VLB

Xây dựng và Sản xuất Vật liệu xây dựng Biên Hòa ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 21.59%, +4.97pp YoY

Price

47,800

Latest close

03 Jun 2026

P/E 8.29x

P/B 2.88x

EPS 5,769

BVPS 16,594

ROE 42.4%

ROA 30.5%

Profit Margin 21.6%

Asset Turnover 1.41x

Equity Mult. 1.39x

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

What Is Changing

On a TTM 2026Q1 basis, VLB has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,468bn
	                                
+8.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 317bn
	                                
+41.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,455.8	1,303.7	1,003.2	1,274.6	942.0
Growth	+12%	+30%	-21%	+35%	—
Net Income	301.4	218.0	142.5	-23.3	161.2
Net Margin	20.71%	16.72%	14.21%	-1.82%	17.12%

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	351.5	380.4	328.0	408.5	338.9	359.0	315.2	339.1	290.5	291.2	219.0	244.4
Growth	-8%	+16%	-20%	+21%	-6%	+14%	-7%	+17%	-0%	+33%	-10%	—
Net Income	74.1	100.7	63.1	79.2	58.5	62.6	50.7	53.0	51.7	56.3	20.5	30.3
Net Margin	21.08%	26.48%	19.22%	19.38%	17.26%	17.45%	16.07%	15.64%	17.78%	19.33%	9.34%	12.41%

Drivers of VLB's profit

TTM

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

Gross profit ↑ 85.7bn

Other profit ↑ 23.1bn

Financial income ↑ 10.3bn

Tax ↑ 18.7bn

TTM

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

Gross profit ↑ 19.8bn

Tax ↑ 3.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 32.7% = 16.6% × 1.48 × 1.33

2026Q1 42.4% = 21.6% × 1.41 × 1.39

ROE rose from 32.7% to 42.4% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 21.6% +5.0pp Asset turnover: 1.41x -0.07x Leverage: 1.39x +0.07x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 21.59%, rising 5.0pp. The main driver is Gross margin rose 3.7pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 1.6pp and Net financial result / Revenue rose 0.6pp).

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 21.59% +5.0pp

Gross Margin 30.34% +3.7pp

SG&A / Revenue 6.54% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 20.75% +3.7pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.66x equity, with a net cash position equivalent to 0.03x equity.

Over the last 12 months, working capital released 151.2bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +21.9bn

Inventories decreased → higher CFO: +13.3bn

Payables increased → higher CFO: +115.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.9 days versus the same period last year. The main moves came from DIO fell 3.2 days, DSO fell 4.3 days, and DPO rose 2.4 days.

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

Working Capital Efficiency

Receivables 2.8 days −4.3 days

Inventory 10.8 days −3.2 days

Payables 13.5 days +2.4 days

Cash Conversion Cycle 0.1 days −9.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 253.7bn.

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 -0.03x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.12x −0.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 253.7bn in 2025, against investing cash flow of -82.3bn.

Post-investment cash flow was positive +171.3bn. Financing cash flow was negative +163.5bn.

CFO / net income was 1.12x.

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 354.9bn +102.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 5.0 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 21.59% after expanding 5.0pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,455.8	1,303.7	1,003.2	1,274.6	942.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,455.8	1,303.7	1,003.2	1,274.6	942.0
Cost of Goods Sold	1,030.0	952.2	791.1	972.9	0.0
Gross Profit	425.8	351.6	212.1	301.7	245.1
Financial Income	30.7	19.9	19.6	12.2	14.7
Financial Expenses	—	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	14.6	11.2	13.7	18.5	-18.5
General and Administrative Expenses	79.8	76.2	61.3	59.3	-50.4
Operating Profit	362.0	284.0	156.8	236.2	190.9
Other Income	15.4	2.8	17.3	11.6	0.0
Other Expenses	0.4	11.6	1.1	271.0	0.0
Other Profit	15.0	-8.7	16.2	-259.4	10.8
Profit Before Tax	377.0	275.3	173.0	-23.3	201.7
Current Income Tax Expense	76.1	59.7	30.5	0.0	-40.5
Deferred Income Tax Expense	-0.6	-2.4	0.0	0.0	0.0
Net Income	301.4	218.0	142.5	-23.3	161.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	301.4	218.0	142.5	-23.3	161.2
Earnings per Share	5,495.00	3,966.00	2,666.00	-497.00	2,912.00
Diluted EPS	5,495.00	3,966.00	2,666.00	-497.00	3,430.40

