SRA

Sara Việt Nam ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 1.52%, −40.34pp YoY

Price

1,700

Latest close

29 May 2026

P/E 51.53x

P/B 0.11x

EPS 33

BVPS 15,282

ROE 0.2%

ROA 0.2%

Profit Margin 1.5%

Asset Turnover 0.12x

Equity Mult. 1.16x

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

What Is Changing

On a TTM 2026Q1 basis, SRA posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 95bn
	                                
−42.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
−97.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	117.3	146.0	40.8	107.3	122.9
Growth	-20%	+258%	-62%	-13%	—
Net Income	1.3	29.5	5.0	33.7	61.1
Net Margin	1.08%	20.20%	12.17%	31.44%	49.70%

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	0.8	16.3	36.9	41.1	23.0	97.7	0.5	42.7	19.1	5.7	19.0	6.3
Growth	-95%	-56%	-10%	+79%	-76%	+19294%	-99%	+124%	+236%	-70%	+203%	—
Net Income	-3.9	0.6	3.6	1.2	0.0	39.9	11.8	16.9	1.1	1.6	2.4	1.3
Net Margin	-499.15%	3.50%	9.65%	3.00%	0.04%	40.85%	2343.33%	39.52%	5.50%	28.83%	12.50%	21.15%

Drivers of SRA's profit

TTM

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

Gross profit ↓ 36.3bn

Administrative expenses ↑ 21.7bn

Finance costs ↑ 18.1bn

TTM

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

Gross profit ↓ 2.6bn

Finance costs ↑ 1.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.6% = 41.9% × 0.23 × 1.10

2026Q1 0.2% = 1.5% × 0.12 × 1.16

ROE fell from 10.6% to 0.2% — net margin weakened the most, though leverage still provided support.

Net margin: 1.5% -40.3pp Asset turnover: 0.12x -0.11x Leverage: 1.16x +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 1.52%, losing 40.3pp. The main pressure comes from SG&A / Revenue rose 16.7pp and Gross margin fell 15.3pp (with lingering pressure from Net financial result / Revenue fell 9.2pp).

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

Profitability trend

Net Margin 1.52% −40.3pp

Gross Margin 16.29% −15.3pp

SG&A / Revenue 7.78% +16.7pp

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 0.13x −0.11x

Average Invested Capital 715.8bn +34.4bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.16x equity, net debt at 0.07x equity.

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 66.2 days versus the same period last year. The main moves came from DIO rose 65.7 days, DSO rose 37.3 days, and DPO rose 36.8 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 226.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +37.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 138.6 days +37.3 days

Inventory 176.9 days +65.7 days

Payables 88.6 days +36.8 days

Cash Conversion Cycle 226.9 days +66.2 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.07x and interest coverage only at 0.20x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 7.7% of debt, and total debt stands at 47.4bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.20x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.07x −0.03x

Interest Coverage 0.20x −7.67x

Cash / Debt 7.7% −4.1pp

Short-term Debt / Total Debt 100.0% +3.2pp

CFO / NI 37.62x +34.12x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 256.2bn in 2025, against investing cash flow of -265.6bn.

Post-investment cash flow was negative +9.4bn. Financing cash flow was positive +3.4bn.

CFO / net income was 37.62x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 52.4bn −188.2bn

Cash Capex — —

FCF TTM — —

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 next item to monitor is capital efficiency. The main risk still sits in core profitability, with net margin down 40.3 pp.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 1.52% after a 40.3pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	117.3	146.0	40.8	107.3	122.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	117.3	146.0	40.8	107.3	122.9
Cost of Goods Sold	99.2	105.6	32.0	65.8	0.0
Gross Profit	18.1	40.4	8.7	41.5	67.9
Financial Income	0.4	1.0	4.8	0.2	0.0
Financial Expenses	10.5	2.2	1.3	0.0	-2.2
Interest Expense	—	1.8	1.2	0.0	-2.1
Share of Associates and Joint Ventures	—	-1.2	0.0	0.0	-0.0
Selling Expenses	1.2	-0.7	1.3	1.4	-1.3
General and Administrative Expenses	5.5	7.4	7.9	6.2	-3.2
Operating Profit	1.3	31.4	3.0	34.1	61.2
Other Income	0.0	0.2	2.1	0.6	0.0
Other Expenses	0.0	0.1	0.2	0.3	0.0
Other Profit	-0.0	0.1	1.9	0.4	0.3
Profit Before Tax	1.3	31.5	5.0	34.5	61.6
Current Income Tax Expense	-0.0	2.0	0.0	0.7	-0.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1.3	29.5	5.0	33.7	61.1
Non-controlling Interest	0.1	0.2	0.1	0.6	0.8
Profit Attributable to Parent	1.1	29.3	4.9	33.2	60.3
Earnings per Share	26.00	683.00	113.00	768.00	1,414.00
Diluted EPS	26.00	683.00	113.07	768.00	1,396.04

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	84.3	91.9	401.8	368.4	355.3
I. Cash and cash equivalents	3.7	9.7	7.7	23.7	12.5
1. Cash	3.7	9.7	7.7	8.7	0.0
2. Cash equivalents	—	0.0	0.0	15.0	0.0
II. Short-term financial investments	—	0.0	40.0	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	40.0	0.0	0.0
III. Short-term receivables	28.1	63.9	303.4	316.7	310.8
1. Short-term trade accounts receivable	27.0	57.2	27.3	56.7	0.0
2. Short-term prepayments to suppliers	0.6	10.9	270.6	259.3	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	1.2	0.0	6.3	0.0	0.0
6. Other short-term receivables	2.9	0.0	1.3	0.8	0.0
7. Provision for short-term doubtful debts (*)	-3.6	-4.3	-2.1	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	49.9	17.4	48.3	26.0	27.8
1. Inventories	49.9	18.9	49.8	26.0	0.0
2. Provision for decline in value of inventories	—	-1.5	-1.5	0.0	0.0
V. Other short-term assets	2.6	0.9	2.5	1.9	4.3
1. Short-term prepayments	0.1	0.0	0.1	0.4	0.0
2. Value added tax to be reclaimed	2.4	0.9	2.4	1.6	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)	690.5	646.6	255.7	281.3	245.2
I. Long-term receivables	0.1	0.2	10.1	10.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	10.1
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.2	10.1	10.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	4.8	6.9	2.0	1.0	2.5
1. Tangible fixed assets	4.0	5.8	2.0	1.0	2.5
- Cost	10.0	10.0	4.9	3.5	0.0
- Accumulated depreciation	-6.1	-4.3	-2.9	-2.4	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	0.8	1.2	0.0	0.0	0.0
- Cost	1.5	1.5	0.0	0.0	0.0
- Accumulated depreciation	-0.7	-0.4	0.0	0.0	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	18.0	20.2	38.2	64.6	28.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	18.0	20.2	38.2	64.6	0.0
V. Long-term financial investments	666.5	618.2	204.2	204.2	204.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	649.7	390.1	0.0	0.0	0.0
3. Investments in other entities	24.0	228.2	204.2	204.2	0.0
4. Provision for diminution in value of long-term investments	-7.2	-0.2	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	1.1	1.2	1.2	1.4	0.0
1. Long-term prepayments	1.1	1.2	1.2	1.4	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)	774.8	738.5	657.6	649.7	600.5
A. LIABILITIES (300=210+330)	109.7	74.4	23.2	19.8	7.8
I. Short -term liabilities	109.7	72.1	23.2	17.7	7.8
1. Short-term trade accounts payable	20.2	26.0	9.0	14.5	3.8
2. Short-term advances from customers	15.6	1.4	0.0	0.0	0.0
3. Taxes and other payables to state authorities	2.2	2.4	0.1	1.1	0.0
4. Payable to employees	0.8	2.4	1.0	1.1	0.0
5. Short-term acrrued expenses	0.6	0.2	0.1	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	22.6	1.0	0.9	0.9	0.0
10. Short-term borrowings and financial leases	47.6	38.7	10.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	2.1	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	—	2.3	0.0	2.1	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	2.3	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	2.1	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)	665.1	664.1	634.3	629.9	592.7
I. Owner's equity	665.1	664.1	634.3	629.9	0.0
1. Owner's capital	432.0	432.0	432.0	432.0	592.7
- Common stock with voting right	431,999,740,000.00	431,999,740,000.00	431,999,740,000.00	431,999,740,000.00	431,999,740,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-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	2.9	2.9	2.9	2.9	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	225.0	224.0	194.0	189.5	156.0
- Accumulated retained earning at the end of the previous period	224.0	194.7	189.1	156.5	95.9
- Undistributed earnings in this period	1.0	29.3	5.0	33.0	60.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	5.5	5.4	5.6	5.7	1.9
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)	774.8	738.5	657.6	649.7	600.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	31.5	4.4	34.5	0.0
Depreciation of Fixed Assets and Investment Property	—	1.8	0.4	0.5	0.0
Provision (Increase)/Reversal	—	0.3	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	0.0	-0.2	0.0
Gain/Loss from Investment Activities	—	-0.5	-2.5	-0.6	0.0
Interest Expense	—	1.8	1.2	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	—	34.7	3.5	34.2	0.0
Increase/(Decrease) in Receivables	—	244.2	-64.5	-2.1	0.0
Increase/(Decrease) in Inventory	—	30.9	-23.8	3.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	27.5	-5.9	-6.9	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.1	0.4	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-1.6	-1.2	-0.0	0.0
Corporate Income Tax Paid	-0.9	-0.0	-0.7	0.0	0.0
Other Operating Receipts	242.2	0.0	0.0	0.0	0.0
Other Operating Payments	-18.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	256.2	335.8	-92.1	28.3	-163.6
Payments for Fixed Assets and Other Long-term Assets	—	-5.6	-1.4	-17.6	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	-6.3	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	46.3	0.0	0.0	0.0
Investments in Other Entities	-280.9	-405.5	0.0	0.0	0.0
Proceeds from Investments in Other Entities	15.1	0.0	71.1	0.0	0.0
Dividends and Interest Income Received	—	0.1	2.7	1.7	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	-265.6	-364.7	66.1	-15.9	63.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	180,750,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	137.3	120.2	10.0	0.0	36.2
Repayment of Borrowings	-133.8	-89.2	0.0	-1.2	-116.2
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	3.4	30.9	10.0	-1.2	100.8
Net Cash Flow During the Period	-6.0	2.0	-16.0	11.2	0.0
Cash and Cash Equivalents at Beginning of Period	9.7	7.7	23.7	12.5	6.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.7	9.7	7.7	23.7	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	0.8	16.3	36.9	41.1	23.0	97.7	7.4	42.7	19.1	5.7	19.0	6.3
Revenue Deductions	—	—	—	—	—	0.0	6.9	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.8	16.3	36.9	41.1	23.0	97.7	0.5	42.7	19.1	5.7	19.0	6.3
Cost of Goods Sold	0.4	12.2	29.3	37.7	20.0	62.5	5.8	23.9	16.6	2.8	15.6	3.3
Gross Profit	0.4	4.0	7.6	3.4	3.0	35.3	-5.3	18.8	2.5	2.9	3.4	3.0
Financial Income	0.0	0.2	0.0	5.1	0.0	-0.0	0.0	0.0	0.1	0.4	0.4	1.1
Financial Expenses	2.5	2.6	0.6	2.9	0.7	-11.0	0.6	0.3	0.3	-0.2	0.3	0.5
Interest Expense	—	—	—	—	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	-1.6	-1.3	-1.1	-0.6	-0.2	-0.0	0.0	-0.1	0.2	0.0
Selling Expenses	0.4	0.5	0.2	0.0	0.1	0.5	0.2	0.1	0.1	0.3	0.2	0.2
General and Administrative Expenses	1.3	0.5	1.6	2.7	1.0	-0.1	-18.0	1.7	1.0	1.5	1.0	1.7
Operating Profit	-3.9	0.6	3.6	1.5	0.0	45.3	11.8	16.6	1.1	1.7	2.5	1.7
Other Income	0.0	0.0	—	0.0	—	0.0	0.0	0.3	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.1	0.0
Other Profit	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	0.3	-0.0	-0.0	-0.1	0.0
Profit Before Tax	-3.9	0.6	3.6	1.5	0.0	45.3	11.8	16.9	1.1	1.7	2.4	1.7
Current Income Tax Expense	—	—	-0.0	0.3	0.0	5.4	0.0	0.0	0.0	0.1	0.0	0.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-3.9	0.6	3.6	1.2	0.0	39.9	11.8	16.9	1.1	1.6	2.4	1.3
Non-controlling Interest	—	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0
Profit Attributable to Parent	-3.9	0.5	3.6	1.2	0.0	39.9	11.8	16.9	1.0	1.6	2.1	1.3
Earnings per Share	-90.00	12.00	82.46	28.53	0.21	924.00	273.00	391.00	24.00	38.00	49.00	30.70
Diluted EPS	-90.00	12.00	82.46	28.53	0.21	646.00	273.00	391.00	24.00	38.00	49.00	30.70

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)	90.9	84.3	68.5	72.7	81.5	93.4	107.2	437.0	423.8	406.6	400.4	371.6
I. Cash and cash equivalents	3.6	3.7	10.1	3.6	8.4	2.8	6.2	8.1	9.8	7.7	14.1	36.6
1. Cash	3.6	3.7	10.1	3.6	8.4	2.8	6.2	8.1	9.8	7.7	14.1	36.6
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	40.0	79.0	122.0
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	40.0	79.0	122.0
III. Short-term receivables	27.7	28.1	35.9	39.8	53.0	71.7	64.0	387.6	363.6	306.6	285.6	177.8
1. Short-term trade accounts receivable	26.9	27.0	31.9	38.4	45.4	64.4	23.1	69.0	45.7	28.9	34.4	41.4
2. Short-term prepayments to suppliers	0.6	0.6	3.8	2.8	11.9	11.5	34.2	302.2	301.3	270.6	244.5	135.2
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	—	1.2	2.5	—	—	0.0	6.3	8.3	8.3	6.3	6.3	0.0
6. Other short-term receivables	3.9	2.9	1.9	2.8	0.0	0.0	10.8	10.2	10.4	0.8	0.3	1.2
7. Provision for short-term doubtful debts (*)	—	-3.6	-4.3	-4.3	-4.3	-4.2	-10.5	-2.1	-2.1	0.0	0.0	0.0
8. Assets awaiting resolution	-3.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	58.1	49.9	19.8	26.9	19.1	18.0	35.0	38.9	47.8	49.8	20.0	32.5
1. Inventories	58.1	49.9	19.8	26.9	19.1	18.0	36.5	40.4	49.3	49.8	20.0	32.5
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	-1.5	-1.5	-1.5	0.0	0.0	0.0
V. Other short-term assets	1.5	2.6	2.7	2.4	1.0	0.9	2.0	2.4	2.6	2.5	1.8	2.7
1. Short-term prepayments	0.2	0.1	0.4	0.1	0.1	0.0	0.2	0.0	0.1	0.1	0.2	0.2
2. Value added tax to be reclaimed	1.3	2.4	2.3	2.2	0.9	0.9	1.8	2.4	2.4	2.4	1.6	2.5
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	687.1	690.5	701.7	696.7	675.5	644.7	566.7	301.9	245.8	254.1	252.1	279.4
I. Long-term receivables	0.2	0.1	0.2	0.2	0.2	0.2	0.1	0.1	0.0	10.1	10.1	10.1
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	0.2	—	0.2	0.0	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
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	—	0.1	—	0.1	0.1	0.2	0.1	0.1	0.0	10.1	10.1	10.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4.4	4.8	5.2	5.8	6.8	4.5	5.7	4.9	2.9	2.0	0.8	0.9
1. Tangible fixed assets	3.6	4.0	4.3	4.6	5.6	4.5	5.7	4.9	2.9	2.0	0.8	0.9
- Cost	10.0	—	—	—	—	11.6	10.4	10.4	6.6	4.9	3.5	3.5
- Accumulated depreciation	-6.5	—	—	—	—	-7.1	-4.7	-5.5	-3.7	-2.8	-2.7	-2.6
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	0.8	0.8	0.9	1.2	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	1.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	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	18.0	18.0	28.5	28.5	20.2	20.2	27.4	38.2	38.2	38.2	38.2	64.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	18.0	18.0	28.5	28.5	20.2	20.2	27.4	38.2	38.2	38.2	38.2	64.6
V. Long-term financial investments	663.3	666.5	666.6	661.0	647.2	618.6	532.2	257.5	203.5	202.6	201.9	202.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	645.3	649.7	643.1	639.6	624.6	391.3	321.3	54.0	0.0	0.0	0.0	0.0
3. Investments in other entities	27.5	24.0	23.9	23.9	24.0	228.2	223.1	204.2	204.2	204.2	204.2	204.2
4. Provision for diminution in value of long-term investments	-9.4	-7.2	-0.4	-2.5	-1.4	-0.9	-12.2	-0.7	-0.7	-1.6	-2.3	-1.6
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.1	1.1	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.3
1. Long-term prepayments	1.1	1.1	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.3
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)	778.0	774.8	770.2	769.4	757.0	738.1	673.8	739.0	669.5	660.7	652.6	651.0
A. LIABILITIES (300=210+330)	117.8	109.7	105.5	108.8	92.2	72.3	57.8	87.2	34.6	23.2	16.8	19.9
I. Short -term liabilities	117.8	109.7	103.5	106.5	89.9	72.3	57.8	85.1	32.5	21.1	14.7	19.9
1. Short-term trade accounts payable	26.8	20.2	23.2	18.9	11.9	26.5	8.4	10.8	20.0	9.0	3.1	5.1
2. Short-term advances from customers	16.6	15.6	11.7	16.7	5.9	1.4	3.3	20.2	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.7	2.2	1.3	0.9	1.3	0.4	0.0	0.0	0.1	0.1	0.1	0.8
4. Payable to employees	1.5	0.8	1.5	1.1	0.4	1.8	1.9	1.7	1.4	1.0	0.5	0.7
5. Short-term acrrued expenses	0.8	0.6	0.7	0.6	0.1	0.2	0.0	0.0	0.1	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	23.0	22.6	22.1	21.9	1.1	15.9	14.4	0.9	0.9	0.9	0.9	1.2
10. Short-term borrowings and financial leases	47.4	47.6	43.0	46.2	69.1	26.1	29.8	51.4	10.0	10.0	10.0	10.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.1
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	—	—	2.0	2.3	2.3	0.0	0.0	2.1	2.1	2.1	2.1	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	2.0	2.3	2.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	2.1	2.1	2.1	2.1	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)	660.2	665.1	664.7	660.6	664.8	665.8	616.0	651.8	634.9	637.5	635.8	631.1
I. Owner's equity	660.2	665.1	664.7	660.6	664.8	665.8	616.0	651.8	634.9	637.5	635.8	631.1
1. Owner's capital	432.0	432.0	432.0	432.0	432.0	432.0	432.0	432.0	432.0	432.0	432.0	432.0
- Common stock with voting right	431,999,740,000.00	431,999,740,000.00	431,999,740,000.00	431,999,740,000.00	431,999,740,000.00	431,999,740,000.00	431,999,740,000.00	431,999,740,000.00	431,999,740,000.00	431,999,740,000.00	431,999,740,000.00	431,999,740,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	4.4	—	—	—	—	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	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9
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	221.1	225.0	224.6	225.9	224.3	225.2	175.8	212.0	195.1	197.1	196.1	190.6
- Accumulated retained earning at the end of the previous period	225.0	224.0	224.0	224.3	224.3	194.0	194.0	194.0	194.0	188.5	189.5	189.5
- Undistributed earnings in this period	-3.9	1.0	0.6	1.6	0.0	31.2	-18.2	17.9	1.1	8.6	6.5	1.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	5.5	5.4	—	5.8	5.9	5.5	5.1	5.2	5.8	5.1	5.8
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)	778.0	774.8	770.2	769.4	757.0	738.1	673.8	739.0	669.5	660.7	652.6	651.0

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
Profit Before Tax	—	—	—	-2.6	—	0.0	0.0	0.0	0.0	4.4	-4.9	4.9
Depreciation of Fixed Assets and Investment Property	—	—	—	1.1	—	0.0	0.0	0.0	0.0	0.4	-0.2	0.2
Provision (Increase)/Reversal	—	—	—	-1.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	-0.1	—	0.0	0.0	0.0	0.0	-2.5	1.4	-1.4
Interest Expense	—	—	—	2.7	—	0.0	0.0	0.0	0.0	1.2	-0.5	0.5
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	—	—	—	-0.3	—	0.0	0.0	0.0	0.0	3.5	-4.1	4.1
Increase/(Decrease) in Receivables	—	—	—	31.1	—	0.0	0.0	0.0	0.0	-64.5	-137.6	137.6
Increase/(Decrease) in Inventory	—	—	—	-8.0	—	0.0	0.0	0.0	0.0	-23.8	6.3	-6.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	-1.2	—	0.0	0.0	0.0	0.0	-5.9	10.4	-10.4
Increase/(Decrease) in Prepaid Expenses	—	—	—	-0.1	—	0.0	0.0	0.0	0.0	0.4	-0.2	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	-2.3	—	0.0	0.0	0.0	0.0	-1.2	0.5	-0.5
Corporate Income Tax Paid	—	0.0	-0.0	-0.9	—	0.0	0.0	-0.0	0.0	-0.1	-0.1	-0.6
Other Operating Receipts	0.3	—	—	—	—	0.0	-24.2	23.1	1.0	-157.3	157.3	-133.9
Other Operating Payments	-0.2	-3.9	-10.3	—	-3.7	0.0	1.1	-0.8	-0.3	28.4	-28.4	8.1
Net Cash Flow from Operating Activities	-1.0	-5.0	243.0	-184.5	202.7	0.0	12.0	25.9	-37.9	-95.6	-120.7	-2.8
Payments for Fixed Assets and Other Long-term Assets	—	—	—	-4.1	—	0.0	0.0	0.0	0.0	-1.4	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	-2.5	—	0.0	0.0	0.0	0.0	-6.3	59.0	-59.0
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	54.0	-54.0	0.0	59.1	-59.1	0.0
Proceeds from Investments in Other Entities	1.0	-1.3	-188.0	200.0	4.3	0.0	0.0	0.0	0.0	2.0	69.1	0.0
Dividends and Interest Income Received	—	—	—	0.1	—	0.0	0.0	0.0	0.0	2.7	-1.4	1.4
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	1.0	0.0	-215.2	184.0	-234.4	0.0	14.0	-54.0	40.0	132.2	-8.5	50.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	-59,900,000,000.00	59,900,000,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	2.2	30.0	-1.1	73.8	34.6	0.0	-36.4	36.4	0.0	0.0	0.0	-0.0
Repayment of Borrowings	-2.3	-31.3	-20.2	-78.1	-4.2	0.0	10.0	-10.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	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	-0.1	-1.4	-21.3	-4.3	30.4	0.0	-26.4	26.4	0.0	-59.9	59.9	-0.0
Net Cash Flow During the Period	-0.2	-6.4	6.5	-4.8	-1.3	0.0	-0.4	-1.7	2.1	-23.4	-69.3	48.1
Cash and Cash Equivalents at Beginning of Period	3.8	10.1	3.6	8.4	9.7	0.0	0.0	7.7	7.7	23.7	6.7	23.7
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.6	3.7	10.1	3.6	8.4	0.0	0.0	8.1	9.8	7.7	14.1	100.3

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SRA

What Is Changing

Drivers of SRA's profit

Financial Highlights

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What is driving the margin? ▼▼

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Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▼▼

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Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow