TXM

VICEM Thạch cao Xi măng ·HNX ·2026Q1

▲ Slightly positive

Price

4,300

Latest close

03 Jun 2026

P/E 50.59x

P/B 0.27x

EPS 85

BVPS 15,829

ROE 0.5%

ROA 0.4%

Profit Margin 0.3%

Asset Turnover 1.43x

Equity Mult. 1.38x

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

What Is Changing

On a TTM 2026Q1 basis, TXM is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — this marks a reversal from the difficult phase before. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 219bn
	                                
−13.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
+390.6%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -5.96x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	209.9	236.0	111.0	252.4	232.2
Growth	-11%	+113%	-56%	+9%	—
Net Income	0.6	-0.8	-4.7	0.0	0.0
Net Margin	0.26%	-0.32%	-4.21%	0.01%	0.01%

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	50.3	42.6	48.3	77.9	41.1	69.8	70.0	73.5	22.7	29.1	27.0	24.4
Growth	+18%	-12%	-38%	+89%	-41%	-0%	-5%	+223%	-22%	+8%	+11%	—
Net Income	0.1	0.2	0.1	0.1	0.1	0.5	0.4	-1.1	-0.9	-1.1	-0.8	-0.8
Net Margin	0.26%	0.47%	0.29%	0.17%	0.20%	0.68%	0.50%	-1.52%	-3.93%	-3.61%	-2.78%	-3.12%

Drivers of TXM's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 11.0bn

Administrative expenses ↓ 4.3bn

Gross profit ↓ 12.3bn

Other profit ↓ 2.2bn

TTM

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

Gross profit ↑ 0.8bn

Selling expenses ↓ 0.1bn

Administrative expenses ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -0.2% = -0.1% × 1.74 × 1.33

2026Q1 0.5% = 0.3% × 1.43 × 1.38

ROE rose from -0.2% to 0.5% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 0.3% +0.4pp Asset turnover: 1.43x -0.30x Leverage: 1.38x +0.05x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 0.27%, rising 0.4pp. Core operating signals are improving as SG&A / Revenue fell 5.1pp are enough to offset pressure from Gross margin fell 3.8pp (with lingering pressure from Other profit / Revenue fell 0.9pp and Net financial result / Revenue fell 0.0pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 0.27% +0.4pp

Gross Margin 7.06% −3.8pp

SG&A / Revenue 6.82% −5.1pp

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 0.26x equity, net debt at 0.01x equity.

Over the last 12 months, working capital absorbed 3.4bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +10.8bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −14.2bn

Working Capital Efficiency

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

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

Watchpoints

Receivables collection is slowing

DSO increased by +46.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 238.5 days +46.0 days

Inventory — —

Payables 69.6 days +12.9 days

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.01x and interest coverage at 2.03x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 73.0% of debt, and total debt stands at 4.0bn.

Watchpoints

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 0.01x —

Interest Coverage 2.03x —

Cash / Debt 73.0% —

Short-term Debt / Total Debt 100.0% —

CFO / NI -5.96x −9.44x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -6.7bn in 2025, against investing cash flow of -0.7bn.

Post-investment cash flow was negative +7.4bn. Financing cash flow was positive +7.0bn.

CFO / net income was -5.96x.

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 3.6bn −2.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The next item to monitor is cash generation still needs confirmation. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: Cash generation still needs confirmation.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	209.9	236.2	111.1	252.5	234.9
Revenue Deductions	0.1	0.2	0.1	0.1	0.0
Net Revenue	209.9	236.0	111.0	252.4	232.2
Cost of Goods Sold	195.2	209.7	92.5	211.3	0.0
Gross Profit	14.7	26.4	18.4	41.1	35.1
Financial Income	0.3	0.3	0.6	0.8	1.1
Financial Expenses	0.2	0.3	1.2	1.9	-0.2
Interest Expense	0.2	0.1	1.0	1.4	-0.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	7.1	17.4	12.0	29.8	-26.6
General and Administrative Expenses	7.2	11.7	10.5	10.0	-9.9
Operating Profit	0.5	-2.7	-4.7	0.1	-0.4
Other Income	0.1	2.1	0.0	0.1	0.0
Other Expenses	0.0	0.2	0.0	0.0	0.0
Other Profit	0.1	1.9	0.0	0.1	0.5
Profit Before Tax	0.6	-0.7	-4.7	0.2	0.1
Current Income Tax Expense	—	0.0	0.0	0.2	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.6	-0.8	-4.7	0.0	0.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	0.6	-0.8	-4.7	0.0	0.0
Earnings per Share	79.00	-108.00	-667.00	3.00	528.00
Diluted EPS	79.23	-107.77	-666.73	2.53	2.80

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	139.4	166.6	134.9	196.2	160.9
I. Cash and cash equivalents	10.8	11.2	5.0	4.6	6.4
1. Cash	10.8	11.2	5.0	4.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	1.0	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	1.0	0.0	0.0	0.0	0.0
III. Short-term receivables	126.5	154.7	128.4	184.5	151.5
1. Short-term trade accounts receivable	118.2	146.5	119.8	168.5	0.0
2. Short-term prepayments to suppliers	5.4	5.7	2.5	4.7	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	6.7	7.0	10.5	14.6	0.0
7. Provision for short-term doubtful debts (*)	-3.8	-4.4	-4.5	-3.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.5	6.2	1.8
1. Inventories	—	0.0	0.5	6.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	-0.2	0.0
V. Other short-term assets	1.1	0.6	1.0	0.9	1.2
1. Short-term prepayments	0.0	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.1	0.6	1.0	0.9	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)	0.3	0.3	0.5	0.7	1.1
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	0.2	0.3	0.5	0.7	1.1
1. Tangible fixed assets	0.2	0.3	0.5	0.7	1.1
- Cost	10.7	12.3	19.2	19.2	0.0
- Accumulated depreciation	-10.5	-12.0	-18.8	-18.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	0.2	0.2	0.2	0.2	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	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	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.1	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.1	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	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)	139.7	166.9	135.4	196.9	161.9
A. LIABILITIES (300=210+330)	29.0	56.8	24.5	81.3	46.4
I. Short -term liabilities	29.0	56.8	24.5	81.3	46.4
1. Short-term trade accounts payable	19.3	54.3	15.6	51.4	23.7
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.1	0.2	0.1	0.6	0.0
4. Payable to employees	0.6	1.4	1.4	2.6	0.0
5. Short-term acrrued expenses	0.1	0.2	0.2	0.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.3	0.2	0.2	0.2	0.1
9. Other short-term payables	1.5	0.4	0.4	0.4	0.0
10. Short-term borrowings and financial leases	7.0	0.0	6.2	25.3	19.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.4	0.6	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	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	110.7	110.1	110.9	115.5	115.5
I. Owner's equity	110.7	110.1	110.9	115.5	0.0
1. Owner's capital	70.0	70.0	70.0	70.0	115.5
- Common stock with voting right	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	18.2	18.2	18.2	18.2	18.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	1.0	1.0	1.0	1.0	1.0
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	24.9	24.9	24.9	24.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.4	1.4	1.4	1.4	0.0
11. Undistributed earnings after tax	-4.8	-5.4	-4.6	0.0	0.0
- Accumulated retained earning at the end of the previous period	-5.4	-4.6	0.0	0.0	0.0
- Undistributed earnings in this period	0.6	-0.8	-4.7	0.0	0.0
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)	139.7	166.9	135.4	196.9	161.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	0.6	-0.7	-4.7	0.2	0.1
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.3	0.4	0.4
Provision (Increase)/Reversal	-0.6	-0.1	1.1	1.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	-0.2	0.0
Gain/Loss from Investment Activities	-0.4	-2.3	-0.6	-0.4	0.0
Interest Expense	0.2	0.1	1.0	1.4	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	-2.9	-3.0	2.4	-0.5
Increase/(Decrease) in Receivables	28.4	-25.8	54.7	-33.5	0.0
Increase/(Decrease) in Inventory	—	0.5	5.9	-4.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-34.9	38.8	-37.4	29.8	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	-0.0	0.0	-0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-0.1	-1.0	-1.4	0.0
Corporate Income Tax Paid	—	-0.0	-0.2	0.0	0.0
Other Operating Receipts	0.8	0.4	0.0	0.0	0.0
Other Operating Payments	-0.8	-0.8	-0.2	-0.7	0.0
Net Cash Flow from Operating Activities	-6.7	10.2	19.0	-8.1	-46.5
Payments for Fixed Assets and Other Long-term Assets	-0.0	0.0	-0.0	-0.0	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	2.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-1.0	-8.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	8.0	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
Dividends and Interest Income Received	0.3	0.1	0.6	0.4	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	-0.7	2.2	0.6	0.4	0.6
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	14.0	9.0	38.8	98.0	19.4
Repayment of Borrowings	-7.0	-15.2	-57.9	-92.1	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	7.0	-6.2	-19.1	5.9	19.4
Net Cash Flow During the Period	-0.4	6.2	0.5	-1.9	-0.7
Cash and Cash Equivalents at Beginning of Period	11.2	5.0	4.6	6.4	32.9
FX Difference from Revaluation	0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	10.8	11.2	5.0	4.6	6.4

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	50.3	42.6	48.4	77.9	41.1	69.8	70.0	73.5	22.8	29.1	27.0	24.4
Revenue Deductions	0.0	0.0	0.0	—	—	0.0	0.0	0.1	0.1	0.0	0.0	0.0
Net Revenue	50.3	42.6	48.3	77.9	41.1	69.8	70.0	73.5	22.7	29.1	27.0	24.4
Cost of Goods Sold	46.1	39.4	44.6	73.5	37.7	63.8	59.8	65.3	20.7	23.9	22.1	19.8
Gross Profit	4.2	3.2	3.7	4.4	3.4	6.0	10.2	8.2	2.0	5.2	4.9	4.5
Financial Income	—	0.2	0.0	0.1	0.0	0.1	0.0	0.1	0.0	0.2	0.1	0.2
Financial Expenses	0.1	0.1	0.1	0.1	—	0.1	0.0	0.1	0.1	0.1	0.2	0.3
Interest Expense	0.1	0.1	0.1	0.0	—	0.1	0.0	0.0	0.0	0.0	0.0	0.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.4	2.2	1.5	1.8	1.5	3.8	7.0	5.7	1.3	4.0	2.5	2.9
General and Administrative Expenses	2.6	0.9	1.9	2.6	1.9	3.9	2.8	3.6	1.6	2.4	3.1	2.3
Operating Profit	0.1	0.2	0.2	0.1	0.1	-1.8	0.4	-1.1	-0.9	-1.0	-0.8	-0.8
Other Income	0.0	—	—	0.1	0.0	2.4	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	-0.0	0.1	0.0	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	-0.1	0.1	0.0	2.2	-0.0	-0.0	-0.0	-0.0	0.0	0.0
Profit Before Tax	0.1	0.2	0.1	0.1	0.1	0.5	0.4	-1.1	-0.9	-1.1	-0.8	-0.8
Current Income Tax Expense	—	—	—	—	—	0.0	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	0.1	0.2	0.1	0.1	0.1	0.5	0.4	-1.1	-0.9	-1.1	-0.8	-0.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	0.2	0.1	0.1	0.1	0.5	0.4	-1.1	-0.9	-1.1	-0.8	-0.8
Earnings per Share	18.00	28.00	20.00	19.00	12.00	68.00	50.00	-159.00	-128.00	-150.00	-107.00	-108.00
Diluted EPS	18.36	28.37	20.20	18.89	11.77	68.00	50.11	-159.42	-127.67	-150.04	-107.44	-108.50

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)	148.1	139.4	152.8	155.8	157.5	166.5	168.4	155.3	135.0	134.9	127.3	130.7
I. Cash and cash equivalents	2.9	10.8	9.2	2.8	2.2	11.2	5.9	8.1	2.8	5.0	10.1	16.7
1. Cash	2.9	10.8	8.2	2.8	1.2	11.2	2.9	1.6	2.8	5.0	5.1	3.7
2. Cash equivalents	0.1	—	1.0	—	1.0	0.0	3.0	6.5	0.0	0.0	5.0	13.0
II. Short-term financial investments	—	1.0	—	1.0	—	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	—	1.0	—	1.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	144.3	126.5	142.5	150.9	154.8	154.6	160.6	146.4	129.8	128.4	115.6	113.3
1. Short-term trade accounts receivable	139.4	118.2	137.4	143.6	146.9	146.4	157.1	145.6	121.4	119.8	106.5	100.6
2. Short-term prepayments to suppliers	1.9	5.4	2.5	5.0	5.3	5.6	4.1	4.2	2.5	2.5	2.7	5.4
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	6.7	6.7	6.6	6.6	6.9	7.0	3.7	1.0	10.5	10.5	10.5	10.6
7. Provision for short-term doubtful debts (*)	-3.8	-3.8	-4.1	-4.3	-4.3	-4.4	-4.3	-4.4	-4.5	-4.5	-4.1	-3.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	1.4	0.0	1.2	0.5	1.1	0.0
1. Inventories	—	—	—	—	—	0.0	1.4	0.0	1.2	0.5	1.1	0.0
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	0.9	1.1	1.1	1.1	0.5	0.6	0.4	0.8	1.1	1.0	0.5	0.7
1. Short-term prepayments	0.2	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.3	0.0
3. Taxes and other receivables from state authorities	0.8	1.1	1.0	1.0	0.4	0.6	0.2	0.7	1.1	1.0	0.2	0.7
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)	0.1	0.3	0.2	0.2	0.3	0.3	0.3	0.4	0.4	0.5	0.5	0.5
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	0.1	0.2	0.2	0.2	0.3	0.3	0.3	0.4	0.4	0.5	0.5	0.5
1. Tangible fixed assets	0.1	0.2	0.2	0.2	0.3	0.3	0.3	0.4	0.4	0.5	0.5	0.5
- Cost	10.7	—	—	—	—	12.3	19.2	19.2	19.2	19.2	19.2	19.2
- Accumulated depreciation	-10.5	—	—	—	—	-12.0	-18.9	-18.8	-18.8	-18.8	-18.7	-18.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.1	—	—	—	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)	148.3	139.7	152.9	156.0	157.7	166.8	168.7	155.7	135.4	135.4	127.7	131.2
A. LIABILITIES (300=210+330)	37.4	29.0	42.5	45.7	47.5	57.1	59.5	46.8	25.5	24.5	15.8	18.5
I. Short -term liabilities	37.4	29.0	42.5	45.7	47.5	57.1	59.5	46.8	25.5	24.5	15.8	18.5
1. Short-term trade accounts payable	31.4	19.3	36.1	39.9	46.3	54.7	55.4	45.5	24.1	15.6	13.6	16.3
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.1	0.1	0.1	0.0	0.1	0.2	0.6	0.2	0.0	0.1	0.1	0.2
4. Payable to employees	0.9	0.6	0.4	0.2	0.4	1.4	0.5	0.4	0.4	1.4	0.9	0.9
5. Short-term acrrued expenses	0.4	0.1	0.1	0.0	0.1	0.1	0.0	0.0	0.0	0.2	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	0.2	0.3	0.4	0.1	0.2	0.2	0.3	0.1	0.1	0.2	0.3	0.1
9. Other short-term payables	0.3	1.5	0.3	0.4	0.5	0.4	0.5	0.6	0.6	0.4	0.4	0.5
10. Short-term borrowings and financial leases	4.0	7.0	5.0	5.0	—	0.0	2.0	0.0	0.0	6.2	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.0	0.0	0.1	0.1	0.1	0.1	0.4	0.4	0.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	110.8	110.7	110.5	110.3	110.2	109.7	109.2	108.9	110.0	110.9	111.9	112.7
I. Owner's equity	110.8	110.7	110.5	110.3	110.2	109.7	109.2	108.9	110.0	110.9	111.9	112.7
1. Owner's capital	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0
- Common stock with voting right	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	18.2	18.2	18.2	18.2	18.2	18.2	18.2	18.2	18.2	18.2	18.2	18.2
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
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	24.9	24.9	24.9	24.9	24.9	24.9	24.9	24.9	24.9	24.9	24.9	24.9
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	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
11. Undistributed earnings after tax	-4.7	-4.8	-5.0	-5.2	-5.3	-5.8	-6.3	-6.7	-5.5	-4.6	-3.6	-2.8
- Accumulated retained earning at the end of the previous period	-4.8	-5.4	-5.4	-5.4	-5.4	-4.6	-4.6	-4.6	-4.6	0.0	0.0	0.0
- Undistributed earnings in this period	0.1	0.6	0.4	0.2	0.1	-1.2	-1.7	-2.0	-0.9	-4.7	-3.6	-2.9
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)	148.3	139.7	152.9	156.0	157.7	166.8	168.7	155.7	135.4	135.4	127.7	131.2

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	0.1	0.2	0.1	0.1	0.1	0.5	0.4	-1.1	-0.9	-1.1	-0.8	-0.8
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
Provision (Increase)/Reversal	—	-0.3	-0.1	-0.0	-0.1	0.1	-0.1	-0.1	0.0	0.4	0.9	-0.2
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	—	-0.0	-0.0	0.0	0.0	-0.1	0.1	0.0
Gain/Loss from Investment Activities	—	-0.2	-0.0	-0.2	-0.0	-2.5	-0.0	-0.1	-0.0	-0.2	-0.1	-0.2
Interest Expense	0.1	0.1	0.1	0.0	—	0.1	0.0	0.0	0.0	0.0	0.0	0.3
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	0.2	-0.1	0.1	-0.0	0.0	-1.8	0.3	-1.2	-0.9	-0.8	0.2	-0.9
Increase/(Decrease) in Receivables	-17.4	16.2	8.7	3.3	0.2	8.2	-13.7	-16.1	-1.6	-13.7	-3.0	53.3
Increase/(Decrease) in Inventory	—	—	—	—	—	1.4	-1.4	1.2	-0.7	0.6	-1.1	4.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	11.5	-15.4	-3.3	-6.9	-9.2	-0.4	10.7	21.4	7.4	2.8	-2.8	-10.6
Increase/(Decrease) in Prepaid Expenses	-0.0	-0.0	-0.0	-0.0	—	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	-0.1	-0.1	-0.1	-0.0	—	-0.1	0.0	-0.0	-0.0	-0.0	0.0	-0.3
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	-0.0	0.0	-0.2	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	-0.4	0.4	0.0	0.0	-0.0	0.0
Other Operating Payments	-0.0	-0.8	0.1	-0.0	-0.0	-0.0	0.4	-0.4	-0.3	-0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	-5.9	0.6	5.5	-3.8	-9.0	7.3	-4.2	5.2	3.9	-11.4	-6.8	46.1
Payments for Fixed Assets and Other Long-term Assets	—	-0.0	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	—	-1.0	—	0.0	8.0	-8.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	-1.5	1.5	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.1	-0.1	0.3	-0.0	0.0	0.0	0.1	0.1	0.2	0.2	0.2
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	—	-0.9	0.9	-0.7	-0.0	0.0	6.5	-6.4	0.1	0.2	0.2	0.2
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	—	6.0	3.0	5.0	—	5.0	2.0	2.0	0.0	6.2	0.0	0.0
Repayment of Borrowings	-3.0	-4.0	-3.0	—	—	-7.0	0.0	-2.0	-6.2	0.0	0.0	-32.6
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	-3.0	2.0	0.0	5.0	—	-2.0	2.0	0.0	-6.2	6.2	0.0	-32.6
Net Cash Flow During the Period	-8.9	1.6	6.4	0.6	-9.0	5.3	4.3	-1.2	-2.2	-5.0	-6.6	13.7
Cash and Cash Equivalents at Beginning of Period	11.8	9.2	2.8	2.2	11.2	5.0	5.0	5.0	5.0	4.6	4.6	4.6
FX Difference from Revaluation	—	0.0	0.0	0.0	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.9	10.8	9.2	2.8	2.2	11.2	5.9	1.6	2.8	5.0	10.1	16.7

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TXM

What Is Changing

Drivers of TXM's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ●

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow