NQN

Nước sạch Quảng Ninh ·UPCOM ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 3.83x

Price

11,800

Latest close

03 Jun 2026

P/E 8.78x

P/B 0.86x

EPS 1,343

BVPS 13,726

ROE 10.0%

ROA 5.7%

Profit Margin 7.5%

Asset Turnover 0.76x

Equity Mult. 1.77x

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

What Is Changing

On a TTM 2026Q1 basis, NQN is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. This signal only becomes convincing if the improvement continues through the next few periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 914bn
	                                
+11.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 68bn
	                                
+20.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	868.6	810.8	780.7	654.0	612.3
Growth	+7%	+4%	+19%	+7%	—
Net Income	65.0	56.8	52.8	44.5	41.4
Net Margin	7.49%	7.01%	6.76%	6.80%	6.76%

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	232.5	221.5	236.0	223.8	187.3	212.1	213.6	208.2	176.8	198.3	209.5	200.7
Growth	+5%	-6%	+5%	+19%	-12%	-1%	+3%	+18%	-11%	-5%	+4%	—
Net Income	16.1	19.3	14.7	18.0	14.2	11.8	12.7	17.9	13.5	12.5	9.6	17.9
Net Margin	6.95%	8.71%	6.23%	8.02%	7.57%	5.58%	5.97%	8.60%	7.63%	6.30%	4.60%	8.91%

Drivers of NQN's profit

TTM

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

Gross profit ↑ 11.6bn

Other profit ↑ 8.6bn

Administrative expenses ↑ 5.9bn

Tax ↑ 2.3bn

TTM

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

Gross profit ↑ 8.2bn

Administrative expenses ↑ 5.4bn

Tax ↑ 0.5bn

Selling expenses ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.6% = 6.9% × 0.75 × 1.65

2026Q1 10.0% = 7.5% × 0.76 × 1.77

ROE rose from 8.6% to 10.0% — all three components improved, with leverage contributing the most.

Net margin: 7.5% +0.6pp Asset turnover: 0.76x +0.01x Leverage: 1.77x +0.12x

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 edged up to 7.45%, rising 0.6pp. Core operating signals are improving as SG&A / Revenue fell 0.3pp are enough to offset pressure from Gross margin fell 0.8pp (with additional support from Other profit / Revenue rose 0.9pp and Net financial result / Revenue rose 0.2pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 7.45% +0.6pp

Gross Margin 19.90% −0.8pp

SG&A / Revenue 9.52% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 6.3% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC stands at 6.25%, broadly flat versus the same period. That translates to 6.25 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.2pp, but capital turnover broadly stable, while invested capital rose by 91bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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 6.25% −0.1pp

NOPAT Margin 6.74% −0.2pp

Capital Turnover 0.93x +0.01x

Average Invested Capital 984.5bn +91.3bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 0.83x equity, net debt at 0.54x 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 10.4 days versus the same period last year. The main moves came from DIO fell 0.4 days, DSO rose 0.7 days, and DPO rose 10.7 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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 +0.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 1.6 days +0.7 days

Inventory 16.1 days −0.4 days

Payables 38.6 days +10.7 days

Cash Conversion Cycle -21.0 days −10.4 days

Is financial risk significant?

Leverage is safe but FCF is negative at 121.7bn due to capex of 382.4bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.54x and interest coverage at 3.80x.

At present, short-term debt accounts for 24.1% of total debt, cash equals 7.1% of debt, and total debt stands at 399.2bn.

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

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 7.1%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.54x +0.19x

Interest Coverage 3.80x +0.20x

Cash / Debt 7.1% −19.3pp

Short-term Debt / Total Debt 24.1% +4.7pp

CFO / NI 3.83x −1.10x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 258.7bn in 2025, against investing cash flow of -348.0bn.

Post-investment cash flow was negative +89.2bn. Financing cash flow was positive +31.6bn.

CFO / net income was 3.83x.

After spending +382.4bn on fixed-asset investment, the business generated trailing free cash flow of −121.7bn.

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 260.7bn −18.8bn

Cash Capex 382.4bn +124.9bn

FCF TTM −121.7bn −143.7bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is earnings conversion is confirmed, with CFO/NI at 3.83x. The next item to monitor is capital efficiency, with ROIC at 6.3%. The main risk still sits in leverage and liquidity, with interest coverage at 3.80x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 3.83x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.54x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	868.6	810.8	780.7	654.0	612.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	868.6	810.8	780.7	654.0	612.3
Cost of Goods Sold	696.2	648.1	622.4	513.2	0.0
Gross Profit	172.4	162.7	158.3	140.8	128.5
Financial Income	1.5	1.1	0.3	0.1	0.0
Financial Expenses	20.0	20.2	27.5	28.2	-25.6
Interest Expense	20.0	20.2	27.5	28.2	-25.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.1	0.0	0.0	-0.2
General and Administrative Expenses	81.1	74.0	65.3	57.0	-50.5
Operating Profit	72.5	69.6	65.7	55.7	52.2
Other Income	10.4	2.6	0.3	1.4	0.0
Other Expenses	2.3	1.1	0.4	1.6	0.0
Other Profit	8.1	1.5	-0.1	-0.1	0.1
Profit Before Tax	80.6	71.1	65.6	55.6	52.3
Current Income Tax Expense	15.5	14.2	12.8	11.1	-10.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	65.0	56.8	52.8	44.5	41.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	65.0	56.8	52.8	44.5	41.4
Earnings per Share	1,279.00	1,118.00	1,083.00	875.00	814.12
Diluted EPS	1,279.12	1,117.68	1,037.99	875.32	814.12

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	157.5	154.5	101.5	79.4	49.9
I. Cash and cash equivalents	53.3	110.9	70.6	34.2	6.8
1. Cash	13.3	70.9	40.6	34.2	0.0
2. Cash equivalents	40.0	40.0	30.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	66.1	14.3	6.0	19.5	10.0
1. Short-term trade accounts receivable	4.0	2.3	2.5	2.1	0.0
2. Short-term prepayments to suppliers	55.4	9.1	1.8	13.5	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	7.7	4.1	3.1	4.7	0.0
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	-1.4	-0.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	32.5	26.9	24.7	25.0	22.9
1. Inventories	32.5	27.4	26.5	25.0	0.0
2. Provision for decline in value of inventories	—	-0.5	-1.8	0.0	0.0
V. Other short-term assets	5.5	2.4	0.2	0.7	10.2
1. Short-term prepayments	0.2	0.4	0.2	0.2	0.0
2. Value added tax to be reclaimed	5.2	2.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.5	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)	1,074.0	976.1	956.6	1,083.7	1,188.3
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	927.6	888.8	869.3	1,002.9	998.1
1. Tangible fixed assets	922.4	886.4	868.1	1,001.9	996.9
- Cost	3,197.9	2,972.6	2,756.0	2,652.9	0.0
- Accumulated depreciation	-2,275.5	-2,086.2	-1,887.9	-1,651.1	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	5.1	2.4	1.2	1.1	1.2
- Cost	13.1	9.5	7.2	6.6	0.0
- Accumulated depreciation	-8.0	-7.1	-6.0	-5.5	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	134.5	79.0	80.8	74.3	183.1
1. Long-term production in progress	61.5	61.5	61.5	61.5	0.0
2. Construction in progress	73.0	17.5	19.2	12.8	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	11.9	8.3	6.6	6.5	0.0
1. Long-term prepayments	11.9	8.3	6.6	6.5	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	7.1
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)	1,231.5	1,130.7	1,058.1	1,163.1	1,238.2
A. LIABILITIES (300=210+330)	557.2	473.1	417.9	544.5	635.3
I. Short -term liabilities	281.3	232.0	189.2	280.6	349.9
1. Short-term trade accounts payable	83.6	69.6	47.9	59.6	139.4
2. Short-term advances from customers	0.4	0.4	0.3	0.7	0.8
3. Taxes and other payables to state authorities	16.1	12.0	14.8	12.9	0.0
4. Payable to employees	81.5	61.9	42.5	69.0	0.0
5. Short-term acrrued expenses	3.1	3.6	3.6	1.6	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	0.0
9. Other short-term payables	4.7	2.6	1.3	2.0	0.0
10. Short-term borrowings and financial leases	74.1	61.3	59.8	113.6	94.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	17.6	20.6	19.0	21.1	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	275.9	241.1	228.6	263.9	285.4
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	5.6	4.1	2.8	2.3	0.0
8. Long-term borrowings and financial leases	270.4	237.0	225.8	261.6	283.6
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)	674.2	657.5	640.3	618.7	602.8
I. Owner's equity	674.2	657.5	640.3	618.7	0.0
1. Owner's capital	508.3	508.3	508.3	508.3	602.8
- Common stock with voting right	508,315,940,393.00	508,315,940,393.00	508,315,940,393.00	508,315,940,393.00	508,315,940,393.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	80.2	71.7	58.5	45.2	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	65.0	56.8	52.8	44.5	41.4
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	65.0	56.8	52.8	44.5	41.4
12. Reserves for investment in construction	20.7	20.7	20.7	20.7	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)	1,231.5	1,130.7	1,058.1	1,163.1	1,238.2

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	-12.9	-16.7	-12.5	-9.4	0.0
Other Operating Receipts	11.0	10.0	9.3	9.8	0.0
Other Operating Payments	-221.4	-183.9	-182.1	-145.7	0.0
Net Cash Flow from Operating Activities	258.7	268.3	264.6	249.2	193.0
Payments for Fixed Assets and Other Long-term Assets	-349.5	-227.1	-124.7	-206.3	-201.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.9	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.6	0.8	0.3	0.1	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	-348.0	-226.2	-124.4	-205.4	-201.2
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	115.5	78.0	79.0	236.4	198.0
Repayment of Borrowings	-69.3	-65.3	-168.6	-238.8	-174.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-14.6	-14.4	-14.2	-14.0	-13.4
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	31.6	-1.8	-103.8	-16.4	10.3
Net Cash Flow During the Period	-57.6	40.3	36.4	27.4	-9.4
Cash and Cash Equivalents at Beginning of Period	110.9	70.6	34.2	6.8	4.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	53.3	110.9	70.6	34.2	6.8

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	232.5	221.5	236.0	223.8	187.3	212.1	213.6	208.2	176.8	198.3	209.5	200.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	232.5	221.5	236.0	223.8	187.3	212.1	213.6	208.2	176.8	198.3	209.5	200.7
Cost of Goods Sold	182.1	172.0	199.3	178.5	145.1	165.8	174.9	165.3	142.8	156.2	177.4	145.4
Gross Profit	50.4	49.5	36.7	45.3	42.2	46.4	38.8	42.9	34.0	42.1	32.1	55.3
Financial Income	0.1	0.4	0.4	0.6	0.2	0.7	0.2	0.2	0.1	0.2	0.1	0.0
Financial Expenses	5.1	5.1	5.0	4.9	5.0	4.9	4.8	5.0	5.5	6.1	6.4	7.1
Interest Expense	5.1	5.1	5.0	4.9	5.0	4.9	4.8	5.0	5.5	6.1	6.4	7.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.2	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	25.0	25.3	18.2	17.9	19.6	27.5	18.1	15.4	13.5	20.8	13.9	25.7
Operating Profit	20.2	19.3	13.8	22.9	17.8	14.6	16.1	22.6	15.2	15.4	11.8	22.5
Other Income	0.0	4.6	5.8	0.0	0.0	0.1	0.0	0.0	2.5	0.0	0.2	0.0
Other Expenses	0.0	0.7	1.2	0.4	0.1	0.2	0.2	0.2	0.6	0.3	0.0	0.2
Other Profit	-0.0	3.9	4.6	-0.4	-0.1	-0.1	-0.1	-0.2	1.9	-0.2	0.2	-0.1
Profit Before Tax	20.2	23.2	18.4	22.5	17.7	14.5	16.0	22.5	17.1	15.2	12.0	22.4
Current Income Tax Expense	4.0	3.9	3.7	4.6	3.6	2.6	3.2	4.6	3.6	2.7	2.4	4.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	16.1	19.3	14.7	18.0	14.2	11.8	12.7	17.9	13.5	12.5	9.6	17.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	16.1	19.3	14.7	18.0	14.2	11.8	12.7	17.9	13.5	12.5	9.6	17.9
Earnings per Share	321.03	379.66	289.36	353.21	278.91	232.76	250.72	352.43	265.49	245.94	189.47	351.69
Diluted EPS	321.03	379.66	289.36	353.21	278.91	232.76	250.72	352.43	265.49	245.94	189.47	351.69

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)	106.7	156.8	191.8	190.9	161.5	156.6	180.3	165.3	118.4	101.7	117.6	96.0
I. Cash and cash equivalents	28.4	53.3	79.4	114.3	84.7	111.0	119.2	100.1	64.5	70.6	82.4	55.5
1. Cash	18.4	13.3	39.4	94.3	44.7	70.9	59.1	60.1	44.5	40.6	62.4	55.5
2. Cash equivalents	10.0	40.0	40.0	20.0	40.0	40.1	60.1	40.1	20.0	30.0	20.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	34.0	65.8	78.5	45.8	41.1	16.2	23.1	30.0	26.9	6.2	7.8	8.5
1. Short-term trade accounts receivable	6.2	4.0	7.4	2.4	1.6	2.3	4.0	4.7	2.3	2.5	2.6	2.2
2. Short-term prepayments to suppliers	19.5	55.4	65.8	39.5	31.8	11.3	14.9	22.1	21.3	1.8	2.1	2.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	9.4	7.4	6.4	5.0	8.8	3.8	5.5	4.5	4.6	2.7	3.9	4.8
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.3	-1.3	-1.4	-0.8	-0.8	-0.8
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	32.5	32.1	32.5	27.7	31.4	27.0	36.9	33.0	26.8	24.7	26.2	29.4
1. Inventories	32.5	32.1	32.5	28.2	31.9	27.5	36.9	33.0	26.8	26.5	26.2	29.4
2. Provision for decline in value of inventories	—	—	—	-0.5	-0.5	-0.5	0.0	0.0	0.0	-1.8	0.0	0.0
V. Other short-term assets	11.7	5.5	1.4	3.0	4.2	2.4	1.2	2.2	0.2	0.2	1.2	2.6
1. Short-term prepayments	2.7	0.2	1.3	3.0	4.0	0.4	1.2	2.2	0.2	0.2	1.2	2.3
2. Value added tax to be reclaimed	9.0	5.2	—	—	0.2	2.0	0.0	0.0	0.0	0.0	0.0	0.3
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	—	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)	1,163.8	1,079.5	945.4	972.0	976.4	975.5	914.8	896.3	926.1	955.8	977.0	1,018.9
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	936.1	933.1	851.5	882.2	896.6	888.2	823.7	784.4	836.8	868.4	896.8	919.8
1. Tangible fixed assets	931.2	928.0	848.2	879.1	894.2	885.8	822.1	782.4	835.8	867.3	896.0	918.9
- Cost	3,263.1	—	—	—	—	2,972.6	2,871.3	2,774.3	2,765.1	2,756.0	2,725.1	2,675.8
- Accumulated depreciation	-2,331.9	—	—	—	—	-2,086.8	-2,049.2	-1,991.9	-1,929.3	-1,888.8	-1,829.1	-1,756.9
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	4.9	5.1	3.3	3.1	2.4	2.4	1.6	2.0	1.0	1.2	0.8	0.9
- Cost	13.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.5	—	—	—	—	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	216.4	134.5	85.4	81.0	71.9	79.0	83.7	104.9	82.2	80.8	74.3	93.3
1. Long-term production in progress	61.5	61.5	61.5	61.5	61.5	61.5	61.5	61.5	61.5	61.5	61.5	61.5
2. Construction in progress	154.9	73.0	23.9	19.5	10.4	17.5	22.1	43.3	20.7	19.2	12.8	31.8
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	11.3	11.9	8.5	8.8	7.9	8.3	7.4	7.1	7.1	6.6	5.9	5.8
1. Long-term prepayments	11.3	11.9	8.5	8.8	7.9	8.3	7.4	7.1	7.1	6.6	5.9	5.8
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,270.5	1,236.3	1,137.2	1,162.8	1,137.8	1,132.1	1,095.2	1,061.6	1,044.5	1,057.5	1,094.6	1,114.9
A. LIABILITIES (300=210+330)	580.1	561.1	481.3	521.5	466.1	475.4	450.3	429.5	390.7	417.4	467.0	496.9
I. Short -term liabilities	271.1	285.2	222.3	264.8	203.1	233.8	213.1	197.9	155.2	189.2	223.1	260.4
1. Short-term trade accounts payable	84.6	83.2	45.2	62.3	70.2	71.8	49.5	25.3	29.4	47.9	58.0	53.3
2. Short-term advances from customers	0.4	0.4	0.4	6.7	0.6	0.4	0.3	0.3	0.4	0.3	1.1	1.2
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	16.2	15.9	16.3	17.0	16.4	11.0	17.7	16.5	12.8	14.4	16.1	19.3
4. Payable to employees	49.3	86.1	59.4	48.3	29.9	63.0	49.0	34.7	26.3	42.5	42.1	34.2
5. Short-term acrrued expenses	6.2	3.1	4.4	4.2	5.2	3.6	13.2	10.7	8.8	3.6	10.8	19.9
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	0.0	0.0	0.0	0.0
9. Other short-term payables	4.7	4.7	3.6	17.5	3.0	2.5	6.8	19.0	4.7	1.3	5.3	19.9
10. Short-term borrowings and financial leases	96.3	74.1	67.9	63.5	62.2	60.7	56.7	56.3	56.8	60.2	69.0	81.6
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	13.3	17.6	25.0	45.2	15.5	20.8	20.0	35.0	16.0	19.0	20.7	31.1
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	309.1	275.9	259.0	256.7	263.1	241.6	237.2	231.6	235.5	228.2	243.9	236.5
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	6.2	5.6	5.1	4.7	4.2	4.1	3.7	3.4	3.0	2.8	2.6	2.5
8. Long-term borrowings and financial leases	302.9	270.4	253.9	252.0	258.8	237.6	233.5	228.2	232.5	225.4	241.3	234.0
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)	690.4	675.2	655.9	641.4	671.7	656.7	644.8	632.1	653.8	640.1	627.6	618.0
I. Owner's equity	690.4	675.2	655.9	641.4	671.7	656.7	644.8	632.1	653.8	640.1	627.6	618.0
1. Owner's capital	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3	508.3
- Common stock with voting right	502,977,540,393.00	508,315,940,393.00	508,315,940,393.00	508,315,940,393.00	508,315,940,393.00	508,315,940,393.00	508,315,940,393.00	508,315,940,393.00	508,315,940,393.00	508,315,940,393.00	508,315,940,393.00	508,315,940,393.00
- Preferred stock	5,338,400,000.00	—	—	—	—	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	20.7	—	—	—	—	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	80.2	80.2	80.2	80.2	71.7	71.7	71.7	71.7	58.5	58.5	58.5	58.5
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	81.2	65.9	46.6	32.1	71.0	56.0	44.1	31.4	66.3	52.6	40.1	30.5
- Accumulated retained earning at the end of the previous period	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	81.2	65.9	46.6	32.1	71.0	56.0	44.1	31.4	66.3	52.6	40.1	30.5
12. Reserves for investment in construction	—	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7
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)	1,270.5	1,236.3	1,137.2	1,162.8	1,137.8	1,132.1	1,095.2	1,061.6	1,044.5	1,057.5	1,094.6	1,114.9

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
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	-4.8	-3.8	-4.0	-2.9	-2.2	-9.0	0.0	-2.9	-4.7	-2.2	-5.9	0.0
Other Operating Receipts	1.9	—	—	—	—	2.9	2.3	3.2	1.5	2.5	1.8	2.8
Other Operating Payments	-55.1	-65.5	-54.9	-57.7	-43.4	-43.1	-56.4	-22.0	-62.3	-49.7	-51.3	-39.1
Net Cash Flow from Operating Activities	33.6	72.4	66.9	87.8	31.6	48.8	101.6	97.5	20.4	42.7	79.7	114.0
Payments for Fixed Assets and Other Long-term Assets	-113.5	-121.6	-93.7	-53.5	-80.6	-65.5	-74.1	-37.2	-50.3	-29.9	-33.4	-35.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.1	0.0	0.0	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	—	—	—	—	—	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	0.4	0.5	0.3	0.7	0.1	0.4	0.2	0.2	0.1	0.2	0.1	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-113.1	-121.2	-93.5	-52.8	-80.5	-65.1	-73.9	-36.9	-50.2	-29.7	-33.3	-35.6
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	76.2	43.6	20.4	17.0	34.6	27.0	17.9	15.9	17.2	6.1	17.1	29.0
Repayment of Borrowings	-21.6	-20.9	-14.1	-22.4	-11.9	-18.9	-12.1	-20.8	-13.5	-30.8	-22.4	-64.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-14.6	—	—	0.0	-14.4	0.0	0.0	-0.0	-14.2	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	54.7	22.7	-8.3	-5.5	22.7	8.1	-8.7	-4.9	3.7	-24.7	-19.5	-35.7
Net Cash Flow During the Period	-24.9	-26.1	-34.9	29.5	-26.2	-8.2	19.0	55.6	-26.1	-11.8	26.9	42.7
Cash and Cash Equivalents at Beginning of Period	53.3	79.4	114.3	84.7	110.9	70.6	70.6	70.6	70.6	34.2	34.2	34.2
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	28.4	53.3	79.4	114.3	84.7	111.0	119.2	100.1	44.5	70.6	82.4	55.5

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NQN

What Is Changing

Drivers of NQN'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