PSB

Đầu tư Dầu khí Sao Mai - Bến Đình ·UPCOM ·2026Q1

▲ Showing improvement

The balance sheet remains flexible Debt/equity −0.21x

Price

5,400

Latest close

12 Jun 2026

P/E 108.00x

P/B 0.48x

EPS 50

BVPS 11,246

ROE 0.5%

ROA 0.3%

Profit Margin 0.9%

Asset Turnover 0.32x

Equity Mult. 1.50x

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

What Is Changing

On a TTM 2026Q1 basis, PSB is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 269bn
	                                
+97.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3bn
	                                
+158.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    233.8%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	208.8	114.3	160.9	167.8	156.1
Growth	+83%	-29%	-4%	+7%	—
Net Income	1.6	0.8	4.6	1.0	0.9
Net Margin	0.77%	0.66%	2.88%	0.60%	0.55%

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	118.9	74.5	24.2	51.0	59.1	20.7	26.2	30.2	37.3	82.4	30.8	22.8
Growth	+60%	+207%	-52%	-14%	+186%	-21%	-13%	-19%	-55%	+168%	+35%	—
Net Income	1.3	0.1	0.2	1.0	0.3	-2.0	4.1	-1.5	0.5	-2.6	3.4	2.9
Net Margin	1.07%	0.17%	0.72%	1.91%	0.57%	-9.56%	15.61%	-4.82%	1.22%	-3.13%	11.18%	12.65%

Drivers of PSB's profit

TTM

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

Gross profit ↑ 19.5bn

Other profit ↓ 8.9bn

Administrative expenses ↑ 4.3bn

Financial income ↓ 4.2bn

TTM

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

Gross profit ↑ 5.1bn

Administrative expenses ↑ 2.6bn

Financial income ↓ 1.1bn

Other profit ↓ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.2% = 0.7% × 0.17 × 1.43

2026Q1 0.5% = 0.9% × 0.32 × 1.50

ROE is broadly flat at 0.5% — the components are offsetting one another.

Net margin: 0.9% +0.2pp Asset turnover: 0.32x +0.15x Leverage: 1.50x +0.08x

Is the profit sustainable?

Margins improved (+0.2pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 0.95%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.95% +0.2pp

Gross Margin 11.62% +3.0pp

SG&A / Revenue 10.72% −7.5pp

Non-core / Revenue 0.87% −10.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 10.1pp, financial result still accounts for 417.5% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for oil & gas services should be read alongside backlog and upstream investment cycles — ROIC fluctuates with project acceptance timing.

Is capital being deployed efficiently?

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

For oil & gas services, ROIC moves with backlog and acceptance timing — this is a reference signal, not a stable profitability baseline.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 4.08% +3.4pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for oil & gas services swings with project backlog and upstream investment cycles — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.52x equity, with a net cash position equivalent to 0.21x 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 70.6 days versus the same period last year. The main moves came from DIO fell 5.5 days, DSO fell 107.1 days, and DPO fell 41.9 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Working Capital Efficiency

Receivables 90.3 days −107.1 days

Inventory 11.6 days −5.5 days

Payables 60.2 days −41.9 days

Cash Conversion Cycle 41.6 days −70.6 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 5.4bn.

Leverage & Liquidity

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

At present, short-term debt accounts for 100.0% of total debt, cash equals 336.0% of debt, and total debt stands at 50.0bn.

Leverage for oil-services names should be read alongside project backlog, milestone timing, and working-capital swings.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.21x —

Interest Coverage — —

Cash / Debt 336.0% —

Short-term Debt / Total Debt 100.0% —

CFO / NI 12.54x +71.76x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 5.4bn in 2025, against investing cash flow of 137.2bn.

Post-investment cash flow was positive +142.5bn. Financing cash flow was negative +0.0bn.

CFO / net income was 12.54x.

After spending +209.2bn on fixed-asset investment, the business generated trailing free cash flow of −177.3bn.

For oil & gas services, FCF swings with project backlog, milestone timing, and upstream operator investment cycles.

Cash Conversion

CFO TTM 31.9bn +90.2bn

Cash Capex 209.2bn +192.3bn

FCF TTM −177.3bn −102.0bn

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 balance-sheet flexibility, with net cash/equity at about -0.21x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.21x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 12.54x. Even so, net financial result still accounts for 233.8% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	208.8	114.3	160.9	167.8	156.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	208.8	114.3	160.9	167.8	156.1
Cost of Goods Sold	182.7	103.7	153.3	162.1	0.0
Gross Profit	26.1	10.6	7.6	5.7	5.9
Financial Income	12.2	16.4	31.4	22.3	21.0
Financial Expenses	0.0	0.8	0.3	0.3	-0.1
Interest Expense	0.0	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.5	0.6	0.6	0.6	-1.1
General and Administrative Expenses	25.8	25.7	31.8	25.0	-23.9
Operating Profit	11.9	-0.1	6.3	2.1	1.7
Other Income	1.2	4.0	0.4	0.1	0.0
Other Expenses	9.3	2.2	1.1	0.3	0.0
Other Profit	-8.1	1.8	-0.7	-0.2	0.1
Profit Before Tax	3.8	1.6	5.5	1.9	1.7
Current Income Tax Expense	1.3	0.0	0.0	0.0	-0.9
Deferred Income Tax Expense	0.9	0.9	0.9	0.9	0.0
Net Income	1.6	0.8	4.6	1.0	0.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1.6	0.8	4.6	1.0	0.9
Earnings per Share	32.00	15.00	83.00	20.00	17.00
Diluted EPS	32.14	15.00	92.58	20.21	17.19

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	504.6	487.1	515.1	493.2	483.6
I. Cash and cash equivalents	183.4	40.8	33.0	33.1	55.7
1. Cash	23.4	40.8	33.0	33.1	0.0
2. Cash equivalents	160.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	37.0	307.0	347.0	417.0	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	37.0	307.0	347.0	417.0	0.0
III. Short-term receivables	202.3	96.3	115.6	36.3	15.1
1. Short-term trade accounts receivable	53.3	59.3	88.1	35.0	0.0
2. Short-term prepayments to suppliers	94.5	8.7	11.0	6.4	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	68.0	41.9	30.0	8.6	0.0
7. Provision for short-term doubtful debts (*)	-13.5	-13.5	-13.5	-13.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	71.2	40.6	11.6	2.0	0.1
1. Inventories	71.2	40.6	11.6	2.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	10.8	2.4	7.8	4.8	5.8
1. Short-term prepayments	0.7	0.3	0.4	0.4	0.0
2. Value added tax to be reclaimed	10.0	1.8	7.2	4.0	0.0
3. Taxes and other receivables from state authorities	—	0.3	0.2	0.4	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)	345.9	319.3	287.2	275.6	280.7
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	132.6	63.9	76.8	66.4	70.2
1. Tangible fixed assets	132.6	63.9	76.8	66.4	70.2
- Cost	194.1	119.4	128.4	114.5	0.0
- Accumulated depreciation	-61.5	-55.4	-51.6	-48.1	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	—	0.0	0.0	0.0	0.0
- Cost	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	0.0
III. Investment properties	154.9	159.7	164.4	169.1	173.9
- Cost	229.3	229.3	229.3	229.3	0.0
- Accumulated depreciation	-74.4	-69.6	-64.9	-60.2	0.0
IV. Long-term assets in progress	54.3	92.9	42.2	39.2	35.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	54.3	92.9	42.2	39.2	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	4.1	2.8	3.8	1.0	0.0
1. Long-term prepayments	4.1	2.8	3.8	1.0	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	1.5
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)	850.5	806.4	802.3	768.8	764.3
A. LIABILITIES (300=210+330)	289.5	246.9	243.1	214.1	210.5
I. Short -term liabilities	110.5	63.5	55.4	22.1	14.1
1. Short-term trade accounts payable	64.8	4.5	33.7	8.6	1.7
2. Short-term advances from customers	5.8	0.0	2.1	0.0	0.0
3. Taxes and other payables to state authorities	1.1	0.5	0.1	0.1	0.0
4. Payable to employees	6.9	4.0	4.9	1.5	0.0
5. Short-term acrrued expenses	10.5	42.2	4.8	2.0	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	16.7	7.8	5.2	5.2	5.2
9. Other short-term payables	4.1	4.0	4.0	4.0	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.7	0.6	0.7	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	179.1	183.4	187.7	192.0	196.5
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	165.1	170.3	175.5	180.7	185.9
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	13.9	13.0	12.2	11.3	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	0.1	0.1	0.1	0.1	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	561.0	559.5	559.2	554.7	553.8
I. Owner's equity	561.0	559.5	559.2	554.7	0.0
1. Owner's capital	500.0	500.0	500.0	500.0	553.8
- Common stock with voting right	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	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	44.4	44.4	44.4	44.4	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	16.7	15.2	14.9	10.3	9.4
- Accumulated retained earning at the end of the previous period	15.1	14.4	10.2	9.3	8.6
- Undistributed earnings in this period	1.6	0.8	4.6	1.0	0.9
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)	850.5	806.4	802.3	768.8	764.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	3.8	0.0	5.5	1.9	0.0
Depreciation of Fixed Assets and Investment Property	10.8	0.0	8.4	8.6	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.0	0.1	0.3	0.0
Gain/Loss from Investment Activities	-12.1	0.0	-30.7	-21.6	0.0
Interest Expense	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
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	2.4	0.0	-16.7	-10.8	0.0
Increase/(Decrease) in Receivables	-37.9	0.0	-83.5	-21.4	0.0
Increase/(Decrease) in Inventory	-31.5	0.0	-9.6	-1.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	74.3	0.0	19.3	3.0	0.0
Increase/(Decrease) in Prepaid Expenses	-1.7	0.0	-5.1	0.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	0.0	0.0	-0.0	0.0
Corporate Income Tax Paid	—	-0.1	0.0	0.0	0.0
Other Operating Receipts	—	1.9	0.0	0.0	0.0
Other Operating Payments	-0.2	-20.7	-0.1	-0.1	0.0
Net Cash Flow from Operating Activities	5.4	-31.9	-95.8	-30.5	-8.4
Payments for Fixed Assets and Other Long-term Assets	-147.2	-16.7	-6.4	-4.1	-1.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-285.6	0.0	-409.0	-505.0	-405.0
Receipts from Loan Repayments and Sale of Debt Instruments	555.6	0.0	479.0	495.0	395.0
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	14.3	16.4	32.2	22.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	137.2	39.7	95.8	8.6	11.1
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	12.0	4.8	0.0	-10.0	0.0
Repayment of Borrowings	-12.0	-4.8	0.0	10.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	0.0	0.0	0.0	0.0
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	-0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	142.5	7.8	0.0	-22.0	-96.3
Cash and Cash Equivalents at Beginning of Period	40.8	33.0	33.1	55.7	53.1
FX Difference from Revaluation	-0.0	-0.0	-0.1	-0.7	-0.1
Cash and Cash Equivalents at End of Period	183.4	40.8	33.0	33.1	55.7

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	118.9	74.5	24.2	51.0	59.1	20.7	26.2	30.2	37.3	82.4	30.8	22.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	118.9	74.5	24.2	51.0	59.1	20.7	26.2	30.2	37.3	82.4	30.8	22.8
Cost of Goods Sold	109.5	66.5	19.2	42.2	54.9	17.7	23.3	28.6	34.2	79.2	29.3	21.4
Gross Profit	9.4	8.1	5.1	8.7	4.2	3.0	2.9	1.6	3.1	3.3	1.4	1.4
Financial Income	2.5	2.5	2.7	3.5	3.6	3.8	3.9	4.0	4.7	6.1	8.8	8.8
Financial Expenses	—	0.0	0.0	0.0	—	0.0	0.3	0.2	0.0	0.1	0.0	0.0
Interest Expense	—	—	—	0.0	—	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	—	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
General and Administrative Expenses	8.1	8.8	3.0	8.5	5.5	8.4	4.5	5.8	7.0	11.5	6.2	6.5
Operating Profit	3.7	1.7	4.6	3.5	2.2	-1.8	1.8	-0.5	0.7	-2.4	3.9	3.6
Other Income	0.0	0.0	0.0	—	1.2	0.0	3.4	0.6	0.0	0.0	0.0	0.3
Other Expenses	2.2	0.0	4.2	2.3	2.8	-0.0	0.9	1.3	0.0	0.0	0.0	0.8
Other Profit	-2.2	0.0	-4.2	-2.3	-1.6	0.0	2.5	-0.7	-0.0	0.0	0.0	-0.5
Profit Before Tax	1.5	1.7	0.4	1.2	0.6	-1.8	4.3	-1.2	0.7	-2.4	3.9	3.1
Current Income Tax Expense	—	1.3	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.2	0.0
Deferred Income Tax Expense	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Net Income	1.3	0.1	0.2	1.0	0.3	-2.0	4.1	-1.5	0.5	-2.6	3.4	2.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.3	0.1	0.2	1.0	0.3	-2.0	4.1	-1.5	0.5	-2.6	3.4	2.9
Earnings per Share	25.00	3.00	3.00	19.00	7.00	-40.00	82.00	-29.00	9.00	-52.00	69.00	58.00
Diluted EPS	25.00	3.00	3.00	19.00	7.00	15.00	82.00	-29.00	9.00	-52.00	69.00	58.00

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)	434.8	504.6	428.4	437.0	481.7	487.1	481.8	481.0	490.5	514.3	529.1	496.4
I. Cash and cash equivalents	168.0	183.4	13.9	28.7	3.1	40.8	17.2	37.2	22.4	33.0	31.0	17.2
1. Cash	7.6	23.4	13.9	28.7	3.1	40.8	17.2	37.2	22.4	33.0	17.0	17.2
2. Cash equivalents	160.3	160.0	—	—	—	0.0	0.0	0.0	0.0	0.0	14.0	0.0
II. Short-term financial investments	62.8	37.0	197.0	260.6	315.6	307.0	347.0	300.0	355.0	347.0	395.0	415.0
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	62.8	37.0	197.0	260.6	315.6	307.0	347.0	300.0	355.0	347.0	395.0	415.0
III. Short-term receivables	178.3	202.3	204.4	140.6	157.5	96.3	114.9	128.8	97.0	115.6	62.6	49.8
1. Short-term trade accounts receivable	55.1	53.3	50.0	59.5	77.8	59.3	68.8	91.2	69.4	88.1	40.6	35.2
2. Short-term prepayments to suppliers	64.7	94.5	87.1	0.4	0.7	8.7	12.5	6.5	7.6	11.0	12.4	11.9
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	72.1	68.0	80.9	94.2	92.5	41.9	47.1	44.6	33.5	30.0	23.1	16.3
7. Provision for short-term doubtful debts (*)	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5	-13.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	14.1	71.2	5.5	0.0	1.0	40.6	0.2	10.5	10.6	11.0	32.9	8.4
1. Inventories	14.1	71.2	5.5	0.0	1.0	40.6	0.2	10.5	10.6	11.0	32.9	8.4
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	11.6	10.8	7.7	7.2	4.5	2.4	2.4	4.6	5.5	7.6	7.5	6.0
1. Short-term prepayments	0.5	0.7	0.7	0.4	0.3	0.3	0.5	0.5	0.3	0.4	0.5	0.8
2. Value added tax to be reclaimed	10.8	10.0	6.6	6.4	3.9	1.8	1.6	3.7	4.8	7.2	7.1	5.0
3. Taxes and other receivables from state authorities	0.3	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.0	0.0	0.3
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)	428.6	345.9	345.0	346.5	339.1	319.3	282.9	283.4	284.5	287.3	272.9	271.9
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	131.4	132.6	133.2	134.3	63.0	63.9	64.9	64.1	77.4	64.2	63.9	64.6
1. Tangible fixed assets	131.4	132.6	133.2	134.3	63.0	63.9	64.9	64.1	77.4	64.2	63.9	64.6
- Cost	194.6	—	—	—	—	119.4	119.4	117.6	130.2	115.8	114.6	114.4
- Accumulated depreciation	-63.2	—	—	—	—	-55.4	-54.5	-53.5	-52.7	-51.6	-50.6	-49.8
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	0.0	0.0	0.0	0.0	0.0
- Cost	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	153.7	154.9	156.1	157.3	158.5	159.7	160.8	162.0	163.2	164.4	165.6	166.8
- Cost	229.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-75.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	140.1	54.3	53.4	52.8	115.2	92.9	54.0	53.7	40.5	57.1	42.1	39.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	140.1	54.3	53.4	52.8	115.2	92.9	54.0	53.7	40.5	57.1	42.1	39.8
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	3.3	4.1	2.3	2.1	2.5	2.8	3.1	3.5	3.4	1.6	1.2	0.8
1. Long-term prepayments	3.3	4.1	2.3	2.1	2.5	2.8	3.1	3.5	3.4	1.6	1.2	0.8
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)	863.3	850.5	773.4	783.6	820.8	806.4	764.7	764.5	775.0	801.6	801.9	768.3
A. LIABILITIES (300=210+330)	301.0	289.5	212.5	222.9	261.0	246.9	203.2	206.7	215.3	242.6	240.3	210.2
I. Short -term liabilities	117.9	110.5	32.4	41.7	78.7	63.5	18.7	21.2	28.7	54.9	51.6	20.3
1. Short-term trade accounts payable	23.7	64.8	6.8	10.1	54.7	4.5	0.6	4.8	14.9	33.7	29.7	7.9
2. Short-term advances from customers	4.9	5.8	—	—	—	0.0	0.0	0.0	1.2	2.1	8.9	0.0
3. Taxes and other payables to state authorities	0.2	1.1	0.0	—	0.0	0.5	1.9	0.1	0.1	0.1	0.0	0.0
4. Payable to employees	3.4	6.9	3.7	5.5	2.5	4.0	0.0	0.0	0.0	4.9	0.0	0.0
5. Short-term acrrued expenses	21.4	10.5	10.9	14.8	6.8	42.2	4.6	3.5	2.7	4.3	3.1	2.6
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	9.5	16.7	6.2	6.4	10.0	7.8	6.9	7.8	5.2	5.2	5.2	5.2
9. Other short-term payables	4.3	4.1	4.1	4.1	4.0	4.0	3.9	4.0	4.0	4.0	4.0	4.0
10. Short-term borrowings and financial leases	50.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.5	0.6	0.6	0.7	0.7	0.7	0.8	0.9	0.6	0.6	0.7	0.7
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	183.1	179.1	180.1	181.2	182.3	183.4	184.5	185.6	186.6	187.7	188.8	189.9
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	168.9	165.1	166.4	167.7	169.0	170.3	171.6	172.9	174.2	175.5	176.8	178.1
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	14.1	13.9	13.7	13.5	13.3	13.0	12.8	12.6	12.4	12.2	11.9	11.7
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	562.3	561.0	560.9	560.7	559.9	559.5	561.5	557.8	559.7	559.0	561.6	558.1
I. Owner's equity	562.3	561.0	560.9	560.7	559.9	559.5	561.5	557.8	559.7	559.0	561.6	558.1
1. Owner's capital	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0	500.0
- Common stock with voting right	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00	500,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	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	44.4	44.4	44.4	44.4	44.4	44.4	44.4	44.4	44.4	44.4	44.4	44.4
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	17.9	16.7	16.5	16.4	15.5	15.2	17.1	13.4	15.3	14.7	17.2	13.8
- Accumulated retained earning at the end of the previous period	16.7	15.1	15.1	15.1	15.2	14.4	14.4	14.4	14.9	10.2	10.2	10.2
- Undistributed earnings in this period	1.3	1.6	1.5	1.3	0.3	0.8	2.7	-1.0	0.5	4.4	7.0	3.5
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)	863.3	850.5	773.4	783.6	820.8	806.4	764.7	764.5	775.0	801.6	801.9	768.3

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	—	2.1	—	1.8	—	0.0	0.9	-0.9	0.0	5.5	-4.0	4.0
Depreciation of Fixed Assets and Investment Property	—	5.7	—	5.1	—	0.0	-4.3	4.3	0.0	8.4	-4.2	4.2
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	—	-0.1	—	-0.0	—	0.0	-0.5	0.5	0.0	0.1	0.1	-0.1
Gain/Loss from Investment Activities	—	-5.1	—	-7.1	—	0.0	8.4	-8.4	0.0	-30.7	16.3	-16.3
Interest Expense	—	0.0	—	0.0	—	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	—	2.6	—	-0.2	—	0.0	4.6	-4.6	0.0	-16.7	8.3	-8.3
Increase/(Decrease) in Receivables	—	13.6	—	-51.5	—	0.0	11.0	-11.0	0.0	-83.5	10.2	-10.2
Increase/(Decrease) in Inventory	—	-71.2	—	39.7	—	0.0	-1.0	1.0	0.0	-9.6	6.5	-6.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	67.0	—	7.4	—	0.0	32.0	-32.0	0.0	19.3	4.2	-4.2
Increase/(Decrease) in Prepaid Expenses	—	-2.3	—	0.5	—	0.0	-0.1	0.1	0.0	-5.1	0.2	-0.2
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	0.0	0.0
Corporate Income Tax Paid	-1.3	—	—	—	—	0.0	0.0	0.0	-0.1	0.0	0.0	0.0
Other Operating Receipts	26.7	—	—	—	—	0.4	1.6	-1.1	1.1	-1.6	1.6	-0.4
Other Operating Payments	-60.8	11.4	-11.5	3.9	-4.0	-4.3	-16.2	20.5	-20.7	7.9	-7.9	2.4
Net Cash Flow from Operating Activities	-1.2	-0.1	9.7	23.4	-27.7	-18.8	33.6	-45.4	-1.3	-57.7	-8.5	-15.9
Payments for Fixed Assets and Other Long-term Assets	-66.7	5.9	-91.8	-56.7	-4.7	-2.9	-8.6	-0.8	-4.5	-1.0	-2.9	-2.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.6
Loans and Purchases of Debt Instruments	—	-75.0	—	-210.6	—	0.0	128.0	-128.0	0.0	-409.0	230.0	-230.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	298.6	—	257.0	—	0.0	-175.0	175.0	0.0	479.0	-232.0	232.0
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	1.5	4.2	3.1	4.4	2.6	5.0	2.1	6.4	2.9	13.2	4.9	11.3
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	-65.2	169.6	-24.5	2.1	-10.1	42.2	-53.5	60.6	-9.6	60.2	22.0	11.4
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	50.0	0.0	0.0	12.0	—	4.8	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	-12.0	—	-4.8	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	—	-0.0	—	0.0	0.0	-0.0	0.0	0.0	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	50.0	-0.0	—	-0.0	—	0.0	0.0	-0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-16.4	169.5	-14.8	25.6	-37.7	23.4	-19.9	15.2	-10.8	2.5	13.5	-4.5
Cash and Cash Equivalents at Beginning of Period	184.3	13.9	28.7	3.1	40.8	33.0	33.0	33.0	33.0	33.1	33.1	33.1
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	0.0	0.3	-0.0	-0.5	0.3	-0.5	0.3	-0.2
Cash and Cash Equivalents at End of Period	168.0	183.4	13.9	28.7	3.1	40.8	17.2	37.1	22.4	33.0	31.0	17.2

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PSB

What Is Changing

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Balance Sheet ●

Working Capital Efficiency ▲

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow