NTL

Phát triển Đô thị Từ Liêm ·HOSE ·2026Q1

▼ Under pressure

Pre-tax profit relies materially on non-core sources Net financial result/PBT 2.34%

Price

15,850

Latest close

03 Jun 2026

P/E 65.50x

P/B 1.19x

EPS 242

BVPS 13,318

ROE 1.7%

ROA 1.5%

Profit Margin 159.6%

Asset Turnover 0.01x

Equity Mult. 1.15x

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

What Is Changing

On a TTM 2026Q1 basis, NTL is in an offsetting state — revenue softened slightly but margins improved — margins have been expanding consistently over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 19bn
	                                
−97.9%YoY

	                            
	                                NET MARGIN
	                            
	                                    159.63%
	                                
+118.5ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 30bn
	                                
−91.7%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    233.6%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	17.5	1,441.3	914.0	391.3	576.7
Growth	-99%	+58%	+134%	-32%	—
Net Income	17.4	620.1	364.2	106.5	238.5
Net Margin	99.49%	43.02%	39.84%	27.22%	41.36%

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	4.5	4.0	3.9	6.1	3.5	21.3	3.8	841.5	36.8	746.6	47.4	48.8
Growth	+11%	+5%	-37%	+76%	-84%	+465%	-100%	+2188%	-95%	+1475%	-3%	—
Net Income	14.6	0.4	12.7	1.9	6.4	-48.0	3.6	395.7	5.3	363.0	1.0	0.4
Net Margin	325.83%	8.79%	329.02%	31.35%	182.50%	-225.68%	95.05%	47.02%	14.35%	48.62%	2.17%	0.89%

Drivers of NTL's profit

TTM

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

Tax ↓ 128.3bn

Financial income ↑ 57.7bn

Gross profit ↓ 520.7bn

TTM

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

Other profit ↑ 4.1bn

Administrative expenses ↓ 3.2bn

Tax ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 22.1% = 41.1% × 0.48 × 1.13

2026Q1 1.7% = 159.6% × 0.01 × 1.15

ROE fell from 22.1% to 1.7% — asset turnover weakened the most, though net margin and leverage still provided support.

Net margin: 159.6% +118.5pp Asset turnover: 0.01x -0.47x Leverage: 1.15x +0.02x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 159.63%, rising 118.5pp. Despite pressure from SG&A / Revenue rose 198.4pp and Gross margin fell 76.8pp, the offset came from Net financial result / Revenue rose 542.9pp (pressure remains from Other profit / Revenue fell 90.1pp).

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 159.63% +118.5pp

Gross Margin -17.30% −76.8pp

SG&A / Revenue 204.65% +198.4pp

Non-core / Revenue 457.08% +452.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 272.8% of PBT and lifted net margin by 452.8pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 222.23% +179.6pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.17x equity, with a net cash position equivalent to 0.14x equity.

Development inventory ended the period at 567.2bn, about 30.1% of total assets — reflecting projects in progress awaiting handover.

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: —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.14x and interest coverage at 4.86x.

At present, cash equals 482.7% of debt and total debt stands at 63.3bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Leverage and liquidity trend

Net Debt / Equity -0.14x —

Interest Coverage 4.86x −741.28x

Cash / Debt 482.7% —

Short-term Debt / Total Debt — —

CFO / NI -18.30x −19.19x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -662.5bn in 2025, against investing cash flow of 704.7bn.

Post-investment cash flow was positive +42.2bn. Financing cash flow was negative +107.6bn.

CFO / net income was -18.30x.

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

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 540.7bn −858.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is operating efficiency, with net margin improving 118.5 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 159.63% after expanding 118.5pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 233.6% of PBT and CFO / net income currently at -18.30x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	17.5	1,441.3	914.0	391.3	576.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	17.5	1,441.3	914.0	391.3	576.7
Cost of Goods Sold	16.0	561.8	400.6	228.1	0.0
Gross Profit	1.5	879.5	513.4	163.2	329.2
Financial Income	112.4	47.3	2.3	6.2	7.8
Financial Expenses	13.2	22.4	7.8	0.3	3.1
Interest Expense	0.0	0.1	9.0	0.0	-0.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1.2	0.9	1.6	5.1	-8.4
General and Administrative Expenses	40.0	50.5	28.7	29.7	-25.2
Operating Profit	59.6	853.1	477.6	134.3	306.5
Other Income	4.4	1.0	3.0	0.4	0.0
Other Expenses	31.2	15.1	19.8	1.1	0.0
Other Profit	-26.8	-14.1	-16.8	-0.7	-6.4
Profit Before Tax	32.7	839.0	460.8	133.6	300.0
Current Income Tax Expense	15.3	218.9	96.6	27.1	-61.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	17.4	620.1	364.2	106.5	238.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	17.4	620.1	364.2	106.5	238.5
Earnings per Share	133.00	4,728.00	5,553.00	1,624.00	3,838.00
Diluted EPS	133.00	4,728.00	5,553.00	1,624.00	3,911.18

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,831.5	2,117.8	1,962.7	1,606.7	1,827.8
I. Cash and cash equivalents	511.7	577.0	479.3	26.2	371.1
1. Cash	30.2	18.0	14.1	24.2	0.0
2. Cash equivalents	481.5	559.0	465.3	2.0	0.0
II. Short-term financial investments	600.3	934.9	300.0	56.6	0.0
1. Available for sale securities	478.0	143.2	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-24.2	-11.3	0.0	0.0	0.0
3. Held to maturity investments	146.5	803.0	300.0	56.6	0.0
III. Short-term receivables	148.9	104.9	172.2	236.5	276.9
1. Short-term trade accounts receivable	29.2	29.6	1.2	3.3	0.0
2. Short-term prepayments to suppliers	15.2	7.4	2.6	9.4	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	104.5	67.8	168.3	223.8	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	567.2	500.4	1,010.1	1,255.8	1,154.7
1. Inventories	567.2	500.4	1,010.1	1,255.8	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.4	0.6	1.1	31.6	25.1
1. Short-term prepayments	0.2	0.0	0.4	0.1	0.0
2. Value added tax to be reclaimed	3.2	0.6	0.0	30.9	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.7	0.7	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)	52.8	60.3	72.7	78.6	48.9
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	41.3	48.0	49.5	45.3	27.8
1. Tangible fixed assets	41.3	47.9	49.5	45.3	27.7
- Cost	63.6	66.2	66.9	74.3	0.0
- Accumulated depreciation	-22.3	-18.3	-17.3	-29.0	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	0.0	0.1	0.0	0.0	0.1
- Cost	0.4	0.4	0.3	0.3	0.0
- Accumulated depreciation	-0.4	-0.3	-0.3	-0.3	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	10.7	10.7	10.7	23.1	12.1
1. Long-term production in progress	10.7	10.7	10.7	23.1	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	9.5	8.3	8.3
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	26.0	26.0	26.0	26.0	0.0
4. Provision for diminution in value of long-term investments	-26.0	-26.0	-16.5	-17.7	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	0.8	1.5	2.9	1.9	0.0
1. Long-term prepayments	0.8	1.5	2.9	1.9	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	0.6
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)	1,884.4	2,178.1	2,035.3	1,685.3	1,876.7
A. LIABILITIES (300=210+330)	274.4	420.2	573.2	427.4	555.6
I. Short -term liabilities	249.1	409.3	562.3	416.5	544.7
1. Short-term trade accounts payable	10.7	5.3	15.6	44.4	40.2
2. Short-term advances from customers	3.8	3.9	18.5	88.3	225.3
3. Taxes and other payables to state authorities	19.7	194.9	140.3	21.2	0.0
4. Payable to employees	7.6	8.1	7.8	7.7	0.0
5. Short-term acrrued expenses	9.7	14.5	9.7	14.7	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	168.9	169.6	211.0	223.7	0.0
10. Short-term borrowings and financial leases	—	0.0	149.7	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	28.7	13.1	9.7	16.4	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	25.2	10.9	10.9	10.9	10.9
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	10.9	10.9	10.9	10.9	0.0
8. Long-term borrowings and financial leases	14.4	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,610.0	1,757.9	1,462.2	1,257.9	1,321.1
I. Owner's equity	1,610.0	1,757.9	1,462.2	1,257.9	0.0
1. Owner's capital	1,219.8	1,219.8	609.9	609.9	1,321.1
- Common stock with voting right	1,219,799,000,000.00	1,219,799,000,000.00	609,899,500,000.00	609,899,500,000.00	609,899,500,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	-104.5	-104.5	-104.5
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	—	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	390.2	538.1	956.8	752.5	815.8
- Accumulated retained earning at the end of the previous period	372.8	64.4	592.6	646.0	577.2
- Undistributed earnings in this period	17.4	473.7	364.2	106.5	238.5
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)	1,884.4	2,178.1	2,035.3	1,685.3	1,876.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	32.7	839.0	460.8	133.6	0.0
Depreciation of Fixed Assets and Investment Property	4.7	4.7	3.8	3.5	0.0
Provision (Increase)/Reversal	12.9	20.8	-1.2	0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-44.5	-46.0	-2.6	-6.2	0.0
Interest Expense	0.0	0.1	9.0	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	5.9	818.6	469.8	131.2	0.0
Increase/(Decrease) in Receivables	-48.4	68.6	95.1	33.0	0.0
Increase/(Decrease) in Inventory	-66.8	509.7	258.1	-128.5	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-8.8	-111.6	-75.4	-106.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.6	1.7	-1.3	0.1	0.0
Changes in Trading Securities	-334.9	-143.2	0.0	0.0	0.0
Interest Paid	-0.0	-0.1	-9.0	0.0	0.0
Corporate Income Tax Paid	-194.7	-121.3	-20.5	-50.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-15.4	-14.8	-12.1	-15.9	0.0
Net Cash Flow from Operating Activities	-662.5	1,007.7	704.7	-137.0	285.4
Payments for Fixed Assets and Other Long-term Assets	2.0	-3.2	-8.0	-4.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.4	0.2	0.3	0.0	-6.5
Loans and Purchases of Debt Instruments	-496.5	-1,891.0	-300.0	-136.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,153.0	1,388.0	56.6	80.3	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	43.9	44.5	2.3	5.7	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	704.7	-461.4	-248.8	-55.4	-2.0
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	14.4	0.0	149.7	0.0	0.0
Repayment of Borrowings	—	-149.7	0.0	0.0	-30.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-122.0	-298.9	-152.5	-152.5	-149.5
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	-107.6	-448.6	-2.8	-152.5	-179.5
Net Cash Flow During the Period	-65.4	97.7	453.2	-344.9	162.9
Cash and Cash Equivalents at Beginning of Period	577.0	479.3	26.2	371.1	288.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	511.7	577.0	479.3	26.2	371.1

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	4.5	4.0	3.9	6.1	3.5	21.3	3.8	841.5	36.8	746.6	47.4	48.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	4.5	4.0	3.9	6.1	3.5	21.3	3.8	841.5	36.8	746.6	47.4	48.8
Cost of Goods Sold	3.2	3.4	4.5	10.6	2.7	8.7	2.7	338.4	15.4	258.6	37.2	41.4
Gross Profit	1.3	0.6	-0.6	-4.5	0.8	12.6	1.0	503.0	21.4	488.0	10.2	7.5
Financial Income	13.6	22.0	57.6	20.9	13.0	20.1	15.3	8.0	3.8	1.7	0.6	0.0
Financial Expenses	-11.3	15.7	8.4	-0.4	-10.6	11.1	0.1	0.0	11.2	6.0	2.2	0.8
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	1.6	6.0	2.2	0.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	0.6	0.5	0.0	0.1	0.2	0.0	0.3	0.3	0.4	0.1	0.4
General and Administrative Expenses	7.6	10.0	9.2	10.0	10.8	15.1	12.2	16.0	7.2	10.2	6.6	6.2
Operating Profit	18.6	-3.6	38.9	6.7	13.5	6.3	4.1	494.8	6.5	473.1	1.8	0.1
Other Income	0.0	4.3	0.0	0.0	0.0	0.0	0.0	0.0	0.8	0.1	0.2	1.1
Other Expenses	0.3	0.2	17.4	3.5	4.5	14.1	0.1	0.0	0.6	15.2	0.8	0.5
Other Profit	-0.3	4.1	-17.4	-3.5	-4.4	-14.1	-0.1	-0.0	0.2	-15.2	-0.6	0.6
Profit Before Tax	18.3	0.5	21.5	3.3	9.1	-7.7	3.9	494.7	6.6	457.9	1.2	0.7
Current Income Tax Expense	3.7	0.1	8.8	1.4	2.7	40.2	0.3	99.0	1.4	94.9	0.2	0.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	14.6	0.4	12.7	1.9	6.4	-48.0	3.6	395.7	5.3	363.0	1.0	0.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	14.6	0.4	12.7	1.9	6.4	-48.0	3.6	395.7	5.3	363.0	1.0	0.4
Earnings per Share	119.00	3.00	104.00	16.00	104.00	-786.00	59.00	6,488.00	87.00	5,952.00	17.00	7.00
Diluted EPS	119.34	2.91	104.13	15.78	52.08	-393.17	29.31	6,487.75	86.53	5,952.11	16.85	7.13

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)	1,868.1	1,832.6	1,921.0	1,900.5	1,912.2	2,117.8	2,297.2	2,595.3	1,627.2	1,955.2	1,552.5	1,531.5
I. Cash and cash equivalents	305.5	511.7	514.7	598.3	197.5	577.0	387.3	203.8	160.6	16.6	37.6	94.4
1. Cash	19.0	30.2	48.2	61.8	15.5	18.0	20.3	8.8	11.6	14.1	11.0	4.4
2. Cash equivalents	286.5	481.5	466.5	536.5	182.0	559.0	367.0	195.0	149.0	2.6	26.6	90.0
II. Short-term financial investments	710.2	601.5	774.6	664.0	1,086.3	934.9	1,300.3	1,400.0	300.0	762.7	0.0	0.0
1. Available for sale securities	576.4	479.2	473.6	364.2	234.0	143.2	150.4	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-12.9	-24.2	-8.5	-0.2	-0.7	-11.3	-0.1	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	146.7	146.5	309.5	300.0	853.0	803.0	1,150.0	1,400.0	300.0	762.7	0.0	0.0
III. Short-term receivables	197.2	148.9	125.5	119.1	116.4	104.9	101.6	296.2	183.6	172.2	242.1	238.3
1. Short-term trade accounts receivable	29.2	29.2	29.2	29.5	29.6	29.6	29.6	237.4	1.2	1.2	3.3	3.8
2. Short-term prepayments to suppliers	69.9	15.2	9.4	6.1	5.2	7.4	7.6	9.0	4.7	2.6	10.8	12.9
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	98.0	104.5	86.9	83.5	81.5	67.8	64.4	49.8	177.7	168.3	228.0	221.7
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	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	646.1	567.2	505.7	519.0	510.5	500.4	507.7	695.1	982.6	1,002.6	1,241.2	1,167.4
1. Inventories	646.1	567.2	505.7	519.0	510.5	500.4	507.7	695.1	982.6	1,002.6	1,241.2	1,167.4
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	9.1	3.4	0.6	0.2	1.5	0.6	0.2	0.2	0.4	1.1	31.6	31.3
1. Short-term prepayments	0.1	0.2	0.0	—	—	0.0	0.1	0.2	0.3	0.4	0.1	0.2
2. Value added tax to be reclaimed	9.0	3.2	0.6	0.2	1.5	0.6	0.1	0.0	0.1	0.0	30.8	30.5
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.7	0.7	0.7
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)	51.6	52.8	56.6	57.3	58.9	60.3	62.0	63.0	62.2	82.3	92.5	92.0
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	40.3	41.3	45.0	45.5	46.8	48.0	49.2	49.7	48.5	60.1	43.1	44.1
1. Tangible fixed assets	40.3	41.3	44.9	45.5	46.7	47.9	49.2	49.7	48.5	60.1	43.1	44.1
- Cost	63.6	—	—	—	—	66.2	69.9	69.2	66.9	77.5	70.4	70.4
- Accumulated depreciation	-23.3	—	—	—	—	-18.3	-20.8	-19.5	-18.4	-17.3	-27.2	-26.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	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	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	37.2	36.1
1. Long-term production in progress	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	36.1
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	26.4	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	9.5	9.5	9.5
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	26.0	26.0	26.0	26.0	26.0	26.0	26.0	26.0	26.0	26.0	26.0	26.0
4. Provision for diminution in value of long-term investments	-26.0	-26.0	-26.0	-26.0	-26.0	-26.0	-26.0	-26.0	-26.0	-16.5	-16.5	-16.5
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	0.6	0.8	0.9	1.0	1.4	1.5	2.1	2.6	3.0	1.9	2.6	2.3
1. Long-term prepayments	0.6	0.8	0.9	1.0	1.4	1.5	2.1	2.6	3.0	1.9	2.6	2.3
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)	1,919.7	1,885.5	1,977.7	1,957.8	1,971.1	2,178.1	2,359.2	2,658.3	1,689.4	2,037.5	1,645.0	1,623.5
A. LIABILITIES (300=210+330)	295.2	272.1	242.6	235.0	206.8	432.7	419.5	973.1	221.9	572.7	543.2	370.2
I. Short -term liabilities	221.0	261.2	231.8	224.1	195.9	421.9	408.6	962.3	211.1	561.8	532.3	359.4
1. Short-term trade accounts payable	10.0	10.7	2.0	2.2	3.3	5.3	4.6	5.6	5.9	15.6	11.5	18.7
2. Short-term advances from customers	3.8	3.8	3.8	4.4	3.9	3.9	12.4	11.5	16.2	18.5	21.5	55.5
3. Taxes and other payables to state authorities	5.2	17.4	11.8	3.0	4.3	208.5	188.1	201.6	7.3	139.8	2.7	2.7
4. Payable to employees	1.8	7.6	1.9	1.8	1.5	8.1	1.9	1.9	1.1	7.8	1.5	1.5
5. Short-term acrrued expenses	9.5	9.7	9.4	9.3	11.0	13.5	15.8	16.1	9.4	9.7	6.5	6.5
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	538.0	0.0	0.0	0.0	0.0
9. Other short-term payables	169.2	168.9	170.7	170.4	169.4	169.6	169.3	169.6	170.1	211.0	326.8	174.1
10. Short-term borrowings and financial leases	—	14.4	—	—	—	0.0	0.0	0.0	0.0	149.7	149.7	87.3
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	21.5	28.7	32.1	33.0	2.6	13.1	16.5	17.9	1.0	9.7	12.0	13.1
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	74.2	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9
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	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9
8. Long-term borrowings and financial leases	63.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,624.5	1,613.4	1,735.0	1,722.8	1,764.3	1,745.4	1,939.7	1,685.2	1,467.5	1,464.8	1,101.8	1,253.3
I. Owner's equity	1,624.5	1,613.4	1,735.0	1,722.8	1,764.3	1,745.4	1,939.7	1,685.2	1,467.5	1,464.8	1,101.8	1,253.3
1. Owner's capital	1,219.8	1,219.8	1,219.8	1,219.8	1,219.8	1,219.8	1,219.8	609.9	609.9	609.9	609.9	609.9
- Common stock with voting right	1,219,799,000,000.00	1,219,799,000,000.00	1,219,799,000,000.00	1,219,799,000,000.00	1,219,799,000,000.00	1,219,799,000,000.00	1,219,799,000,000.00	609,899,500,000.00	609,899,500,000.00	609,899,500,000.00	609,899,500,000.00	609,899,500,000.00
- 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	-104.5	-104.5	-104.5	-104.5
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	—	—	—	—	—	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	404.7	393.6	515.2	503.0	544.5	525.6	719.9	1,075.3	962.1	959.4	596.4	747.9
- Accumulated retained earning at the end of the previous period	390.2	372.8	494.7	494.7	538.1	64.4	64.4	674.3	956.8	592.6	592.6	745.1
- Undistributed earnings in this period	14.6	20.9	20.5	8.3	6.4	461.2	655.5	401.0	5.3	366.8	3.8	2.8
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)	1,919.7	1,885.5	1,977.7	1,957.8	1,971.1	2,178.1	2,359.2	2,658.3	1,689.4	2,037.5	1,645.0	1,623.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	20.8	—	11.9	—	0.0	-843.8	843.8	0.0	460.8	-3.8	3.8
Depreciation of Fixed Assets and Investment Property	—	2.2	—	2.5	—	0.0	-2.2	2.2	0.0	3.8	-1.9	1.9
Provision (Increase)/Reversal	—	24.0	—	-11.1	—	0.0	-9.5	9.5	0.0	-1.2	1.2	-1.2
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	—	-20.8	—	-23.6	—	0.0	11.8	-11.8	0.0	-2.6	0.3	-0.3
Interest Expense	—	0.0	—	—	—	0.0	-0.1	0.1	0.0	9.0	-0.8	0.8
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	—	26.3	—	-20.3	—	0.0	-843.9	843.9	0.0	469.8	-4.9	4.9
Increase/(Decrease) in Receivables	—	-33.2	—	-15.2	—	0.0	122.3	-122.3	0.0	95.1	3.0	-3.0
Increase/(Decrease) in Inventory	—	-48.2	—	-18.6	—	0.0	-510.5	510.5	0.0	258.1	-88.4	88.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	17.6	—	-26.4	—	0.0	6.6	-6.6	0.0	-75.4	125.4	-125.4
Increase/(Decrease) in Prepaid Expenses	—	0.1	—	0.5	—	0.0	-0.7	0.7	0.0	-1.3	0.5	-0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	—	—	—	0.0	0.1	-0.1	0.0	-9.0	0.8	-0.8
Corporate Income Tax Paid	-12.7	0.0	-0.1	-2.6	-192.1	-11.3	-13.9	-5.0	-91.7	-0.0	-1.3	-0.2
Other Operating Receipts	14.7	—	—	—	—	-132.2	186.4	-35.1	35.1	-96.5	96.5	-83.7
Other Operating Payments	-296.8	312.7	-316.9	173.6	-184.8	449.8	-1,387.9	111.9	-121.9	-6.4	3.0	-7.3
Net Cash Flow from Operating Activities	-258.7	-569.8	414.1	-126.3	-380.6	321.4	-911.3	1,288.4	-169.1	843.3	-74.4	-59.3
Payments for Fixed Assets and Other Long-term Assets	—	2.1	-0.0	-0.0	—	0.0	0.0	-2.6	0.0	-7.4	12.8	-13.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	2.4	—	—	—	0.9	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-146.5	—	-350.0	—	0.0	1,150.0	-1,150.0	0.0	-300.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	300.0	—	853.0	—	0.0	-300.0	300.0	0.0	56.6	-56.6	56.6
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	3.6	13.5	5.3	24.0	1.1	13.8	-5.2	9.8	0.0	1.7	-1.0	1.6
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	3.6	674.4	-497.7	527.0	1.1	14.7	844.9	-842.8	0.0	-249.0	-44.9	44.8
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	48.9	14.4	—	—	—	0.0	0.0	0.0	0.0	0.0	62.4	87.3
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	-149.7	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	—	-122.0	—	—	—	-146.4	0.0	-152.5	0.0	-152.5	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	48.9	-107.6	—	—	—	-146.4	0.0	-152.5	-149.7	-152.5	62.4	87.3
Net Cash Flow During the Period	-206.2	-3.0	-83.6	400.7	-379.5	189.7	-66.4	293.2	-318.8	441.8	-56.8	72.7
Cash and Cash Equivalents at Beginning of Period	511.7	514.7	598.3	197.5	577.0	479.3	479.3	479.3	479.3	26.2	26.2	26.2
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	305.5	511.7	514.7	598.3	197.5	577.0	387.3	453.8	160.6	479.3	37.6	94.4

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