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	796.6	697.7	496.3	369.8	503.8
I. Cash and cash equivalents	92.4	84.6	33.2	185.2	376.4
1. Cash	37.4	34.6	33.2	98.2	0.0
2. Cash equivalents	55.0	50.0	0.0	87.0	0.0
II. Short-term financial investments	652.0	550.5	375.0	75.0	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	652.0	550.5	375.0	75.0	0.0
III. Short-term receivables	20.7	21.3	38.5	37.3	36.5
1. Short-term trade accounts receivable	3.4	6.3	26.6	29.3	0.0
2. Short-term prepayments to suppliers	3.3	2.2	2.4	3.1	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	14.0	12.7	9.5	5.0	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	18.8	41.3	38.6	28.1	27.9
1. Inventories	18.8	41.3	38.8	28.2	0.0
2. Provision for decline in value of inventories	—	0.0	-0.2	-0.1	0.0
V. Other short-term assets	12.7	0.0	11.0	44.2	13.1
1. Short-term prepayments	0.7	0.0	0.1	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	12.1	0.0	10.9	44.2	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)	372.9	300.8	327.8	345.0	361.8
I. Long-term receivables	33.6	32.6	31.7	30.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	29.8
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	33.6	32.6	31.7	30.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	45.2	43.8	58.1	63.9	67.6
1. Tangible fixed assets	45.2	43.8	58.1	63.9	67.6
- Cost	550.7	547.6	556.8	562.2	0.0
- Accumulated depreciation	-505.5	-503.7	-498.8	-498.3	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	0.5	0.5	0.5	0.5	0.0
- Accumulated depreciation	-0.5	-0.5	-0.5	-0.5	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	—	0.2	0.0	0.1	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.2	0.0	0.1	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	294.1	224.2	238.1	250.3	0.0
1. Long-term prepayments	289.0	218.7	234.2	245.0	0.0
2. Deferred income tax assets	2.9	2.4	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	2.2	3.1	3.9	5.3	0.0
4. Other long-term assets	—	0.0	0.0	0.0	264.3
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)	1,169.6	998.5	824.1	714.9	865.6
A. LIABILITIES (300=210+330)	465.1	341.3	216.7	185.4	189.6
I. Short -term liabilities	450.4	329.5	216.7	185.4	189.6
1. Short-term trade accounts payable	23.9	20.5	23.5	34.9	24.9
2. Short-term advances from customers	37.1	17.1	13.8	14.3	11.9
3. Taxes and other payables to state authorities	62.0	43.2	17.1	24.1	0.0
4. Payable to employees	55.4	53.2	36.9	44.0	0.0
5. Short-term acrrued expenses	0.1	0.1	0.1	0.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	140.2	97.6	51.2	6.1	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	131.8	97.8	74.2	61.9	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	14.6	11.8	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	14.6	11.8	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)	704.5	657.2	607.4	529.5	676.1
I. Owner's equity	704.5	657.2	607.4	529.5	0.0
1. Owner's capital	469.2	469.2	469.2	470.0	676.1
- Common stock with voting right	469,216,000,000.00	469,216,000,000.00	469,216,000,000.00	470,000,000,000.00	470,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	20.7	20.7	20.7	21.3	21.3
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	-3,437,784,000.00	-3,437,784,000.00	-3,437,784,000.00	-4,265,424,000.00	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	129.0	98.8	77.0	65.0	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	89.0	71.9	43.9	-22.5	120.2
- Accumulated retained earning at the end of the previous period	2.6	1.9	-21.9	0.8	0.1
- Undistributed earnings in this period	86.4	70.0	65.9	-23.3	120.1
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)	1,169.6	998.5	824.1	714.9	865.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	377.0	275.3	173.0	-23.3	201.7
Depreciation of Fixed Assets and Investment Property	10.6	17.1	22.2	24.1	25.9
Provision (Increase)/Reversal	2.8	11.6	0.1	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-31.5	-21.1	-23.8	-12.2	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	359.0	282.8	171.5	-11.4	211.9
Increase/(Decrease) in Receivables	-11.9	29.9	36.0	-32.8	0.0
Increase/(Decrease) in Inventory	24.3	-1.6	-9.2	1.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	31.9	28.9	-58.1	15.3	0.0
Increase/(Decrease) in Prepaid Expenses	-70.9	15.6	11.2	12.8	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	-68.2	-46.2	0.0	-31.1	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-10.6	-9.1	-5.7	-17.8	0.0
Net Cash Flow from Operating Activities	253.7	300.4	145.7	-63.9	139.5
Payments for Fixed Assets and Other Long-term Assets	-12.0	-3.6	-16.4	-20.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.1	1.8	4.2	0.0	1.1
Loans and Purchases of Debt Instruments	-1,288.5	-960.5	-660.0	-105.0	-198.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,187.0	785.0	360.0	80.0	268.0
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	30.1	17.1	14.9	12.1	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	-82.3	-160.2	-297.2	-33.4	86.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	-513,000,000.00	-393,300,000.00	-434,340,000.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-163.5	-88.8	0.0	-93.5	-170.5
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	-163.5	-88.8	-0.5	-93.9	-170.9
Net Cash Flow During the Period	7.8	51.4	-152.0	-191.2	136.9
Cash and Cash Equivalents at Beginning of Period	84.6	33.2	185.2	376.4	321.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	92.4	84.6	33.2	185.2	376.4

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	351.5	380.4	328.0	408.5	338.9	359.0	315.2	339.1	290.5	291.2	219.0	244.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	351.5	380.4	328.0	408.5	338.9	359.0	315.2	339.1	290.5	291.2	219.0	244.4
Cost of Goods Sold	239.9	245.0	245.6	292.4	247.0	266.0	235.7	243.5	207.0	221.0	183.8	192.6
Gross Profit	111.6	135.4	82.5	116.1	91.8	93.0	79.5	95.6	83.5	70.2	35.1	51.8
Financial Income	3.0	16.2	7.8	4.5	2.1	12.6	3.3	3.2	0.7	11.1	6.3	1.9
Financial Expenses	—	—	—	—	—	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
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.6	4.3	4.2	3.1	3.1	3.7	2.8	2.6	2.1	3.1	3.1	3.9
General and Administrative Expenses	18.8	22.6	18.0	21.6	17.6	23.2	18.2	19.0	15.9	19.5	12.8	14.7
Operating Profit	92.3	124.7	68.1	95.9	73.2	78.7	61.8	77.3	66.2	58.7	25.5	35.1
Other Income	0.5	1.4	10.8	3.2	0.1	0.4	1.6	0.6	0.3	12.2	0.1	3.1
Other Expenses	0.1	0.1	0.0	0.1	0.2	0.7	0.1	9.3	1.5	0.5	0.0	0.2
Other Profit	0.4	1.3	10.7	3.1	-0.1	-0.3	1.5	-8.7	-1.3	11.7	0.1	3.0
Profit Before Tax	92.7	126.0	78.9	99.0	73.1	78.3	63.4	68.6	65.0	70.4	25.6	38.0
Current Income Tax Expense	18.7	25.4	15.9	20.0	14.9	17.1	13.7	15.6	13.3	14.1	5.2	7.7
Deferred Income Tax Expense	-0.1	-0.1	-0.1	-0.1	-0.2	-1.4	-0.9	0.0	0.0	0.0	0.0	0.0
Net Income	74.1	100.7	63.1	79.2	58.5	62.6	50.7	53.0	51.7	56.3	20.5	30.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	74.1	100.7	63.1	79.2	58.5	62.6	50.7	53.0	51.7	56.3	20.5	30.3
Earnings per Share	1,348.00	1,833.00	1,147.00	1,441.00	1,064.00	1,140.00	922.00	965.00	940.00	1,054.00	386.00	573.00
Diluted EPS	1,348.00	1,833.00	1,147.00	1,441.00	1,064.00	3,966.00	922.00	965.00	940.00	1,054.00	386.00	573.00

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)	727.1	796.6	693.4	720.7	689.3	697.7	624.9	541.3	517.4	496.3	426.6	393.6
I. Cash and cash equivalents	24.7	92.4	18.3	23.0	37.5	84.6	33.4	17.4	28.2	33.2	14.6	20.8
1. Cash	24.7	37.4	18.3	23.0	37.5	34.6	33.4	17.4	28.2	33.2	14.6	20.8
2. Cash equivalents	—	55.0	—	—	—	50.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	648.0	652.0	637.0	651.5	585.0	550.5	520.0	450.0	412.0	375.0	320.0	285.0
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	648.0	652.0	637.0	651.5	585.0	550.5	520.0	450.0	412.0	375.0	320.0	285.0
III. Short-term receivables	7.9	20.7	17.8	24.7	30.8	21.3	32.3	38.3	37.1	38.5	39.4	37.5
1. Short-term trade accounts receivable	0.0	3.4	10.3	16.3	22.4	6.3	24.6	30.7	29.7	26.6	32.2	31.7
2. Short-term prepayments to suppliers	0.2	3.3	2.5	3.4	1.8	2.2	3.5	3.5	2.2	2.4	3.5	2.3
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	7.7	14.0	5.0	5.0	6.6	12.7	4.2	4.0	5.1	9.5	3.7	3.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	24.6	18.8	17.2	21.2	36.0	41.3	39.2	35.6	40.0	38.6	41.8	33.2
1. Inventories	24.6	18.8	17.2	21.2	36.0	41.3	39.5	35.9	40.2	38.8	41.9	33.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1
V. Other short-term assets	21.9	12.7	3.1	0.3	—	0.0	0.0	0.1	0.2	11.0	10.8	17.1
1. Short-term prepayments	—	0.7	1.6	—	—	0.0	0.0	0.1	0.1	0.1	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
3. Taxes and other receivables from state authorities	1.4	12.1	1.4	0.3	—	0.0	0.0	0.0	0.1	10.9	10.8	17.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	20.5	—	—	—	—	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)	368.1	372.9	340.3	321.6	295.2	300.8	306.1	313.8	321.5	327.8	335.7	341.4
I. Long-term receivables	34.4	33.6	33.6	33.6	33.6	32.6	32.6	32.6	32.6	31.7	31.7	31.7
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	34.4	33.6	33.6	33.6	33.6	32.6	32.6	32.6	32.6	31.7	31.7	31.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	42.5	45.2	36.7	38.2	41.0	43.8	46.0	49.7	54.0	58.1	63.3	66.1
1. Tangible fixed assets	42.5	45.2	36.7	38.2	41.0	43.8	46.0	49.7	54.0	58.1	63.3	66.1
- Cost	550.7	—	—	—	—	547.6	545.8	549.6	557.6	556.8	559.7	556.8
- Accumulated depreciation	-508.2	—	—	—	—	-503.7	-499.9	-499.9	-503.6	-498.8	-496.4	-490.8
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	0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	10.6	3.6	—	0.2	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	—	—	10.6	3.6	—	0.2	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	291.2	294.1	259.4	246.2	220.5	224.2	227.5	231.4	234.9	238.1	240.7	243.7
1. Long-term prepayments	286.1	289.0	254.1	240.8	214.9	218.7	223.4	227.9	231.1	234.2	236.9	239.7
2. Deferred income tax assets	3.0	2.9	2.8	2.7	2.6	2.4	0.9	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	2.1	2.2	2.5	2.6	3.0	3.1	3.2	3.5	3.8	3.9	3.8	4.0
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)	1,095.2	1,169.6	1,033.7	1,042.3	984.5	998.5	931.1	855.1	839.0	824.1	762.4	735.0
A. LIABILITIES (300=210+330)	316.6	465.5	245.6	317.2	268.9	341.3	210.4	185.1	179.9	216.7	146.6	139.7
I. Short -term liabilities	301.5	450.9	231.5	303.7	256.0	329.5	205.7	185.1	179.9	216.7	146.6	139.7
1. Short-term trade accounts payable	40.9	23.9	30.7	22.9	34.7	20.5	25.6	24.6	25.6	23.5	25.1	23.3
2. Short-term advances from customers	58.3	37.1	22.8	29.0	22.6	17.1	12.8	11.9	11.6	13.8	7.6	12.7
3. Taxes and other payables to state authorities	53.2	62.0	40.4	48.5	61.9	43.2	49.8	40.5	42.1	17.1	28.9	16.5
4. Payable to employees	38.7	55.4	47.4	40.4	41.1	53.2	46.7	37.1	28.6	36.9	23.5	25.7
5. Short-term acrrued expenses	0.0	0.1	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	140.2	2.1	74.4	5.0	97.6	5.0	4.7	5.0	51.2	5.1	4.8
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	109.9	132.2	88.2	88.5	90.7	97.8	65.8	66.2	67.0	74.2	56.4	56.7
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	15.1	14.6	14.1	13.5	12.9	11.8	4.7	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	15.1	14.6	14.1	13.5	12.9	11.8	4.7	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)	778.6	704.0	788.1	725.1	715.6	657.2	720.7	670.0	659.0	607.4	615.7	595.3
I. Owner's equity	778.6	704.0	788.1	725.1	715.6	657.2	720.7	670.0	659.0	607.4	615.7	595.3
1. Owner's capital	469.2	469.2	469.2	469.2	469.2	469.2	469.2	469.2	469.2	469.2	469.2	469.2
- Common stock with voting right	469,216,000,000.00	469,216,000,000.00	469,216,000,000.00	469,216,000,000.00	469,216,000,000.00	469,216,000,000.00	469,216,000,000.00	469,216,000,000.00	469,216,000,000.00	469,216,000,000.00	469,216,000,000.00	469,216,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7	20.7
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	-3,437,784,000.00	-3,437,784,000.00	-3,437,784,000.00	-3,437,784,000.00	-3,437,784,000.00	-3,437,784,000.00	-3,437,784,000.00	-3,437,784,000.00	-3,437,784,000.00	-3,437,784,000.00	-3,437,784,000.00	-3,437,784,000.00
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	129.0	129.0	98.8	98.8	98.8	98.8	77.0	77.0	77.0	77.0	65.0	65.0
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	163.2	88.6	202.9	139.8	130.4	71.9	157.2	106.6	95.6	43.9	64.3	43.8
- Accumulated retained earning at the end of the previous period	89.0	2.6	2.1	2.1	71.9	1.9	1.9	1.9	43.9	-22.5	-22.5	-22.5
- Undistributed earnings in this period	74.1	85.9	200.7	137.7	58.5	70.0	155.3	104.7	51.7	66.4	86.7	66.3
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)	1,095.2	1,169.6	1,033.7	1,042.3	984.5	998.5	931.1	855.1	839.0	824.1	762.4	735.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	92.7	126.0	78.9	99.0	73.1	78.3	63.4	68.6	65.0	69.9	25.6	38.0
Depreciation of Fixed Assets and Investment Property	2.7	2.4	2.4	2.8	3.1	3.9	4.0	4.4	4.8	5.2	5.7	5.7
Provision (Increase)/Reversal	0.5	0.6	0.6	0.7	1.1	6.9	4.7	0.0	0.0	0.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.0	-16.1	-7.8	-5.5	-2.1	-12.6	-4.8	-3.0	-0.7	-11.6	-6.4	-4.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	92.9	112.9	74.0	97.0	75.2	76.5	67.3	70.0	69.1	63.7	24.9	39.6
Increase/(Decrease) in Receivables	17.5	-5.6	5.8	4.2	-16.3	19.4	6.0	-2.1	6.7	6.9	4.4	12.5
Increase/(Decrease) in Inventory	-5.7	-0.3	4.1	15.2	5.3	-1.7	-3.2	4.6	-1.3	3.0	-8.4	-5.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	19.8	25.7	2.3	68.2	-64.2	-5.1	23.0	50.4	-39.3	-8.5	2.1	-17.7
Increase/(Decrease) in Prepaid Expenses	3.5	-33.9	-14.9	-25.9	3.8	4.7	4.5	3.2	3.1	3.2	2.7	2.8
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-25.4	-16.2	-20.0	-14.9	-17.1	-13.7	-15.6	-13.3	-3.6	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-21.9	-1.2	-0.3	-1.9	-7.1	-0.7	-0.5	-0.8	-7.2	-0.2	-0.3	-0.2
Net Cash Flow from Operating Activities	80.8	81.2	50.9	141.9	-20.4	79.4	81.5	112.0	27.5	68.0	25.4	32.0
Payments for Fixed Assets and Other Long-term Assets	—	-0.5	-7.9	-3.6	-0.1	-1.9	-0.6	-0.3	-0.8	0.0	-3.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	1.0	—	0.0	1.8	0.0	0.0	0.5	0.1	2.3
Loans and Purchases of Debt Instruments	-386.0	-337.0	-294.5	-335.5	-321.5	-263.5	-247.0	-233.0	-217.0	-195.0	-180.0	-140.0
Receipts from Loan Repayments and Sale of Debt Instruments	369.5	322.0	309.0	269.0	287.0	233.0	177.0	195.0	180.0	140.0	145.0	50.0
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	8.1	8.3	7.8	6.1	7.9	4.3	3.3	4.2	5.3	5.1	6.3	2.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-8.4	-7.1	14.5	-63.0	-26.7	-28.2	-65.5	-34.1	-32.4	-49.4	-31.6	-85.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	1,340,640,000.00	-1,340,640,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	-1,340,640,000.00	1,340,640,000.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-140.2	0.0	-70.1	-93.4	—	0.0	0.0	-88.8	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	-140.2	0.0	-70.1	-93.4	—	0.0	0.0	-88.8	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-67.8	74.1	-4.7	-14.5	-47.1	51.2	16.0	-10.8	-5.0	18.6	-6.2	-53.4
Cash and Cash Equivalents at Beginning of Period	92.4	18.3	23.0	37.5	84.6	33.2	33.2	33.2	33.2	185.2	185.2	185.2
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	24.7	92.4	18.3	23.0	37.5	84.6	33.4	17.4	28.2	33.2	14.6	20.8

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VLB

What Is Changing

Drivers of VLB'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