SLS

Mía Đường Sơn La ·HNX ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 29.04%, −13.28pp YoY

Price

147,200

Latest close

03 Jun 2026

P/E 3.87x

P/B 0.87x

EPS 37,994

BVPS 169,036

ROE 24.1%

ROA 21.4%

Profit Margin 29.0%

Asset Turnover 0.74x

Equity Mult. 1.12x

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

What Is Changing

On a TTM 2026Q1 basis, SLS is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,281bn
	                                
+10.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 372bn
	                                
−24.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,160.9	1,411.7	1,715.9	869.0	857.0
Growth	-18%	-18%	+97%	+1%	—
Net Income	374.2	526.4	523.1	187.6	190.6
Net Margin	32.23%	37.29%	30.49%	21.59%	22.24%

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	298.9	371.3	289.6	321.5	178.5	551.4	241.8	187.9	430.5	549.9	411.4	373.4
Growth	-19%	+28%	-10%	+80%	-68%	+128%	+29%	-56%	-22%	+34%	+10%	—
Net Income	81.5	96.5	89.3	104.8	83.7	235.0	102.3	69.8	119.3	224.6	109.2	108.0
Net Margin	27.27%	25.98%	30.83%	32.59%	46.88%	42.61%	42.29%	37.16%	27.71%	40.85%	26.54%	28.94%

Drivers of SLS's profit

TTM

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

Gross profit ↓ 96.0bn

Administrative expenses ↑ 23.8bn

TTM

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

Financial income ↑ 5.9bn

Gross profit ↓ 3.4bn

Administrative expenses ↑ 3.1bn

Finance costs ↑ 1.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 37.9% = 42.3% × 0.76 × 1.18

2026Q1 24.1% = 29.0% × 0.74 × 1.12

ROE fell from 37.9% to 24.1% — all three components weakened, with net margin being the main drag.

Net margin: 29.0% -13.3pp Asset turnover: 0.74x -0.02x Leverage: 1.12x -0.06x

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 fell to 29.04%, losing 13.3pp. The main pressure comes from Gross margin fell 11.4pp and SG&A / Revenue rose 1.9pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.1pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 29.04% −13.3pp

Gross Margin 29.45% −11.4pp

SG&A / Revenue 2.94% +1.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.21x equity, net debt at 0.07x equity.

Inventory ended the period at 511.5bn, roughly 24.6% 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

Cash conversion cycle lengthened by 90.6 days versus the same period last year. The main moves came from DIO rose 24.4 days, DSO rose 64.5 days, and DPO fell 1.7 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 278.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +64.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 146.4 days +64.5 days

Inventory 135.6 days +24.4 days

Payables 3.3 days −1.7 days

Cash Conversion Cycle 278.7 days +90.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.07x and interest coverage at 71.10x.

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 0.07x +0.18x

Interest Coverage 71.10x −486.08x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.34x +0.27x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -9.0bn in 2025, against investing cash flow of -23.7bn.

Post-investment cash flow was negative +32.7bn. Financing cash flow was positive +17.3bn.

CFO / net income was 0.34x.

After spending +33.4bn on fixed-asset investment, the business generated trailing free cash flow of +94.6bn.

Cash Conversion

CFO TTM 128.1bn +91.0bn

Cash Capex 33.4bn −30.0bn

FCF TTM +94.6bn +121.0bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. The next item to monitor is capital structure should be read with cycle risk in mind. The main risk still sits in core profitability, with net margin down 13.3 pp.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 121.0bn versus the same period last year.

Watchpoint: Capital structure should be read with cycle risk in mind.

Key risk: profitability remains under pressure, with trailing-12M net margin at 29.04% after a 13.3pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,160.9	1,411.7	1,715.9	869.0	857.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,160.9	1,411.7	1,715.9	869.0	857.0
Cost of Goods Sold	780.1	883.6	1,158.5	643.7	0.0
Gross Profit	380.7	528.1	557.4	225.3	231.6
Financial Income	38.0	31.8	20.2	14.5	13.9
Financial Expenses	3.8	2.8	21.3	30.8	-33.6
Interest Expense	3.8	2.7	21.3	29.9	-31.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	3.0	2.8	5.4	3.1	-2.8
General and Administrative Expenses	31.5	21.8	28.8	19.3	-19.7
Operating Profit	380.5	532.4	522.2	186.5	189.4
Other Income	0.8	0.0	1.2	1.2	0.0
Other Expenses	0.2	0.1	0.0	0.1	0.0
Other Profit	0.6	-0.1	1.1	1.1	1.2
Profit Before Tax	381.2	532.3	523.3	187.6	190.6
Current Income Tax Expense	6.9	5.9	0.2	0.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	374.2	526.4	523.1	187.6	190.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	374.2	526.4	523.1	187.6	190.6
Earnings per Share	37,756.00	53,754.00	53,423.00	19,163.00	19,466.00
Diluted EPS	38,216.01	53,754.28	53,423.01	19,162.61	19,465.50

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,546.6	1,127.0	781.2	779.3	492.6
I. Cash and cash equivalents	3.2	18.5	134.2	6.7	5.9
1. Cash	3.2	18.5	73.2	6.7	0.0
2. Cash equivalents	—	0.0	61.0	0.0	0.0
II. Short-term financial investments	—	0.0	27.3	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	27.3	0.0	0.0
III. Short-term receivables	1,031.9	677.9	294.6	304.2	236.6
1. Short-term trade accounts receivable	908.6	539.6	151.9	114.9	0.0
2. Short-term prepayments to suppliers	22.5	15.5	22.4	46.4	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	9.4	9.4	9.4	9.4	0.0
6. Other short-term receivables	102.9	124.9	122.5	145.2	0.0
7. Provision for short-term doubtful debts (*)	-11.5	-11.6	-11.6	-11.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	511.5	430.6	325.1	468.5	231.0
1. Inventories	537.4	433.7	329.5	471.3	0.0
2. Provision for decline in value of inventories	-25.9	-3.1	-4.4	-2.8	0.0
V. Other short-term assets	—	0.0	0.0	0.0	19.3
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	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)	536.8	568.7	560.7	600.2	620.4
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	516.1	549.6	544.0	558.8	581.1
1. Tangible fixed assets	514.9	548.4	542.8	557.6	579.9
- Cost	1,030.5	1,014.2	952.8	924.3	0.0
- Accumulated depreciation	-515.6	-465.8	-410.1	-366.7	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	1.2	1.2	1.2	1.2	1.2
- Cost	2.0	2.0	2.0	2.0	0.0
- Accumulated depreciation	-0.8	-0.8	-0.8	-0.8	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	9.1	7.5	5.1	29.8	26.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	9.1	7.5	5.1	29.8	0.0
V. Long-term financial investments	11.6	11.6	11.6	11.6	11.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.6	9.6	9.6	9.6	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	2.0	2.0	2.0	2.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	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	—	0.0	0.0	0.0	1.0
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)	2,083.5	1,695.7	1,342.0	1,379.6	1,113.1
A. LIABILITIES (300=210+330)	355.9	140.9	161.3	619.5	472.7
I. Short -term liabilities	355.9	140.9	156.8	569.4	394.7
1. Short-term trade accounts payable	45.6	43.1	48.6	36.4	139.7
2. Short-term advances from customers	1.0	0.5	9.3	0.1	11.5
3. Taxes and other payables to state authorities	24.7	22.4	34.0	7.1	0.0
4. Payable to employees	1.7	4.6	8.4	1.6	0.0
5. Short-term acrrued expenses	0.0	1.0	2.5	1.2	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	1.8	0.9	0.7	2.0	0.0
10. Short-term borrowings and financial leases	274.9	61.7	45.6	512.2	214.0
11. Provision for short-term liabilities	5.7	4.0	4.5	4.0	0.0
12.. Bonus and welfare fund	0.6	2.7	3.1	4.8	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	4.5	50.1	78.0
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	4.5	50.1	78.0
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)	1,727.5	1,554.8	1,180.6	760.1	640.4
I. Owner's equity	1,727.5	1,554.8	1,180.6	760.1	0.0
1. Owner's capital	97.9	97.9	97.9	97.9	640.4
- Common stock with voting right	97,919,450,000.00	97,919,450,000.00	97,919,450,000.00	97,919,450,000.00	97,919,450,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	4.0	4.0	4.0	4.0	4.0
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	95.6	45.6	45.6	45.6	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	7.7	8.8	8.2	6.8	0.0
11. Undistributed earnings after tax	1,522.3	1,398.4	1,024.9	605.8	486.0
- Accumulated retained earning at the end of the previous period	1,148.1	872.1	501.8	418.1	418.1
- Undistributed earnings in this period	374.2	526.4	523.1	187.6	67.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,083.5	1,695.7	1,342.0	1,379.6	1,113.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	381.2	532.3	523.3	187.6	0.0
Depreciation of Fixed Assets and Investment Property	56.8	55.7	54.9	53.2	0.0
Provision (Increase)/Reversal	25.3	2.7	6.0	-20.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-5.2	-17.1	-10.8	-8.3	0.0
Interest Expense	3.8	2.7	21.3	29.9	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	461.8	576.3	594.7	241.9	0.0
Increase/(Decrease) in Receivables	-350.4	-387.5	4.9	10.2	0.0
Increase/(Decrease) in Inventory	-103.7	-104.2	141.8	-218.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.5	-37.3	55.0	-36.5	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	1.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.8	-2.7	-21.3	-29.9	0.0
Corporate Income Tax Paid	-5.9	-0.2	0.0	0.0	0.0
Other Operating Receipts	0.1	0.0	0.0	0.0	0.0
Other Operating Payments	-7.7	-5.8	-6.2	-5.0	0.0
Net Cash Flow from Operating Activities	-9.0	38.6	768.9	-36.9	95.2
Payments for Fixed Assets and Other Long-term Assets	-33.2	-63.5	-16.9	-29.9	-22.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.0	0.0	3.1	2.6	2.3
Loans and Purchases of Debt Instruments	—	-139.0	-27.3	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	166.3	0.0	0.0	2.3
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	4.6	17.1	9.8	7.1	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	-23.7	-19.1	-31.2	-20.2	-18.2
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	354.1	112.2	601.7	812.1	643.7
Repayment of Borrowings	-140.9	-100.6	-1,113.9	-674.4	-640.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-195.8	-146.9	-97.9	-78.4	-78.4
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	17.3	-135.3	-610.1	59.2	-75.1
Net Cash Flow During the Period	-15.3	-115.7	127.5	2.2	-39.6
Cash and Cash Equivalents at Beginning of Period	18.5	134.2	6.7	4.5	4.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.2	18.5	134.2	6.7	5.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	298.9	371.3	289.6	321.5	178.5	551.4	241.8	187.9	430.5	549.9	411.4	373.4
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	298.9	371.3	289.6	321.5	178.5	551.4	241.8	187.9	430.5	549.9	411.4	373.4
Cost of Goods Sold	222.1	268.2	200.4	213.3	98.3	317.5	143.1	127.4	295.5	319.2	299.0	262.1
Gross Profit	76.8	103.1	89.2	108.2	80.2	233.9	98.7	60.5	135.0	230.7	112.4	111.3
Financial Income	12.1	15.7	9.2	7.0	6.2	7.3	11.3	12.0	1.1	5.1	10.6	3.6
Financial Expenses	1.8	2.5	0.7	0.3	0.3	-0.6	0.5	0.7	2.2	2.3	4.9	4.9
Interest Expense	1.8	2.5	0.7	0.3	0.3	-0.6	0.5	0.7	2.2	2.3	4.9	4.9
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.4	1.3	0.7	0.5	0.4	1.0	0.1	0.2	1.6	1.8	2.0	-0.2
General and Administrative Expenses	5.2	11.6	7.8	10.1	2.0	0.1	7.1	1.7	13.1	6.9	8.1	1.8
Operating Profit	81.5	103.3	89.2	104.3	83.7	240.9	102.3	69.9	119.3	224.8	108.0	108.3
Other Income	0.0	0.1	0.1	0.6	0.0	0.0	0.0	0.0	0.0	0.0	1.2	-0.3
Other Expenses	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	0.0	0.1	0.0	0.5	-0.0	-0.0	-0.0	-0.1	-0.0	0.0	1.1	-0.3
Profit Before Tax	81.5	103.4	89.3	104.8	83.7	240.9	102.3	69.8	119.3	224.8	109.2	108.0
Current Income Tax Expense	—	6.9	—	—	0.0	5.9	0.0	0.0	0.0	0.2	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	81.5	96.5	89.3	104.8	83.7	235.0	102.3	69.8	119.3	224.6	109.2	108.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	81.5	96.5	89.3	104.8	83.7	235.0	102.3	69.8	119.3	224.6	109.2	108.0
Earnings per Share	8,325.00	9,852.00	9,117.00	10,700.00	8,547.00	23,995.00	10,444.00	7,132.00	12,183.00	22,941.00	11,152.00	11,034.00
Diluted EPS	8,324.53	9,852.20	9,116.89	10,699.91	8,547.02	23,995.09	10,444.20	7,131.59	12,183.00	22,940.81	11,151.97	11,033.98

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)	1,337.2	1,546.6	1,452.9	1,154.1	1,051.6	1,127.0	1,002.3	864.8	894.2	781.2	739.4	543.6
I. Cash and cash equivalents	151.5	3.2	20.1	105.4	170.3	18.5	64.3	168.9	284.6	116.2	16.4	6.7
1. Cash	65.5	3.2	20.1	45.4	5.3	18.5	64.3	64.8	19.9	73.2	16.4	6.7
2. Cash equivalents	86.0	—	—	60.0	165.0	0.0	0.0	104.2	264.7	43.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	54.2	178.3	45.3	0.0	0.0
1. Available for sale securities	—	—	—	—	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	—	—	—	—	0.0	0.0	0.0	54.2	178.3	45.3	0.0	0.0
III. Short-term receivables	844.3	1,031.9	816.2	736.0	520.9	677.9	408.3	456.7	351.5	294.6	307.5	340.1
1. Short-term trade accounts receivable	690.0	908.6	664.7	533.6	337.6	539.6	262.7	293.4	182.6	151.9	166.6	136.5
2. Short-term prepayments to suppliers	41.1	22.5	45.1	44.2	45.6	15.5	30.9	25.7	42.9	22.4	47.0	45.9
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	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4	9.4
6. Other short-term receivables	115.3	102.9	108.5	160.4	139.9	124.9	116.9	139.7	128.2	122.5	96.3	160.0
7. Provision for short-term doubtful debts (*)	-11.5	-11.5	-11.5	-11.5	-11.6	-11.6	-11.5	-11.5	-11.5	-11.6	-11.8	-11.8
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	308.4	511.5	616.5	297.9	334.4	430.6	529.6	174.2	76.3	325.1	415.5	173.2
1. Inventories	334.3	537.4	618.9	300.2	337.5	433.7	534.0	178.6	80.7	329.5	418.4	176.0
2. Provision for decline in value of inventories	-25.9	-25.9	-2.4	-2.4	-3.1	-3.1	-4.4	-4.4	-4.4	-4.4	-2.8	-2.8
V. Other short-term assets	33.0	—	—	14.8	26.0	0.0	0.0	10.8	3.5	0.0	0.0	23.7
1. Short-term prepayments	33.0	—	—	14.8	26.0	0.0	0.0	10.1	3.4	0.0	0.0	23.6
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.7	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	—	—	—	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)	532.5	536.8	520.8	545.3	554.8	568.7	570.4	572.7	549.1	560.7	573.9	592.5
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	508.4	516.1	497.4	521.3	535.7	549.6	542.4	526.3	530.8	544.0	553.5	567.7
1. Tangible fixed assets	507.3	514.9	496.2	520.1	534.5	548.4	541.3	525.1	529.6	542.8	552.3	566.5
- Cost	1,037.1	—	—	—	1,014.8	1,014.2	992.7	962.7	953.3	952.8	948.7	960.3
- Accumulated depreciation	-529.9	—	—	—	-480.3	-465.8	-451.5	-437.6	-423.7	-410.1	-396.4	-393.9
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	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
- Cost	2.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.8	—	—	—	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	12.8	9.1	11.8	9.5	7.5	7.5	16.3	34.7	6.7	5.1	4.9	6.8
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	12.8	9.1	11.8	9.5	7.5	7.5	16.3	34.7	6.7	5.1	4.9	6.8
V. Long-term financial investments	9.6	11.6	11.6	11.6	11.6	11.6	11.6	11.6	11.6	11.6	11.6	11.6
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	9.6	9.6	9.6	9.6	9.6	9.6	9.6	9.6	9.6	9.6	9.6	9.6
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	—	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	1.7	—	—	3.0	0.0	0.0	0.0	0.0	0.0	0.0	3.8	6.4
1. Long-term prepayments	1.7	—	—	3.0	0.0	0.0	0.0	0.0	0.0	0.0	3.8	6.4
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)	1,869.7	2,083.5	1,973.6	1,699.4	1,606.4	1,695.7	1,572.6	1,437.5	1,443.4	1,342.0	1,313.3	1,136.1
A. LIABILITIES (300=210+330)	214.5	355.9	342.5	156.9	168.3	140.9	252.8	218.6	294.3	161.3	357.3	287.2
I. Short -term liabilities	214.5	355.9	342.5	156.9	168.3	140.9	252.8	218.6	294.3	156.8	345.8	239.6
1. Short-term trade accounts payable	8.9	45.6	104.5	100.7	7.5	43.1	185.7	109.1	11.2	48.6	89.5	142.0
2. Short-term advances from customers	19.6	1.0	0.3	16.5	1.1	0.5	15.7	0.6	0.7	9.3	29.9	0.2
3. Taxes and other payables to state authorities	24.0	24.7	3.2	5.4	24.7	22.4	5.5	0.1	53.3	34.0	8.3	2.9
4. Payable to employees	1.7	1.7	11.7	5.4	1.8	4.6	14.1	14.0	12.2	8.4	16.6	7.4
5. Short-term acrrued expenses	0.0	0.0	8.9	21.2	0.0	1.0	16.2	9.7	21.5	2.5	13.8	0.6
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	148.0	1.8	5.8	2.8	106.6	0.9	3.5	1.4	147.8	0.7	1.5	1.0
10. Short-term borrowings and financial leases	—	274.9	206.9	—	20.9	61.7	9.0	77.7	36.4	45.6	182.6	80.2
11. Provision for short-term liabilities	5.7	5.7	—	—	0.0	4.0	0.0	0.0	4.5	4.5	0.0	0.0
12.. Bonus and welfare fund	6.7	0.6	1.1	4.8	5.8	2.7	3.2	6.1	6.8	3.1	3.6	5.2
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	4.5	11.5	47.6
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	4.5	11.5	47.6
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)	1,655.2	1,727.5	1,631.2	1,542.5	1,438.1	1,554.8	1,319.9	1,218.9	1,149.1	1,180.6	956.1	848.8
I. Owner's equity	1,655.2	1,727.5	1,631.2	1,542.5	1,438.1	1,554.8	1,319.9	1,218.9	1,149.1	1,180.6	956.1	848.8
1. Owner's capital	97.9	97.9	97.9	97.9	97.9	97.9	97.9	97.9	97.9	97.9	97.9	97.9
- Common stock with voting right	97,919,450,000.00	97,919,450,000.00	97,919,450,000.00	97,919,450,000.00	97,919,450,000.00	97,919,450,000.00	97,919,450,000.00	97,919,450,000.00	97,919,450,000.00	97,919,450,000.00	97,919,450,000.00	97,919,450,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
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	95.6	95.6	95.6	95.6	95.6	45.6	45.6	45.6	45.6	45.6	45.6	45.6
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	9.2	7.7	7.8	8.4	8.8	8.8	8.9	10.1	10.2	8.2	8.2	10.2
11. Undistributed earnings after tax	1,448.4	1,522.3	1,425.8	1,336.5	1,231.8	1,398.4	1,163.5	1,061.2	991.4	1,024.9	800.3	691.1
- Accumulated retained earning at the end of the previous period	1,366.9	1,148.1	1,148.1	1,148.1	1,148.1	872.1	872.1	872.1	872.1	501.8	501.8	501.8
- Undistributed earnings in this period	81.5	374.2	277.7	188.5	83.7	526.4	291.4	189.1	119.3	523.1	298.5	189.3
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)	1,869.7	2,083.5	1,973.6	1,699.4	1,606.4	1,695.7	1,572.6	1,437.5	1,443.4	1,342.0	1,313.3	1,136.1

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	—	192.7	—	188.5	0.0	532.3	-189.1	189.1	0.0	523.3	-189.3	189.3
Depreciation of Fixed Assets and Investment Property	—	28.1	—	28.7	0.0	55.7	-27.5	27.5	0.0	54.9	-27.1	27.1
Provision (Increase)/Reversal	—	29.3	—	-4.0	0.0	2.7	0.0	-0.0	0.0	6.0	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	—	-3.3	—	-1.9	0.0	-17.1	6.8	-6.8	0.0	-10.8	0.6	-0.6
Interest Expense	—	3.3	—	0.5	0.0	2.7	-1.9	1.9	0.0	21.3	-14.1	14.1
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	—	250.0	—	211.8	0.0	576.3	-211.7	211.7	0.0	594.7	-230.0	230.0
Increase/(Decrease) in Receivables	—	-297.4	—	-53.0	0.0	-387.5	159.4	-159.4	0.0	4.9	36.9	-36.9
Increase/(Decrease) in Inventory	—	-237.2	—	133.5	0.0	-104.2	-150.9	150.9	0.0	141.8	-295.3	295.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-84.6	—	85.1	0.0	-37.3	-30.0	30.0	0.0	55.0	-98.8	98.8
Increase/(Decrease) in Prepaid Expenses	—	—	—	-17.7	0.0	0.0	10.1	-10.1	0.0	0.0	30.0	-30.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-3.3	—	-0.5	0.0	-2.7	1.9	-1.9	0.0	-21.3	14.1	-14.1
Corporate Income Tax Paid	-6.9	0.0	0.0	0.0	-5.9	0.0	0.0	-0.2	0.0	0.0	0.0	0.0
Other Operating Receipts	1.6	—	—	—	0.0	-47.3	47.3	-0.9	0.9	-54.9	54.9	-16.2
Other Operating Payments	-50.5	271.7	-276.7	23.4	-26.2	215.3	-220.0	6.3	-7.3	139.9	-144.0	5.4
Net Cash Flow from Operating Activities	447.5	-199.1	-160.5	40.2	310.4	-101.4	-79.9	-92.0	312.0	18.6	209.4	219.4
Payments for Fixed Assets and Other Long-term Assets	-0.2	-33.2	12.4	-12.4	0.0	-62.7	45.1	-45.9	-0.0	-16.7	8.9	-9.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	—	4.9	0.0	0.0	0.0	0.0	0.0	3.1	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	-139.0	139.0	-139.0	0.0	-27.3	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	166.3	-112.3	112.3	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	—	3.2	—	1.4	0.0	17.1	-6.6	3.5	3.1	9.8	-0.6	0.6
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	1.8	-23.7	6.1	-6.1	0.0	-106.9	153.8	81.9	-147.9	-30.9	8.2	-8.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	-101,001,000.00	101,001,000.00	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	—	247.0	60.9	46.2	0.0	112.2	-55.0	55.0	0.0	381.7	120.9	99.2
Repayment of Borrowings	-301.0	-33.0	0.0	-36.6	-71.3	-4.5	-68.7	-13.7	-13.7	-251.6	-328.8	-296.4
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-8.2	8.2	-108.5	-87.3	-6.1	6.1	-146.9	0.0	0.0	0.0	-54.3
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	-301.0	205.7	69.2	-98.9	-158.6	101.5	-117.5	-105.6	-13.7	130.2	-207.9	-251.5
Net Cash Flow During the Period	148.3	-17.1	-85.2	-64.9	151.8	-106.8	-43.6	-115.7	150.4	117.9	9.7	-40.4
Cash and Cash Equivalents at Beginning of Period	3.2	20.1	105.4	170.3	18.5	134.2	73.2	134.2	134.2	6.7	6.7	6.7
FX Difference from Revaluation	—	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	151.5	3.2	20.1	105.4	170.3	18.5	64.3	168.9	284.6	134.2	16.4	6.7

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SLS

What Is Changing

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Balance Sheet ●

Working Capital Efficiency ▼▼

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Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow