VCA

Thép VICASA ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin −1.75%, −1.74pp YoY

Price

6,200

Latest close

03 Jun 2026

P/E -7.24x

P/B 0.55x

EPS -856

BVPS 11,304

ROE -7.2%

ROA -5.5%

Profit Margin -1.7%

Asset Turnover 3.13x

Equity Mult. 1.32x

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

What Is Changing

On a TTM 2026Q1 basis, VCA 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. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 753bn
	                                
−45.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 13bn
	                                
−16471.3%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    83.9%

Metric	2025	2024	2023	2022	2021
Revenue	1,017.6	1,357.8	1,725.0	2,335.2	2,613.3
Growth	-25%	-21%	-26%	-11%	—
Net Income	-22.3	1.0	7.3	-5.9	36.0
Net Margin	-2.19%	0.08%	0.42%	-0.25%	1.38%

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	45.7	89.7	43.3	574.0	310.6	344.7	383.0	347.5	282.5	470.7	389.7	358.3
Growth	-49%	+107%	-92%	+85%	-10%	-10%	+10%	+23%	-40%	+21%	+9%	—
Net Income	1.7	-13.2	-3.5	1.9	0.0	2.5	-3.3	0.6	1.2	3.6	-2.7	0.9
Net Margin	3.68%	-14.74%	-8.17%	0.34%	0.01%	0.74%	-0.86%	0.19%	0.41%	0.77%	-0.69%	0.25%

Drivers of VCA's profit

TTM

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

Administrative expenses ↑ 16.6bn

Gross profit ↓ 15.8bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by the main positive driver. Supporting and offsetting drivers:

Gross profit ↓ 5.6bn

Administrative expenses ↑ 4.6bn

Financial income ↓ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -0.0% = -0.0% × 3.96 × 1.81

2026Q1 -7.2% = -1.7% × 3.13 × 1.32

ROE fell from -0.0% to -7.2% — all three components weakened, with asset turnover being the main drag.

Net margin: -1.7% -1.7pp Asset turnover: 3.13x -0.83x Leverage: 1.32x -0.49x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -1.75%, losing 1.7pp. The main pressure comes from SG&A / Revenue rose 2.9pp and Gross margin fell 0.4pp (with additional support from Net financial result / Revenue rose 0.2pp).

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

Profitability trend

Net Margin -1.75% −1.7pp

Gross Margin 1.53% −0.4pp

SG&A / Revenue 4.84% +2.9pp

Non-core / Revenue 1.56% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Margin support from other income remains high (83.9% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is balanced — liabilities at 0.03x equity, net debt at 0.64x equity.

Inventory ended the period at 66.4bn, roughly 38.1% of total assets.

Over the last 12 months, working capital released 174.5bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +68.9bn

Inventories decreased → higher CFO: +162.3bn

Payables decreased → lower CFO: −56.7bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.2 days versus the same period last year. The main moves came from DIO fell 5.7 days, DSO fell 3.4 days, and DPO rose 0.0 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 14.6 days −3.4 days

Inventory 56.7 days −5.7 days

Payables 11.1 days +0.0 days

Cash Conversion Cycle 60.2 days −9.2 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity 0.64x +0.43x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -12.04x +1186.18x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 120.6bn in 2025, against investing cash flow of 2.7bn.

Post-investment cash flow was positive +123.2bn. Financing cash flow was negative +60.6bn.

CFO / net income was -12.04x.

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 158.4bn +63.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 1.7 pp. The next watchpoint is the earnings mix, when non-core contribution is -12.3%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -12.3% of PBT and CFO / net income currently at -12.04x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -1.75% after a 1.7pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,019.0	1,361.9	1,727.0	2,338.0	2,623.1
Revenue Deductions	1.4	4.2	2.0	2.8	0.0
Net Revenue	1,017.6	1,357.8	1,725.0	2,335.2	2,613.3
Cost of Goods Sold	1,000.5	1,328.1	1,668.5	2,301.9	0.0
Gross Profit	17.1	29.6	56.4	33.3	97.4
Financial Income	2.2	1.1	0.2	1.0	0.5
Financial Expenses	1.9	3.7	8.9	13.4	-7.2
Interest Expense	1.6	3.6	8.8	13.2	-6.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	8.1	12.7	14.4	17.8	-14.9
General and Administrative Expenses	25.8	13.2	24.5	7.5	-30.7
Operating Profit	-16.5	1.0	8.9	-4.4	45.0
Other Income	2.3	0.0	0.1	0.1	0.0
Other Expenses	8.1	0.0	0.0	0.7	0.0
Other Profit	-5.7	0.0	0.1	-0.6	-0.1
Profit Before Tax	-22.3	1.0	8.9	-5.0	45.0
Current Income Tax Expense	—	0.0	1.7	0.9	-9.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-22.3	1.0	7.3	-5.9	36.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-22.3	1.0	7.3	-5.9	36.0
Earnings per Share	-1,465.00	68.00	480.00	-388.00	2,368.00
Diluted EPS	-1,465.42	68.28	480.08	-388.46	2,367.46

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	164.0	294.9	244.3	314.2	515.2
I. Cash and cash equivalents	90.7	28.0	18.4	19.2	20.8
1. Cash	4.7	28.0	18.4	19.2	0.0
2. Cash equivalents	86.0	0.0	0.0	0.0	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	5.7	63.4	55.2	97.4	122.7
1. Short-term trade accounts receivable	4.6	63.2	54.1	96.2	0.0
2. Short-term prepayments to suppliers	0.6	0.2	0.9	1.1	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	0.3	0.1	0.2	0.1	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	-0.0	0.0
8. Assets awaiting resolution	0.3	0.0	0.0	0.0	0.0
IV. Inventories	66.4	194.8	168.2	195.7	353.6
1. Inventories	70.9	194.8	168.2	195.7	0.0
2. Provision for decline in value of inventories	-4.5	0.0	0.0	0.0	0.0
V. Other short-term assets	1.1	8.6	2.5	2.0	18.2
1. Short-term prepayments	0.8	1.5	2.5	2.0	0.0
2. Value added tax to be reclaimed	—	6.8	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.4	0.4	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)	10.4	25.1	38.3	57.3	63.3
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	7.7	17.1	28.1	42.2	51.4
1. Tangible fixed assets	7.7	17.1	28.1	42.2	51.4
- Cost	380.1	392.8	392.8	397.6	0.0
- Accumulated depreciation	-372.4	-375.7	-364.8	-355.4	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	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	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	—	0.6	0.6	0.6	4.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.6	0.6	0.6	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	2.7	7.4	9.7	14.5	0.0
1. Long-term prepayments	2.7	7.4	9.7	14.5	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	7.7
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)	174.4	320.0	282.7	371.4	578.4
A. LIABILITIES (300=210+330)	4.4	127.6	90.5	186.5	338.4
I. Short -term liabilities	4.4	127.6	90.5	186.5	338.4
1. Short-term trade accounts payable	0.0	47.0	6.0	3.1	48.4
2. Short-term advances from customers	0.1	0.0	4.3	0.0	1.8
3. Taxes and other payables to state authorities	1.2	0.0	2.7	6.9	0.0
4. Payable to employees	1.5	10.6	17.2	17.0	0.0
5. Short-term acrrued expenses	0.1	7.9	4.9	4.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	1.4	1.5	1.3	2.0	0.0
10. Short-term borrowings and financial leases	—	60.4	49.3	152.3	242.3
11. Provision for short-term liabilities	—	0.0	4.7	0.0	0.0
12.. Bonus and welfare fund	0.1	0.2	0.0	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	—	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)	170.0	192.4	192.2	184.9	240.1
I. Owner's equity	170.0	192.4	192.2	184.9	0.0
1. Owner's capital	151.9	151.9	151.9	151.9	240.1
- Common stock with voting right	151,873,220,000.00	151,873,220,000.00	151,873,220,000.00	151,873,220,000.00	151,873,220,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	20.4	20.4	20.4	20.4	20.4
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	15.0	15.0	15.0	15.0	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	-17.3	5.0	4.9	-2.4	52.7
- Accumulated retained earning at the end of the previous period	4.9	4.0	-2.4	3.5	16.8
- Undistributed earnings in this period	-22.3	1.0	7.3	-5.9	36.0
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)	174.4	320.0	282.7	371.4	578.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	-22.3	1.0	8.9	-5.0	45.0
Depreciation of Fixed Assets and Investment Property	8.9	10.9	14.5	15.3	26.4
Provision (Increase)/Reversal	4.5	-4.7	4.7	-15.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.6	-0.2	-0.1	-0.1	0.0
Interest Expense	1.6	3.6	8.8	13.2	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	0.6	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-9.3	10.7	36.8	8.3	83.4
Increase/(Decrease) in Receivables	64.8	-15.0	42.2	38.9	0.0
Increase/(Decrease) in Inventory	124.1	-26.6	27.5	157.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-62.5	31.2	2.9	-45.0	0.0
Increase/(Decrease) in Prepaid Expenses	5.4	3.4	4.2	-1.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.7	-3.6	-8.9	-13.2	0.0
Corporate Income Tax Paid	—	-0.9	-1.4	-2.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.7	-0.7	-1.7	0.0
Net Cash Flow from Operating Activities	120.6	-1.5	102.6	140.2	-248.2
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.3	-6.6	-4.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.4	0.0	0.1	0.1	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
Dividends and Interest Income Received	0.3	0.2	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	2.7	0.2	-0.2	-6.5	-4.3
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	329.0	720.3	1,067.3	1,508.6	1,261.5
Repayment of Borrowings	-389.4	-709.1	-1,170.3	-1,598.6	-1,019.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	-0.1	-0.1	-45.4	-15.4
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-60.6	11.0	-103.2	-135.4	226.9
Net Cash Flow During the Period	62.6	9.7	-0.8	-1.6	-9.4
Cash and Cash Equivalents at Beginning of Period	28.0	18.4	19.2	20.8	46.6
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0	-0.2
Cash and Cash Equivalents at End of Period	90.7	28.0	18.4	19.2	20.8

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	45.7	89.7	43.3	575.1	310.9	344.9	384.8	348.7	283.5	471.3	390.1	358.6
Revenue Deductions	—	—	—	1.1	0.3	0.1	1.8	1.2	1.0	0.6	0.4	0.3
Net Revenue	45.7	89.7	43.3	574.0	310.6	344.7	383.0	347.5	282.5	470.7	389.7	358.3
Cost of Goods Sold	44.5	94.3	41.3	561.2	303.7	334.6	378.9	341.3	273.3	457.4	382.7	349.8
Gross Profit	1.2	-4.6	2.1	12.8	6.8	10.1	4.2	6.2	9.1	13.3	7.0	8.5
Financial Income	0.4	0.2	0.1	0.8	0.7	0.7	0.0	0.2	0.1	0.0	0.0	0.1
Financial Expenses	0.0	—	0.1	0.8	1.0	0.4	0.8	0.8	1.7	1.3	3.3	2.0
Interest Expense	—	—	0.1	0.8	0.7	0.3	0.8	0.8	1.7	1.3	3.3	2.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.7	—	0.5	4.9	2.7	3.2	3.4	3.3	2.8	4.0	4.1	2.3
General and Administrative Expenses	8.4	10.9	5.9	5.1	3.8	4.4	4.1	1.4	3.3	3.5	3.1	3.2
Operating Profit	-7.4	-15.3	-4.4	2.9	0.0	2.9	-4.1	0.8	1.4	4.6	-3.4	1.1
Other Income	12.3	2.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	3.2	0.6	0.0	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	9.1	2.3	-0.0	-0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	1.7	-12.9	-4.4	2.5	0.0	2.9	-4.1	0.8	1.4	4.6	-3.4	1.1
Current Income Tax Expense	—	0.3	-0.9	0.6	0.0	0.4	-0.8	0.2	0.3	0.9	-0.7	0.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.7	-13.2	-3.5	1.9	0.0	2.5	-3.3	0.6	1.2	3.6	-2.7	0.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.7	-13.2	-3.5	1.9	0.0	2.5	-3.3	0.6	1.2	3.6	-2.7	0.9
Earnings per Share	111.00	-871.00	-223.00	127.00	2.00	168.00	-218.00	43.00	76.00	238.00	-178.00	58.00
Diluted EPS	110.65	-870.75	-233.21	127.10	2.38	167.62	-217.91	42.69	75.88	237.52	-177.71	57.93

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)	166.9	165.5	178.4	345.0	279.5	294.9	245.4	326.6	359.6	244.3	342.5	394.8
I. Cash and cash equivalents	5.0	90.7	8.4	20.9	9.9	28.0	6.2	13.7	2.5	18.4	20.1	5.3
1. Cash	3.0	4.7	2.4	20.9	9.9	28.0	6.2	13.7	2.5	18.4	20.1	5.3
2. Cash equivalents	2.0	86.0	6.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	126.9	—	—	—	—	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	126.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	0.8	5.5	0.4	109.6	60.8	63.4	79.3	91.2	78.7	55.2	73.8	48.0
1. Short-term trade accounts receivable	0.1	4.6	0.1	109.2	60.2	63.2	76.8	91.1	76.8	54.1	73.6	46.0
2. Short-term prepayments to suppliers	0.6	0.6	0.2	0.2	0.4	0.2	2.2	0.0	1.6	0.9	0.1	1.9
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	0.1	0.1	0.1	0.2	0.1	0.1	0.3	0.1	0.3	0.2	0.1	0.1
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
8. Assets awaiting resolution	—	0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	33.8	66.4	160.4	200.8	196.1	194.8	155.4	216.8	268.3	168.2	244.1	325.1
1. Inventories	34.0	70.9	160.4	200.8	196.1	194.8	155.4	216.8	268.3	168.2	246.3	327.3
2. Provision for decline in value of inventories	-0.2	-4.5	—	—	—	0.0	0.0	0.0	0.0	0.0	-2.2	-2.2
V. Other short-term assets	0.4	2.9	9.3	13.7	12.7	8.6	4.5	4.9	10.1	2.5	4.5	16.3
1. Short-term prepayments	—	2.5	3.4	4.4	3.9	1.5	3.8	4.9	3.0	2.5	1.7	2.5
2. Value added tax to be reclaimed	0.1	—	5.2	9.3	8.5	6.8	0.0	0.0	7.0	0.0	2.6	13.9
3. Taxes and other receivables from state authorities	0.4	0.4	0.6	—	0.3	0.4	0.6	0.0	0.0	0.0	0.2	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)	7.9	16.4	17.6	18.0	26.2	25.1	28.1	32.7	33.9	38.3	43.7	49.1
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	5.9	11.8	12.5	12.5	14.8	17.1	19.6	22.3	25.2	28.1	31.4	35.1
1. Tangible fixed assets	5.9	11.8	12.5	12.5	14.8	17.1	19.6	22.3	25.2	28.1	31.4	35.1
- Cost	340.9	—	—	—	—	392.8	392.8	392.8	392.8	392.8	392.8	392.8
- Accumulated depreciation	-335.0	—	—	—	—	-375.7	-373.2	-370.5	-367.7	-364.8	-361.4	-357.7
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	—	—	—	—	—	0.0	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
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	—	—	0.6	0.6	0.6	0.6	1.0	1.4	0.9	0.6	0.6	0.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	0.6	0.6	0.6	0.6	1.0	1.4	0.9	0.6	0.6	0.8
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	2.0	4.5	4.5	4.9	10.9	7.4	7.5	9.0	7.9	9.7	11.6	13.1
1. Long-term prepayments	2.0	4.5	4.5	4.9	10.9	7.4	7.5	9.0	7.9	9.7	11.6	13.1
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)	174.8	181.8	196.0	363.0	305.7	320.0	273.5	359.3	393.5	282.7	386.2	443.9
A. LIABILITIES (300=210+330)	3.1	4.4	5.3	168.7	113.3	127.6	83.7	166.1	200.2	90.6	197.8	252.8
I. Short -term liabilities	3.1	4.4	5.3	168.7	113.3	127.6	83.7	166.1	200.2	90.6	197.8	252.8
1. Short-term trade accounts payable	0.2	0.0	1.4	41.0	44.8	47.0	40.9	18.5	37.4	6.0	17.0	43.5
2. Short-term advances from customers	—	0.1	—	—	0.0	0.0	0.0	0.0	0.4	4.3	0.0	0.2
3. Dividends and profits payable	0.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	—	1.2	—	0.2	—	0.0	9.1	1.2	0.3	2.9	0.0	1.6
4. Payable to employees	1.4	1.5	2.1	9.4	3.4	10.6	11.4	11.0	11.2	17.2	19.9	20.1
5. Short-term acrrued expenses	0.1	0.1	0.1	0.2	10.5	7.9	7.6	2.6	6.0	4.9	16.2	13.2
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	0.9	1.4	1.7	2.2	1.5	1.5	1.9	1.6	1.6	1.3	1.4	1.5
10. Short-term borrowings and financial leases	—	—	—	115.6	51.8	60.4	12.6	128.4	139.5	49.3	137.8	161.8
11. Provision for short-term liabilities	—	—	—	—	1.3	0.0	0.0	2.5	3.8	4.7	5.5	10.7
12.. Bonus and welfare fund	0.0	0.1	0.1	0.1	0.0	0.2	0.2	0.3	0.0	0.0	0.0	0.2
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)	171.7	177.5	190.7	194.2	192.4	192.4	189.8	193.1	193.3	192.0	188.4	191.1
I. Owner's equity	171.7	177.5	190.7	194.2	192.4	192.4	189.8	193.1	193.3	192.0	188.4	191.1
1. Owner's capital	151.9	151.9	151.9	151.9	151.9	151.9	151.9	151.9	151.9	151.9	151.9	151.9
- Common stock with voting right	151,873,220,000.00	151,873,220,000.00	151,873,220,000.00	151,873,220,000.00	151,873,220,000.00	151,873,220,000.00	151,873,220,000.00	151,873,220,000.00	151,873,220,000.00	151,873,220,000.00	151,873,220,000.00	151,873,220,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	20.4	20.4	20.4	20.4	20.4	20.4	20.4	20.4	20.4	20.4	20.4	20.4
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	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0	15.0
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	-15.6	-9.9	3.4	6.9	5.1	5.0	2.5	5.8	6.0	4.7	1.1	3.8
- Accumulated retained earning at the end of the previous period	-17.3	4.9	4.9	4.9	5.0	4.0	4.0	4.0	4.9	-2.4	-2.4	-2.4
- Undistributed earnings in this period	1.7	-14.8	-1.6	2.0	0.0	1.0	-1.5	1.8	1.2	7.1	3.5	6.2
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)	174.8	181.8	196.0	363.0	305.7	320.0	273.5	359.3	393.5	282.7	386.2	443.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	1.7	-20.4	-4.4	2.5	0.0	2.9	-4.1	0.8	1.4	4.6	-3.4	1.1
Depreciation of Fixed Assets and Investment Property	1.9	4.2	0.0	2.2	2.4	2.4	2.7	2.9	2.9	3.4	3.7	3.7
Provision (Increase)/Reversal	-4.3	3.2	—	—	1.3	-9.0	6.5	-3.0	0.9	-3.0	-5.0	1.2
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.1	0.0	-0.1	0.0	-0.1	0.0	0.1	-0.1	0.0	-0.0	-0.1
Gain/Loss from Investment Activities	-12.6	-2.5	-0.0	-0.0	-0.0	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Interest Expense	—	0.0	0.1	0.8	0.7	0.3	0.8	0.8	1.7	1.3	3.3	2.0
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	-13.3	-13.6	-4.3	4.1	4.5	-3.5	5.9	1.5	6.8	6.2	-1.5	7.9
Increase/(Decrease) in Receivables	5.1	0.0	113.3	-49.5	1.0	9.6	11.5	-5.6	-30.5	21.4	-14.7	42.9
Increase/(Decrease) in Inventory	36.9	89.7	40.4	-4.8	-1.3	-39.4	61.4	51.5	-100.1	78.1	81.0	-84.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.7	-0.8	-47.4	-6.7	-7.6	5.0	27.4	-19.7	18.5	-18.4	-24.1	-7.6
Increase/(Decrease) in Prepaid Expenses	1.4	4.5	1.3	5.5	-5.9	2.6	3.3	-3.4	1.0	1.2	2.2	-0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	-0.3	-1.4	-0.0	-0.3	-0.9	-1.2	-1.2	-1.7	-3.0	-2.3
Corporate Income Tax Paid	—	—	—	—	—	-0.1	0.0	-0.2	-0.6	0.0	-1.1	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	0.0	0.0	-0.1	-0.1	0.0	-0.3	-0.5	0.0	-0.0	-0.1	-0.3
Net Cash Flow from Operating Activities	28.4	79.8	103.1	-52.8	-9.5	-26.1	108.3	22.4	-106.1	86.8	38.8	-44.3
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	12.1	2.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-126.9	—	—	—	—	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
Dividends and Interest Income Received	0.7	0.2	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	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	-114.1	2.6	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	-0.3
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	—	0.0	0.0	231.2	97.8	125.9	136.8	240.6	217.0	234.5	291.9	250.3
Repayment of Borrowings	—	0.6	-115.6	-167.4	-106.4	-78.1	-252.6	-251.7	-126.7	-323.0	-316.0	-213.4
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	—	-0.1	0.0	-0.1	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	-115.6	63.8	-8.6	47.8	-115.8	-11.2	90.3	-88.5	-24.0	36.9
Net Cash Flow During the Period	-85.7	82.3	-12.5	11.0	-18.1	21.8	-7.5	11.2	-15.8	-1.7	14.8	-7.8
Cash and Cash Equivalents at Beginning of Period	90.7	8.4	20.9	9.9	28.0	18.4	18.4	18.4	18.4	19.2	19.2	19.2
FX Difference from Revaluation	-0.0	0.0	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	5.0	90.7	8.4	20.9	9.9	28.0	6.2	13.7	2.5	18.4	20.1	5.3

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VCA

What Is Changing

Drivers of VCA's profit

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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?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow