SPD

Xuất nhập khẩu Thủy sản Miền Trung ·UPCOM ·2026Q1

▼ Slightly negative

Leverage and liquidity require close discipline Debt/equity 0.75x

Price

8,500

Latest close

29 May 2026

P/E 13.57x

P/B 0.72x

EPS 626

BVPS 11,862

ROE 5.5%

ROA 2.0%

Profit Margin 0.9%

Asset Turnover 2.22x

Equity Mult. 2.72x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 825bn
	                                
+9.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 8bn
	                                
−19.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	825.3	725.3	751.8	901.3	812.4
Growth	+14%	-4%	-17%	+11%	—
Net Income	7.5	8.3	0.7	7.5	0.3
Net Margin	0.91%	1.15%	0.10%	0.83%	0.03%

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	190.4	209.3	222.1	203.6	190.4	211.2	179.4	172.1	162.6	216.9	199.0	185.6
Growth	-9%	-6%	+9%	+7%	-10%	+18%	+4%	+6%	-25%	+9%	+7%	—
Net Income	-0.9	3.2	3.3	1.9	-0.9	4.8	3.1	2.3	-1.8	0.2	0.1	0.2
Net Margin	-0.45%	1.51%	1.51%	0.92%	-0.45%	2.28%	1.71%	1.34%	-1.13%	0.08%	0.05%	0.11%

Drivers of SPD's profit

TTM

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

Finance costs ↓ 4.4bn

Gross profit ↑ 2.7bn

Administrative expenses ↑ 4.2bn

Financial income ↓ 1.7bn

Other profit ↓ 1.2bn

Selling expenses ↑ 0.2bn

TTM

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

Finance costs ↓ 1.8bn

Financial income ↑ 0.7bn

Administrative expenses ↑ 3.1bn

Gross profit ↓ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.4% = 1.2% × 1.86 × 3.20

2026Q1 5.5% = 0.9% × 2.22 × 2.72

ROE fell from 7.4% to 5.5% — leverage weakened the most, though asset turnover still provided support.

Net margin: 0.9% -0.3pp Asset turnover: 2.22x +0.36x Leverage: 2.72x -0.48x

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 narrowed to 0.91%, falling 0.3pp. The main pressure is Gross margin fell 0.5pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / 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 0.91% −0.3pp

Gross Margin 8.75% −0.5pp

SG&A / Revenue 6.80% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 2.59x +0.48x

Average Invested Capital 318.5bn −37.7bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 1.73x equity, net debt at 0.92x equity.

Inventory ended the period at 209.1bn, roughly 54.9% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 29.6 days versus the same period last year. The main moves came from DIO fell 25.5 days, DSO fell 5.5 days, and DPO fell 1.3 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 148.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 70.4 days −5.5 days

Inventory 83.9 days −25.5 days

Payables 6.3 days −1.3 days

Cash Conversion Cycle 148.0 days −29.6 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.92x and interest coverage only at 0.75x.

At present, short-term debt accounts for 98.4% of total debt, cash equals 19.1% of debt, and total debt stands at 161.5bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.75x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 98.4% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.92x −0.86x

Interest Coverage 0.75x +0.24x

Cash / Debt 19.1% +8.5pp

Short-term Debt / Total Debt 98.4% +0.5pp

CFO / NI 14.48x +14.72x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 37.4bn in 2025, against investing cash flow of -5.5bn.

Post-investment cash flow was positive +31.9bn. Financing cash flow was negative +44.0bn.

CFO / net income was 14.48x.

After spending +6.9bn on fixed-asset investment, the business generated trailing free cash flow of +102.0bn.

Cash Conversion

CFO TTM 108.9bn +111.1bn

Cash Capex 6.9bn +0.8bn

FCF TTM +102.0bn +110.3bn

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 leverage and liquidity remaining the main constraint, with interest coverage at 0.75x. The next watchpoint is capital efficiency. The main offsetting support comes from cash generation.

Improvement: cash generation is recovering, with trailing-12M FCF improving by 110.3bn versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.75x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	825.4	725.5	753.4	904.3	813.1
Revenue Deductions	0.1	0.2	1.6	2.9	0.0
Net Revenue	825.3	725.3	751.8	901.3	812.4
Cost of Goods Sold	753.1	655.9	685.4	818.3	0.0
Gross Profit	72.2	69.4	66.4	83.0	62.4
Financial Income	8.0	7.3	9.1	10.7	4.1
Financial Expenses	13.8	17.0	20.2	18.5	-13.2
Interest Expense	11.1	13.7	16.1	15.5	-12.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	15.6	15.2	15.9	25.7	-15.6
General and Administrative Expenses	40.5	35.9	38.6	43.1	-35.6
Operating Profit	10.3	8.5	0.7	6.5	2.1
Other Income	0.2	1.1	1.3	1.4	0.0
Other Expenses	0.5	0.4	1.4	0.4	0.0
Other Profit	-0.3	0.7	-0.0	1.0	0.2
Profit Before Tax	10.0	9.2	0.7	7.5	2.3
Current Income Tax Expense	2.5	0.8	0.0	0.0	-2.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	7.5	8.3	0.7	7.5	0.3
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.5	8.3	0.7	7.5	0.3
Earnings per Share	625.00	696.00	60.00	626.00	21.15
Diluted EPS	625.00	696.00	60.00	626.00	21.15

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	297.3	318.9	300.1	371.6	357.1
I. Cash and cash equivalents	15.7	27.8	24.8	23.0	78.2
1. Cash	4.1	16.4	14.3	13.0	0.0
2. Cash equivalents	11.7	11.5	10.5	10.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	66.0	64.4	62.7	83.8	103.8
1. Short-term trade accounts receivable	150.1	150.9	153.7	163.3	0.0
2. Short-term prepayments to suppliers	5.8	3.7	3.3	0.8	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.5	1.2	1.4	16.4	0.0
7. Provision for short-term doubtful debts (*)	-91.4	-91.4	-95.6	-96.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	209.1	222.3	207.3	258.9	171.6
1. Inventories	209.1	222.3	207.3	258.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	6.5	4.4	5.3	5.9	3.5
1. Short-term prepayments	3.4	2.3	2.8	3.3	0.0
2. Value added tax to be reclaimed	3.1	2.1	2.3	2.6	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.1	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)	83.4	91.9	91.9	98.4	95.5
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	61.0	68.9	69.9	77.1	74.6
1. Tangible fixed assets	58.1	65.9	66.9	74.1	71.5
- Cost	275.6	272.5	262.3	260.4	0.0
- Accumulated depreciation	-217.5	-206.5	-195.4	-186.3	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	2.9	2.9	3.0	3.0	3.0
- Cost	5.4	5.4	5.4	5.3	0.0
- Accumulated depreciation	-2.5	-2.4	-2.4	-2.3	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.3	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.3	0.0
V. Long-term financial investments	22.0	22.0	22.0	21.0	21.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	18.4	18.4	18.4	18.4	0.0
3. Investments in other entities	2.1	2.1	2.1	2.1	0.0
4. Provision for diminution in value of long-term investments	—	0.0	1.5	0.0	0.0
5. Held to maturity investments	1.5	1.5	0.0	0.5	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.5	1.0	0.0	0.0	0.0
1. Long-term prepayments	0.5	1.0	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	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)	380.7	410.8	392.0	470.0	452.6
A. LIABILITIES (300=210+330)	241.0	278.6	268.1	346.8	337.0
I. Short -term liabilities	237.9	272.2	259.5	332.4	323.1
1. Short-term trade accounts payable	7.7	4.6	8.5	21.1	19.1
2. Short-term advances from customers	—	0.0	2.2	0.0	0.0
3. Taxes and other payables to state authorities	1.0	0.8	0.0	0.4	0.0
4. Payable to employees	14.2	12.4	10.3	12.0	0.0
5. Short-term acrrued expenses	3.6	2.5	1.7	3.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.2	0.3	0.2	0.1	0.1
9. Other short-term payables	3.9	3.4	30.7	79.0	0.0
10. Short-term borrowings and financial leases	207.0	247.7	205.3	215.9	142.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.5	0.6	0.7	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	3.1	6.4	8.6	14.4	14.0
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	3.1	6.4	8.6	14.4	13.8
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)	139.7	132.2	123.8	123.1	115.6
I. Owner's equity	139.7	132.2	123.8	123.1	0.0
1. Owner's capital	120.0	120.0	120.0	120.0	115.6
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1
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	11.4	11.4	11.4	11.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	8.4	0.9	-7.4	-8.2	-15.7
- Accumulated retained earning at the end of the previous period	0.9	-7.4	-8.2	-15.7	-16.9
- Undistributed earnings in this period	7.5	8.3	0.7	7.5	1.2
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)	380.7	410.8	392.0	470.0	452.6

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	-2.4	0.0	0.0	0.0	0.0
Other Operating Receipts	14.6	25.4	47.2	80.5	0.0
Other Operating Payments	-30.8	-39.4	-90.9	-201.2	0.0
Net Cash Flow from Operating Activities	37.4	-28.0	23.2	-118.2	-47.8
Payments for Fixed Assets and Other Long-term Assets	-6.1	-9.7	-6.2	-14.7	-14.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	1.4	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.6	0.6	0.8	0.3	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	-5.5	-9.0	-5.0	-14.4	-14.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	735.4	721.2	670.5	610.1	454.1
Repayment of Borrowings	-779.4	-681.0	-686.9	-532.5	-416.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.1	-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	-44.0	40.1	-16.4	77.7	37.2
Net Cash Flow During the Period	-12.1	3.0	1.8	-55.0	0.0
Cash and Cash Equivalents at Beginning of Period	27.8	24.8	23.0	78.2	39.0
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.3	-0.5
Cash and Cash Equivalents at End of Period	15.7	27.8	24.8	23.0	0.0

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	190.4	209.4	222.1	203.6	190.4	211.4	179.4	172.1	162.6	217.1	200.1	185.7
Revenue Deductions	—	0.1	0.0	0.0	—	0.2	0.0	0.0	0.0	0.2	1.1	0.0
Net Revenue	190.4	209.3	222.1	203.6	190.4	211.2	179.4	172.1	162.6	216.9	199.0	185.6
Cost of Goods Sold	175.8	188.8	204.1	184.3	175.8	190.1	165.0	152.7	148.2	201.8	178.9	170.1
Gross Profit	14.5	20.4	18.0	19.2	14.5	21.1	14.5	19.4	14.4	15.1	20.1	15.5
Financial Income	2.5	2.0	2.7	0.8	2.5	1.3	4.7	1.2	0.0	3.0	0.1	2.1
Financial Expenses	5.2	2.8	2.3	3.5	5.2	4.7	3.4	5.0	3.9	4.2	5.8	4.5
Interest Expense	3.1	2.8	2.3	2.9	3.1	3.4	3.4	3.7	3.2	4.1	3.9	4.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.7	3.9	4.2	3.9	3.7	4.0	3.7	4.0	3.5	4.3	4.1	3.6
General and Administrative Expenses	9.2	11.1	10.0	10.0	9.2	8.0	9.8	9.2	8.9	9.4	9.6	9.5
Operating Profit	-1.0	4.5	4.2	2.6	-1.0	5.7	2.2	2.4	-1.9	0.2	0.7	0.0
Other Income	0.2	—	0.1	0.0	0.2	0.1	1.0	0.0	0.0	0.0	1.5	0.2
Other Expenses	0.0	0.0	0.3	0.2	0.0	0.2	0.1	0.1	0.0	0.1	2.1	0.0
Other Profit	0.2	-0.0	-0.3	-0.2	0.2	-0.1	0.9	-0.1	0.0	-0.0	-0.6	0.2
Profit Before Tax	-0.9	4.5	3.9	2.4	-0.9	5.6	3.1	2.3	-1.8	0.2	0.1	0.2
Current Income Tax Expense	—	1.4	0.6	0.6	—	0.8	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.9	3.2	3.3	1.9	-0.9	4.8	3.1	2.3	-1.8	0.2	0.1	0.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.9	3.2	3.3	1.9	-0.9	4.8	3.1	2.3	-1.8	0.2	0.1	0.2
Earnings per Share	-71.26	263.46	279.04	155.24	-71.26	401.90	255.20	192.11	-153.47	14.72	8.85	16.62
Diluted EPS	-71.26	263.46	279.04	155.24	-71.26	401.90	255.20	192.11	-153.47	14.72	8.85	16.62

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)	241.7	297.3	281.6	332.6	327.8	320.0	314.7	316.7	297.5	300.1	323.9	327.2
I. Cash and cash equivalents	30.9	15.7	23.8	59.9	27.7	27.8	19.5	24.2	24.8	24.8	50.2	54.2
1. Cash	19.2	4.1	12.2	48.3	16.2	16.4	8.1	12.8	14.2	14.3	39.8	43.9
2. Cash equivalents	11.7	11.7	11.6	11.6	11.5	11.5	11.4	11.4	10.6	10.5	10.4	10.3
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	69.2	66.0	102.0	89.8	84.2	64.4	60.3	60.1	66.1	62.7	60.8	46.6
1. Short-term trade accounts receivable	155.3	150.1	171.3	154.0	162.9	150.9	153.7	140.6	150.2	153.7	154.7	138.8
2. Short-term prepayments to suppliers	3.3	5.8	20.2	25.6	11.2	3.7	1.0	13.6	9.8	3.3	1.5	2.7
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	2.0	1.5	1.9	1.6	1.4	1.2	1.2	1.5	1.6	1.4	1.3	1.9
7. Provision for short-term doubtful debts (*)	-91.4	-91.4	-91.4	-91.4	-91.4	-91.4	-95.6	-95.6	-95.6	-95.6	-96.7	-96.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	137.3	209.1	149.1	176.6	208.8	222.3	229.7	227.7	200.8	207.3	206.6	218.2
1. Inventories	137.3	209.1	149.1	176.6	208.8	222.3	229.7	227.7	200.8	207.3	206.6	218.2
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	4.2	6.5	6.7	6.4	7.1	5.5	5.3	4.7	5.8	5.3	6.3	8.2
1. Short-term prepayments	2.8	3.4	3.0	3.4	3.2	3.4	2.7	3.6	3.8	2.8	2.8	3.6
2. Value added tax to be reclaimed	1.4	3.1	3.7	2.9	3.7	2.1	2.5	1.0	1.9	2.3	3.3	4.3
3. Taxes and other receivables from state authorities	—	—	0.0	0.1	0.3	0.0	0.0	0.1	0.2	0.1	0.2	0.3
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)	84.4	83.4	86.0	87.9	90.5	90.9	92.4	93.9	94.2	91.9	94.5	94.5
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	60.9	61.0	63.1	65.1	67.7	68.9	70.4	71.9	72.2	69.9	72.4	73.6
1. Tangible fixed assets	58.0	58.1	60.2	62.2	64.7	65.9	67.4	68.9	69.2	66.9	69.5	70.7
- Cost	276.5	—	—	—	—	272.5	271.4	270.0	267.5	262.3	262.2	262.1
- Accumulated depreciation	-218.5	—	—	—	—	-206.5	-204.0	-201.1	-198.3	-195.4	-192.7	-191.5
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	2.9	2.9	2.9	2.9	2.9	2.9	3.0	3.0	3.0	3.0	2.9	3.0
- Cost	5.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.5	—	—	—	—	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	—	—	0.3	—	—	0.0	0.1	0.1	0.0	0.0	0.1	0.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	0.3	—	—	0.0	0.1	0.1	0.0	0.0	0.1	0.4
V. Long-term financial investments	22.0	22.0	22.0	22.0	22.0	22.0	22.0	22.0	22.0	22.0	22.0	20.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	18.4	18.4	18.4	18.4	18.4	18.4	18.4	18.4	18.4	18.4	18.4	18.4
3. Investments in other entities	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
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	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.5	0.5	0.6	0.8	0.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	1.5	0.5	0.6	0.8	0.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	326.1	380.7	367.6	420.5	418.3	410.8	407.1	410.7	391.7	392.0	418.3	421.7
A. LIABILITIES (300=210+330)	183.8	241.0	231.1	287.3	287.0	278.6	279.8	286.4	269.7	268.1	294.7	298.2
I. Short -term liabilities	181.2	237.9	227.4	282.9	281.6	272.3	273.2	280.7	262.4	259.5	284.7	286.8
1. Short-term trade accounts payable	8.1	7.7	9.4	30.7	17.8	4.6	12.8	13.1	10.8	8.5	8.7	16.8
2. Short-term advances from customers	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.2	0.0	1.5
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.6	1.0	0.7	0.3	0.0	0.8	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	4.8	14.2	9.2	4.9	2.6	12.4	7.7	4.1	2.4	10.3	7.0	5.3
5. Short-term acrrued expenses	4.3	3.6	4.1	1.6	1.7	2.5	1.3	0.8	1.3	1.7	3.1	2.8
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	0.2	0.2	0.4	0.3	0.2	0.3	0.7	0.4	0.2	0.2	0.5	0.4
9. Other short-term payables	3.9	3.9	4.2	3.7	3.6	3.4	3.6	3.5	3.4	30.7	11.3	29.4
10. Short-term borrowings and financial leases	158.9	207.0	199.0	241.0	255.1	247.7	246.6	258.4	243.7	205.3	253.3	229.8
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	0.4	0.4	0.5	0.4	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.6
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	2.6	3.1	3.6	4.4	5.4	6.4	6.5	5.7	7.3	8.6	10.0	11.4
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	2.6	3.1	3.6	4.4	5.4	6.4	6.5	5.7	7.3	8.6	10.0	11.4
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)	142.3	139.7	136.5	133.2	131.3	132.2	127.4	124.3	122.0	123.8	123.7	123.6
I. Owner's equity	142.3	139.7	136.5	133.2	131.3	132.2	127.4	124.3	122.0	123.8	123.7	123.6
1. Owner's capital	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	11.1	8.4	5.2	1.9	0.0	0.9	-3.9	-7.0	-9.3	-7.4	-7.6	-7.7
- Accumulated retained earning at the end of the previous period	8.4	0.9	0.9	0.9	0.9	-7.4	-7.4	-7.4	-7.4	-8.2	-8.2	-8.2
- Undistributed earnings in this period	2.6	7.5	4.3	1.0	-0.9	8.3	3.5	0.5	-1.8	0.7	0.5	0.4
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)	326.1	380.7	367.6	420.5	418.3	410.8	407.1	410.7	391.7	392.0	418.3	421.7

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	-1.0	-1.0	-0.2	-0.3	-0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	6.5	—	—	—	—	11.0	3.4	5.5	5.6	13.0	14.9	1.0
Other Operating Payments	-6.7	-6.2	-10.7	-4.9	-9.0	8.9	-17.5	4.7	-35.6	20.9	-49.5	18.5
Net Cash Flow from Operating Activities	66.0	-12.3	6.8	48.3	-5.4	8.7	1.8	-7.4	-31.2	26.8	-24.4	25.5
Payments for Fixed Assets and Other Long-term Assets	-2.4	-3.2	-0.5	-0.8	-1.6	-0.6	-2.1	-1.7	-5.2	-2.0	-2.2	-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.4	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	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.1	0.3	0.1	0.0	0.2	0.3	0.1	0.0	0.1	0.4	0.3
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	-2.3	-3.1	-0.2	-0.7	-1.6	-0.4	-1.9	-1.6	-5.2	-1.9	-1.9	-1.2
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	122.8	235.9	171.7	156.5	171.3	197.9	164.2	181.7	177.4	186.3	184.5	156.0
Repayment of Borrowings	-171.4	-228.4	-214.5	-171.6	-164.9	-196.9	-169.3	-174.5	-140.4	-235.7	-162.4	-156.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	-0.1	0.0	0.0	0.0	-0.0	0.0	-0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-48.6	7.4	-42.7	-15.1	6.4	0.9	-5.1	7.2	37.1	-49.4	22.1	0.0
Net Cash Flow During the Period	15.1	-7.9	-36.1	32.5	-0.6	9.3	-5.1	-1.8	0.7	-24.5	-4.2	24.4
Cash and Cash Equivalents at Beginning of Period	15.7	23.8	59.9	27.7	27.8	24.8	24.8	24.8	24.8	23.0	23.0	23.0
FX Difference from Revaluation	0.1	-0.0	0.2	0.2	0.5	-0.9	0.4	1.2	-0.7	-0.9	0.2	-0.7
Cash and Cash Equivalents at End of Period	30.9	15.7	23.8	59.9	27.7	27.8	19.5	24.2	24.8	24.8	50.2	54.2

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SPD

What Is Changing

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What is driving the margin? ●

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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