VRG

Phát triển Đô thị và Khu công nghiệp Cao su Việt Nam ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 23.60%, −28.74pp YoY

Price

16,200

Latest close

03 Jun 2026

P/E 13.51x

P/B 1.22x

EPS 1,199

BVPS 13,282

ROE 8.3%

ROA 3.3%

Profit Margin 23.6%

Asset Turnover 0.14x

Equity Mult. 2.53x

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

What Is Changing

On a TTM 2026Q1 basis, VRG is retaining some revenue, but margins are collapsing sharply — the growth momentum has held across consecutive periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.

	                            
	                                TTM REVENUE
	                            
	                                    VND 132bn
	                                
+11.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 31bn
	                                
−49.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	133.9	113.6	548.8	122.8	17.8
Growth	+18%	-79%	+347%	+589%	—
Net Income	36.0	58.7	186.6	49.9	4.0
Net Margin	26.87%	51.67%	34.00%	40.64%	22.63%

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	6.9	94.7	20.6	9.5	9.2	75.9	6.6	26.5	4.6	524.7	5.2	14.6
Growth	-93%	+360%	+117%	+3%	-88%	+1055%	-75%	+477%	-99%	+10075%	-65%	—
Net Income	-6.2	41.3	1.4	-5.5	-1.2	28.0	-3.3	38.3	-2.2	198.0	-4.5	3.5
Net Margin	-89.51%	43.61%	6.97%	-57.63%	-12.97%	36.86%	-49.51%	144.49%	-48.20%	37.74%	-86.89%	23.85%

Drivers of VRG's profit

TTM

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

Gross profit ↓ 26.3bn

Administrative expenses ↑ 9.2bn

Financial income ↓ 4.7bn

TTM

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

Administrative expenses ↑ 2.7bn

Gross profit ↓ 1.2bn

Financial income ↓ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.3% = 52.3% × 0.12 × 2.50

2026Q1 8.3% = 23.6% × 0.14 × 2.53

ROE fell from 15.3% to 8.3% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 23.6% -28.7pp Asset turnover: 0.14x +0.02x Leverage: 2.53x +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 fell to 23.60%, losing 28.7pp. The main pressure comes from Gross margin fell 29.3pp and SG&A / Revenue rose 5.7pp (in addition, Other profit / Revenue rose 0.4pp added support while Net financial result / Revenue fell 3.9pp remained a drag).

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

Profitability trend

Net Margin 23.60% −28.7pp

Gross Margin 62.04% −29.3pp

SG&A / Revenue 32.92% +5.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is relatively light for the real estate sector — liabilities at 1.68x equity, with a net cash position equivalent to 0.27x equity.

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

Cash conversion cycle lengthened by 660.4 days versus the same period last year. The main moves came from DIO fell 1.7 days, DSO rose 50.9 days, and DPO fell 611.2 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 123.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +50.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 208.0 days +50.9 days

Inventory 1.2 days −1.7 days

Payables 86.0 days −611.2 days

Cash Conversion Cycle 123.1 days +660.4 days

Is financial risk significant?

Leverage is safe but FCF is negative at 45.0bn due to capex of 43.1bn — an investment choice, not an urgent risk.

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.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Leverage and liquidity trend

Net Debt / Equity -0.27x −0.09x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.06x −0.13x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -3.7bn in 2025, against investing cash flow of 126.9bn.

Post-investment cash flow was positive +123.2bn. Financing cash flow was negative +90.8bn.

CFO / net income was -0.06x.

After spending +43.1bn on fixed-asset investment, the business generated trailing free cash flow of −45.0bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Cash Conversion

CFO TTM 1.9bn −6.4bn

Cash Capex 43.1bn +42.4bn

FCF TTM −45.0bn −48.8bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 28.7 pp. The next watchpoint is capital structure should be read with cycle risk in mind. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.27x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.27x of equity.

Watchpoint: Capital structure should be read with cycle risk in mind.

Key risk: profitability remains under pressure, with trailing-12M net margin at 23.60% after a 28.7pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	133.9	113.6	548.8	122.8	17.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	133.9	113.6	548.8	122.8	17.8
Cost of Goods Sold	51.1	8.5	227.6	41.9	0.0
Gross Profit	82.8	105.1	321.2	80.9	8.3
Financial Income	4.0	9.0	2.7	6.4	9.1
Financial Expenses	0.2	0.8	0.9	-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	4.2	2.7	22.8	3.2	-0.0
General and Administrative Expenses	36.2	28.0	60.2	21.1	-11.6
Operating Profit	46.3	82.5	240.0	62.9	5.8
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.2	0.8	0.6	0.0	0.0
Other Profit	-0.2	-0.8	-0.5	-0.0	-0.6
Profit Before Tax	46.0	81.8	239.4	62.9	5.2
Current Income Tax Expense	10.1	23.1	52.8	13.0	-1.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	36.0	58.7	186.6	49.9	4.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	36.0	58.7	186.6	49.9	4.0
Earnings per Share	1,390.00	2,266.00	7,206.00	1,896.00	155.00
Diluted EPS	1,390.03	2,266.49	7,205.59	1,896.00	155.81

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	333.4	405.2	583.7	259.1	217.1
I. Cash and cash equivalents	159.2	126.8	196.3	36.3	15.2
1. Cash	33.5	13.4	31.3	6.3	0.0
2. Cash equivalents	125.7	113.4	165.0	30.0	0.0
II. Short-term financial investments	0.0	150.0	220.0	55.0	0.0
1. Available for sale securities	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
3. Held to maturity investments	—	150.0	220.0	55.0	0.0
III. Short-term receivables	146.2	103.5	166.5	167.1	41.4
1. Short-term trade accounts receivable	75.0	70.0	29.3	110.2	0.0
2. Short-term prepayments to suppliers	21.3	30.0	30.5	55.2	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	78.0	28.7	128.8	20.3	0.0
7. Provision for short-term doubtful debts (*)	-28.0	-25.1	-22.1	-18.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.2	0.0	0.0	0.0
1. Inventories	0.1	0.2	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	27.8	24.7	0.8	0.7	6.6
1. Short-term prepayments	0.8	0.2	0.2	0.2	0.0
2. Value added tax to be reclaimed	1.4	0.7	0.0	0.5	0.0
3. Taxes and other receivables from state authorities	25.7	23.8	0.7	0.1	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)	606.7	623.4	586.2	440.8	402.7
I. Long-term receivables	77.0	89.9	89.8	80.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	85.9
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	77.0	89.9	89.8	80.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	108.2	89.8	99.5	106.6	115.4
1. Tangible fixed assets	108.2	89.8	99.5	106.6	115.4
- Cost	185.3	147.6	147.5	144.9	0.0
- Accumulated depreciation	-77.1	-57.7	-47.9	-38.3	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	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	-0.0	-0.0	-0.0	0.0
III. Investment properties	231.2	87.9	90.6	93.2	95.9
- Cost	260.0	102.7	102.7	102.7	0.0
- Accumulated depreciation	-28.8	-14.8	-12.1	-9.5	0.0
IV. Long-term assets in progress	163.5	330.3	281.3	134.6	80.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	163.5	330.3	281.3	134.6	0.0
V. Long-term financial investments	25.3	25.3	24.9	25.1	25.3
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	25.8	25.8	25.8	25.8	0.0
4. Provision for diminution in value of long-term investments	-0.5	-0.5	-0.9	-0.7	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	1.5	0.2	0.1	0.2	0.0
1. Long-term prepayments	1.5	0.2	0.1	0.2	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	0.1
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)	940.1	1,028.5	1,169.9	699.9	619.8
A. LIABILITIES (300=210+330)	590.0	621.2	711.9	380.5	349.8
I. Short -term liabilities	61.9	88.3	161.7	33.4	21.7
1. Short-term trade accounts payable	9.7	17.1	23.1	7.2	10.1
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	9.8	16.2	75.2	10.7	0.0
4. Payable to employees	9.4	26.3	31.5	2.1	0.0
5. Short-term acrrued expenses	7.2	5.2	19.0	2.7	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	8.3	8.3	8.3	8.3	8.3
9. Other short-term payables	6.6	5.3	3.7	2.3	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	10.9	9.8	0.9	0.1	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	528.1	532.9	550.2	347.0	328.0
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	268.5	265.1	274.1	62.6	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	259.5	267.8	276.1	284.4	292.7
7. Other long-term liabilities	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
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)	350.1	407.3	458.0	319.4	270.0
I. Owner's equity	350.1	407.3	458.0	319.4	0.0
1. Owner's capital	258.9	258.9	258.9	258.9	270.0
- Common stock with voting right	258,948,680,000.00	258,948,680,000.00	258,948,680,000.00	258,948,680,000.00	258,948,680,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	2.2	2.2	2.2	2.2	2.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	20.6	14.7	7.2	4.5	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	68.4	131.5	189.7	53.8	4.6
- Accumulated retained earning at the end of the previous period	32.4	72.8	3.1	3.8	0.5
- Undistributed earnings in this period	36.0	58.7	186.6	49.9	4.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	940.1	1,028.5	1,169.9	699.9	619.8

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	-16.0	11.2	-13.5	-1.8	0.0
Other Operating Receipts	7.8	-48.0	105.6	19.9	0.0
Other Operating Payments	-70.2	0.0	-71.5	-16.9	0.0
Net Cash Flow from Operating Activities	-3.7	6.6	495.8	-28.6	-62.6
Payments for Fixed Assets and Other Long-term Assets	-27.3	-59.1	-128.1	-56.2	-6.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	70.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-74.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	151.8
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	4.1	0.0	3.1	7.5	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	126.9	20.1	-290.0	50.3	83.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	35,461,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	24.7	0.0
Repayment of Borrowings	—	0.0	0.0	-24.7	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-90.8	-96.2	-45.8	-0.5	-10.1
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	-90.8	-96.2	-45.8	-0.5	-10.0
Net Cash Flow During the Period	32.4	-69.5	160.0	21.1	9.3
Cash and Cash Equivalents at Beginning of Period	126.8	196.3	36.3	15.2	4.8
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	159.2	126.8	196.3	36.3	15.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	6.9	94.7	20.6	9.5	9.2	75.9	6.6	26.5	4.6	524.7	5.2	14.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	6.9	94.7	20.6	9.5	9.2	75.9	6.6	26.5	4.6	524.7	5.2	14.6
Cost of Goods Sold	4.6	28.4	8.5	8.5	5.8	27.0	4.8	-27.3	4.0	216.2	2.6	5.5
Gross Profit	2.3	66.3	12.1	1.0	3.5	48.9	1.8	53.9	0.6	308.5	2.5	9.1
Financial Income	1.0	0.4	0.8	1.1	1.7	3.2	0.6	2.5	2.6	1.1	0.1	0.4
Financial Expenses	—	0.0	0.1	0.0	0.0	-0.0	0.3	0.3	0.0	0.5	0.2	0.2
Interest Expense	—	—	—	—	0.0	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	0.0
Selling Expenses	0.4	3.3	0.7	0.1	0.1	2.4	0.1	-0.1	0.3	19.4	0.0	0.0
General and Administrative Expenses	8.9	12.1	10.5	7.4	6.2	14.8	5.0	3.7	5.1	37.7	6.9	5.0
Operating Profit	-6.0	51.3	1.6	-5.4	-1.2	35.0	-3.0	52.4	-2.2	252.0	-4.5	4.3
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.2	0.0	0.2	0.0	0.0	0.1	0.3	0.5	0.0	0.0	0.0	0.0
Other Profit	-0.2	-0.0	-0.2	-0.0	-0.0	-0.1	-0.3	-0.4	0.0	0.0	0.0	-0.0
Profit Before Tax	-6.2	51.3	1.4	-5.5	-1.2	34.9	-3.3	52.0	-2.2	252.0	-4.5	4.2
Current Income Tax Expense	—	10.0	—	—	0.0	6.9	0.0	13.6	0.0	54.0	0.0	0.8
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-6.2	41.3	1.4	-5.5	-1.2	28.0	-3.3	38.3	-2.2	198.0	-4.5	3.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-6.2	41.3	1.4	-5.5	-1.2	28.0	-3.3	38.3	-2.2	198.0	-4.5	3.5
Earnings per Share	-239.00	1,594.00	55.00	-211.00	-46.00	1,080.00	-126.00	1,481.00	-86.00	7,648.00	-173.00	134.00
Diluted EPS	-239.00	1,594.00	55.00	-211.00	-46.00	2,256.00	-126.00	1,481.00	-86.00	7,648.00	-173.00	134.11

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)	288.6	338.9	288.5	361.9	365.6	411.4	368.9	448.9	435.5	475.5	145.4	103.9
I. Cash and cash equivalents	94.2	105.0	110.6	72.9	75.7	133.4	76.6	155.4	46.0	116.3	66.5	26.5
1. Cash	8.1	33.5	30.6	31.0	21.0	20.0	32.8	41.5	35.5	31.3	31.5	5.5
2. Cash equivalents	86.1	71.5	80.0	41.9	54.7	113.4	43.8	113.9	10.5	85.0	35.0	21.0
II. Short-term financial investments	0.0	54.2	25.7	150.0	150.0	150.0	220.0	220.0	220.0	300.0	0.0	0.0
1. Available for sale securities	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. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	54.2	25.7	150.0	150.0	150.0	220.0	220.0	220.0	300.0	0.0	0.0
III. Short-term receivables	166.8	153.6	125.0	111.4	112.0	102.9	46.2	49.0	166.5	58.7	61.7	64.8
1. Short-term trade accounts receivable	77.3	75.0	75.1	73.0	72.8	70.0	31.3	31.2	29.0	29.3	28.5	28.6
2. Short-term prepayments to suppliers	14.5	25.4	35.7	34.6	32.6	30.0	24.3	28.2	27.6	30.5	32.1	33.0
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	103.0	81.3	40.9	30.3	31.9	28.0	14.0	12.9	132.0	21.0	19.2	21.6
7. Provision for short-term doubtful debts (*)	-28.0	-28.0	-26.7	-26.6	-25.3	-25.1	-23.3	-23.3	-22.1	-22.1	-18.1	-18.4
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.2	0.1	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	0.2	0.1	0.2	0.2	0.2	0.2	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	0.0
V. Other short-term assets	27.5	25.9	27.0	27.5	27.7	24.9	26.0	24.5	3.1	0.5	17.1	12.6
1. Short-term prepayments	0.6	0.8	1.6	1.4	1.9	0.2	0.1	0.3	0.3	0.1	0.3	0.4
2. Value added tax to be reclaimed	2.8	1.1	1.3	2.0	1.8	0.7	2.0	0.2	1.9	0.0	14.8	12.0
3. Taxes and other receivables from state authorities	24.1	24.1	24.1	24.1	24.1	24.1	23.9	24.0	0.9	0.4	2.1	0.2
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	613.1	602.9	606.8	608.8	628.2	623.1	606.5	589.6	592.7	577.4	579.8	554.7
I. Long-term receivables	76.0	77.0	77.9	89.2	90.2	89.8	89.8	89.8	89.8	80.9	80.9	80.9
1. Long-term trade receivables	—	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	76.0	77.0	77.9	89.2	90.2	89.8	89.8	89.8	89.8	80.9	80.9	80.9
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	105.1	108.2	110.5	107.9	88.4	89.8	92.2	94.6	97.1	99.5	100.9	102.6
1. Tangible fixed assets	105.1	108.2	110.5	107.9	88.4	89.8	92.2	94.6	97.1	99.5	100.9	102.6
- Cost	185.5	—	—	—	148.7	147.6	147.5	147.5	147.5	147.5	146.3	145.6
- Accumulated depreciation	-80.4	—	—	—	-60.2	-57.7	-55.3	-52.8	-50.4	-47.9	-45.5	-43.1
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	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	0.0
- Cost	0.0	—	—	—	0.0	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	0.0	0.0
III. Investment properties	229.4	231.2	233.0	234.9	87.2	87.9	88.6	89.2	89.9	90.6	91.2	91.9
- Cost	260.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-30.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	176.1	159.7	158.4	150.1	335.8	330.3	311.1	290.9	290.8	281.3	281.3	253.9
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	176.1	159.7	158.4	150.1	335.8	330.3	311.1	290.9	290.8	281.3	281.3	253.9
V. Long-term financial investments	25.3	25.3	25.3	25.3	25.3	25.1	24.9	24.9	24.9	24.9	24.9	24.9
1. Investments in subsidiaries	—	—	—	—	0.0	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
3. Investments in other entities	25.8	25.8	25.8	25.8	25.8	25.8	25.8	25.8	25.8	25.8	25.8	25.8
4. Provision for diminution in value of long-term investments	-0.5	-0.5	-0.5	-0.5	-0.5	-0.7	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	1.2	1.5	1.7	1.4	1.3	0.2	0.0	0.0	0.1	0.2	0.5	0.5
1. Long-term prepayments	1.2	1.5	1.7	1.4	1.3	0.2	0.0	0.0	0.1	0.2	0.5	0.5
2. Deferred income tax assets	—	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	901.7	941.8	895.3	970.7	993.8	1,034.5	975.5	1,038.5	1,028.2	1,052.9	725.2	658.7
A. LIABILITIES (300=210+330)	557.8	591.7	586.4	572.7	587.7	627.5	596.4	607.1	624.2	586.5	456.8	385.8
I. Short -term liabilities	34.0	63.6	76.5	60.8	57.3	94.6	82.9	92.1	76.0	147.0	109.9	37.9
1. Short-term trade accounts payable	7.2	9.7	9.6	16.3	16.4	17.1	18.1	22.7	22.7	23.0	23.8	22.9
2. Short-term advances from customers	—	—	26.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.0	11.5	0.1	0.1	0.0	15.7	8.8	13.4	0.4	77.1	0.0	0.9
4. Payable to employees	3.9	9.4	8.9	10.3	12.7	32.9	26.4	26.4	30.3	21.8	0.0	0.0
5. Short-term acrrued expenses	3.6	7.2	4.2	4.4	3.6	5.3	2.6	2.6	5.9	18.4	0.2	0.3
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3	8.3	2.1	2.1	4.2
9. Other short-term payables	6.7	6.6	8.5	10.6	7.9	5.3	8.5	8.6	8.7	3.7	82.7	8.4
10. Short-term borrowings and financial leases	—	—	—	—	0.0	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	0.0
12.. Bonus and welfare fund	4.2	10.9	10.9	10.9	8.4	9.8	10.1	10.2	-0.3	0.9	1.1	1.3
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	523.8	528.1	509.9	511.9	530.4	532.9	513.5	515.0	548.2	439.4	346.9	347.9
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	266.4	268.5	248.3	248.2	264.7	265.1	243.6	243.0	274.1	274.1	62.5	63.4
4. Inter-company payables on business capital	—	—	—	—	0.0	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	0.0
6. Long-term unearned revenue	257.4	259.5	261.6	263.7	265.7	267.8	269.9	272.0	274.0	165.3	284.4	284.4
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	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	0.0
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	343.9	350.1	308.8	398.0	406.1	407.0	379.1	431.4	404.0	466.4	268.4	272.9
I. Owner's equity	343.9	350.1	308.8	398.0	406.1	407.0	379.1	431.4	404.0	466.4	268.4	272.9
1. Owner's capital	258.9	258.9	258.9	258.9	258.9	258.9	258.9	258.9	258.9	258.9	258.9	258.9
- Common stock with voting right	258,948,680,000.00	258,948,680,000.00	258,948,680,000.00	258,948,680,000.00	258,948,680,000.00	258,948,680,000.00	258,948,680,000.00	258,948,680,000.00	258,948,680,000.00	258,948,680,000.00	258,948,680,000.00	258,948,680,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	20.6	20.6	20.6	20.6	14.7	14.7	14.7	14.7	7.2	7.2	7.2	7.2
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	62.2	68.4	27.1	116.3	130.3	131.2	103.2	155.5	135.7	198.1	0.1	4.5
- Accumulated retained earning at the end of the previous period	32.4	32.4	32.4	123.1	131.5	72.8	72.8	119.4	137.9	3.1	3.1	3.1
- Undistributed earnings in this period	29.8	36.0	-5.3	-6.7	-1.2	58.4	30.4	36.2	-2.2	195.0	-3.0	1.4
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	901.7	941.8	895.3	970.7	993.8	1,034.5	975.5	1,038.5	1,028.2	1,052.9	725.2	658.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	0.0	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	-10.0	0.0	0.0	0.0	-16.0	-57.3	50.3	-0.0	-50.3	0.0	-2.6	-10.9
Other Operating Receipts	2.7	—	—	—	0.0	3.3	10.6	0.0	3.7	0.9	86.0	18.6
Other Operating Payments	-18.5	-62.8	0.9	-1.5	-6.8	-29.1	20.0	-3.5	-27.2	-57.0	0.9	7.2
Net Cash Flow from Operating Activities	-49.7	33.5	1.9	12.4	-51.5	5.1	-36.5	87.5	-78.1	473.4	-61.5	64.9
Payments for Fixed Assets and Other Long-term Assets	-16.2	-14.8	4.9	-17.0	-0.4	-17.0	-1.3	17.9	-23.6	-125.1	107.9	-110.3
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	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	0.0
Dividends and Interest Income Received	0.9	-0.4	1.5	1.8	1.2	8.9	-5.1	4.5	0.9	1.9	-1.4	0.6
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	-15.3	10.5	130.7	-15.2	0.8	62.0	-6.4	22.4	-22.7	-343.2	106.5	-89.7
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	—	—	—	—	0.0	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	0.0
Dividends Paid	-0.0	4.6	-94.9	0.0	-0.4	-10.3	-35.9	-0.4	-49.6	-0.4	-4.9	-0.3
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	-0.0	4.6	-94.9	0.0	-0.4	-10.3	-35.9	-0.4	-49.6	-0.4	-4.9	-0.3
Net Cash Flow During the Period	-65.0	48.6	37.7	-2.8	-51.1	56.8	-78.8	109.4	-150.4	129.8	40.0	-25.0
Cash and Cash Equivalents at Beginning of Period	159.2	110.6	72.9	75.7	126.8	196.3	196.3	196.3	196.3	36.3	36.3	36.3
FX Difference from Revaluation	—	0.0	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	94.2	159.2	110.6	72.9	75.7	133.4	76.6	155.4	46.0	196.3	66.5	26.5

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VRG

What Is Changing

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Balance Sheet ●

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Statement Data

What is driving the margin?

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Cash Flow