VE2

Xây dựng Điện VNECO 2 ·UPCOM ·2026Q1

▼ Under pressure

Leverage and liquidity require close discipline Debt/equity −6023.41x

Price

—

Latest close

P/E —

P/B —

EPS -454

BVPS 204

ROE -106.5%

ROA -2.7%

Profit Margin -194.4%

Asset Turnover 0.01x

Equity Mult. 39.06x

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

What Is Changing

On a TTM 2026Q1 basis, VE2 is holding revenue at an acceptable level, but margins are eroding visibly — margins have been compressing consistently over multiple periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1bn
	                                
+10.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 1bn
	                                
−17.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	0.6	0.7	1.9	81.1	42.7
Growth	-14%	-65%	-98%	+90%	—
Net Income	-1.6	-1.4	-3.2	-16.6	3.0
Net Margin	-282.49%	-207.16%	-166.81%	-20.50%	6.91%

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	0.2	0.1	0.1	0.3	—	0.1	0.2	0.2	0.2	0.2	0.3	1.3
Growth	+8%	+1%	-49%	—	—	-47%	-31%	+38%	-1%	-46%	-76%	—
Net Income	-0.2	-0.4	-0.2	-0.7	-0.4	-0.4	-0.2	-0.2	-0.5	-0.6	-0.8	-0.8
Net Margin	-106.20%	-266.16%	-127.04%	-240.99%	—	-477.08%	-150.81%	-74.95%	-305.95%	-362.82%	-247.43%	-63.21%

Drivers of VE2's profit

TTM

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

Administrative expenses ↑ 0.2bn

Financial income ↓ 0.1bn

Finance costs ↑ 0.0bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 0.1bn

Financial income ↓ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -194.41% −11.7pp

Gross Margin 84.90% —

SG&A / Revenue 264.69% —

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.78x —

Average Invested Capital 0.4bn −1.0bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 81.16x equity, with a net cash position equivalent to 0.73x equity.

Inventory ended the period at 13.0bn, roughly 26.0% of total assets.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

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

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 22476.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 9990.7 days —

Inventory 43028.7 days —

Payables 30542.9 days —

Cash Conversion Cycle 22476.4 days —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.73x and interest coverage only at -6023.41x.

At present, short-term debt accounts for 28.6% of total debt, cash equals 146.0% of debt, and total debt stands at 0.7bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Interest coverage is thin

Interest coverage is -6023.41x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.73x −0.05x

Interest Coverage -6023.41x −5978.52x

Cash / Debt 146.0% −52.3pp

Short-term Debt / Total Debt 28.6% −39.2pp

CFO / NI 1.05x +2.09x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -1.8bn in 2025, against investing cash flow of 0.6bn.

Post-investment cash flow was negative +1.2bn. Financing cash flow was negative +0.8bn.

CFO / net income was 1.05x.

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

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 1.5bn −2.8bn

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 leverage and liquidity remaining the main constraint, with interest coverage at -6023.41x. The next watchpoint is capital efficiency.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -6023.41x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	0.6	0.7	1.9	81.1	42.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	0.6	0.7	1.9	81.1	42.7
Cost of Goods Sold	0.1	0.2	1.6	78.4	0.0
Gross Profit	0.5	0.4	0.3	2.7	1.9
Financial Income	0.1	0.1	0.2	2.9	2.5
Financial Expenses	0.0	0.0	0.2	2.1	1.4
Interest Expense	—	0.0	0.2	2.1	-0.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	2.0	1.9	3.3	19.6	-2.0
Operating Profit	-1.4	-1.4	-3.1	-16.1	3.8
Other Income	—	0.0	0.0	0.0	0.0
Other Expenses	0.2	0.0	0.1	0.5	0.0
Other Profit	-0.2	-0.0	-0.1	-0.5	-0.2
Profit Before Tax	-1.6	-1.4	-3.2	-16.6	3.5
Current Income Tax Expense	—	0.0	0.0	0.0	-0.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-1.6	-1.4	-3.2	-16.6	3.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-1.6	-1.4	-3.2	-16.6	3.0
Earnings per Share	-572.00	-651.00	-832.00	-7,924.00	1,402.00
Diluted EPS	-572.00	-651.00	-832.00	-7,924.00	1,367.18

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	34.3	37.8	38.1	55.6	94.3
I. Cash and cash equivalents	1.0	3.1	2.4	1.1	5.5
1. Cash	0.4	1.5	1.0	1.1	0.0
2. Cash equivalents	0.7	1.6	1.4	0.0	0.0
II. Short-term financial investments	3.5	3.1	2.8	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	3.5	3.1	2.8	0.0	0.0
III. Short-term receivables	16.7	18.5	19.9	40.5	33.2
1. Short-term trade accounts receivable	19.1	21.0	22.6	40.3	0.0
2. Short-term prepayments to suppliers	6.3	6.3	6.3	6.7	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	9.5	0.2	0.2	0.4	0.0
6. Other short-term receivables	-18.4	9.2	9.1	11.1	0.0
7. Provision for short-term doubtful debts (*)	0.2	-18.4	-18.4	-18.4	0.0
8. Assets awaiting resolution	—	0.2	0.2	0.4	0.0
IV. Inventories	13.0	13.0	13.0	13.9	45.6
1. Inventories	13.0	13.0	13.0	13.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	0.0	0.1	0.0	5.5
1. Short-term prepayments	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
3. Taxes and other receivables from state authorities	0.1	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)	15.6	16.3	17.2	10.5	10.1
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	6.3	6.9	7.7	8.6	6.7
1. Tangible fixed assets	3.1	3.8	4.6	5.5	3.6
- Cost	12.5	12.5	12.5	12.5	0.0
- Accumulated depreciation	-9.4	-8.7	-7.9	-7.0	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	3.1	3.1	3.1	3.1	3.1
- Cost	3.1	3.1	3.1	3.1	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	0.4	0.4	0.4	0.4	3.3
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.4	0.4	0.4	0.0
V. Long-term financial investments	9.0	9.0	9.0	1.5	0.0
1. Investments in subsidiaries	—	0.0	0.0	1.5	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	9.0	9.0	9.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.0	-0.0	-0.0	-0.0	0.0
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	—	0.0	0.0	0.1	0.0
1. Long-term prepayments	—	0.0	0.0	0.1	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)	49.9	54.1	55.3	66.1	104.4
A. LIABILITIES (300=210+330)	49.3	51.8	51.7	59.3	80.5
I. Short -term liabilities	48.7	51.2	51.1	58.7	80.5
1. Short-term trade accounts payable	8.4	10.0	10.1	11.1	26.1
2. Short-term advances from customers	11.1	11.1	11.1	12.8	24.6
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.8	0.8	0.8	0.7	0.0
5. Short-term acrrued expenses	11.0	11.1	11.1	11.7	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	0.3	0.0
9. Other short-term payables	17.0	16.8	16.6	16.4	0.0
10. Short-term borrowings and financial leases	0.2	1.1	1.1	5.4	25.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.3	0.3	0.3	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	0.6	0.6	0.6	0.6	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	0.1	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	0.5	0.5	0.5	0.5	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)	0.6	2.2	3.6	6.8	23.9
I. Owner's equity	0.6	2.2	3.6	6.8	0.0
1. Owner's capital	21.6	21.6	21.6	21.6	23.9
- Common stock with voting right	21,588,800,000.00	21,588,800,000.00	21,588,800,000.00	21,588,800,000.00	21,588,800,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-475,357,950.00	-475,357,950.00	-475,357,950.00	-475,357,950.00	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	0.8	0.8	0.8	0.8	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	-21.3	-19.7	-18.3	-15.1	2.1
- Accumulated retained earning at the end of the previous period	-19.7	-18.3	-15.1	1.5	0.2
- Undistributed earnings in this period	-1.6	-1.4	-3.2	-16.6	1.8
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)	49.9	54.1	55.3	66.1	104.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	-0.4	0.0
Other Operating Receipts	—	0.1	4.8	23.4	0.0
Other Operating Payments	-1.5	-0.3	-3.2	-18.0	0.0
Net Cash Flow from Operating Activities	-1.8	1.3	15.6	12.7	-8.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	-1.2
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	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	2.5
Investments in Other Entities	—	0.0	-7.5	-1.5	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.1	2.9	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	0.6	-0.6	-10.0	2.2	3.8
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	—	0.0	0.0	46.5	36.1
Repayment of Borrowings	-0.8	0.0	-4.3	-65.9	-26.5
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	-0.8	0.0	-4.3	-19.4	9.6
Net Cash Flow During the Period	-2.1	0.7	1.2	-4.4	5.4
Cash and Cash Equivalents at Beginning of Period	3.1	2.4	1.1	5.5	0.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.0	3.1	2.4	1.1	5.5

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	0.2	0.1	0.1	0.3	—	0.1	0.2	0.2	0.2	0.2	0.3	1.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.2	0.1	0.1	0.3	—	0.1	0.2	0.2	0.2	0.2	0.3	1.3
Cost of Goods Sold	0.0	0.0	0.0	0.0	—	0.0	0.1	0.1	0.0	0.2	0.4	1.1
Gross Profit	0.1	0.1	0.1	0.2	—	0.1	0.1	0.1	0.1	0.0	-0.1	0.3
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.2	0.0	0.0
Financial Expenses	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.0	0.0	0.1	0.0
Interest Expense	—	—	—	—	—	0.0	-0.1	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.3	0.4	0.3	1.0	0.4	0.5	0.4	0.4	0.6	0.8	0.7	1.1
Operating Profit	-0.2	-0.2	-0.1	-0.7	-0.4	-0.4	-0.2	-0.2	-0.5	-0.6	-0.8	-0.8
Other Income	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.2	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	-0.2	-0.0	-0.0	—	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Profit Before Tax	-0.2	-0.4	-0.2	-0.7	-0.4	-0.4	-0.2	-0.2	-0.5	-0.6	-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	-0.2	-0.4	-0.2	-0.7	-0.4	-0.4	-0.2	-0.2	-0.5	-0.6	-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	-0.2	-0.4	-0.2	-0.7	-0.4	-0.4	-0.2	-0.2	-0.5	-0.6	-0.8	-0.8
Earnings per Share	-55.00	-7.00	-67.00	-325.00	-174.00	-199.00	-116.00	-85.00	-251.00	-301.00	-381.00	-404.00
Diluted EPS	-55.00	-7.00	-67.00	-325.00	-174.00	-651.00	-116.00	-85.00	-251.00	-301.00	-381.00	-404.00

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)	34.5	34.3	36.2	37.2	37.8	37.8	38.0	38.0	38.1	38.1	39.6	56.5
I. Cash and cash equivalents	1.0	1.0	1.1	1.2	3.1	3.1	2.2	2.1	2.4	2.4	2.3	1.8
1. Cash	0.4	0.4	0.3	0.4	1.5	1.5	0.5	0.4	0.5	1.0	0.5	1.2
2. Cash equivalents	0.7	0.7	0.8	0.8	1.6	1.6	1.7	1.7	1.9	1.4	1.8	0.6
II. Short-term financial investments	3.9	3.5	3.4	4.2	3.1	3.1	3.1	3.1	3.1	2.8	3.6	3.6
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	3.9	3.5	3.4	4.2	3.1	3.1	3.1	3.1	3.1	2.8	3.6	3.6
III. Short-term receivables	16.5	16.7	18.7	18.8	18.5	18.5	19.7	19.7	19.5	19.9	20.8	40.5
1. Short-term trade accounts receivable	18.9	19.1	21.0	21.2	21.0	21.0	22.2	22.2	22.2	22.6	23.0	26.0
2. Short-term prepayments to suppliers	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	7.0
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	—	9.5	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1
6. Other short-term receivables	9.5	-18.4	9.4	9.3	9.2	9.2	9.2	9.1	9.1	9.1	9.3	9.8
7. Provision for short-term doubtful debts (*)	-18.4	0.2	-18.4	-18.4	-18.4	-18.4	-18.4	-18.4	-18.4	-18.4	-18.4	-2.4
8. Assets awaiting resolution	0.2	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.4	0.0
IV. Inventories	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	12.9	10.6
1. Inventories	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0	12.9	10.6
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	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.0	-0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	-0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.1	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)	15.5	15.6	15.8	15.9	16.3	16.3	16.5	16.7	16.9	17.2	17.4	15.6
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	6.1	6.3	6.4	6.5	6.9	6.9	7.1	7.3	7.5	7.7	8.0	8.2
1. Tangible fixed assets	3.0	3.1	3.3	3.4	3.8	3.8	4.0	4.2	4.4	4.6	4.8	5.1
- Cost	12.5	—	—	—	—	12.5	12.5	12.5	12.5	12.5	12.5	12.5
- Accumulated depreciation	-9.5	—	—	—	—	-8.7	-8.5	-8.3	-8.1	-7.9	-7.6	-7.4
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	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1
- Cost	3.1	—	—	—	—	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	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
V. Long-term financial investments	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	7.0
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	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	7.0
4. Provision for diminution in value of long-term investments	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-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	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	0.0	0.0	0.0	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)	50.0	49.9	52.0	53.1	54.1	54.1	54.5	54.7	55.1	55.3	57.0	72.0
A. LIABILITIES (300=210+330)	49.6	49.3	51.0	51.9	51.8	51.8	51.9	51.8	52.0	51.7	52.7	52.6
I. Short -term liabilities	48.9	48.7	50.4	51.3	51.2	51.2	51.8	51.2	51.4	51.1	52.1	35.9
1. Short-term trade accounts payable	8.4	8.4	10.1	10.0	10.0	10.0	10.1	10.1	10.1	10.1	10.6	10.6
2. Short-term advances from customers	11.1	11.1	11.1	11.1	11.1	11.1	11.1	11.1	11.1	11.1	11.2	11.1
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
4. Payable to employees	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.9	0.8	0.8	1.2
5. Short-term acrrued expenses	11.0	11.0	11.0	11.1	11.1	11.1	11.1	11.2	11.2	11.1	11.5	11.2
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	0.1	—	—	—	—	0.0	0.1	0.0	0.1	0.0	0.1	0.0
9. Other short-term payables	17.0	17.0	16.9	16.8	16.8	16.8	18.2	16.7	16.6	16.6	16.5	0.3
10. Short-term borrowings and financial leases	0.2	0.2	0.2	1.1	1.1	1.1	0.0	1.1	1.1	1.1	1.1	1.1
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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	0.6	0.6	0.6	0.6	0.6	0.6	0.1	0.6	0.6	0.6	0.6	16.7
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	16.2
8. Long-term borrowings and financial leases	0.5	0.5	0.5	0.5	0.5	0.5	0.0	0.5	0.5	0.5	0.5	0.5
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)	0.4	0.6	1.0	1.2	2.2	2.2	2.6	2.9	3.1	3.6	4.2	19.4
I. Owner's equity	0.4	0.6	1.0	1.2	2.2	2.2	2.6	2.9	3.1	3.6	4.2	19.4
1. Owner's capital	21.6	21.6	21.6	21.6	21.6	21.6	21.6	21.6	21.6	21.6	21.6	21.6
- Common stock with voting right	21,588,800,000.00	21,588,800,000.00	21,588,800,000.00	21,588,800,000.00	21,588,800,000.00	21,588,800,000.00	21,588,800,000.00	21,588,800,000.00	21,588,800,000.00	21,588,800,000.00	21,588,800,000.00	21,588,800,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-475,357,950.00	-475,357,950.00	-475,357,950.00	-475,357,950.00	-475,357,950.00	-475,357,950.00	-475,357,950.00	-475,357,950.00	-475,357,950.00	-475,357,950.00	-475,357,950.00	-475,357,950.00
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	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	-21.5	-21.3	-20.9	-20.7	-19.7	-19.7	-19.3	-19.0	-18.8	-18.3	-17.7	-2.5
- Accumulated retained earning at the end of the previous period	-21.3	-19.7	-19.7	-19.7	1.5	-18.3	-18.3	-18.3	-18.3	-15.1	-15.1	-0.7
- Undistributed earnings in this period	-0.2	-1.6	-1.2	-1.0	-21.2	-1.4	-1.0	-0.7	-0.5	-3.2	-2.5	-1.7
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)	50.0	49.9	52.0	53.1	54.1	54.1	54.5	54.7	55.1	55.3	57.0	72.0

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	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	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	—	—	—	0.0	-0.0	-0.5	0.5	4.4	-2.0	0.6	1.8
Other Operating Payments	-0.1	-1.3	-0.2	-0.1	-0.3	0.2	-0.1	-0.1	14.6	-17.5	1.3	-1.6
Net Cash Flow from Operating Activities	0.4	-1.0	-1.8	0.9	0.8	0.4	-0.9	0.9	17.8	-16.6	3.4	11.1
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	5.5	-5.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	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	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	-15.0	12.9	-5.5	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.0	—	0.0	-0.0	-0.2	0.2	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	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.3	1.6	-0.2	-0.8	0.1	-0.3	0.5	-0.8	-17.8	17.2	-4.1	-5.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-0.8	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-4.3
Repayment of Finance Leases	—	—	—	—	0.0	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	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-0.8	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-4.3
Net Cash Flow During the Period	0.0	-0.2	-1.9	0.1	0.9	0.1	-0.3	0.1	0.0	0.5	-0.8	1.5
Cash and Cash Equivalents at Beginning of Period	1.0	3.1	2.4	2.4	2.4	2.4	2.4	2.4	1.1	1.1	1.1	1.1
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.0	1.0	1.2	2.4	3.1	2.2	2.1	2.4	2.4	2.3	1.8	2.6

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VE2

What Is Changing

Drivers of VE2's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▼▼

Working Capital Efficiency ●

Is financial risk significant?

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