable	86.2	70.2	63.3	63.5	0.0
2. Short-term prepayments to suppliers	19.4	1.2	0.1	3.7	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	4.3	3.8	3.0	3.6	0.0
7. Provision for short-term doubtful debts (*)	-0.8	-0.4	0.0	-0.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.6	3.2	2.7	3.1	3.5
1. Inventories	2.6	3.2	2.7	3.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.4	11.9	11.6	12.0
1. Short-term prepayments	0.4	0.4	11.0	11.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.9	0.3	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	221.7	222.1	166.7	183.7	166.2
I. Long-term receivables	1.2	1.1	0.9	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	1.2	1.1	0.9	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	93.1	91.2	97.0	114.3	94.5
1. Tangible fixed assets	86.4	81.6	89.1	106.7	92.4
- Cost	382.5	374.1	354.2	361.3	0.0
- Accumulated depreciation	-296.1	-292.5	-265.1	-254.6	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	6.8	9.5	7.9	7.6	2.1
- Cost	24.2	24.2	20.4	18.1	0.0
- Accumulated depreciation	-17.5	-14.7	-12.5	-10.5	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	17.7	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	17.7	0.0	0.0	0.0	0.0
V. Long-term financial investments	65.0	65.0	65.0	65.0	65.0
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	65.0	65.0	65.0	65.0	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	44.7	64.8	3.7	4.4	0.0
1. Long-term prepayments	42.8	64.8	3.7	4.4	0.0
2. Deferred income tax assets	1.9	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	6.7
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)	969.3	740.9	554.6	500.6	554.0
A. LIABILITIES (300=210+330)	259.6	182.5	121.2	68.3	96.7
I. Short -term liabilities	243.6	168.4	110.0	59.2	87.8
1. Short-term trade accounts payable	59.6	28.5	27.9	6.3	9.5
2. Short-term advances from customers	1.7	0.8	0.0	0.0	0.0
3. Taxes and other payables to state authorities	58.4	35.6	33.6	18.2	0.0
4. Payable to employees	108.6	87.7	40.3	30.5	0.0
5. Short-term acrrued expenses	10.9	6.9	1.4	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	4.2	3.5	3.2	2.6	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	0.1	5.4	3.7	1.2	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	16.0	14.1	11.2	9.1	8.8
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	16.0	13.9	11.2	9.1	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	—	0.1	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)	709.6	558.4	433.4	432.3	457.4
I. Owner's equity	709.6	558.4	433.4	432.3	0.0
1. Owner's capital	261.7	261.7	261.7	261.7	457.4
- Common stock with voting right	261,669,400,000.00	261,669,400,000.00	261,669,400,000.00	261,669,400,000.00	261,669,400,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.0	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	-12,080,000.00	-12,080,000.00	-12,080,000.00	-12,080,000.00	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	—	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	447.9	296.7	171.7	170.6	195.7
- Accumulated retained earning at the end of the previous period	61.1	30.2	33.4	25.0	24.4
- Undistributed earnings in this period	386.9	266.4	138.3	145.6	171.3
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)	969.3	740.9	554.6	500.6	554.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	478.8	330.7	273.3	297.0	281.0
Depreciation of Fixed Assets and Investment Property	32.3	29.6	30.6	27.7	26.3
Provision (Increase)/Reversal	0.3	0.4	-0.9	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.7	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-50.3	-27.9	-22.0	-17.3	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	461.2	332.1	281.1	307.7	299.1
Increase/(Decrease) in Receivables	-34.3	-7.3	6.3	5.0	0.0
Increase/(Decrease) in Inventory	0.6	-0.5	0.4	0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	69.0	52.8	27.5	-28.2	0.0
Increase/(Decrease) in Prepaid Expenses	22.1	-50.5	1.0	2.7	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	-73.0	-62.4	-41.0	-56.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-31.6	-8.9	-4.0	-9.0	0.0
Net Cash Flow from Operating Activities	414.0	255.3	271.3	221.7	219.9
Payments for Fixed Assets and Other Long-term Assets	-59.6	-18.8	-9.7	-39.3	-25.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.0	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-1,078.7	-551.3	-554.6	-452.5	-290.9
Receipts from Loan Repayments and Sale of Debt Instruments	854.8	505.2	485.0	492.7	261.7
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	47.9	27.2	22.2	15.3	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	-233.6	-37.7	-56.9	16.3	-45.3
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	-209.1	-130.9	-209.1	-256.4	-169.9
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	-209.1	-130.9	-209.1	-256.4	-169.9
Net Cash Flow During the Period	-28.8	86.7	5.3	-18.4	-107.1
Cash and Cash Equivalents at Beginning of Period	134.2	46.8	41.5	59.9	55.2
FX Difference from Revaluation	-0.0	0.6	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	105.4	134.2	46.8	41.5	59.9

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	292.7	372.6	317.6	280.4	241.2	277.5	238.6	218.7	185.8	205.8	190.3	155.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	292.7	372.6	317.6	280.4	241.2	277.5	238.6	218.7	185.8	205.8	190.3	155.7
Cost of Goods Sold	160.7	186.0	183.4	145.2	132.7	155.8	134.1	117.2	101.6	110.5	91.3	76.6
Gross Profit	132.0	186.5	134.2	135.2	108.5	121.8	104.5	101.5	84.2	95.3	99.0	79.2
Financial Income	34.8	9.4	31.9	5.1	3.3	3.3	19.5	3.1	3.1	3.5	4.8	5.3
Financial Expenses	0.1	0.1	0.0	0.0	0.0	0.0	0.1	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	6.9	9.9	5.2	6.3	5.2	8.0	4.9	4.2	4.0	3.7	2.8	1.7
General and Administrative Expenses	33.8	30.5	26.8	27.0	25.9	20.2	28.3	19.9	20.5	24.8	19.1	18.6
Operating Profit	126.0	155.5	134.1	106.9	80.7	96.9	90.7	80.5	62.8	70.2	82.0	64.2
Other Income	0.0	0.0	2.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.2	0.0
Other Expenses	0.2	0.1	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.3	0.0	0.0
Other Profit	-0.1	-0.1	2.1	-0.0	0.0	0.1	-0.3	-0.0	0.0	-0.3	0.2	-0.0
Profit Before Tax	125.8	155.4	136.2	106.9	80.7	97.0	90.5	80.5	62.8	70.0	82.2	64.2
Current Income Tax Expense	19.9	34.0	21.9	21.6	16.3	19.8	14.9	16.4	12.9	15.7	16.7	13.3
Deferred Income Tax Expense	-0.0	-1.9	-0.1	-0.0	0.0	-0.0	0.1	0.0	0.0	-0.0	0.0	0.0
Net Income	106.0	123.3	114.3	85.4	64.4	77.2	75.5	64.0	49.9	54.3	65.4	50.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	106.0	123.3	114.3	85.4	64.4	77.2	75.5	64.0	49.9	54.3	65.4	50.9
Earnings per Share	4,051.00	7,762.00	4,370.00	3,263.00	2,462.00	1,944.00	1,952.00	1,952.00	2,399.00	1,673.00	2,501.00	1,945.00
Diluted EPS	4,050.40	4,713.46	4,369.79	3,263.21	2,461.94	2,951.71	2,883.98	2,445.69	1,905.29	2,074.52	2,500.97	1,945.16

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)	749.7	750.7	827.0	635.0	520.8	519.2	416.0	502.4	405.0	387.0	375.7	416.8
I. Cash and cash equivalents	123.8	105.3	126.2	133.0	121.8	134.1	47.6	174.7	65.1	46.8	28.5	40.1
1. Cash	123.8	35.3	76.2	33.0	121.8	24.1	37.6	69.4	65.1	36.8	28.5	40.1
2. Cash equivalents	—	70.0	50.0	100.0	—	110.0	10.0	105.3	0.0	10.0	0.0	0.0
II. Short-term financial investments	499.4	530.3	596.7	415.8	317.5	306.3	295.2	247.6	268.2	260.3	269.0	294.3
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	499.4	530.3	596.7	415.8	317.5	306.3	295.2	247.6	268.2	260.3	269.0	294.3
III. Short-term receivables	117.6	109.4	98.1	80.6	72.3	75.2	65.8	73.0	58.7	65.9	70.2	66.6
1. Short-term trade accounts receivable	86.9	86.3	74.7	69.7	59.4	70.2	60.7	66.1	55.1	63.3	66.5	58.6
2. Short-term prepayments to suppliers	20.9	19.4	17.6	8.0	10.2	1.2	2.8	3.9	1.2	0.1	0.3	1.7
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	10.6	4.5	6.5	3.6	3.2	3.8	2.2	3.0	2.4	3.0	4.1	6.8
7. Provision for short-term doubtful debts (*)	-0.8	-0.8	-0.8	-0.7	-0.5	0.0	0.0	0.0	0.0	-0.5	-0.7	-0.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2.3	2.6	3.0	2.7	3.0	3.2	2.8	4.2	2.9	2.2	2.4	2.4
1. Inventories	2.3	2.6	3.0	2.7	3.0	3.2	2.8	4.2	2.9	2.2	2.4	2.4
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	6.6	3.2	3.1	3.0	6.1	0.4	4.5	2.8	10.1	11.9	5.7	13.5
1. Short-term prepayments	6.6	3.2	3.1	3.0	6.1	0.4	2.7	2.8	10.1	11.0	5.7	13.5
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	1.8	0.0	0.0	0.9	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	206.1	218.8	206.5	205.7	211.8	222.1	225.6	161.3	165.7	164.2	167.7	173.6
I. Long-term receivables	1.2	1.2	1.2	1.2	1.2	1.1	0.9	0.8	0.9	0.9	0.4	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	1.2	1.2	1.2	1.2	1.2	1.1	0.9	0.8	0.9	0.9	0.4	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	95.7	93.1	95.3	88.1	88.3	91.2	90.7	93.9	97.7	94.5	100.4	106.2
1. Tangible fixed assets	89.6	86.4	87.9	80.0	79.5	81.6	84.5	87.1	90.4	86.6	91.9	99.6
- Cost	392.7	—	—	—	—	374.1	369.9	365.6	362.1	354.2	352.1	370.1
- Accumulated depreciation	-303.2	—	—	—	—	-292.5	-285.5	-278.6	-271.8	-267.6	-260.1	-270.5
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	6.1	6.8	7.4	8.1	8.8	9.5	6.2	6.8	7.3	7.9	8.5	6.5
- Cost	24.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-18.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	4.6	17.7	—	—	—	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	4.6	17.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0
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	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0	65.0
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	39.7	41.8	45.0	51.4	57.3	64.8	68.9	1.6	2.1	3.7	1.8	2.4
1. Long-term prepayments	37.7	39.9	45.0	51.4	57.3	64.8	68.9	1.6	2.1	3.7	1.8	2.4
2. Deferred income tax assets	1.9	1.9	—	—	—	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)	955.8	969.6	1,033.5	840.6	732.6	741.3	641.6	663.6	570.7	551.1	543.4	590.4
A. LIABILITIES (300=210+330)	140.2	259.3	237.3	158.7	109.8	182.8	160.3	127.0	87.4	118.7	86.7	68.3
I. Short -term liabilities	123.8	243.3	221.5	143.3	95.6	168.7	147.4	114.2	75.3	107.5	77.1	58.8
1. Short-term trade accounts payable	19.5	59.6	27.8	14.7	15.8	29.0	19.9	15.6	20.7	27.9	12.1	8.5
2. Short-term advances from customers	2.9	1.7	0.3	0.4	0.2	0.4	0.4	0.3	0.0	0.0	0.0	0.0
3. Dividends and profits payable	2.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	23.6	58.2	46.0	23.9	21.0	35.5	14.7	15.5	13.7	33.3	18.9	14.6
4. Payable to employees	38.0	108.6	81.3	45.4	24.5	87.7	54.4	34.0	19.0	38.1	21.7	19.5
5. Short-term acrrued expenses	35.8	10.7	36.4	28.9	28.8	7.2	42.0	29.4	14.7	1.4	17.4	8.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.8	4.4	14.0	4.0	3.3	3.5	8.2	9.7	6.9	3.2	3.0	3.3
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	—	0.1	15.5	26.0	2.0	5.4	7.9	9.6	0.4	3.7	4.1	4.7
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	16.4	16.0	15.8	15.4	14.2	14.1	12.9	12.8	12.1	11.2	9.6	9.5
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	16.4	16.0	15.7	15.3	14.1	13.9	12.8	12.7	12.1	11.2	9.6	9.5
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	—	—	0.1	0.1	0.1	0.1	0.2	0.1	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)	815.6	710.2	796.2	681.9	622.8	558.5	481.2	536.6	483.3	432.4	456.6	522.0
I. Owner's equity	815.6	710.2	796.2	681.9	622.8	558.5	481.2	536.6	483.3	432.4	456.6	522.0
1. Owner's capital	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7	261.7
- Common stock with voting right	261,669,400,000.00	261,669,400,000.00	261,669,400,000.00	261,669,400,000.00	261,669,400,000.00	261,669,400,000.00	261,669,400,000.00	261,669,400,000.00	261,669,400,000.00	261,669,400,000.00	261,669,400,000.00	261,669,400,000.00
- 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	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	-12,080,000.00	-12,080,000.00	-12,080,000.00	-12,080,000.00	-12,080,000.00	-12,080,000.00	-12,080,000.00	-12,080,000.00	-12,080,000.00	-12,080,000.00	-12,080,000.00	-12,080,000.00
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	—	—	—	—	—	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	553.9	448.5	534.5	420.2	361.1	296.8	219.6	274.9	221.6	170.7	195.0	260.3
- Accumulated retained earning at the end of the previous period	447.9	61.1	270.4	270.4	296.7	30.2	30.2	161.1	171.7	33.4	33.4	164.2
- Undistributed earnings in this period	106.0	387.5	264.2	149.8	64.4	266.6	189.3	113.9	49.9	137.3	161.5	96.1
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)	955.8	969.6	1,033.5	840.6	732.6	741.3	641.6	663.6	570.7	551.1	543.4	590.4

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	125.8	154.9	136.2	106.9	80.7	97.0	90.5	80.5	62.8	71.3	82.2	64.2
Depreciation of Fixed Assets and Investment Property	7.8	8.3	8.2	7.9	7.9	7.5	7.4	7.3	7.3	5.5	8.2	8.5
Provision (Increase)/Reversal	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.0	-0.7	0.2	-0.4
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.3	0.3	0.2	-0.7	0.1	-0.5	-0.2	-0.1	0.1	-0.1	-0.0
Gain/Loss from Investment Activities	-34.6	-10.9	-31.8	-4.4	-3.2	-3.3	-18.9	-2.8	-2.9	-3.6	-4.7	-5.2
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	99.0	152.6	112.9	110.9	84.8	101.4	78.4	84.8	67.0	72.6	85.8	67.0
Increase/(Decrease) in Receivables	55.4	-12.3	-15.5	-7.8	1.3	-11.4	1.7	-10.4	7.8	-1.8	3.1	-5.4
Increase/(Decrease) in Inventory	0.3	0.5	-0.4	0.4	0.1	-0.3	1.4	-1.3	-0.2	-0.3	0.0	0.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-57.0	11.0	77.9	23.0	-42.9	3.6	33.7	28.0	-8.7	23.6	3.0	8.1
Increase/(Decrease) in Prepaid Expenses	-1.2	5.0	6.3	9.0	1.7	6.5	-67.2	7.7	2.5	-7.2	8.3	-3.7
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	-55.8	-21.6	0.0	-17.0	-34.5	0.0	-13.7	-15.9	-32.8	0.0	-13.2	-10.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-6.7	-15.4	-10.5	-2.3	-3.4	-1.0	-1.7	-1.4	-3.3	-0.4	-0.6	-1.3
Net Cash Flow from Operating Activities	34.0	119.8	170.8	116.3	7.1	98.8	32.5	91.5	32.4	86.4	86.4	54.7
Payments for Fixed Assets and Other Long-term Assets	-17.0	-9.8	-26.2	-10.4	-13.2	-2.7	-1.2	-5.1	-9.7	-2.9	0.0	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	2.0	—	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-230.9	-397.0	-240.9	-232.1	-208.8	-106.4	-197.6	-97.3	-149.9	-108.3	-152.0	-72.0
Receipts from Loan Repayments and Sale of Debt Instruments	200.0	463.4	60.0	133.8	197.6	95.3	149.9	118.0	142.0	117.0	177.3	35.7
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	32.4	10.2	29.8	3.7	4.3	1.6	19.6	2.4	3.6	4.5	7.3	7.7
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	-15.6	68.8	-177.3	-104.9	-20.2	-12.2	-29.3	17.9	-14.1	10.5	32.6	-29.8
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	—	-209.1	—	—	—	0.0	-130.7	0.0	-0.2	-78.4	-130.7	-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	—	-209.1	—	—	—	0.0	-130.7	0.0	-0.2	-78.4	-130.7	-0.0
Net Cash Flow During the Period	18.4	-20.6	-6.5	11.4	-13.1	86.5	-127.5	109.4	18.2	18.4	-11.7	24.9
Cash and Cash Equivalents at Beginning of Period	105.2	126.2	133.0	121.8	134.2	46.8	46.8	46.8	46.8	41.5	41.5	41.5
FX Difference from Revaluation	0.1	-0.0	0.2	0.5	0.7	0.0	0.3	0.2	0.1	-0.1	0.1	0.0
Cash and Cash Equivalents at End of Period	123.8	105.4	126.2	133.0	121.8	134.1	47.6	174.7	65.1	46.8	28.5	40.1

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NCT

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow