PSE

Phân Bón và Hóa Chất Dầu khí Đông Nam Bộ ·HNX ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 0.01x

Price

11,000

Latest close

02 Jun 2026

P/E 7.82x

P/B 0.77x

EPS 1,406

BVPS 14,278

ROE 9.3%

ROA 4.1%

Profit Margin 0.4%

Asset Turnover 9.85x

Equity Mult. 2.26x

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

What Is Changing

On a TTM 2026Q1 basis, PSE posted slightly higher profit versus the same period, but the increase is thin and not yet paired with clear improvement in revenue or margins — the growth momentum has held across consecutive periods. The point still to be proven is whether this profit level holds without further revenue momentum.

	                            
	                                TTM REVENUE
	                            
	                                    VND 3,934bn
	                                
+20.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 22bn
	                                
+2.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	3,610.3	3,145.3	3,137.1	3,749.3	3,101.0
Growth	+15%	+0%	-16%	+21%	—
Net Income	21.6	18.9	12.1	21.3	56.0
Net Margin	0.60%	0.60%	0.38%	0.57%	1.80%

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	1,094.8	736.6	734.2	1,368.8	770.7	718.2	856.6	926.3	644.2	638.4	931.7	919.5
Growth	+49%	+0%	-46%	+78%	+7%	-16%	-8%	+44%	+1%	-31%	+1%	—
Net Income	4.3	4.7	3.7	9.2	4.4	8.0	4.6	4.4	2.0	-1.8	5.6	5.1
Net Margin	0.39%	0.64%	0.50%	0.68%	0.57%	1.12%	0.53%	0.48%	0.31%	-0.29%	0.60%	0.56%

Drivers of PSE's profit

TTM

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

Gross profit ↑ 2.4bn

Administrative expenses ↓ 0.8bn

Selling expenses ↑ 7.0bn

Minority interests ↑ 0.1bn

Tax ↑ 0.1bn

Financial income ↓ 0.1bn

TTM

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

Selling expenses ↓ 2.8bn

Tax ↓ 0.0bn

Minority interests ↓ 0.0bn

Gross profit ↓ 2.7bn

Administrative expenses ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.5% = 0.7% × 9.98 × 1.91

2026Q1 12.4% = 0.6% × 9.85 × 2.26

ROE is broadly flat at 12.4% — the components are offsetting one another.

Net margin: 0.6% -0.1pp Asset turnover: 9.85x -0.13x Leverage: 2.26x +0.35x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 0.56%, 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 0.56% −0.1pp

Gross Margin 2.25% −0.4pp

SG&A / Revenue 1.65% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 0.48% −0.2pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.71x equity, with a net cash position equivalent to 0.12x equity.

Inventory ended the period at 32.9bn, roughly 11.0% of total assets.

Over the last 12 months, working capital absorbed 19.4bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −185.1bn

Inventories decreased → higher CFO: +13.4bn

Payables increased → higher CFO: +152.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.7 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 5.0 days, and DPO fell 1.2 days.

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

Watchpoints

Inventory turnover is slowing

DIO increased by +0.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 7.3 days −5.0 days

Inventory 11.1 days +0.1 days

Payables 5.0 days −1.2 days

Cash Conversion Cycle 13.3 days −3.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 7.7bn.

Leverage & Liquidity

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

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.12x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.01x −0.41x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 7.7bn in 2025, against investing cash flow of -1.7bn.

Post-investment cash flow was positive +6.0bn. Financing cash flow was negative +2.9bn.

CFO / net income was 0.01x.

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

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

Cash Conversion

CFO TTM 0.2bn −6.7bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.01x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.01x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	3,673.3	3,187.7	3,176.3	3,788.6	3,127.8
Revenue Deductions	63.0	42.5	39.3	39.3	0.0
Net Revenue	3,610.3	3,145.3	3,137.1	3,749.3	3,101.0
Cost of Goods Sold	3,519.1	3,064.0	3,060.4	3,666.1	0.0
Gross Profit	91.1	81.3	76.6	83.2	118.1
Financial Income	0.1	0.1	0.1	0.4	0.3
Financial Expenses	0.0	0.5	1.4	1.0	-0.0
Interest Expense	—	0.4	1.3	0.9	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	45.5	33.5	37.6	43.3	-39.5
General and Administrative Expenses	22.1	23.4	22.4	21.4	-20.5
Operating Profit	23.6	23.9	15.3	17.9	58.4
Other Income	3.6	0.1	0.4	8.9	0.0
Other Expenses	0.0	0.1	0.2	0.0	0.0
Other Profit	3.6	-0.0	0.2	8.9	11.9
Profit Before Tax	27.2	23.9	15.5	26.8	70.3
Current Income Tax Expense	5.7	5.0	3.4	5.5	-14.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	21.6	18.9	12.1	21.3	56.0
Non-controlling Interest	—	0.0	0.0	0.0	9.1
Profit Attributable to Parent	21.6	18.9	12.1	21.3	46.9
Earnings per Share	1,114.00	1,206.00	773.00	1,364.00	3,468.00
Diluted EPS	1,725.21	1,514.84	965.81	1,705.13	3,750.15

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	277.8	222.6	259.0	293.4	303.6
I. Cash and cash equivalents	21.7	18.6	29.5	39.1	66.8
1. Cash	21.7	18.6	29.5	29.1	0.0
2. Cash equivalents	—	0.0	0.0	10.0	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	223.2	87.2	196.5	147.6	47.0
1. Short-term trade accounts receivable	123.2	86.5	152.8	115.7	0.0
2. Short-term prepayments to suppliers	100.1	0.7	43.8	30.4	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	0.0	0.0	0.0	1.5	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	32.9	116.8	33.0	103.3	189.6
1. Inventories	34.0	116.8	33.6	110.3	0.0
2. Provision for decline in value of inventories	-1.1	0.0	-0.6	-7.0	0.0
V. Other short-term assets	0.0	0.0	0.0	3.4	0.1
1. Short-term prepayments	0.0	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	3.3	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)	21.2	21.2	22.1	20.8	20.8
I. Long-term receivables	0.5	0.2	0.1	0.1	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	0.5	0.2	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	18.7	18.1	18.8	18.6	19.2
1. Tangible fixed assets	4.3	3.3	3.6	3.0	3.1
- Cost	39.6	37.4	36.9	35.9	0.0
- Accumulated depreciation	-35.3	-34.1	-33.2	-32.9	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	14.4	14.8	15.2	15.6	16.1
- Cost	20.2	20.2	20.2	20.2	0.0
- Accumulated depreciation	-5.9	-5.4	-5.0	-4.6	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	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	2.0	3.0	3.2	2.1	0.0
1. Long-term prepayments	2.0	3.0	3.2	2.1	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	1.6
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)	299.0	243.9	281.2	314.3	324.4
A. LIABILITIES (300=210+330)	124.0	72.5	114.9	138.9	134.8
I. Short -term liabilities	124.0	72.4	114.4	138.1	134.8
1. Short-term trade accounts payable	53.9	41.5	43.4	56.7	73.9
2. Short-term advances from customers	37.7	19.0	24.1	38.5	34.8
3. Taxes and other payables to state authorities	4.5	2.7	0.4	0.4	0.0
4. Payable to employees	13.4	4.5	4.6	8.2	0.0
5. Short-term acrrued expenses	0.3	0.2	0.1	0.1	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	11.4	3.0	39.2	28.4	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	2.8	1.5	2.6	5.8	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	—	0.1	0.6	0.8	0.0
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	—	0.1	0.6	0.8	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	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)	175.0	171.3	166.2	175.3	189.5
I. Owner's equity	175.0	171.3	166.2	175.3	0.0
1. Owner's capital	125.0	125.0	125.0	125.0	189.5
- Common stock with voting right	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00
- 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	15.8	15.8	15.8	15.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	5.9	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	28.3	30.5	25.4	34.5	48.7
- Accumulated retained earning at the end of the previous period	14.4	15.4	15.8	17.5	5.4
- Undistributed earnings in this period	13.9	15.1	9.7	17.1	43.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	299.0	243.9	281.2	314.3	324.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	27.2	23.9	15.5	26.8	58.6
Depreciation of Fixed Assets and Investment Property	1.6	1.3	2.1	1.9	2.2
Provision (Increase)/Reversal	1.1	-0.6	-6.5	7.0	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	-0.4	-0.8	0.0
Interest Expense	—	0.4	1.3	0.9	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	29.9	25.1	11.9	35.9	60.7
Increase/(Decrease) in Receivables	-136.4	109.3	-45.6	-104.0	0.0
Increase/(Decrease) in Inventory	82.8	-83.3	76.7	79.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	41.3	-6.1	-37.8	-7.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.7	0.2	-1.0	-0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.4	-1.3	-0.9	0.0
Corporate Income Tax Paid	-6.6	-2.9	-0.0	-15.7	0.0
Other Operating Receipts	0.2	0.5	2.4	0.0	0.0
Other Operating Payments	-4.3	-5.4	-8.0	-7.1	0.0
Net Cash Flow from Operating Activities	7.7	37.0	-2.7	-20.1	85.8
Payments for Fixed Assets and Other Long-term Assets	-1.7	-0.6	-1.7	-1.4	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.4	0.4	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	—	0.0	0.0	0.4	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	-1.7	-0.6	-1.3	-0.6	-0.1
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.9	-47.2	-5.6	-7.0	-8.6
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	-2.9	-47.2	-5.6	-7.0	-8.6
Net Cash Flow During the Period	3.1	-10.8	-9.7	-27.7	-8.9
Cash and Cash Equivalents at Beginning of Period	18.6	29.5	39.1	66.8	52.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	21.7	18.6	29.5	39.1	66.8

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	1,108.2	733.0	741.0	1,413.6	785.7	726.8	868.0	934.9	658.1	638.1	950.4	932.8
Revenue Deductions	13.4	-3.6	6.8	44.8	15.0	8.6	11.4	8.6	13.8	-0.3	18.7	13.3
Net Revenue	1,094.8	736.6	734.2	1,368.8	770.7	718.2	856.6	926.3	644.2	638.4	931.7	919.5
Cost of Goods Sold	1,077.2	712.2	716.5	1,339.9	750.4	691.4	836.3	907.4	628.9	619.5	915.8	896.5
Gross Profit	17.6	24.4	17.7	28.9	20.3	26.8	20.3	18.9	15.3	18.9	15.9	23.1
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Financial Expenses	—	0.0	—	—	—	0.2	0.0	0.3	0.0	1.0	0.4	0.0
Interest Expense	—	—	—	—	—	0.1	0.0	0.3	0.0	0.9	0.4	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	6.7	16.9	7.8	11.2	9.5	9.6	8.8	7.6	7.5	9.3	8.8	10.8
General and Administrative Expenses	5.5	5.5	5.3	6.1	5.2	6.9	5.9	5.2	5.3	5.3	5.4	5.7
Operating Profit	5.4	2.0	4.6	11.6	5.5	10.1	5.7	5.7	2.5	3.4	1.4	6.5
Other Income	—	4.1	—	0.0	—	0.1	0.0	0.0	0.0	-5.2	5.6	0.0
Other Expenses	—	0.0	—	0.0	0.0	0.0	0.0	0.1	0.0	0.2	0.0	0.0
Other Profit	—	4.0	—	0.0	-0.0	0.1	0.0	-0.1	0.0	-5.4	5.6	-0.0
Profit Before Tax	5.4	6.1	4.6	11.6	5.5	10.2	5.7	5.6	2.5	-2.0	7.0	6.5
Current Income Tax Expense	1.1	1.3	0.9	2.4	1.1	2.1	1.1	1.2	0.5	-0.2	1.4	1.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.3	4.7	3.7	9.2	4.4	8.0	4.6	4.4	2.0	-1.8	5.6	5.1
Non-controlling Interest	1.1	1.2	0.9	2.3	1.1	2.0	1.1	1.1	0.5	-0.5	1.4	1.3
Profit Attributable to Parent	3.2	3.5	2.8	6.9	3.3	6.0	3.4	3.3	1.5	-1.4	4.2	3.9
Earnings per Share	276.00	303.00	235.00	592.00	282.00	514.00	291.00	283.00	129.00	-117.00	359.00	329.00
Diluted EPS	259.19	283.81	220.47	554.66	264.68	481.76	273.00	265.60	120.71	-109.55	336.23	308.65

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)	457.6	278.3	464.6	419.5	300.6	222.6	473.7	607.0	313.0	259.4	512.5	384.4
I. Cash and cash equivalents	21.1	21.7	8.0	36.2	35.4	18.6	38.3	55.4	18.9	29.5	61.0	74.7
1. Cash	21.1	21.7	8.0	36.2	35.4	18.6	38.3	55.4	18.9	29.5	61.0	74.7
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	322.6	223.2	290.2	289.4	141.5	87.2	355.3	428.7	230.0	196.5	256.8	234.7
1. Short-term trade accounts receivable	92.8	123.2	216.3	169.4	64.2	86.5	208.8	204.3	156.1	152.8	219.1	204.6
2. Short-term prepayments to suppliers	213.7	100.1	70.9	119.8	63.3	0.7	142.6	219.7	72.6	43.8	37.5	29.8
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	16.2	0.0	3.0	0.1	14.0	0.0	3.9	4.7	1.3	0.0	0.2	0.3
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	110.2	33.3	163.3	93.9	123.6	116.8	80.0	122.7	64.1	33.0	194.7	73.4
1. Inventories	110.2	34.5	163.3	93.9	123.6	116.8	80.0	122.7	68.7	33.6	198.4	77.1
2. Provision for decline in value of inventories	—	-1.1	—	—	—	0.0	0.0	0.0	-4.6	-0.6	-3.7	-3.7
V. Other short-term assets	3.7	0.0	3.1	0.0	0.1	0.0	0.0	0.3	0.0	0.4	0.0	1.6
1. Short-term prepayments	0.0	0.0	—	0.0	0.1	0.0	0.0	0.0	0.0	0.4	0.0	0.0
2. Value added tax to be reclaimed	3.7	—	3.1	—	—	0.0	0.0	0.3	0.0	0.0	0.0	0.4
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.1
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)	20.3	21.2	20.7	19.7	20.7	21.2	19.9	20.7	21.6	21.8	21.2	19.5
I. Long-term receivables	0.4	0.5	0.5	0.1	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1
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	0.4	0.5	0.5	0.1	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	18.3	18.7	18.4	17.4	17.7	18.1	17.8	18.2	18.5	18.8	18.6	17.6
1. Tangible fixed assets	4.0	4.3	4.0	2.8	3.1	3.3	3.0	3.2	3.4	3.6	3.3	2.2
- Cost	39.6	—	—	—	—	36.4	36.9	36.9	36.9	36.9	36.1	35.9
- Accumulated depreciation	-35.6	—	—	—	—	-33.1	-33.9	-33.7	-33.5	-33.2	-32.8	-33.7
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	14.2	14.4	14.5	14.6	14.7	14.8	14.9	15.0	15.1	15.2	15.3	15.4
- Cost	20.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-6.0	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.6	2.0	1.8	2.2	2.8	3.0	2.0	2.3	2.9	2.8	2.4	1.8
1. Long-term prepayments	1.6	2.0	1.8	2.2	2.8	3.0	2.0	2.3	2.9	2.8	2.4	1.8
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)	477.9	299.4	485.3	439.2	321.2	243.9	493.6	627.7	334.5	281.2	533.7	403.9
A. LIABILITIES (300=210+330)	299.4	124.1	312.6	257.0	146.4	72.5	328.6	456.3	166.7	114.9	366.0	240.7
I. Short -term liabilities	299.4	124.1	312.6	257.0	146.3	72.3	328.5	456.1	166.1	114.4	365.2	240.0
1. Short-term trade accounts payable	82.4	53.7	199.0	150.9	23.8	41.5	115.8	178.2	85.3	43.4	184.4	143.8
2. Short-term advances from customers	194.4	37.7	21.8	30.3	99.2	19.0	115.7	201.1	26.0	24.1	27.4	17.4
3. Dividends and profits payable	1.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.8	4.6	0.9	2.7	1.2	2.7	1.2	1.2	0.7	0.4	0.5	0.0
4. Payable to employees	1.3	13.4	7.1	7.5	3.1	4.4	3.2	2.8	2.0	4.6	4.3	4.1
5. Short-term acrrued expenses	0.2	0.3	0.1	0.1	-0.0	0.2	32.7	23.3	9.6	0.1	42.3	24.3
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	15.0	11.4	80.7	61.8	17.0	3.0	57.8	47.9	40.2	39.2	44.7	44.5
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	56.6	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	3.0	3.0	3.0	3.6	2.1	1.5	2.1	1.6	2.4	2.6	5.1	5.8
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	—	—	—	—	0.1	0.1	0.1	0.2	0.6	0.6	0.8	0.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.1	0.1	0.1	0.2	0.6	0.6	0.8	0.8
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	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)	178.5	175.3	172.7	182.2	174.8	171.4	165.0	171.4	167.8	166.2	167.7	163.2
I. Owner's equity	178.5	175.3	172.7	182.2	174.8	171.4	165.0	171.4	167.8	166.2	167.7	163.2
1. Owner's capital	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0	125.0
- Common stock with voting right	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00	125,000,000,000.00
- 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	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8
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	5.9	3.6	3.6	3.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	31.8	30.9	28.3	37.8	34.0	30.6	24.2	30.6	27.1	25.4	26.9	22.4
- Accumulated retained earning at the end of the previous period	28.3	14.4	14.4	26.9	30.5	15.4	15.4	25.4	25.4	15.8	15.8	15.8
- Undistributed earnings in this period	3.5	16.5	13.9	10.9	3.5	15.1	8.8	5.2	1.6	9.7	11.1	6.6
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)	477.9	299.4	485.3	439.2	321.2	243.9	493.6	627.7	334.5	281.2	533.7	403.9

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	5.4	5.5	4.6	11.6	5.5	10.2	5.7	5.6	2.5	-2.0	7.0	6.5
Depreciation of Fixed Assets and Investment Property	0.4	0.5	0.4	0.3	0.3	-0.3	0.4	0.3	0.4	0.5	0.6	0.5
Provision (Increase)/Reversal	-1.1	1.1	—	—	—	0.0	0.0	-4.6	4.0	-3.1	0.0	-3.3
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	20.0	-20.0	0.0	-0.0	-0.3	-0.1	0.1
Interest Expense	—	—	—	—	—	0.1	0.0	0.3	0.0	0.9	0.4	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	4.7	7.1	5.0	12.0	5.9	30.0	-13.9	1.7	6.9	-4.1	7.9	3.8
Increase/(Decrease) in Receivables	-103.0	70.0	-4.3	-147.8	-54.3	248.2	93.6	-199.0	-33.4	60.3	-20.5	-92.2
Increase/(Decrease) in Inventory	-76.2	129.2	-69.4	29.8	-6.8	-36.8	42.6	-54.0	-35.1	164.8	-121.3	3.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	175.5	-186.2	45.2	117.8	64.4	-256.5	-138.1	289.9	51.5	-189.9	71.2	88.6
Increase/(Decrease) in Prepaid Expenses	0.4	-0.5	0.5	0.6	0.1	-1.0	0.4	0.6	0.2	-0.7	-0.7	-0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	-0.1	0.0	-0.3	0.0	-0.9	-0.4	0.0
Corporate Income Tax Paid	-1.3	-0.9	-2.4	-1.1	-2.2	-1.1	-1.2	-0.5	-0.1	3.3	-3.3	0.0
Other Operating Receipts	—	—	—	—	—	0.0	-0.1	0.1	0.0	2.4	-2.4	2.4
Other Operating Payments	-0.6	-2.3	-1.2	-0.4	-0.3	-2.3	-0.3	-1.8	-0.6	-4.5	0.6	-3.9
Net Cash Flow from Operating Activities	-0.6	16.6	-26.8	11.0	6.9	-19.7	-17.0	36.7	-10.6	30.5	-68.9	1.9
Payments for Fixed Assets and Other Long-term Assets	—	-0.3	-1.4	—	—	0.0	0.0	0.0	0.0	-0.2	-1.6	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.4	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	0.0	—	—	—	0.0	0.0	0.0	-0.0	0.0	-0.1	0.1	-0.1
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	0.0	-0.3	-1.4	—	0.0	0.0	0.0	-0.0	0.0	0.2	-1.4	-0.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	-56.6	56.6	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-2.6	-0.0	-10.1	9.8	0.0	0.0	-0.2	0.0	-5.6	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	—	-2.6	-0.0	-10.1	9.8	0.0	0.0	-0.2	0.0	-62.3	56.6	0.0
Net Cash Flow During the Period	-0.6	13.7	-28.2	0.9	16.7	-19.7	-17.0	36.5	-10.6	-31.6	-13.7	1.9
Cash and Cash Equivalents at Beginning of Period	21.7	8.0	36.2	35.4	18.6	29.5	29.5	29.5	29.5	39.1	39.1	39.1
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	21.1	21.7	8.0	36.2	35.4	18.6	38.3	55.4	18.9	29.5	61.0	74.7

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PSE

What Is Changing

Drivers of PSE'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