SHG

Tổng Công ty cổ phần Sông Hồng ·UPCOM ·2025Q4

▼▼ Declining sharply

Margins remain under pressure Net margin −277.21%, −123.80pp YoY

Price

1,500

Latest close

22 May 2026

P/E -0.44x

P/B -0.04x

EPS -3,407

BVPS -40,950

ROE 8.6%

ROA -7.1%

Profit Margin -274.9%

Asset Turnover 0.03x

Equity Mult. -1.22x

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

What Is Changing

On a TTM 2025Q4 basis, SHG is declining on both revenue and margins simultaneously, showing pressure from multiple directions at once — the growth momentum has held across consecutive periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 29bn
	                                
−22.0%YoY

	                            
	                                NET MARGIN
	                            
	                                    −277.21%
	                                
−123.8ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 80bn
	                                
−40.9%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    70.4%
	                                
affects earnings quality

Metric	2025	2023	2022	2020
Revenue	30.4	9.0	37.6	36.8
Growth	+238%	-76%	+2%	—
Net Income	-74.2	-70.4	-178.2	-56.5
Net Margin	-243.54%	-782.35%	-474.34%	-153.41%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	20.7	3.3	2.1	2.6	8.6	3.8	8.1	16.4
Growth	+537%	+52%	-16%	-70%	+126%	-53%	-51%	—
Net Income	-36.2	-14.2	-14.7	-14.6	-18.4	-8.6	-11.9	-17.7
Net Margin	-174.72%	-434.66%	-682.52%	-565.93%	-214.33%	-226.25%	-147.20%	-107.74%

Drivers of SHG's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Finance costs ↑ 112.3bn

Gross profit ↓ 22.6bn

Administrative expenses ↑ 21.5bn

TTM

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

Other profit ↑ 2.9bn

Finance costs ↑ 37.0bn

Gross profit ↓ 25.2bn

Administrative expenses ↑ 4.8bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -277.21%, losing 123.8pp. The main pressure comes from Gross margin fell 74.7pp and SG&A / Revenue rose 65.1pp (in addition, Other profit / Revenue rose 5.8pp added support while Net financial result / Revenue fell 350.0pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin -277.21% −123.8pp

Gross Margin -60.41% −74.7pp

SG&A / Revenue 30.94% +65.1pp

Non-core / Revenue -185.86% −344.3pp

TTM YoY · 2020Q4 -> 2025Q4

Watchpoints

Financial result share remains high

Even though contribution decreased by 344.3pp, financial result still accounts for 73.7% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover -0.05x —

Average Invested Capital 613.4bn —

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at -1.79x equity, with a net cash position equivalent to 0.27x equity.

Inventory ended the period at 410.5bn, roughly 47.1% of total assets.

Over the last 12 months, working capital absorbed 3.1bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −0.3bn

Inventories increased → lower CFO: −2.8bn

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.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 2453.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 2945.3 days —

Inventory 1625.7 days —

Payables 2117.2 days —

Cash Conversion Cycle 2453.8 days —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 10.0bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.27x and interest coverage only at -1.47x.

At present, short-term debt accounts for 99.4% of total debt, cash equals 1.2% of debt, and total debt stands at 307.3bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is -1.47x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.4% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.27x +0.14x

Interest Coverage -1.47x −0.44x

Cash / Debt 1.2% −2.4pp

Short-term Debt / Total Debt 99.4% +1.0pp

CFO / NI -0.13x −0.16x

TTM YoY · 2020Q4 -> 2025Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 10.0bn in 2025, against investing cash flow of -13.1bn.

Post-investment cash flow was negative +3.1bn. Financing cash flow was positive +3.6bn.

CFO / net income was -0.13x.

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

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 10.0bn +11.8bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 123.8 pp. The next watchpoint is the earnings mix, when non-core contribution is 70.4%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 70.4% of PBT and CFO / net income currently at -0.13x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -277.21% after a 123.8pp decline versus the same period last year.

Statement Data

Item	2025	2023	2022	2020
Revenue	30.5	9.0	37.6	36.8
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	30.4	9.0	37.6	36.8
Cost of Goods Sold	45.1	1.5	30.5	0.0
Gross Profit	-14.7	7.5	7.1	5.3
Financial Income	0.2	2.2	7.7	0.8
Financial Expenses	56.0	63.6	165.4	-56.3
Interest Expense	56.0	63.6	165.8	-56.3
Share of Associates and Joint Ventures	—	5.0	9.9	4.9
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	6.2	25.5	31.3	-12.6
Operating Profit	-76.7	-74.3	-172.0	-57.8
Other Income	3.0	5.3	1.0	0.0
Other Expenses	0.4	1.3	7.2	0.0
Other Profit	2.6	4.0	-6.3	1.3
Profit Before Tax	-74.2	-70.3	-178.2	-56.5
Current Income Tax Expense	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	-74.2	-70.4	-178.2	-56.5
Non-controlling Interest	0.1	0.0	-0.2	-1.2
Profit Attributable to Parent	-74.3	-70.4	-178.0	-55.3
Earnings per Share	-2,755.00	-2,611.00	-6,602.00	-2,048.04
Diluted EPS	-2,751.11	-2,607.29	-6,592.25	-2,048.04

Item	2025	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	793.1	934.1	805.6	879.7
I. Cash and cash equivalents	3.7	142.3	4.7	11.1
1. Cash	2.8	3.0	4.7	0.0
2. Cash equivalents	0.9	139.3	0.0	0.0
II. Short-term financial investments	0.4	0.4	0.4	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	0.4	0.4	0.4	0.0
III. Short-term receivables	365.9	367.7	381.0	447.0
1. Short-term trade accounts receivable	165.8	170.0	169.6	0.0
2. Short-term prepayments to suppliers	283.9	280.5	279.6	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	188.2	193.7	191.3	0.0
7. Provision for short-term doubtful debts (*)	-277.7	-282.3	-265.2	0.0
8. Assets awaiting resolution	5.7	5.7	5.7	0.0
IV. Inventories	410.5	411.1	404.7	407.0
1. Inventories	410.5	411.1	404.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	12.6	12.6	14.8	14.2
1. Short-term prepayments	3.2	3.1	3.1	0.0
2. Value added tax to be reclaimed	8.8	8.4	11.6	0.0
3. Taxes and other receivables from state authorities	0.6	1.1	0.1	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	78.4	179.0	174.1	477.5
I. Long-term receivables	44.5	44.5	44.5	0.0
1. Long-term trade receivables	—	0.0	0.0	297.8
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	44.5	44.5	44.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	2.5	2.8	3.0	4.8
1. Tangible fixed assets	2.5	2.8	3.0	4.8
- Cost	66.3	77.5	77.5	0.0
- Accumulated depreciation	-63.8	-74.7	-74.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	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
III. Investment properties	—	0.0	0.0	56.3
- Cost	55.4	55.4	55.4	0.0
- Accumulated depreciation	-55.4	-55.4	-55.4	0.0
IV. Long-term assets in progress	2.4	38.0	38.0	38.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	2.4	38.0	38.0	0.0
V. Long-term financial investments	28.2	93.0	87.9	74.8
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.5	86.2	81.1	0.0
3. Investments in other entities	21.9	11.2	11.2	0.0
4. Provision for diminution in value of long-term investments	-3.2	-4.4	-4.4	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	0.8	0.7	0.7	0.0
1. Long-term prepayments	0.8	0.7	0.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	5.9
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	871.5	1,113.1	979.7	1,357.2
A. LIABILITIES (300=210+330)	1,977.1	2,143.5	1,939.8	2,080.3
I. Short -term liabilities	1,941.3	1,895.2	1,689.6	1,543.1
1. Short-term trade accounts payable	245.1	255.0	256.1	289.5
2. Short-term advances from customers	76.2	73.0	72.1	72.7
3. Taxes and other payables to state authorities	28.0	31.2	32.6	0.0
4. Payable to employees	18.4	17.4	17.6	0.0
5. Short-term acrrued expenses	933.5	940.1	878.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	5.5	0.1	0.1
9. Other short-term payables	333.8	259.5	120.8	0.0
10. Short-term borrowings and financial leases	305.5	312.9	311.2	304.6
11. Provision for short-term liabilities	0.4	0.4	0.4	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	35.8	248.3	250.2	537.2
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	29.3	29.3	29.3	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	4.7	4.7	5.7	0.0
8. Long-term borrowings and financial leases	1.8	1.8	1.8	5.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	212.5	213.3	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-1,105.7	-1,030.4	-960.0	-723.2
I. Owner's equity	-1,105.7	-1,030.4	-960.0	0.0
1. Owner's capital	270.0	270.0	270.0	-723.2
- Common stock with voting right	270,000,000,000.00	270,000,000,000.00	270,000,000,000.00	270,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	24.1	24.1	24.1	24.1
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	1.1	1.1	1.1	1.1
5. Treasury shares	-390,000,000.00	-390,000,000.00	-390,000,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	26.4	26.4	26.4	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	6.2	6.2	6.2	0.0
11. Undistributed earnings after tax	-1,411.5	-1,336.2	-1,265.8	-1,029.3
- Accumulated retained earning at the end of the previous period	-1,337.2	-1,265.8	-1,087.9	-972.3
- Undistributed earnings in this period	-74.3	-70.4	-178.0	-57.0
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	-21.6	-21.6	-21.6	-21.3
14. Financial reserves	—	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
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	871.5	1,113.1	979.7	1,357.2

Item	2025	2023	2022	2020
Profit Before Tax	-74.2	-70.3	-178.2	-57.0
Depreciation of Fixed Assets and Investment Property	0.1	0.2	54.7	1.7
Provision (Increase)/Reversal	—	17.0	19.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-2.2	-0.1	0.0
Interest Expense	56.0	57.6	54.7	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-18.3	2.3	-49.5	0.2
Increase/(Decrease) in Receivables	-0.3	-6.9	287.8	0.0
Increase/(Decrease) in Inventory	-2.8	-6.4	4.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	31.4	145.6	-258.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	0.0	1.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	10.0	134.5	-13.5	-1.8
Payments for Fixed Assets and Other Long-term Assets	—	0.4	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	-14.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	1.1	0.1	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-13.1	1.5	0.1	0.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	4.7	1.7	7.5	1.3
Repayment of Borrowings	-1.2	0.0	-0.9	-0.6
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	3.6	1.7	6.6	0.7
Net Cash Flow During the Period	0.5	137.6	-6.9	0.5
Cash and Cash Equivalents at Beginning of Period	3.2	4.7	11.5	11.4
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.7	142.3	4.7	11.1

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'20	Q3'20	Q2'20	Q1'20
Revenue	20.7	3.3	2.1	2.6	8.6	3.8	8.1	16.4
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0
Net Revenue	20.7	3.3	2.1	2.6	8.6	3.8	8.1	16.4
Cost of Goods Sold	43.3	1.3	0.8	0.8	0.0	0.0	0.0	0.0
Gross Profit	-22.5	2.0	1.4	1.8	2.6	0.9	1.2	0.6
Financial Income	0.0	0.0	0.0	0.0	0.7	0.0	0.1	0.0
Financial Expenses	14.0	14.1	13.9	14.0	-23.0	-6.8	-12.7	-13.8
Interest Expense	14.0	14.1	13.9	14.0	-23.0	-6.8	-12.7	-13.8
Share of Associates and Joint Ventures	—	—	—	—	4.1	0.0	0.8	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.3	2.0	2.2	2.4	-2.5	-2.7	-3.4	-4.0
Operating Profit	-38.8	-14.2	-14.7	-14.7	-18.0	-8.6	-14.0	-17.2
Other Income	2.8	—	0.1	0.1	0.0	0.0	0.0	0.0
Other Expenses	0.3	0.0	0.1	—	0.0	0.0	0.0	0.0
Other Profit	2.6	-0.0	-0.0	0.1	-0.4	-0.0	2.1	-0.4
Profit Before Tax	-36.2	-14.2	-14.7	-14.6	-18.4	-8.6	-11.9	-17.7
Current Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0
Net Income	-36.2	-14.2	-14.7	-14.6	-18.4	-8.6	-11.9	-17.7
Non-controlling Interest	-0.6	-0.1	—	—	-0.8	0.0	-0.5	0.0
Profit Attributable to Parent	-35.6	-14.1	-14.7	-14.6	-17.6	-8.6	-11.4	-17.7
Earnings per Share	-1,320.08	-1,005.00	-543.01	-539.14	-652.67	-317.88	-423.67	-653.81
Diluted EPS	-1,320.08	-522.17	-543.01	-539.14	-652.67	-317.88	-423.67	-653.81

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'20	Q3'20	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	793.1	799.2	417.7	418.6	879.7	886.6	880.3	967.2
I. Cash and cash equivalents	3.7	6.2	1.2	0.4	11.1	10.6	10.8	11.2
1. Cash	2.8	2.8	0.1	0.1	0.0	0.0	0.0	0.0
2. Cash equivalents	0.9	3.4	1.0	0.4	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.4	0.4	—	—	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	0.4	0.4	—	—	0.0	0.0	0.0	0.0
III. Short-term receivables	365.9	370.7	210.9	212.6	447.0	457.4	450.3	517.9
1. Short-term trade accounts receivable	165.8	165.0	132.4	132.4	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	283.9	283.9	278.0	278.0	0.0	0.0	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	188.2	193.8	160.1	161.8	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-277.7	-277.7	-359.6	-359.6	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	5.7	5.7	—	—	0.0	0.0	0.0	0.0
IV. Inventories	410.5	409.1	200.0	200.0	407.0	404.0	404.8	404.3
1. Inventories	410.5	409.1	200.0	200.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0
V. Other short-term assets	12.6	12.7	5.6	5.6	14.2	14.2	14.1	33.5
1. Short-term prepayments	3.2	3.2	—	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	8.8	8.8	5.5	5.5	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.6	0.6	0.1	0.1	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)	78.4	100.0	88.4	88.4	477.5	479.6	481.6	477.3
I. Long-term receivables	44.5	44.5	37.7	37.7	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	297.8	302.9	302.9	300.5
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	44.5	44.5	37.7	37.7	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	2.5	2.5	0.1	0.1	4.8	5.0	5.3	6.6
1. Tangible fixed assets	2.5	2.5	0.1	0.1	4.8	5.0	5.3	6.6
- Cost	—	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	56.3	56.3	56.3	56.3
- 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	2.4	38.0	36.2	36.2	38.0	38.0	38.0	38.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.4	38.0	36.2	36.2	0.0	0.0	0.0	0.0
V. Long-term financial investments	28.2	14.2	14.0	14.0	74.8	70.7	71.5	67.1
1. Investments in subsidiaries	—	—	84.0	84.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.5	9.5	146.6	146.6	0.0	0.0	0.0	0.0
3. Investments in other entities	21.9	7.9	6.4	6.4	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-3.2	-3.2	-223.1	-223.1	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	0.8	0.9	0.3	0.3	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.8	0.9	0.3	0.3	0.0	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	—	—	—	—	5.9	6.7	7.6	8.9
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)	871.5	899.2	506.1	507.0	1,357.2	1,366.2	1,361.9	1,444.5
A. LIABILITIES (300=210+330)	1,977.1	1,972.1	1,551.2	1,540.6	2,080.3	2,071.2	2,057.5	2,127.8
I. Short -term liabilities	1,941.3	1,936.2	1,550.8	1,540.2	1,543.1	1,534.5	1,522.3	1,678.8
1. Short-term trade accounts payable	245.1	252.9	174.1	174.4	289.5	301.2	291.5	321.4
2. Short-term advances from customers	76.2	88.9	41.1	41.1	72.7	76.1	80.6	154.3
3. Taxes and other payables to state authorities	28.0	29.7	3.8	3.7	0.0	0.0	0.0	0.0
4. Payable to employees	18.4	18.3	2.2	2.5	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	933.5	920.3	878.0	865.2	0.0	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	2.6	3.3	2.8	0.1	0.0	0.0	0.0
9. Other short-term payables	333.8	319.5	253.1	255.3	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	305.5	303.5	194.9	194.9	304.6	304.6	305.9	309.1
11. Provision for short-term liabilities	0.4	0.4	—	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.2	0.0	0.0	0.0	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	35.8	35.8	0.4	0.4	537.2	536.7	535.2	449.0
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	29.3	29.3	—	—	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	4.7	4.7	0.4	0.4	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1.8	1.8	—	—	5.0	4.4	3.1	3.1
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-1,105.7	-1,072.9	-1,045.1	-1,033.6	-723.2	-705.0	-695.5	-683.3
I. Owner's equity	-1,105.7	-1,072.9	-1,045.1	-1,033.6	0.0	0.0	0.0	0.0
1. Owner's capital	270.0	270.0	270.0	270.0	-723.2	-705.0	-695.5	-683.3
- Common stock with voting right	270,000,000,000.00	270,000,000,000.00	270,000,000,000.00	270,000,000,000.00	270,000,000,000.00	270,000,000,000.00	270,000,000,000.00	270,000,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00
2. Share premium	24.1	24.1	24.1	24.1	24.1	24.1	24.1	24.1
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0
4. Other capital of owners	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
5. Treasury shares	-390,000,000.00	-390,000,000.00	—	—	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	26.4	26.4	26.3	26.3	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	6.2	6.2	5.9	5.9	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-1,411.5	-1,378.5	-1,372.6	-1,361.1	-1,029.3	-1,011.7	-1,002.0	-990.7
- Accumulated retained earning at the end of the previous period	-1,337.2	-1,337.2	-1,346.5	-1,346.5	-972.3	-973.1	-972.4	-973.1
- Undistributed earnings in this period	-74.3	-41.3	-26.0	-14.6	-57.0	-38.6	-29.6	-17.7
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0
13. Minority's interest	-21.6	-21.8	—	—	-21.3	-20.7	-21.0	-20.5
14. Financial reserves	—	—	—	—	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
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	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)	871.5	899.2	506.1	507.0	1,357.2	1,366.2	1,361.9	1,444.5

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'20	Q3'20	Q2'20	Q1'20
Profit Before Tax	-32.8	-14.3	-12.4	-14.6	-18.4	-9.0	-11.9	-17.7
Depreciation of Fixed Assets and Investment Property	0.1	0.0	-0.0	0.0	0.2	0.4	0.8	0.4
Provision (Increase)/Reversal	—	—	—	-0.2	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	-0.2	-0.0	-0.0	—	0.0	0.0	0.0	0.0
Interest Expense	14.1	14.1	13.7	14.1	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	-18.8	-0.2	8.1	-7.3	4.3	-2.0	1.2	-3.2
Increase/(Decrease) in Receivables	1.5	0.0	4.2	-6.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	-1.4	0.0	2.1	-3.6	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	25.6	0.8	5.0	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.0	-16.8	16.7	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	—	—	—	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	7.0	0.6	2.6	-0.1	0.3	-1.2	-4.3	3.4
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	0.0	0.0	3.7	-3.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.0	—	—	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	0.2	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	1.0	—	—	—	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	0.0	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	-13.1	0.0	-0.2	0.2	0.7	-0.0	3.8	-3.7
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	4.6	0.0	0.2	—	0.1	1.1	0.1	0.0
Repayment of Borrowings	-1.0	0.0	-0.2	-6.7	-0.6	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0
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	3.6	—	—	—	-0.5	1.1	0.1	0.0
Net Cash Flow During the Period	-2.5	0.6	2.4	0.0	0.5	-0.2	-0.4	-0.3
Cash and Cash Equivalents at Beginning of Period	6.2	5.6	0.4	0.4	10.6	10.8	11.2	11.4
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.7	6.2	5.6	0.4	11.1	10.6	10.8	11.2

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SHG

What Is Changing

Drivers of SHG's profit

Financial Highlights

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What is driving the margin? ▼▼

Is capital being used efficiently?

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