SAF

Lương thực Thực phẩm Safoco ·HNX ·2026Q1

▼ Slightly negative

Price

57,000

Latest close

02 Jun 2026

P/E 14.11x

P/B 3.57x

EPS 4,040

BVPS 15,983

ROE 25.4%

ROA 17.2%

Profit Margin 6.4%

Asset Turnover 2.68x

Equity Mult. 1.48x

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

What Is Changing

On a TTM 2026Q1 basis, SAF is maintaining revenue, but margins are compressing slightly — the growth momentum has held across consecutive periods. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.

	                            
	                                TTM REVENUE
	                            
	                                    VND 760bn
	                                
+4.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 49bn
	                                
+1.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	738.3	723.8	792.8	792.7	966.1
Growth	+2%	-9%	+0%	-18%	—
Net Income	48.6	47.6	51.2	51.7	49.4
Net Margin	6.58%	6.58%	6.46%	6.52%	5.11%

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	191.9	199.1	179.3	190.1	174.4	185.9	197.0	172.1	173.9	186.7	209.9	207.5
Growth	-4%	+11%	-6%	+9%	-6%	-6%	+14%	-1%	-7%	-11%	+1%	—
Net Income	12.5	11.1	13.0	12.0	12.4	11.1	12.9	11.7	11.9	13.2	13.8	10.5
Net Margin	6.50%	5.59%	7.26%	6.33%	7.12%	5.97%	6.57%	6.79%	6.82%	7.08%	6.59%	5.07%

Drivers of SAF's profit

TTM

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

Gross profit ↑ 9.1bn

Financial income ↑ 1.4bn

Other profit ↑ 0.2bn

Tax ↓ 0.1bn

Selling expenses ↑ 8.2bn

Administrative expenses ↑ 2.3bn

TTM

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

Gross profit ↑ 1.0bn

Financial income ↑ 0.8bn

Other profit ↑ 0.1bn

Administrative expenses ↑ 0.9bn

Selling expenses ↑ 0.4bn

Finance costs ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 25.3% = 6.6% × 2.57 × 1.49

2026Q1 25.4% = 6.4% × 2.68 × 1.48

ROE is broadly flat at 25.4% — the components are offsetting one another.

Net margin: 6.4% -0.2pp Asset turnover: 2.68x +0.11x Leverage: 1.48x -0.01x

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 6.40%, 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 6.40% −0.2pp

Gross Margin 20.20% +0.4pp

SG&A / Revenue 13.28% +0.9pp

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 6.26% −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 0.44x equity, with a net cash position equivalent to 0.31x equity.

Inventory ended the period at 55.8bn, roughly 21.5% of total assets.

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 15.3 days versus the same period last year. The main moves came from DIO fell 15.2 days, DSO fell 0.5 days, and DPO fell 0.5 days.

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

Working Capital Efficiency

Receivables 20.8 days −0.5 days

Inventory 33.7 days −15.2 days

Payables 11.3 days −0.5 days

Cash Conversion Cycle 43.2 days −15.3 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 38.8bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.31x and interest coverage at 85.42x.

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 -0.31x −0.04x

Interest Coverage 85.42x +8.76x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.86x −0.45x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 38.8bn in 2025, against investing cash flow of -8.7bn.

Post-investment cash flow was positive +30.2bn. Financing cash flow was negative +36.1bn.

CFO / net income was 0.86x.

After spending +2.8bn on fixed-asset investment, the business generated trailing free cash flow of +39.0bn.

Cash Conversion

CFO TTM 41.8bn −21.1bn

Cash Capex 2.8bn +0.3bn

FCF TTM +39.0bn −21.4bn

Investment Takeaway

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

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.86x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	743.7	729.6	798.2	800.0	966.6
Revenue Deductions	5.5	5.8	5.4	7.3	0.0
Net Revenue	738.3	723.8	792.8	792.7	966.1
Cost of Goods Sold	590.1	585.9	648.7	646.0	0.0
Gross Profit	148.1	137.9	144.1	146.7	158.6
Financial Income	7.7	6.8	8.7	8.1	4.6
Financial Expenses	0.4	0.8	0.5	1.5	-0.4
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	73.6	64.4	67.3	66.1	-81.2
General and Administrative Expenses	21.6	20.0	21.7	23.0	-20.6
Operating Profit	60.3	59.4	63.3	64.2	61.0
Other Income	1.4	1.6	2.4	1.8	0.0
Other Expenses	0.1	0.2	0.7	0.4	0.0
Other Profit	1.2	1.4	1.7	1.4	1.2
Profit Before Tax	61.5	60.9	65.0	65.5	62.3
Current Income Tax Expense	12.9	13.3	13.8	13.8	-12.8
Deferred Income Tax Expense	—	0.0	0.0	0.1	0.0
Net Income	48.6	47.6	51.2	51.7	49.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	48.6	47.6	51.2	51.7	49.4
Earnings per Share	3,138.00	3,073.00	3,518.00	3,585.00	4,914.00
Diluted EPS	4,035.05	3,951.32	4,250.92	4,291.90	4,913.79

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	235.5	234.8	231.7	242.9	222.7
I. Cash and cash equivalents	58.8	64.8	55.3	61.8	47.5
1. Cash	8.8	36.8	20.8	35.3	0.0
2. Cash equivalents	50.0	28.0	34.5	26.5	0.0
II. Short-term financial investments	67.0	55.0	46.5	63.5	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	67.0	55.0	46.5	63.5	0.0
III. Short-term receivables	40.8	43.0	32.2	46.5	31.0
1. Short-term trade accounts receivable	38.7	41.1	29.3	44.7	0.0
2. Short-term prepayments to suppliers	0.3	0.1	1.1	0.0	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	1.8	1.8	1.8	1.8	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	55.8	63.7	90.1	65.7	39.8
1. Inventories	55.8	63.7	90.1	65.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	13.1	8.3	7.5	5.3	0.4
1. Short-term prepayments	0.2	0.2	0.2	0.2	0.0
2. Value added tax to be reclaimed	12.9	8.1	7.4	5.2	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	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)	23.5	24.3	26.3	32.1	34.4
I. Long-term receivables	0.1	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	0.1	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	23.3	24.1	26.2	32.0	34.3
1. Tangible fixed assets	3.6	4.3	6.5	12.2	14.4
- Cost	155.5	153.4	151.5	155.3	0.0
- Accumulated depreciation	-151.9	-149.1	-145.1	-143.1	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	19.7	19.7	19.7	19.8	19.9
- Cost	19.9	19.9	19.9	19.9	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	0.1	0.2	0.0	0.0	0.0
1. Long-term prepayments	0.1	0.2	0.0	0.0	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	0.1
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	259.0	259.1	258.0	275.0	257.1
A. LIABILITIES (300=210+330)	78.9	80.2	81.0	98.8	93.5
I. Short -term liabilities	78.9	80.2	81.0	98.8	93.5
1. Short-term trade accounts payable	14.4	11.3	3.8	17.6	8.8
2. Short-term advances from customers	3.3	0.1	4.2	3.9	11.5
3. Taxes and other payables to state authorities	5.5	4.9	4.9	5.1	0.0
4. Payable to employees	41.5	43.4	47.1	50.1	0.0
5. Short-term acrrued expenses	6.1	6.1	0.0	0.0	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.7	0.4	6.5	8.5	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	7.4	14.0	14.5	13.6	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	—	0.0	0.0	0.0	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	—	0.0	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	—	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)	180.1	178.9	176.9	176.1	163.6
I. Owner's equity	180.1	178.9	176.9	176.1	0.0
1. Owner's capital	120.5	120.5	120.5	120.5	163.6
- Common stock with voting right	120,465,900,000.00	120,465,900,000.00	120,465,900,000.00	120,465,900,000.00	100,557,890,000.00
- 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	10.4	10.4	5.2	0.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	49.2	48.1	51.3	55.6	58.1
- Accumulated retained earning at the end of the previous period	0.6	0.5	0.0	3.9	8.7
- Undistributed earnings in this period	48.6	47.6	51.2	51.7	49.4
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)	259.0	259.1	258.0	275.0	257.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-12.8	-13.7	-13.8	0.0	0.0
Other Operating Receipts	4.4	6.1	4.2	7.5	0.0
Other Operating Payments	-34.6	-34.1	-35.1	-34.0	0.0
Net Cash Flow from Operating Activities	38.8	52.0	11.2	2.5	119.9
Payments for Fixed Assets and Other Long-term Assets	-2.2	-2.4	-1.4	-4.5	-4.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.8	0.3	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-104.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	44.0
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	5.5	4.3	6.9	5.6	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	-8.7	-6.5	23.3	42.0	-61.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	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	-36.1	-36.1	-41.0	-30.2	-30.2
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	-36.1	-36.1	-41.0	-30.2	-30.2
Net Cash Flow During the Period	-6.0	9.4	-6.5	14.3	-10.8
Cash and Cash Equivalents at Beginning of Period	64.8	55.3	61.8	47.5	19.2
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	58.8	64.8	55.3	61.8	47.5

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
Revenue	192.0	199.3	179.6	190.4	174.5	186.1	197.2	172.2	174.0	186.8	210.1	207.7
Revenue Deductions	0.1	0.2	0.3	0.3	0.2	0.2	0.3	0.1	0.2	0.1	0.2	0.2
Net Revenue	191.9	199.1	179.3	190.1	174.4	185.9	197.0	172.1	173.9	186.7	209.9	207.5
Cost of Goods Sold	153.7	160.6	141.0	151.4	137.2	151.4	158.3	137.9	138.3	150.8	170.0	173.3
Gross Profit	38.2	38.5	38.2	38.7	37.2	34.5	38.6	34.2	35.6	35.9	39.8	34.2
Financial Income	2.3	2.2	2.0	2.0	1.5	2.6	1.6	1.4	1.2	1.8	2.2	2.3
Financial Expenses	0.4	0.1	0.0	0.2	0.1	0.1	0.5	0.1	0.1	0.2	0.1	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	0.0
Selling Expenses	18.7	20.3	19.2	20.2	18.3	17.6	18.7	15.8	17.4	16.3	19.3	17.8
General and Administrative Expenses	5.9	6.3	4.9	5.4	5.0	5.4	4.8	5.0	4.8	5.0	5.3	5.6
Operating Profit	15.5	14.1	16.0	14.8	15.4	14.0	16.3	14.7	14.5	16.3	17.3	13.1
Other Income	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.5	0.5	0.9	0.4	0.4
Other Expenses	0.0	0.1	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.4	0.1	0.1
Other Profit	0.4	0.3	0.4	0.3	0.2	0.2	0.2	0.5	0.5	0.5	0.3	0.3
Profit Before Tax	15.9	14.4	16.4	15.1	15.6	14.2	16.5	15.2	15.0	16.8	17.7	13.4
Current Income Tax Expense	3.4	3.2	3.4	3.1	3.2	3.1	3.5	3.5	3.2	3.5	3.8	2.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	12.5	11.1	13.0	12.0	12.4	11.1	12.9	11.7	11.9	13.2	13.8	10.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	12.5	11.1	13.0	12.0	12.4	11.1	12.9	11.7	11.9	13.2	13.8	10.5
Earnings per Share	1,036.00	924.00	1,081.00	999.00	1,031.00	922.00	1,074.00	970.00	985.00	1,097.00	1,148.00	874.00
Diluted EPS	1,035.65	924.44	1,080.60	999.18	1,030.83	921.92	1,074.17	970.50	984.72	1,097.38	1,148.32	873.68

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)	259.8	235.5	257.7	233.8	259.9	234.8	263.6	236.8	258.8	231.7	272.4	236.6
I. Cash and cash equivalents	59.1	58.8	98.3	56.1	51.8	64.8	70.0	37.9	18.7	55.3	62.4	22.2
1. Cash	9.1	8.8	13.3	11.1	8.8	36.8	5.0	16.9	8.7	20.8	17.9	7.2
2. Cash equivalents	50.0	50.0	85.0	45.0	43.0	28.0	65.0	21.0	10.0	34.5	44.5	15.0
II. Short-term financial investments	92.0	67.0	45.0	55.0	55.0	55.0	61.5	59.5	59.5	46.5	51.5	66.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	92.0	67.0	45.0	55.0	55.0	55.0	61.5	59.5	59.5	46.5	51.5	66.0
III. Short-term receivables	47.3	40.8	39.7	42.4	79.2	43.0	51.3	38.0	80.9	32.2	46.5	43.1
1. Short-term trade accounts receivable	44.9	38.7	38.7	41.3	41.7	41.1	49.6	36.4	43.4	29.3	44.4	40.5
2. Short-term prepayments to suppliers	0.4	0.3	0.4	0.0	0.1	0.1	0.9	0.7	0.8	1.1	0.9	0.3
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.0	1.8	0.7	1.2	37.4	1.8	0.8	0.9	36.7	1.8	1.2	2.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	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	0.0
IV. Inventories	48.2	55.8	61.0	67.5	63.9	63.7	73.0	93.5	93.0	90.1	104.1	97.7
1. Inventories	48.2	55.8	61.0	67.5	63.9	63.7	73.0	93.5	93.0	90.1	104.1	97.7
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	13.2	13.1	13.7	12.7	10.0	8.3	7.8	7.8	6.6	7.5	8.0	7.5
1. Short-term prepayments	0.1	0.2	0.3	0.4	1.5	0.2	0.3	0.1	0.1	0.2	0.3	0.0
2. Value added tax to be reclaimed	13.1	12.9	11.7	10.6	8.5	8.1	7.5	7.8	6.5	7.4	7.7	7.5
3. Taxes and other receivables from state authorities	—	—	1.7	1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	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)	23.5	23.5	24.1	23.4	23.5	24.3	24.2	24.8	24.7	26.3	27.7	29.6
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	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	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	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	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.1	0.1	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	0.0
II. Fixed assets	23.4	23.3	24.0	23.2	23.3	24.1	24.2	24.7	24.7	26.2	27.7	29.5
1. Tangible fixed assets	3.6	3.6	4.2	3.5	3.6	4.3	4.4	5.0	4.9	6.5	7.9	9.7
- Cost	156.0	—	—	—	153.3	153.4	152.7	152.3	151.5	151.5	154.9	154.9
- Accumulated depreciation	-152.3	—	—	—	-149.7	-149.1	-148.3	-147.3	-146.6	-145.1	-147.0	-145.2
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.8	19.8
- Cost	19.9	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	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	0.0
1. Long-term production in progress	—	—	—	—	0.0	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	0.0
V. Long-term financial investments	—	—	—	—	0.0	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	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	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	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	0.0
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	0.1	0.1	0.1	0.1	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.1	0.1	0.1	0.1	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	283.3	259.0	281.9	257.2	283.4	259.1	287.9	261.5	283.5	258.0	300.2	266.1
A. LIABILITIES (300=210+330)	90.8	78.9	113.0	101.3	92.1	80.2	120.1	106.7	94.7	81.0	136.5	116.2
I. Short -term liabilities	90.8	78.9	113.0	101.3	92.1	80.2	120.1	106.7	94.7	81.0	136.5	116.2
1. Short-term trade accounts payable	19.2	14.4	18.1	16.2	18.4	11.3	17.1	17.6	19.3	3.8	17.7	15.1
2. Short-term advances from customers	2.0	3.3	4.0	0.1	5.0	0.1	2.3	1.2	0.2	4.2	7.1	1.5
3. Taxes and other payables to state authorities	4.4	5.5	9.1	8.2	4.4	4.9	8.2	4.2	3.9	4.9	9.6	8.3
4. Payable to employees	55.3	41.5	57.7	53.3	47.8	43.4	65.5	58.9	55.2	47.1	72.5	65.2
5. Short-term acrrued expenses	2.7	6.1	11.4	8.1	3.5	6.1	3.6	1.2	2.8	0.0	5.8	3.3
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.9	0.7	0.5	0.7	3.2	0.4	7.8	6.5	3.2	6.5	8.1	6.2
10. Short-term borrowings and financial leases	—	—	—	—	0.0	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	0.0
12.. Bonus and welfare fund	6.2	7.4	12.1	14.6	9.9	14.0	15.6	17.1	10.0	14.5	15.7	16.6
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	—	0.0	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	0.0
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	192.5	180.1	168.9	155.9	191.3	178.9	167.8	154.8	188.8	176.9	163.7	149.9
I. Owner's equity	192.5	180.1	168.9	155.9	191.3	178.9	167.8	154.8	188.8	176.9	163.7	149.9
1. Owner's capital	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5
- Common stock with voting right	120,465,900,000.00	120,465,900,000.00	120,465,900,000.00	120,465,900,000.00	120,465,900,000.00	120,465,900,000.00	120,465,900,000.00	120,465,900,000.00	120,465,900,000.00	120,465,900,000.00	120,465,900,000.00	120,465,900,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	10.4	10.4	10.4	10.4	10.4	10.4	10.4	10.4	5.2	5.2	5.2	5.2
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	61.7	49.2	38.1	25.1	60.5	48.1	37.0	24.0	63.1	51.3	38.0	24.2
- Accumulated retained earning at the end of the previous period	49.2	0.6	0.6	0.6	48.1	0.5	0.5	0.5	51.3	0.0	0.0	0.0
- Undistributed earnings in this period	12.5	48.6	37.5	24.5	12.4	47.6	36.5	23.6	11.9	51.2	38.0	24.2
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	283.3	259.0	281.9	257.2	283.4	259.1	287.9	261.5	283.5	258.0	300.2	266.1

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
Profit Before Tax	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.2	-6.5	-3.2	0.0	-3.1	-6.6	-0.4	-3.2	-3.5	-6.5	-3.7	-0.1
Other Operating Receipts	0.9	—	—	—	0.0	3.2	0.7	0.9	1.4	-2.4	5.0	0.5
Other Operating Payments	-7.7	-12.9	-6.2	-8.4	-7.0	-13.9	-5.0	-8.7	-6.4	-14.1	-6.3	-7.5
Net Cash Flow from Operating Activities	24.3	-18.6	31.7	4.5	21.3	-12.0	32.9	20.6	10.5	-16.1	25.8	-0.8
Payments for Fixed Assets and Other Long-term Assets	-0.6	-0.0	-1.4	-0.7	-0.0	-0.7	-0.4	-1.3	0.0	-0.3	0.0	-1.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.2	0.0	0.5	0.0	-0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	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	0.0
Investments in Other Entities	—	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	1.6	1.2	1.9	0.5	1.9	0.9	1.6	0.3	1.5	3.8	-0.1	1.1
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-24.0	-20.9	10.5	-0.1	1.8	6.8	-0.9	-0.9	-11.5	9.0	14.4	-0.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	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	0.0
Dividends Paid	—	0.0	0.0	0.0	-36.1	0.0	0.0	-0.6	-35.6	0.0	0.0	-41.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	—	0.0	0.0	0.0	-36.1	0.0	0.0	-0.6	-35.6	0.0	0.0	-41.0
Net Cash Flow During the Period	0.3	-39.5	42.2	4.3	-13.0	-5.2	32.0	19.2	-36.6	-7.1	40.2	-41.8
Cash and Cash Equivalents at Beginning of Period	58.8	98.3	56.1	51.8	64.8	55.3	55.3	55.3	55.3	61.8	61.8	61.8
FX Difference from Revaluation	0.0	-0.0	-0.0	-0.0	0.0	-0.0	0.0	-0.0	-0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	59.1	58.8	98.3	56.1	51.8	64.8	70.0	37.9	18.7	55.3	62.4	22.2

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SAF

What Is Changing

Drivers of SAF's profit

Financial Highlights

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What is driving the margin? ●

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Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▲

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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