NNC

Đá Núi Nhỏ ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 36.56%, +11.66pp YoY

Price

46,000

Latest close

03 Jun 2026

P/E 6.25x

P/B 1.77x

EPS 7,359

BVPS 25,969

ROE 32.1%

ROA 27.1%

Profit Margin 36.6%

Asset Turnover 0.74x

Equity Mult. 1.18x

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

What Is Changing

On a TTM 2026Q1 basis, NNC 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 441bn
	                                
+47.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 161bn
	                                
+117.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	390.9	280.1	175.9	80.6	159.0
Growth	+40%	+59%	+118%	-49%	—
Net Income	147.8	62.6	37.3	41.7	38.4
Net Margin	37.81%	22.35%	21.18%	51.72%	24.15%

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	120.3	129.1	100.3	91.5	70.1	96.0	66.7	65.5	51.9	54.7	45.5	46.4
Growth	-7%	+29%	+10%	+30%	-27%	+44%	+2%	+26%	-5%	+20%	-2%	—
Net Income	39.6	44.1	42.6	35.1	16.2	21.4	16.2	20.5	5.6	10.8	11.7	8.9
Net Margin	32.91%	34.15%	42.44%	38.34%	23.16%	22.27%	24.25%	31.28%	10.88%	19.76%	25.79%	19.23%

Drivers of NNC's profit

TTM

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

Gross profit ↑ 116.1bn

Tax ↑ 17.4bn

TTM

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

Gross profit ↑ 27.3bn

Tax ↑ 5.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 18.2% = 24.9% × 0.63 × 1.17

2026Q1 32.1% = 36.6% × 0.74 × 1.18

ROE rose from 18.2% to 32.1% — all three components improved, with net margin contributing the most.

Net margin: 36.6% +11.7pp Asset turnover: 0.74x +0.12x Leverage: 1.18x +0.02x

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 36.56%, rising 11.7pp. The main driver is Gross margin rose 15.2pp and SG&A / Revenue fell 1.7pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 1.5pp and Other profit / Revenue fell 0.8pp).

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

Profitability trend

Net Margin 36.56% +11.7pp

Gross Margin 49.41% +15.2pp

SG&A / Revenue 5.24% −1.7pp

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 37.33% +12.3pp

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 0.24x equity, with a net cash position equivalent to 0.02x equity.

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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 36.9 days versus the same period last year. The main moves came from DIO fell 27.6 days, DSO fell 11.4 days, and DPO fell 2.1 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Working Capital Efficiency

Receivables 13.4 days −11.4 days

Inventory 17.8 days −27.6 days

Payables 10.7 days −2.1 days

Cash Conversion Cycle 20.6 days −36.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 189.9bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.02x and interest coverage at 25.09x.

At present, short-term debt accounts for 18.4% of total debt, cash equals 149.5% of debt, and total debt stands at 27.2bn.

Leverage and liquidity trend

Net Debt / Equity -0.02x —

Interest Coverage 25.09x —

Cash / Debt 149.5% —

Short-term Debt / Total Debt 18.4% —

CFO / NI 1.11x −0.10x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 189.9bn in 2025, against investing cash flow of -206.1bn.

Post-investment cash flow was negative +16.2bn. Financing cash flow was positive +7.1bn.

CFO / net income was 1.11x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 179.7bn +89.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, capital efficiency remains the area to verify in upcoming periods.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 36.56% after expanding 11.7pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	390.9	280.1	175.9	80.6	159.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	390.9	280.1	175.9	80.6	159.0
Cost of Goods Sold	197.9	191.6	126.8	63.3	0.0
Gross Profit	193.0	88.5	49.2	17.3	47.5
Financial Income	17.1	10.9	10.7	9.4	2.3
Financial Expenses	5.4	0.8	0.0	0.0	-0.0
Interest Expense	0.9	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	3.9	6.0	5.2	2.7	-4.3
General and Administrative Expenses	16.1	13.8	9.7	10.1	-6.6
Operating Profit	184.7	78.8	45.0	13.8	38.9
Other Income	1.8	0.1	22.8	37.3	0.0
Other Expenses	2.8	1.1	22.4	0.6	0.0
Other Profit	-1.0	-1.0	0.4	36.7	6.5
Profit Before Tax	183.6	77.7	45.4	50.5	45.4
Current Income Tax Expense	31.5	14.7	8.1	8.6	-7.0
Deferred Income Tax Expense	4.3	0.5	-0.0	0.2	0.0
Net Income	147.8	62.6	37.3	41.7	38.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	147.8	62.6	37.3	41.7	38.4
Earnings per Share	6,137.00	2,628.00	1,564.00	1,749.00	1,194.00
Diluted EPS	6,137.00	2,628.00	1,564.00	1,749.00	1,752.31

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	369.2	236.7	229.4	212.0	191.0
I. Cash and cash equivalents	87.5	96.7	34.2	22.0	81.9
1. Cash	12.0	7.1	4.7	11.0	0.0
2. Cash equivalents	75.5	89.6	29.6	11.0	0.0
II. Short-term financial investments	238.7	92.3	105.0	91.2	0.0
1. Available for sale securities	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
3. Held to maturity investments	238.7	92.3	105.0	91.2	0.0
III. Short-term receivables	12.2	21.5	23.1	9.3	13.9
1. Short-term trade accounts receivable	6.8	13.1	13.6	2.2	0.0
2. Short-term prepayments to suppliers	1.0	0.1	4.0	1.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	2.6	0.0	0.0	0.0
6. Other short-term receivables	4.5	5.9	5.5	5.5	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	12.9	8.4	47.9	68.5	71.4
1. Inventories	12.9	8.4	47.9	68.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	17.8	17.8	19.2	21.0	23.8
1. Short-term prepayments	—	0.1	0.7	0.6	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.7	0.0
3. Taxes and other receivables from state authorities	17.8	17.8	18.4	19.7	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)	295.6	249.1	202.1	180.3	163.7
I. Long-term receivables	4.3	4.0	3.7	3.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.2
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	4.3	4.0	3.7	3.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	109.5	55.3	51.8	34.4	27.9
1. Tangible fixed assets	104.2	49.7	46.1	28.6	21.9
- Cost	159.0	94.1	84.7	68.7	0.0
- Accumulated depreciation	-54.8	-44.4	-38.6	-40.0	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	5.3	5.5	5.6	5.8	6.0
- Cost	16.2	16.2	16.2	16.2	0.0
- Accumulated depreciation	-10.9	-10.7	-10.5	-10.4	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.2	12.2	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.2	12.2	0.0
V. Long-term financial investments	118.6	120.7	103.0	103.0	103.0
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	124.0	121.5	103.0	103.0	0.0
4. Provision for diminution in value of long-term investments	-5.4	-0.8	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	63.2	69.2	43.4	27.2	0.0
1. Long-term prepayments	63.2	65.3	39.1	22.9	0.0
2. Deferred income tax assets	—	3.9	4.3	4.4	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	29.6
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)	664.8	485.9	431.4	392.3	354.7
A. LIABILITIES (300=210+330)	130.3	64.9	57.1	52.0	53.3
I. Short -term liabilities	100.1	57.6	53.2	48.3	50.1
1. Short-term trade accounts payable	3.7	1.8	0.8	2.9	3.8
2. Short-term advances from customers	9.7	2.5	1.4	0.9	2.6
3. Taxes and other payables to state authorities	50.7	11.4	6.6	26.3	0.0
4. Payable to employees	5.2	4.4	3.1	1.2	0.0
5. Short-term acrrued expenses	4.2	4.7	3.8	2.8	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	7.0	6.7	8.4	6.9	0.0
10. Short-term borrowings and financial leases	6.7	0.0	3.3	0.0	0.0
11. Provision for short-term liabilities	0.8	19.5	21.8	2.7	0.0
12.. Bonus and welfare fund	12.1	6.6	4.0	4.7	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	30.2	7.3	3.9	3.7	3.2
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	3.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	22.2	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	0.7	0.2	0.2	0.2	0.0
12. Provision for long-term liabilities	4.3	4.0	3.7	3.5	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)	534.5	421.0	374.4	340.3	301.3
I. Owner's equity	534.5	421.0	374.4	340.3	0.0
1. Owner's capital	219.2	219.2	219.2	219.2	301.3
- Common stock with voting right	219,200,000,000.00	219,200,000,000.00	219,200,000,000.00	219,200,000,000.00	219,200,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.5	0.5	0.5	0.5	0.5
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	87.3	59.7	47.1	39.1	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	227.5	141.6	107.6	81.6	50.5
- Accumulated retained earning at the end of the previous period	119.7	96.5	80.9	50.9	22.8
- Undistributed earnings in this period	107.8	45.1	26.7	30.7	27.7
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)	664.8	485.9	431.4	392.3	354.7

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	0.0
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	-13.9	-11.3	-11.7	-8.3	0.0
Other Operating Receipts	5.1	1.4	4.5	43.8	0.0
Other Operating Payments	-65.3	-39.8	-25.5	-17.6	0.0
Net Cash Flow from Operating Activities	189.9	97.2	46.0	44.7	65.3
Payments for Fixed Assets and Other Long-term Assets	-76.6	-22.9	-19.5	-22.7	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.9	0.0	1.0	1.0	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	3.0
Investments in Other Entities	-2.5	-18.5	0.0	34.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	15.0	10.6	11.0	8.3	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	-206.1	-20.8	-26.1	-104.6	4.3
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	30.0	0.0	5.4	0.0	0.0
Repayment of Borrowings	-1.1	-3.3	-2.1	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-21.8	-10.7	-10.9	-0.1	-38.5
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	7.1	-14.0	-7.6	-0.1	-38.5
Net Cash Flow During the Period	-9.1	62.5	12.3	-60.0	-2.6
Cash and Cash Equivalents at Beginning of Period	96.7	34.2	22.0	82.0	50.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	87.5	96.7	34.2	22.0	81.9

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	120.3	129.1	100.3	91.5	70.1	96.0	66.7	65.5	51.9	54.7	45.5	46.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	120.3	129.1	100.3	91.5	70.1	96.0	66.7	65.5	51.9	54.7	45.5	46.4
Cost of Goods Sold	70.5	66.7	49.6	36.4	47.5	67.8	44.3	36.8	42.3	37.4	33.2	33.8
Gross Profit	49.9	62.3	50.7	55.1	22.6	28.2	22.4	28.7	9.6	17.3	12.2	12.6
Financial Income	4.1	3.3	7.6	3.7	2.2	6.4	1.6	1.4	1.4	1.6	5.1	2.1
Financial Expenses	0.4	0.4	0.4	7.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	-0.4	-0.4	0.4	0.1	—	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	1.0	1.1	0.7	0.8	1.5	1.9	1.3	1.6	1.3	1.2	1.9	0.9
General and Administrative Expenses	3.0	8.3	3.3	4.9	2.9	6.2	2.5	2.8	2.1	3.6	1.6	2.3
Operating Profit	49.6	55.8	53.9	46.1	20.3	26.5	20.2	25.7	7.7	14.1	13.8	11.5
Other Income	0.3	—	1.3	0.5	—	0.0	0.0	0.0	0.1	0.0	0.1	0.0
Other Expenses	0.4	0.0	3.2	2.8	0.0	0.5	0.0	0.0	0.6	0.4	0.0	0.3
Other Profit	-0.1	-0.0	-1.9	-2.3	-0.0	-0.5	-0.0	-0.0	-0.5	-0.4	0.1	-0.3
Profit Before Tax	49.5	55.8	52.0	43.8	20.3	26.0	20.2	25.6	7.2	13.7	13.9	11.2
Current Income Tax Expense	9.5	11.8	5.3	8.8	4.0	4.9	3.9	5.1	1.4	3.1	2.0	2.4
Deferred Income Tax Expense	0.4	-0.0	4.2	-0.0	0.1	-0.2	0.1	0.0	0.1	-0.2	0.1	-0.2
Net Income	39.6	44.1	42.6	35.1	16.2	21.4	16.2	20.5	5.6	10.8	11.7	8.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	39.6	44.1	42.6	35.1	16.2	21.4	16.2	20.5	5.6	10.8	11.7	8.9
Earnings per Share	1,806.88	2,010.47	1,941.55	1,600.14	741.13	974.79	738.02	934.59	257.69	493.54	535.16	406.99
Diluted EPS	1,806.88	2,010.47	1,941.55	1,600.14	741.13	974.79	738.02	934.59	257.69	493.54	535.16	406.99

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)	385.9	365.6	370.3	322.9	262.3	236.9	230.8	226.8	241.9	229.4	218.5	216.6
I. Cash and cash equivalents	40.7	87.5	111.8	85.1	100.3	96.7	56.8	48.2	39.3	34.2	35.5	35.5
1. Cash	10.7	12.0	17.1	9.3	23.0	7.1	9.6	5.7	7.2	4.7	7.5	3.5
2. Cash equivalents	30.0	75.5	94.8	75.8	77.3	89.6	47.1	42.5	32.1	29.6	28.0	32.0
II. Short-term financial investments	282.7	238.7	170.9	152.5	94.4	92.3	99.6	96.4	107.7	105.0	87.9	86.8
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	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	282.7	238.7	170.9	152.4	94.4	92.3	99.6	96.4	107.7	105.0	87.9	86.8
III. Short-term receivables	29.2	11.8	62.4	62.3	43.4	21.6	24.2	28.9	33.4	23.1	24.8	18.9
1. Short-term trade accounts receivable	12.2	6.8	11.9	19.5	20.2	13.1	14.4	19.1	20.4	13.6	15.2	11.2
2. Short-term prepayments to suppliers	9.7	1.0	46.5	39.5	14.6	0.1	0.0	0.5	3.9	4.0	3.4	1.8
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	2.3	2.6	2.8	3.0	3.0	0.0	0.0	0.0
6. Other short-term receivables	7.5	4.2	4.1	3.3	6.4	5.9	7.0	6.3	6.1	5.5	6.3	5.8
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	15.6	9.7	7.2	5.2	6.2	8.4	31.7	34.5	42.6	47.9	50.7	54.8
1. Inventories	15.6	9.7	7.2	5.2	6.2	8.4	31.7	34.5	42.6	47.9	50.7	54.8
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	17.8	17.8	18.0	17.9	18.0	17.8	18.5	18.8	18.9	19.2	19.6	20.6
1. Short-term prepayments	—	—	0.1	0.1	0.0	0.1	0.7	1.0	0.9	0.7	1.1	2.4
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	17.8	17.8	17.9	17.8	18.0	17.8	17.8	17.8	18.0	18.4	18.5	18.2
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)	293.0	293.3	241.8	247.0	247.1	249.4	241.3	232.7	200.8	202.1	204.3	189.7
I. Long-term receivables	8.6	4.3	4.3	4.3	4.3	4.0	4.0	4.0	4.0	3.7	3.7	3.7
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	8.6	4.3	4.3	4.3	4.3	4.0	4.0	4.0	4.0	3.7	3.7	3.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	105.2	109.5	56.1	57.4	55.5	56.9	55.5	55.3	49.5	51.8	49.3	34.2
1. Tangible fixed assets	99.8	104.2	50.8	52.0	50.0	51.3	49.9	49.7	43.9	46.1	43.6	28.4
- Cost	159.3	—	—	—	—	95.8	92.3	89.6	84.8	84.7	81.1	70.4
- Accumulated depreciation	-59.6	—	—	—	—	-44.4	-42.4	-39.9	-40.9	-38.6	-37.5	-42.0
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	5.4	5.3	5.4	5.4	5.5	5.5	5.6	5.6	5.6	5.6	5.7	5.8
- Cost	16.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-10.9	—	—	—	—	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	—	—	2.8	0.7	—	0.0	0.0	0.0	1.5	0.2	3.8	18.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	2.8	0.7	—	0.0	0.0	0.0	1.5	0.2	3.8	18.4
V. Long-term financial investments	118.6	116.3	113.8	113.8	120.7	120.9	120.9	121.5	103.0	103.0	103.0	103.0
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	124.0	124.0	121.5	121.5	121.5	121.5	121.5	121.5	103.0	103.0	103.0	103.0
4. Provision for diminution in value of long-term investments	-5.4	-7.7	-7.7	-7.7	-0.8	-0.6	-0.6	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	60.6	63.2	64.8	70.9	66.7	67.7	61.0	51.9	42.8	43.5	44.4	30.4
1. Long-term prepayments	60.6	63.2	64.8	67.0	62.8	63.8	57.0	47.6	38.5	39.1	40.1	26.0
2. Deferred income tax assets	—	—	—	3.9	3.9	3.9	3.9	4.3	4.3	4.4	4.4	4.4
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)	679.0	658.9	612.1	569.9	509.4	486.2	472.1	459.5	442.7	431.5	422.7	406.4
A. LIABILITIES (300=210+330)	109.7	134.3	127.5	102.2	73.6	64.6	70.1	61.1	62.7	57.7	58.9	53.0
I. Short -term liabilities	79.0	97.5	94.2	73.2	66.2	57.3	65.7	56.9	58.6	53.8	55.0	49.2
1. Short-term trade accounts payable	6.0	3.7	2.3	2.3	7.0	1.8	2.4	1.0	6.7	0.8	3.9	3.4
2. Short-term advances from customers	5.2	9.7	8.1	2.8	3.3	2.5	1.3	1.3	1.3	1.4	1.3	1.2
3. Taxes and other payables to state authorities	23.2	49.1	56.8	27.1	8.4	11.6	23.4	15.8	12.4	29.0	33.8	29.5
4. Payable to employees	1.3	5.2	1.3	1.2	1.3	4.4	1.1	1.0	1.0	3.1	0.9	0.8
5. Short-term acrrued expenses	4.6	4.2	4.6	4.0	3.6	4.2	3.5	4.1	3.6	3.8	3.0	3.2
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	6.4	7.1	6.3	6.2	5.8	6.7	9.2	9.2	9.2	8.4	8.2	6.2
10. Short-term borrowings and financial leases	5.0	—	—	—	—	0.0	0.0	0.0	0.0	3.3	0.0	0.0
11. Provision for short-term liabilities	18.8	3.2	3.2	21.3	28.9	19.5	19.7	19.8	21.8	0.2	0.8	2.7
12.. Bonus and welfare fund	8.5	15.3	11.7	8.3	7.9	6.6	5.1	4.7	2.7	4.0	3.2	2.3
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	30.7	36.8	33.3	28.9	7.4	7.3	4.4	4.2	4.1	3.9	4.0	3.8
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	3.0	3.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	22.2	28.9	25.5	21.4	—	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	1.1	0.6	0.6	0.3	0.3	0.2	0.4	0.3	0.3	0.2	0.4	0.2
12. Provision for long-term liabilities	4.4	4.3	4.2	4.1	4.0	4.0	3.9	3.9	3.8	3.7	3.6	3.5
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)	569.2	524.7	484.6	467.7	435.8	421.7	402.0	398.4	380.0	373.8	363.8	353.4
I. Owner's equity	569.2	524.7	484.6	467.7	435.8	421.7	402.0	398.4	380.0	373.8	363.8	353.4
1. Owner's capital	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2	219.2
- Common stock with voting right	219,200,000,000.00	219,200,000,000.00	219,200,000,000.00	219,200,000,000.00	219,200,000,000.00	219,200,000,000.00	219,200,000,000.00	219,200,000,000.00	219,200,000,000.00	219,200,000,000.00	219,200,000,000.00	219,200,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	105.1	87.3	78.4	69.9	62.9	59.8	55.5	52.4	47.1	46.9	44.8	42.4
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	244.5	217.7	186.4	178.1	153.3	142.2	126.8	126.3	113.2	107.1	99.3	91.2
- Accumulated retained earning at the end of the previous period	224.7	119.7	119.7	141.6	141.6	96.5	96.5	107.5	107.6	80.9	80.9	80.9
- Undistributed earnings in this period	19.8	98.0	66.7	36.4	11.6	45.6	30.2	18.8	5.6	26.3	18.5	10.4
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)	679.0	658.9	612.1	569.9	509.4	486.2	472.1	459.5	442.7	431.5	422.7	406.4

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	—	—	—	—	—	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	-23.8	-7.7	0.0	-0.0	-6.2	-7.3	0.4	-1.5	-2.8	-4.4	-2.8	0.0
Other Operating Receipts	0.2	—	—	—	—	0.2	0.0	0.1	1.0	-0.6	3.0	1.6
Other Operating Payments	-41.4	-31.2	-7.1	-14.6	-12.3	-13.9	-6.4	-11.7	-7.7	3.3	-7.3	-7.9
Net Cash Flow from Operating Activities	-3.2	56.9	65.2	60.8	7.0	40.0	14.4	29.1	13.7	14.8	12.5	27.7
Payments for Fixed Assets and Other Long-term Assets	—	-22.7	-4.8	-46.0	-3.2	-12.0	-3.3	-7.1	-0.5	-0.1	-5.1	-11.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.7	1.2	—	—	0.0	0.0	0.0	0.0	0.1	0.0	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	—	—	—	—	—	-61.5	0.0	-18.5	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	2.0	3.4	6.3	3.7	1.7	7.4	1.1	1.2	0.8	2.6	4.5	3.0
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	-41.9	-84.2	-21.1	-97.5	-3.3	-0.1	4.9	-20.2	-5.4	-19.3	-1.6	-3.6
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	—	4.5	4.1	21.4	—	0.0	0.0	0.0	0.0	5.4	0.0	0.0
Repayment of Borrowings	-1.7	-1.1	—	—	—	0.0	0.0	0.0	-3.3	-2.1	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.4	-21.4	—	—	0.0	-10.7	0.0	0.0	0.0	-10.9	-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	-1.7	3.0	-17.4	21.4	—	0.0	-10.7	0.0	-3.3	3.3	-10.9	-0.0
Net Cash Flow During the Period	-46.8	-24.3	26.7	-15.2	3.6	39.9	8.6	8.9	5.1	-1.3	0.0	24.1
Cash and Cash Equivalents at Beginning of Period	87.5	111.8	85.1	100.3	96.7	34.2	34.2	34.2	34.2	22.0	22.0	22.0
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	40.7	87.5	111.8	85.1	100.3	96.7	56.8	48.2	39.3	34.2	35.5	35.5

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NNC

What Is Changing

Drivers of NNC'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