VNL

Logistics Vinalink ·HOSE ·2026Q1

▲ Slightly positive

The balance sheet remains flexible Debt/equity −0.16x

Price

18,800

Latest close

01 Jun 2026

P/E 4.88x

P/B 0.81x

EPS 3,854

BVPS 23,198

ROE 17.6%

ROA 11.7%

Profit Margin 3.8%

Asset Turnover 3.07x

Equity Mult. 1.51x

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

What Is Changing

On a TTM 2026Q1 basis, VNL posted slightly higher profit versus the same period, but the increase is thin and not yet paired with clear improvement in revenue or margins — profit is at an all-time high. The point still to be proven is whether this profit level holds without further revenue momentum.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,461bn
	                                
+19.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 56bn
	                                
+7.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,398.0	1,152.7	729.2	1,096.7	1,464.0
Growth	+21%	+58%	-34%	-25%	—
Net Income	55.1	45.4	37.3	43.9	44.2
Net Margin	3.94%	3.94%	5.12%	4.00%	3.02%

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	356.4	395.7	377.0	331.9	293.4	318.2	330.5	285.7	218.3	218.3	175.5	171.5
Growth	-10%	+5%	+14%	+13%	-8%	-4%	+16%	+31%	+0%	+24%	+2%	—
Net Income	12.2	10.0	14.8	18.5	14.0	10.4	13.5	13.9	7.6	4.4	10.7	16.8
Net Margin	3.43%	2.54%	3.92%	5.56%	4.78%	3.27%	4.09%	4.87%	3.49%	2.00%	6.10%	9.81%

Drivers of VNL's profit

TTM

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

Gross profit ↑ 5.4bn

Financial income ↑ 4.6bn

Administrative expenses ↑ 3.0bn

Finance costs ↑ 2.5bn

Tax ↑ 0.7bn

TTM

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

Tax ↓ 0.6bn

Gross profit ↓ 1.3bn

Administrative expenses ↑ 0.7bn

Financial income ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 18.1% = 4.2% × 2.91 × 1.48

2026Q1 17.6% = 3.8% × 3.07 × 1.51

ROE fell from 18.1% to 17.6% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 3.8% -0.4pp Asset turnover: 3.07x +0.16x Leverage: 1.51x +0.03x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 3.80%, falling 0.4pp. The main pressure is Gross margin fell 0.8pp, outweighing the improvement in SG&A / Revenue fell 0.2pp (with additional support from Net financial result / Revenue rose 0.0pp and Other profit / Revenue rose 0.0pp).

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

Profitability trend

Net Margin 3.80% −0.4pp

Gross Margin 6.50% −0.8pp

SG&A / Revenue 2.37% −0.2pp

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 3.80% −0.4pp

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 0.60x equity, with a net cash position equivalent to 0.16x equity.

Over the last 12 months, working capital absorbed 13.5bn of cash, mainly because of higher receivables. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −29.5bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +16.0bn

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.

Working Capital Efficiency

Receivables 73.1 days −1.5 days

Inventory — —

Payables 19.5 days +0.9 days

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 30.7bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.16x and interest coverage at 9.44x.

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 -0.16x —

Interest Coverage 9.44x −3.82x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.39x +0.09x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 30.7bn in 2025, against investing cash flow of -8.6bn.

Post-investment cash flow was positive +22.1bn. Financing cash flow was negative +24.0bn.

CFO / net income was 0.39x.

After spending +8.1bn on fixed-asset investment, the business generated trailing free cash flow of +13.5bn.

Cash Conversion

CFO TTM 21.6bn +6.3bn

Cash Capex 8.1bn +5.1bn

FCF TTM +13.5bn +1.2bn

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 some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 15.9%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.16x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.16x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 15.9% of PBT and CFO / net income currently at 0.39x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,398.0	1,152.7	729.2	1,096.7	1,464.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,398.0	1,152.7	729.2	1,096.7	1,464.0
Cost of Goods Sold	1,301.8	1,072.3	687.4	1,037.2	0.0
Gross Profit	96.3	80.4	41.8	59.5	56.9
Financial Income	19.2	15.2	32.0	23.0	5.5
Financial Expenses	7.5	5.6	5.0	3.2	-2.6
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	13.6
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	34.0	30.8	25.1	25.5	-20.0
Operating Profit	74.0	59.2	43.8	53.9	53.3
Other Income	0.4	0.2	0.1	0.2	0.0
Other Expenses	0.2	0.1	0.2	0.1	0.0
Other Profit	0.2	0.1	-0.1	0.1	-0.0
Profit Before Tax	74.2	59.3	43.7	54.0	53.3
Current Income Tax Expense	19.1	13.9	6.4	10.1	-9.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	55.1	45.4	37.3	43.9	44.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	55.1	45.4	37.3	43.9	44.2
Earnings per Share	3,780.00	3,149.00	2,586.00	4,620.00	3,667.00
Diluted EPS	3,780.00	3,149.00	2,586.00	4,620.00	4,911.41

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	420.4	359.5	294.8	273.6	317.1
I. Cash and cash equivalents	83.3	85.2	67.2	86.0	55.6
1. Cash	44.3	55.2	33.2	53.0	0.0
2. Cash equivalents	39.0	30.0	34.0	33.0	0.0
II. Short-term financial investments	20.0	10.0	30.0	15.0	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	20.0	10.0	30.0	15.0	0.0
III. Short-term receivables	311.0	259.5	195.7	171.7	260.1
1. Short-term trade accounts receivable	296.3	267.6	202.9	166.1	0.0
2. Short-term prepayments to suppliers	12.9	0.9	1.7	5.8	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	3.1	2.2	1.9	9.4	0.0
7. Provision for short-term doubtful debts (*)	-1.3	-11.1	-10.8	-9.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	6.1	4.8	1.9	1.0	0.8
1. Short-term prepayments	0.5	0.5	0.4	0.3	0.0
2. Value added tax to be reclaimed	5.1	3.7	1.0	0.2	0.0
3. Taxes and other receivables from state authorities	0.5	0.5	0.5	0.5	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)	101.7	96.9	95.7	87.2	88.8
I. Long-term receivables	2.4	2.4	2.1	1.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.6
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	2.4	2.4	2.1	1.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	46.8	43.6	43.0	44.7	45.7
1. Tangible fixed assets	20.2	17.2	16.6	18.5	19.3
- Cost	55.1	51.9	50.8	51.9	0.0
- Accumulated depreciation	-34.9	-34.7	-34.2	-33.4	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	26.5	26.4	26.3	26.3	26.3
- Cost	27.2	26.7	26.5	26.4	0.0
- Accumulated depreciation	-0.6	-0.3	-0.2	-0.1	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	52.2	50.0	49.0	39.3	39.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	42.9	50.7	50.7	41.6	0.0
3. Investments in other entities	9.5	0.7	0.7	0.7	0.0
4. Provision for diminution in value of long-term investments	-0.2	-1.4	-2.4	-3.0	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	0.4	0.8	1.6	1.2	0.0
1. Long-term prepayments	0.4	0.8	1.6	1.2	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	1.0
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)	522.1	456.4	390.5	360.8	405.9
A. LIABILITIES (300=210+330)	194.9	159.0	120.8	113.0	187.0
I. Short -term liabilities	154.6	117.5	78.4	70.6	144.6
1. Short-term trade accounts payable	85.1	68.8	45.6	40.1	104.2
2. Short-term advances from customers	2.5	0.5	0.4	2.4	1.6
3. Taxes and other payables to state authorities	10.4	7.4	3.4	4.7	0.0
4. Payable to employees	39.1	24.6	17.5	13.7	0.0
5. Short-term acrrued expenses	8.0	9.8	5.2	4.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	8.5	5.5	5.1	4.3	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	1.0	0.8	1.3	1.3	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	40.4	41.5	42.4	42.4	42.4
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	7.5	9.5	9.5	9.5	9.5
7. Other long-term liabilities	32.9	32.0	32.9	32.9	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)	327.1	297.4	269.7	247.9	218.9
I. Owner's equity	327.1	297.4	269.7	247.9	0.0
1. Owner's capital	141.4	141.4	141.4	94.3	218.9
- Common stock with voting right	141,404,870,000.00	141,404,870,000.00	141,404,870,000.00	94,270,000,000.00	90,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	5.0	5.0	5.0	5.0	5.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	10.0	10.0	10.0	10.0	10.0
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	—	0.0	0.0	0.0	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	170.8	141.1	113.3	138.6	114.0
- Accumulated retained earning at the end of the previous period	125.6	102.7	83.1	101.3	82.6
- Undistributed earnings in this period	45.2	38.4	30.2	37.3	31.4
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)	522.1	456.4	390.5	360.8	405.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	74.2	59.3	43.7	54.0	38.7
Depreciation of Fixed Assets and Investment Property	2.7	2.3	2.1	2.3	1.9
Provision (Increase)/Reversal	-11.0	-0.7	0.6	3.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.5	0.6	0.4	0.1	0.0
Gain/Loss from Investment Activities	-8.5	-5.9	-24.9	-16.1	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	58.0	55.7	21.9	43.5	27.8
Increase/(Decrease) in Receivables	-42.7	-67.0	-25.6	86.1	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	32.3	34.9	8.3	-75.4	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	0.6	-0.4	-0.5	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	-16.1	-10.8	-7.3	-9.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.2	-1.4	-0.9	-1.1	0.0
Net Cash Flow from Operating Activities	30.7	12.0	-4.0	43.6	-4.2
Payments for Fixed Assets and Other Long-term Assets	-5.9	-2.9	-0.4	-1.8	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.2	0.1	0.6	0.0
Loans and Purchases of Debt Instruments	-10.0	0.0	-25.0	-15.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	20.0	10.0	0.9	0.6
Investments in Other Entities	-1.0	0.0	-2.0	0.0	-4.4
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	7.9	5.6	17.1	15.9	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	-8.6	22.9	-0.2	0.6	1.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	4,270,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
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	-24.0	-17.0	-14.6	-18.5	-7.2
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	-24.0	-17.0	-14.6	-14.2	-7.2
Net Cash Flow During the Period	-2.0	17.9	-18.8	30.0	0.0
Cash and Cash Equivalents at Beginning of Period	85.2	67.2	86.0	55.6	65.5
FX Difference from Revaluation	0.0	0.1	0.0	0.4	-0.3
Cash and Cash Equivalents at End of Period	83.3	85.2	67.2	86.0	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	356.4	395.7	377.0	331.9	293.4	318.2	330.5	285.7	218.3	218.3	175.5	171.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	356.4	395.7	377.0	331.9	293.4	318.2	330.5	285.7	218.3	218.3	175.5	171.5
Cost of Goods Sold	336.4	366.0	353.3	310.3	272.2	292.6	309.5	263.9	206.3	206.2	167.5	159.8
Gross Profit	20.0	29.8	23.7	21.6	21.2	25.6	21.1	21.8	12.0	12.0	8.0	11.7
Financial Income	2.7	2.7	5.1	8.6	2.9	4.6	3.0	3.9	3.7	5.9	10.7	13.1
Financial Expenses	1.1	0.5	3.8	2.2	1.0	0.1	1.1	2.9	1.5	1.2	1.9	1.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	6.6	15.2	6.8	6.1	5.9	14.0	6.4	5.4	5.1	9.2	5.1	5.7
Operating Profit	15.0	16.7	18.1	21.9	17.3	16.1	16.6	17.4	9.1	7.4	11.6	18.2
Other Income	—	0.0	0.3	0.0	0.0	0.1	0.0	0.0	0.1	0.0	0.0	0.1
Other Expenses	0.1	0.2	—	0.0	—	0.0	0.0	0.1	0.0	0.2	0.0	0.0
Other Profit	-0.1	-0.2	0.3	0.0	0.0	0.1	0.0	-0.1	0.1	-0.2	0.0	0.1
Profit Before Tax	14.9	16.6	18.5	21.9	17.3	16.2	16.6	17.3	9.2	7.3	11.6	18.2
Current Income Tax Expense	2.7	6.5	3.7	3.4	3.3	5.8	3.1	3.4	1.6	2.9	0.9	1.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	12.2	10.0	14.8	18.5	14.0	10.4	13.5	13.9	7.6	4.4	10.7	16.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	12.2	10.0	14.8	18.5	14.0	10.4	13.5	13.9	7.6	4.4	10.7	16.8
Earnings per Share	839.00	696.00	1,025.00	1,294.00	971.00	722.00	936.00	963.00	527.00	303.00	742.00	1,749.00
Diluted EPS	839.00	696.00	1,025.00	1,294.00	971.00	3,149.00	936.00	963.00	527.00	303.00	742.00	1,749.00

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)	395.1	420.4	412.2	378.4	357.4	359.5	362.8	337.9	294.0	294.8	280.1	274.3
I. Cash and cash equivalents	52.9	83.3	79.0	52.8	65.5	85.2	70.1	53.5	49.8	82.2	80.9	65.7
1. Cash	33.9	44.3	50.0	18.8	31.5	55.2	45.1	31.5	27.8	33.2	24.9	33.7
2. Cash equivalents	19.0	39.0	29.0	34.0	34.0	30.0	25.0	22.0	22.0	49.0	56.0	32.0
II. Short-term financial investments	20.0	20.0	20.0	20.0	10.0	10.0	10.0	20.0	25.0	15.0	15.0	30.0
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	20.0	20.0	20.0	20.0	10.0	10.0	10.0	20.0	25.0	15.0	15.0	30.0
III. Short-term receivables	315.5	311.0	307.6	300.3	276.6	259.5	278.2	261.4	216.6	195.7	182.3	177.4
1. Short-term trade accounts receivable	304.8	296.3	297.0	297.4	280.5	267.6	283.2	265.2	221.7	202.9	175.9	177.5
2. Short-term prepayments to suppliers	7.8	12.9	8.2	4.0	1.1	0.9	2.0	2.7	1.9	1.7	9.9	5.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.3	3.1	3.7	10.1	6.1	2.2	3.7	4.4	3.8	1.9	6.2	4.6
7. Provision for short-term doubtful debts (*)	-1.3	-1.3	-1.3	-11.1	-11.1	-11.1	-10.8	-10.8	-10.8	-10.8	-9.6	-9.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	6.7	6.1	5.6	5.2	5.3	4.8	4.4	3.0	2.6	1.9	1.8	1.1
1. Short-term prepayments	0.5	0.5	0.7	0.3	0.3	0.5	0.7	0.2	0.2	0.4	0.7	0.1
2. Value added tax to be reclaimed	5.2	5.1	4.4	4.4	4.5	3.7	3.3	2.3	1.9	1.0	0.7	0.5
3. Taxes and other receivables from state authorities	1.0	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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)	103.0	101.7	95.8	97.1	96.5	96.9	94.3	94.9	95.4	95.7	95.5	89.6
I. Long-term receivables	2.4	2.4	2.4	2.9	2.4	2.4	2.4	2.4	2.4	2.1	2.1	2.5
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	2.4	2.4	2.4	2.9	2.4	2.4	2.4	2.4	2.4	2.1	2.1	2.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	48.2	46.8	42.0	42.6	43.2	43.6	41.9	42.3	42.7	43.0	43.1	43.7
1. Tangible fixed assets	21.7	20.2	15.6	16.1	16.7	17.2	15.5	15.9	16.3	16.6	16.9	17.4
- Cost	55.6	—	—	—	—	51.9	50.8	50.7	50.6	50.8	50.6	50.6
- Accumulated depreciation	-33.9	—	—	—	—	-34.7	-35.3	-34.8	-34.2	-34.2	-33.7	-33.1
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	26.5	26.5	26.4	26.5	26.5	26.4	26.4	26.4	26.3	26.3	26.2	26.2
- Cost	27.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	52.2	52.2	51.0	51.0	50.0	50.0	49.0	49.0	49.0	49.0	48.4	41.3
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	42.9	42.9	42.9	51.7	50.7	50.7	50.7	50.7	50.7	50.7	50.7	43.6
3. Investments in other entities	9.5	9.5	9.5	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
4. Provision for diminution in value of long-term investments	-0.2	-0.2	-1.4	-1.4	-1.4	-1.4	-2.4	-2.4	-2.4	-2.4	-3.0	-3.0
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	0.2	0.4	0.5	0.6	0.8	0.8	0.9	1.1	1.4	1.6	1.9	2.1
1. Long-term prepayments	0.2	0.4	0.5	0.6	0.8	0.8	0.9	1.1	1.4	1.6	1.9	2.1
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)	498.0	522.1	508.1	475.5	453.9	456.4	457.0	432.8	389.4	390.5	375.6	363.9
A. LIABILITIES (300=210+330)	170.0	192.5	178.7	160.9	149.6	159.0	170.0	152.2	122.0	120.8	110.3	102.2
I. Short -term liabilities	129.6	152.2	137.2	119.5	108.1	117.5	127.7	109.8	79.7	78.4	67.9	59.8
1. Short-term trade accounts payable	80.7	85.1	83.2	78.6	64.9	68.8	73.9	78.2	51.0	45.6	38.3	39.1
2. Short-term advances from customers	1.8	2.5	3.4	2.0	1.0	0.5	0.3	0.6	0.7	0.4	0.4	0.7
3. Dividends and profits payable	11.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.3	8.0	8.1	8.1	5.6	7.4	7.3	4.1	1.9	3.4	2.8	3.3
4. Payable to employees	7.7	39.1	17.6	11.3	7.6	24.6	12.0	9.5	4.1	17.5	7.0	5.0
5. Short-term acrrued expenses	15.2	8.0	16.9	10.8	17.5	9.8	21.9	13.1	6.1	5.2	7.0	6.6
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	8.5	8.5	7.1	7.6	10.8	5.5	11.4	3.0	14.5	5.1	11.1	3.8
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	1.0	1.0	1.0	1.0	0.8	0.8	0.8	1.3	1.3	1.3	1.3	1.3
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	40.4	40.4	41.5	41.5	41.5	41.5	42.4	42.4	42.4	42.4	42.4	42.4
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	7.5	7.5	9.5	9.5	9.5	9.5	9.5	9.5	9.5	9.5	9.5	9.5
7. Other long-term liabilities	32.9	32.9	32.0	32.0	32.0	32.0	32.9	32.9	32.9	32.9	32.9	32.9
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)	328.0	329.5	329.4	314.6	304.4	297.4	287.0	280.6	267.4	269.7	265.3	261.7
I. Owner's equity	328.0	329.5	329.4	314.6	304.4	297.4	287.0	280.6	267.4	269.7	265.3	261.7
1. Owner's capital	141.4	141.4	141.4	141.4	141.4	141.4	141.4	141.4	141.4	141.4	141.4	94.3
- Common stock with voting right	141,404,870,000.00	141,404,870,000.00	141,404,870,000.00	141,404,870,000.00	141,404,870,000.00	141,404,870,000.00	141,404,870,000.00	141,404,870,000.00	141,404,870,000.00	141,404,870,000.00	141,404,870,000.00	94,270,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	171.7	173.2	173.0	158.2	148.0	141.1	130.6	124.2	111.1	113.3	109.0	152.5
- Accumulated retained earning at the end of the previous period	159.4	125.6	125.6	125.6	134.0	102.7	102.7	102.7	103.4	83.1	83.1	130.2
- Undistributed earnings in this period	12.2	47.6	47.5	32.7	14.0	38.4	27.9	21.5	7.6	30.2	25.9	22.2
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)	498.0	522.1	508.1	475.5	453.9	456.4	457.0	432.8	389.4	390.5	375.6	363.9

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	14.9	16.6	18.5	21.9	17.3	16.2	16.6	17.3	9.2	7.3	11.6	18.2
Depreciation of Fixed Assets and Investment Property	0.8	0.8	0.6	0.7	0.6	0.6	0.6	0.6	0.6	0.5	0.5	0.5
Provision (Increase)/Reversal	—	-1.1	-9.9	—	—	-0.7	0.0	0.0	0.0	0.6	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.2	-0.5	0.5	0.4	0.3	-0.3	-0.0	0.6	-0.4	0.3	0.3
Gain/Loss from Investment Activities	-1.6	-0.9	-0.5	-5.9	-1.2	-2.4	-1.4	-0.3	-1.8	-3.8	-8.4	-11.9
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	14.2	15.5	8.3	17.1	17.1	14.1	15.5	17.5	8.5	4.1	4.1	7.2
Increase/(Decrease) in Receivables	-4.6	-5.8	-0.7	-18.4	-17.8	17.3	-17.3	-45.3	-21.6	-17.0	-3.4	12.5
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-30.4	14.5	17.9	13.9	-14.1	-4.3	9.4	38.3	-8.4	18.0	0.9	-0.3
Increase/(Decrease) in Prepaid Expenses	0.2	0.3	-0.3	0.2	0.2	0.2	-0.3	0.3	0.4	0.6	-0.3	-0.8
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	-8.8	-7.0	-3.3	0.0	-5.8	-6.5	0.0	-1.6	-2.7	-2.5	-1.2	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	-0.1	-0.9	-0.1	-0.1	-0.6	-0.6	0.0	-0.1	-0.1	-0.6
Net Cash Flow from Operating Activities	-29.6	17.3	21.8	12.1	-20.5	20.7	6.6	8.6	-23.8	3.1	-0.0	18.1
Payments for Fixed Assets and Other Long-term Assets	-2.4	-5.6	0.0	-0.1	-0.2	-2.3	-0.2	-0.2	-0.2	-0.4	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.4	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	—	0.0	0.0	-10.0	—	0.0	0.0	0.0	0.0	-25.0	15.0	-15.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	10.0	5.0	5.0	10.0	0.0	-15.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-2.0
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	1.4	2.2	4.3	0.4	1.0	3.4	0.4	0.4	1.4	5.8	0.3	10.3
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.9	-3.1	4.3	-10.7	0.9	1.2	10.2	5.1	6.3	-9.6	15.3	-21.6
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	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	—	-9.9	0.0	-14.1	—	-7.1	0.0	-9.9	0.0	-7.1	0.0	-7.5
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	—	-9.9	0.0	-14.1	—	-7.1	0.0	-9.9	0.0	-7.1	0.0	-7.5
Net Cash Flow During the Period	-30.5	4.3	26.1	-12.7	-19.7	14.8	16.8	3.8	-17.5	-13.6	15.2	-11.1
Cash and Cash Equivalents at Beginning of Period	83.3	79.0	52.8	65.5	85.2	67.2	67.2	67.2	67.2	86.0	86.0	86.0
FX Difference from Revaluation	0.1	0.0	0.1	0.1	-0.0	0.2	-0.2	-0.1	0.1	-0.1	0.0	-0.0
Cash and Cash Equivalents at End of Period	52.9	83.3	79.0	52.8	65.5	85.2	70.1	53.5	49.8	67.2	80.9	65.7

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VNL

What Is Changing

Drivers of VNL's profit

Financial Highlights

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What is driving the margin? ●

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Is capital being deployed efficiently? ●

Balance Sheet ▲

Working Capital Efficiency ●

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Leverage & Liquidity ▲

Cash Flow ▲▲

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow