SFN

Dệt lưới Sài Gòn ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 7.11%, +1.13pp YoY

Price

18,400

Latest close

01 Jun 2026

P/E 5.25x

P/B 0.65x

EPS 3,507

BVPS 28,435

ROE 12.8%

ROA 8.7%

Profit Margin 7.1%

Asset Turnover 1.23x

Equity Mult. 1.46x

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

What Is Changing

On a TTM 2026Q1 basis, SFN is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 148bn
	                                
+6.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 11bn
	                                
+26.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	148.6	142.8	145.7	169.4	139.6
Growth	+4%	-2%	-14%	+21%	—
Net Income	11.1	8.5	9.3	8.4	18.1
Net Margin	7.48%	5.92%	6.37%	4.99%	12.97%

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	33.4	37.7	38.3	38.6	34.0	37.0	34.3	34.2	37.3	33.8	38.0	37.0
Growth	-11%	-2%	-1%	+13%	-8%	+8%	+1%	-8%	+11%	-11%	+3%	—
Net Income	1.4	3.6	2.6	3.0	2.0	2.3	2.0	2.0	2.1	2.2	2.0	2.8
Net Margin	4.29%	9.48%	6.69%	7.66%	5.96%	6.32%	5.90%	5.73%	5.71%	6.56%	5.38%	7.44%

Drivers of SFN's profit

TTM

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

Gross profit ↑ 4.4bn

Financial income ↑ 0.6bn

Administrative expenses ↑ 3.3bn

Tax ↑ 0.5bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Tax ↓ 0.3bn

Gross profit ↑ 0.2bn

Financial income ↑ 0.1bn

Administrative expenses ↑ 1.0bn

Selling expenses ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.8% = 6.0% × 1.43 × 1.26

2026Q1 12.8% = 7.1% × 1.23 × 1.46

ROE rose from 10.8% to 12.8% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 7.1% +1.1pp Asset turnover: 1.23x -0.20x Leverage: 1.46x +0.21x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 7.11%, rising 1.1pp. Core operating signals are improving as Gross margin rose 2.2pp are enough to offset pressure from SG&A / Revenue rose 1.8pp (with lingering pressure from Net financial result / Revenue fell 0.9pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 7.11% +1.1pp

Gross Margin 16.12% +2.2pp

SG&A / Revenue 9.12% +1.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 8.70%, losing 4.2pp. That translates to 8.70 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.4pp and capital turnover fell 0.63x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

CAPITAL EFFICIENCY TREND

ROIC 8.70% −4.2pp

NOPAT Margin 5.46% −0.4pp

Capital Turnover 1.59x −0.63x

Average Invested Capital 92.9bn +30.1bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.55x equity, net debt at 0.31x equity.

Inventory ended the period at 20.5bn, roughly 15.6% 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

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables 28.5 days −2.6 days

Inventory 67.8 days −13.4 days

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Leverage is safe but FCF is negative at 46.8bn due to capex of 48.7bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.31x and interest coverage at 5.49x.

At present, cash equals 27.7% of debt and total debt stands at 37.0bn.

Leverage and liquidity trend

Net Debt / Equity 0.31x +0.38x

Interest Coverage 5.49x —

Cash / Debt 27.7% −94.1pp

Short-term Debt / Total Debt — —

CFO / NI 0.19x −1.58x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 12.2bn in 2025, against investing cash flow of -51.6bn.

Post-investment cash flow was negative +39.4bn. Financing cash flow was positive +35.0bn.

CFO / net income was 0.19x.

After spending +48.7bn on fixed-asset investment, the business generated trailing free cash flow of −46.8bn.

Cash Conversion

CFO TTM 2.0bn −12.7bn

Cash Capex 48.7bn +45.7bn

FCF TTM −46.8bn −58.4bn

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. The residual risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.11% after expanding 1.1pp versus the same period last year.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 46.8bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	148.6	142.8	145.7	169.4	139.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	148.6	142.8	145.7	169.4	139.6
Cost of Goods Sold	125.0	123.1	125.4	146.1	0.0
Gross Profit	23.6	19.8	20.3	23.2	25.9
Financial Income	1.5	1.0	1.5	0.8	0.7
Financial Expenses	1.3	0.0	0.0	0.0	-0.0
Interest Expense	1.3	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	2.0	2.2	1.8	2.0	-1.9
General and Administrative Expenses	10.4	8.3	8.2	11.5	-10.1
Operating Profit	11.4	10.3	11.8	10.5	14.5
Other Income	2.6	0.3	0.0	0.5	0.0
Other Expenses	—	0.0	0.0	0.3	0.0
Other Profit	2.6	0.3	0.0	0.2	6.5
Profit Before Tax	14.0	10.6	11.8	10.7	21.1
Current Income Tax Expense	2.9	2.2	2.5	2.3	-3.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	11.1	8.5	9.3	8.4	18.1
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	11.1	8.5	9.3	8.4	18.1
Earnings per Share	3,475.00	2,568.00	3,019.00	2,733.00	6,035.41
Diluted EPS	3,706.59	2,817.63	3,019.00	2,733.00	6,035.41

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	83.6	75.8	73.3	69.1	72.1
I. Cash and cash equivalents	40.0	44.4	35.2	31.5	33.8
1. Cash	14.2	44.4	35.2	31.5	0.0
2. Cash equivalents	25.8	0.0	0.0	0.0	0.0
II. Short-term financial investments	9.7	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	9.7	0.0	0.0	0.0	0.0
III. Short-term receivables	9.3	6.8	6.3	9.1	11.5
1. Short-term trade accounts receivable	6.2	7.4	6.7	7.5	0.0
2. Short-term prepayments to suppliers	4.0	0.1	0.1	1.4	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	0.4	0.2	0.1	0.1	0.0
7. Provision for short-term doubtful debts (*)	-1.2	-0.9	-0.6	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	20.5	24.5	31.1	28.0	26.2
1. Inventories	20.5	24.5	31.1	28.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	4.1	0.1	0.7	0.5	0.5
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	3.3	0.1	0.7	0.5	0.0
3. Taxes and other receivables from state authorities	0.8	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)	47.6	7.6	7.7	6.8	5.2
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	47.2	7.4	7.3	6.8	5.1
1. Tangible fixed assets	12.4	7.4	7.3	6.8	5.1
- Cost	138.4	130.8	131.8	128.8	0.0
- Accumulated depreciation	-125.9	-123.5	-124.5	-122.1	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	34.7	0.0	0.0	0.0	0.0
- Cost	35.4	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.7	-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	0.4	0.1	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.1	0.0	0.0	0.0
V. Long-term financial investments	0.0	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	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	—	0.0	0.4	0.0	0.0
1. Long-term prepayments	—	0.0	0.4	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	0.0
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)	131.2	83.4	81.0	75.9	77.3
A. LIABILITIES (300=210+330)	46.7	5.4	6.6	5.2	5.4
I. Short -term liabilities	9.7	5.4	6.6	5.2	5.4
1. Short-term trade accounts payable	0.9	0.0	0.0	0.0	0.0
2. Short-term advances from customers	0.3	0.1	0.2	0.1	0.1
3. Taxes and other payables to state authorities	0.3	0.1	0.1	0.3	0.0
4. Payable to employees	5.6	2.7	3.5	1.4	0.0
5. Short-term acrrued expenses	0.2	0.1	0.2	0.2	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	—	0.0	0.0	0.0	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	2.4	2.4	2.6	3.2	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	37.0	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	37.0	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)	84.5	78.0	74.4	70.7	71.8
I. Owner's equity	84.5	78.0	74.4	70.7	0.0
1. Owner's capital	30.0	30.0	30.0	30.0	71.8
- Common stock with voting right	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00
- 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	-1,405,126,159.00	-1,405,126,159.00	-1,405,126,159.00	-1,405,126,159.00	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	37.6	33.5	32.3	31.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	3.1	3.1	3.1	3.1	0.0
11. Undistributed earnings after tax	15.2	12.8	10.4	7.9	21.5
- Accumulated retained earning at the end of the previous period	4.7	5.0	3.2	2.1	5.9
- Undistributed earnings in this period	10.5	7.8	7.2	5.8	15.6
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)	131.2	83.4	81.0	75.9	77.3

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	-2.6	-2.3	-2.6	-2.8	0.0
Other Operating Receipts	5.8	3.1	98.6	135.7	0.0
Other Operating Payments	-20.0	-20.1	-120.6	-154.7	0.0
Net Cash Flow from Operating Activities	12.2	13.4	8.5	6.2	10.7
Payments for Fixed Assets and Other Long-term Assets	-43.1	-2.6	-2.9	-5.2	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.5	0.1
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-34.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	34.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.2	1.0	1.5	0.8	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	-51.6	-1.6	-1.4	-3.9	-0.5
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	37.0	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	-2.0	-2.6	-3.4	-4.6	-4.6
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	35.0	-2.6	-3.4	-4.6	-4.6
Net Cash Flow During the Period	-4.4	9.2	3.7	-2.3	21.4
Cash and Cash Equivalents at Beginning of Period	44.4	35.2	31.5	33.8	28.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	40.0	44.4	35.2	31.5	33.8

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	33.4	37.7	38.3	38.6	34.0	37.0	34.3	34.2	37.3	33.8	38.0	37.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	33.4	37.7	38.3	38.6	34.0	37.0	34.3	34.2	37.3	33.8	38.0	37.0
Cost of Goods Sold	28.2	31.3	32.1	32.4	29.1	32.0	29.7	29.3	32.0	28.7	33.1	31.8
Gross Profit	5.1	6.4	6.2	6.2	4.9	5.0	4.7	4.8	5.3	5.1	4.8	5.2
Financial Income	0.1	0.7	0.0	0.8	0.0	0.6	0.0	0.3	0.0	0.6	0.0	0.9
Financial Expenses	0.6	0.6	0.6	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.6	0.6	0.6	0.2	—	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	0.5	0.5	0.5	0.6	0.4	0.5	0.4	0.7	0.5	0.4	0.6	0.5
General and Administrative Expenses	3.0	1.5	4.4	2.4	2.0	2.2	1.9	2.0	2.2	2.3	1.7	2.3
Operating Profit	1.2	4.5	0.6	3.8	2.5	2.9	2.3	2.5	2.7	2.9	2.6	3.4
Other Income	0.6	—	2.6	—	0.0	0.1	0.2	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.6	—	2.6	—	0.0	0.1	0.2	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	1.8	4.5	3.2	3.8	2.5	2.9	2.5	2.5	2.7	2.9	2.6	3.4
Current Income Tax Expense	0.3	0.9	0.7	0.8	0.5	0.6	0.5	0.6	0.5	0.7	0.5	0.7
Deferred Income Tax Expense	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.4	3.6	2.6	3.0	2.0	2.3	2.0	2.0	2.1	2.2	2.0	2.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.4	3.6	2.6	3.0	2.0	2.3	2.0	2.0	2.1	2.2	2.0	2.8
Earnings per Share	476.82	1,191.44	853.62	985.22	676.31	779.82	675.83	651.99	709.99	738.43	680.81	917.72
Diluted EPS	476.82	1,191.44	853.62	985.22	676.31	779.82	675.83	651.99	709.99	738.43	680.81	917.72

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)	76.3	83.6	85.1	80.1	79.3	75.8	79.8	75.7	75.8	73.3	79.6	76.5
I. Cash and cash equivalents	10.3	40.0	40.8	27.5	31.1	44.4	26.7	26.1	24.0	35.2	27.0	15.8
1. Cash	10.3	14.2	9.6	9.9	8.1	44.4	10.2	11.1	9.0	35.2	11.0	12.8
2. Cash equivalents	—	25.8	31.1	17.6	23.0	0.0	16.5	15.0	15.0	0.0	16.0	3.0
II. Short-term financial investments	24.2	9.7	4.7	17.7	13.0	0.0	16.0	15.0	10.0	0.0	12.1	22.1
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	24.2	9.7	4.7	17.7	13.0	0.0	16.0	15.0	10.0	0.0	12.1	22.1
III. Short-term receivables	15.7	9.3	15.0	8.9	11.4	6.8	12.4	7.2	11.7	6.3	14.4	14.7
1. Short-term trade accounts receivable	11.3	6.2	12.4	8.5	11.9	7.4	12.4	7.3	11.9	6.7	12.9	10.0
2. Short-term prepayments to suppliers	5.3	4.0	3.5	0.8	0.2	0.1	0.5	0.2	0.1	0.1	1.3	3.6
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	0.4	0.4	0.3	0.8	0.3	0.2	0.4	0.7	0.3	0.1	0.3	1.1
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-1.2	-1.1	-0.9	-0.9	-0.9	-0.9	-0.6	-0.6	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	22.3	20.5	21.4	22.4	23.8	24.5	24.8	27.4	29.6	31.1	26.0	23.9
1. Inventories	22.3	20.5	21.4	22.4	23.8	24.5	24.8	27.4	29.6	31.1	26.0	23.9
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	3.9	4.1	3.3	3.6	0.0	0.1	0.0	0.0	0.5	0.7	0.1	0.1
1. Short-term prepayments	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	3.7	3.3	3.3	3.6	—	0.1	0.0	0.0	0.5	0.7	0.1	0.1
3. Taxes and other receivables from state authorities	0.1	0.8	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	52.6	47.6	45.7	46.4	32.9	7.6	5.9	6.5	7.1	7.7	5.1	5.6
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	52.2	47.2	45.4	46.3	6.8	7.4	5.5	6.1	6.7	7.3	5.0	5.6
1. Tangible fixed assets	17.8	12.4	10.3	11.0	6.8	7.4	5.5	6.1	6.7	7.3	4.9	5.5
- Cost	137.6	—	—	—	—	130.8	129.1	131.8	131.8	131.8	128.8	128.8
- Accumulated depreciation	-119.9	—	—	—	—	-123.5	-123.6	-125.7	-125.1	-124.5	-123.9	-123.3
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	34.4	34.7	35.0	35.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	35.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.0	—	—	—	—	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	0.4	0.4	0.3	—	26.1	0.1	0.4	0.4	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	0.4	0.4	0.3	—	26.1	0.1	0.4	0.4	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	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	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	—	—	—	—	—	0.0	0.0	0.0	0.4	0.4	0.1	0.0
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.4	0.4	0.1	0.0
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)	129.0	131.2	130.8	126.5	112.2	83.4	85.7	82.2	82.9	81.0	84.7	82.1
A. LIABILITIES (300=210+330)	43.6	46.7	49.6	47.7	32.8	5.4	9.8	8.1	6.9	6.6	10.8	10.2
I. Short -term liabilities	6.6	9.7	12.6	10.7	7.3	5.4	9.8	8.1	6.9	6.6	10.8	10.2
1. Short-term trade accounts payable	0.1	0.9	0.0	1.7	—	0.0	0.9	0.0	0.0	0.0	0.5	0.0
2. Short-term advances from customers	0.1	0.3	0.3	0.1	0.1	0.1	0.2	0.3	0.0	0.2	0.2	0.5
3. Taxes and other payables to state authorities	0.5	0.3	1.3	0.8	1.4	0.1	0.9	0.6	1.2	0.1	1.2	0.7
4. Payable to employees	3.7	5.6	5.7	4.8	3.5	2.7	5.1	4.1	3.4	3.5	4.8	4.3
5. Short-term acrrued expenses	0.2	0.2	2.8	0.2	0.2	0.1	0.2	0.2	0.1	0.2	1.2	1.2
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	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
10. Short-term borrowings and financial leases	—	—	—	—	—	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	2.0	2.4	2.5	3.0	2.2	2.4	2.6	3.1	2.1	2.6	2.7	3.6
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	37.0	37.0	37.0	37.0	25.5	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	37.0	37.0	37.0	37.0	25.5	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)	85.3	84.5	81.2	78.8	79.4	78.0	75.9	74.1	75.9	74.4	73.9	71.9
I. Owner's equity	85.3	84.5	81.2	78.8	79.4	78.0	75.9	74.1	75.9	74.4	73.9	71.9
1. Owner's capital	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0
- Common stock with voting right	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00
- 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	-1,405,126,159.00	-1,405,126,159.00	-1,405,126,159.00	-1,405,126,159.00	-1,405,126,159.00	-1,405,126,159.00	-1,405,126,159.00	-1,405,126,159.00	-1,405,126,159.00	-1,405,126,159.00	-1,405,126,159.00	-1,405,126,159.00
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	37.6	37.6	37.6	37.6	33.5	33.5	33.5	33.5	32.3	32.3	32.3	32.3
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	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1
11. Undistributed earnings after tax	16.0	15.2	11.9	9.5	14.2	12.8	10.7	8.9	12.0	10.4	10.0	8.0
- Accumulated retained earning at the end of the previous period	14.6	4.7	4.7	4.7	12.2	5.0	5.0	5.0	10.0	3.2	3.2	3.2
- Undistributed earnings in this period	1.4	10.5	7.2	4.8	2.0	7.8	5.8	3.9	2.0	7.2	6.7	4.7
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)	129.0	131.2	130.8	126.5	112.2	83.4	85.7	82.2	82.9	81.0	84.7	82.1

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
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.3	-1.3	-0.8	-0.5	-0.0	-1.1	-0.6	-0.5	-0.1	-1.1	-0.7	-0.5
Other Operating Receipts	0.5	—	—	—	—	0.9	0.8	-20.8	22.2	26.3	24.9	24.7
Other Operating Payments	-5.5	-5.2	-4.6	-5.8	-4.4	-5.0	-2.6	15.6	-28.0	-32.6	-29.2	-30.5
Net Cash Flow from Operating Activities	-10.1	2.6	0.2	9.4	0.1	3.7	1.3	9.6	-1.2	-0.2	0.5	8.2
Payments for Fixed Assets and Other Long-term Assets	-6.0	1.1	-0.3	-43.5	-0.5	-2.6	0.0	0.0	0.0	-2.9	0.0	0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.6	0.4	0.3	0.0	0.6	0.3	0.0	0.0	0.6	0.8	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	-19.6	-3.3	13.1	-47.9	-13.5	14.0	-0.7	-5.0	-10.0	9.8	10.8	-1.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1.0	0.0	0.0	37.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-1.0	—	—	—	—	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
Dividends Paid	—	0.0	0.0	-2.0	—	0.0	0.0	-2.6	0.0	-1.4	0.0	-2.0
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	—	0.0	0.0	35.0	—	0.0	0.0	-2.6	0.0	-1.4	0.0	-2.0
Net Cash Flow During the Period	-29.7	-0.8	13.2	-3.6	-13.3	17.7	0.6	2.0	-11.2	8.2	11.3	4.3
Cash and Cash Equivalents at Beginning of Period	40.0	40.8	27.5	31.1	44.4	35.2	35.2	35.2	35.2	31.5	31.5	31.5
FX Difference from Revaluation	—	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	10.3	40.0	40.8	27.5	31.1	44.4	26.7	26.1	24.0	35.2	27.0	15.8

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SFN

What Is Changing

Drivers of SFN'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