VTE

VINACAP Kim Long ·UPCOM ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT −20.17x

Price

7,300

Latest close

12 Jun 2026

P/E 54.07x

P/B 0.66x

EPS 135

BVPS 11,007

ROE 1.2%

ROA 0.6%

Profit Margin 0.4%

Asset Turnover 1.50x

Equity Mult. 2.08x

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

What Is Changing

On a TTM 2026Q1 basis, VTE is maintaining revenue growth, but margins have not improved proportionally — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 531bn
	                                
+39.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2bn
	                                
+22.4%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -20.17x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	535.8	339.9	381.6	420.0	563.9
Growth	+58%	-11%	-9%	-26%	—
Net Income	2.3	0.4	1.2	1.5	2.8
Net Margin	0.43%	0.12%	0.32%	0.35%	0.50%

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	105.7	139.0	127.4	159.0	110.5	139.7	59.9	69.6	70.7	130.6	86.7	105.6
Growth	-24%	+9%	-20%	+44%	-21%	+133%	-14%	-2%	-46%	+51%	-18%	—
Net Income	0.4	1.0	0.6	0.2	0.5	1.0	0.2	-0.0	-0.8	1.0	0.6	0.5
Net Margin	0.34%	0.74%	0.45%	0.09%	0.48%	0.73%	0.35%	-0.06%	-1.11%	0.74%	0.66%	0.47%

Drivers of VTE's profit

TTM

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

Gross profit ↑ 3.3bn

Financial income ↑ 1.0bn

Finance costs ↑ 2.4bn

Administrative expenses ↑ 1.4bn

Tax ↑ 0.1bn

TTM

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

Gross profit ↑ 0.7bn

Administrative expenses ↓ 0.3bn

Financial income ↑ 0.0bn

Tax ↓ 0.0bn

Selling expenses ↑ 0.7bn

Finance costs ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.0% = 0.5% × 1.23 × 1.82

2026Q1 1.2% = 0.4% × 1.50 × 2.08

ROE is broadly flat at 1.2% — the components are offsetting one another.

Net margin: 0.4% -0.1pp Asset turnover: 1.50x +0.26x Leverage: 2.08x +0.26x

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 stands at 0.40%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.40% −0.1pp

Gross Margin 5.44% −1.3pp

SG&A / Revenue 4.18% −1.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 1.07%, broadly flat versus the same period. That translates to 1.07 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover rose 0.83x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Watchpoints

ROIC remains low

ROIC is currently 1.07% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.07% +0.3pp

NOPAT Margin 0.39% −0.0pp

Capital Turnover 2.76x +0.83x

Average Invested Capital 192.7bn −4.1bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.90x equity, net debt at 0.20x equity.

Inventory ended the period at 100.4bn, roughly 30.8% of total assets.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 51.1 days versus the same period last year. The main moves came from DIO fell 28.6 days, DSO fell 36.4 days, and DPO fell 13.9 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 128.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 105.8 days −36.4 days

Inventory 93.0 days −28.6 days

Payables 70.7 days −13.9 days

Cash Conversion Cycle 128.2 days −51.1 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.20x and interest coverage only at 0.50x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 43.8% of debt, and total debt stands at 60.1bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.50x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.20x +0.14x

Interest Coverage 0.50x −0.21x

Cash / Debt 43.8% −31.4pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -20.17x −44.76x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 26.4bn in 2025, against investing cash flow of -1.4bn.

Post-investment cash flow was positive +25.1bn. Financing cash flow was positive +8.6bn.

CFO / net income was -20.17x.

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 42.5bn −84.8bn

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 earnings conversion is confirmed, with CFO/NI at -20.17x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in capital efficiency remains weak, with ROIC at 1.1%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -20.17x.

Watchpoint: Cash generation still needs confirmation.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	535.8	339.9	381.8	420.7	564.4
Revenue Deductions	—	0.0	0.2	0.7	0.0
Net Revenue	535.8	339.9	381.6	420.0	563.9
Cost of Goods Sold	508.5	315.3	351.4	378.7	0.0
Gross Profit	27.3	24.7	30.2	41.3	42.8
Financial Income	1.3	0.1	0.1	0.8	1.0
Financial Expenses	4.9	3.2	5.7	7.8	-9.0
Interest Expense	2.6	2.5	4.8	6.0	-6.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	7.8	10.6	11.4	19.2	-19.0
General and Administrative Expenses	13.0	10.0	11.1	12.5	-12.1
Operating Profit	2.9	0.9	2.1	2.5	3.6
Other Income	0.1	0.1	0.1	0.0	0.0
Other Expenses	0.0	0.1	0.1	0.0	0.0
Other Profit	0.0	-0.1	0.0	-0.0	0.8
Profit Before Tax	2.9	0.8	2.1	2.5	4.4
Current Income Tax Expense	0.6	0.4	0.9	1.0	-1.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	2.3	0.4	1.2	1.5	2.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	2.3	0.4	1.2	1.5	2.8
Earnings per Share	148.00	26.00	78.00	95.00	269.00
Diluted EPS	147.80	25.94	77.55	95.17	181.54

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	316.1	303.1	268.2	285.8	326.7
I. Cash and cash equivalents	71.9	38.2	25.3	28.0	20.5
1. Cash	71.9	38.2	25.3	28.0	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	9.0	7.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	9.0	7.0	0.0	0.0	0.0
III. Short-term receivables	133.4	156.4	123.9	123.4	154.8
1. Short-term trade accounts receivable	127.5	149.5	122.6	123.7	0.0
2. Short-term prepayments to suppliers	5.4	7.1	1.4	1.0	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	—	1.0	0.0	0.0	0.0
6. Other short-term receivables	0.4	0.4	1.6	0.4	0.0
7. Provision for short-term doubtful debts (*)	—	-1.6	-1.6	-1.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	100.4	101.2	118.5	134.1	151.1
1. Inventories	100.4	101.2	118.5	134.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	0.3	0.4	0.3	0.3
1. Short-term prepayments	0.3	0.2	0.4	0.3	0.0
2. Value added tax to be reclaimed	1.3	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.1	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	10.1	8.5	9.9	11.8	13.8
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	7.2	8.4	9.7	11.3	13.7
1. Tangible fixed assets	7.2	8.4	9.7	11.3	13.7
- Cost	97.7	97.2	96.6	96.4	0.0
- Accumulated depreciation	-90.4	-88.8	-86.9	-85.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2.8	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	2.8	0.0	0.0	0.0	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	0.0	0.1	0.3	0.5	0.0
1. Long-term prepayments	0.0	0.1	0.3	0.5	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	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)	326.3	311.6	278.1	297.6	340.4
A. LIABILITIES (300=210+330)	154.9	142.1	107.9	127.1	168.7
I. Short -term liabilities	154.9	142.1	107.9	127.1	168.7
1. Short-term trade accounts payable	53.8	102.3	43.0	39.7	49.2
2. Short-term advances from customers	55.4	0.5	1.0	0.1	3.6
3. Taxes and other payables to state authorities	0.1	2.4	1.7	0.9	0.0
4. Payable to employees	2.1	1.9	1.8	2.4	0.0
5. Short-term acrrued expenses	0.2	0.2	0.2	0.3	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	0.4	0.7	0.1	0.2	0.0
10. Short-term borrowings and financial leases	42.4	33.5	59.4	82.7	109.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.7	0.7	0.6	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	0.0	0.0	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	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)	171.4	169.5	170.2	170.5	171.7
I. Owner's equity	171.4	169.5	170.2	170.5	0.0
1. Owner's capital	156.0	156.0	156.0	156.0	171.7
- Common stock with voting right	156,000,000,000.00	156,000,000,000.00	156,000,000,000.00	156,000,000,000.00	156,000,000,000.00
- 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	—	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	7.9	7.9	7.9	7.9	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	2.4	0.5	1.3	1.5	3.1
- Accumulated retained earning at the end of the previous period	0.1	0.1	0.1	0.1	0.1
- Undistributed earnings in this period	2.3	0.4	1.2	1.5	3.0
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)	326.3	311.6	278.1	297.6	340.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.0	-0.9	-0.6	-1.2	0.0
Other Operating Receipts	0.0	0.1	0.3	1.7	0.0
Other Operating Payments	-17.4	-11.8	-16.3	-22.5	0.0
Net Cash Flow from Operating Activities	26.4	48.3	22.0	36.7	-19.8
Payments for Fixed Assets and Other Long-term Assets	-0.8	-0.6	0.0	0.0	-3.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.8
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-45.9
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	30.2
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	0.1	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.4	-8.6	0.0	0.0	-17.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	156.9	127.9	150.6	206.4	161.9
Repayment of Borrowings	-148.0	-153.8	-174.0	-233.4	-126.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.3	-1.1	-1.3	-2.3	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	8.6	-26.9	-24.7	-29.3	35.8
Net Cash Flow During the Period	33.7	12.8	-2.7	7.5	0.0
Cash and Cash Equivalents at Beginning of Period	38.2	25.3	28.0	20.5	17.7
FX Difference from Revaluation	—	0.0	0.0	-0.0	-0.1
Cash and Cash Equivalents at End of Period	71.9	38.2	25.3	28.0	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	105.7	139.0	127.4	159.0	110.5	139.7	59.9	69.6	70.7	130.8	86.7	105.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Net Revenue	105.7	139.0	127.4	159.0	110.5	139.7	59.9	69.6	70.7	130.6	86.7	105.6
Cost of Goods Sold	99.6	129.9	120.5	152.3	105.0	131.4	54.5	63.2	66.4	121.1	79.9	97.7
Gross Profit	6.1	9.2	6.9	6.7	5.5	8.3	5.4	6.4	4.3	9.5	6.8	7.9
Financial Income	0.1	0.7	0.1	0.2	0.1	0.0	0.1	0.0	0.0	0.0	0.0	0.1
Financial Expenses	1.0	1.2	1.3	1.8	0.6	0.6	0.6	1.1	1.0	1.3	1.3	1.6
Interest Expense	0.8	0.8	0.7	0.6	0.5	0.4	0.5	0.7	0.8	1.0	1.2	1.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.9	2.7	2.1	2.8	2.2	3.5	2.5	2.3	2.3	1.4	2.9	1.8
General and Administrative Expenses	1.9	4.7	2.9	2.1	2.2	2.9	2.2	3.0	1.7	5.2	2.0	4.1
Operating Profit	0.4	1.3	0.7	0.1	0.5	1.4	0.2	-0.0	-0.6	1.7	0.7	0.4
Other Income	—	—	—	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Other Expenses	—	—	—	0.0	—	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Other Profit	—	—	—	0.1	0.2	-0.0	0.0	-0.0	-0.1	-0.0	-0.0	0.1
Profit Before Tax	0.4	1.3	0.7	0.2	0.7	1.4	0.2	-0.0	-0.7	1.7	0.6	0.5
Current Income Tax Expense	0.1	0.3	0.1	0.1	0.1	0.4	0.0	0.0	0.1	0.7	0.1	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.4	1.0	0.6	0.2	0.5	1.0	0.2	-0.0	-0.8	1.0	0.6	0.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.4	1.0	0.6	0.2	0.5	1.0	0.2	-0.0	-0.8	1.0	0.6	0.5
Earnings per Share	23.00	66.00	36.00	10.00	34.00	66.00	14.00	-3.00	-50.00	62.00	37.00	32.00
Diluted EPS	22.71	66.19	36.48	9.66	33.88	65.72	13.57	-2.87	-50.26	61.56	36.89	31.86

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)	363.7	316.2	258.1	278.6	324.7	303.1	235.4	270.8	274.4	268.1	293.3	245.2
I. Cash and cash equivalents	26.3	71.9	15.4	18.0	29.8	45.2	18.2	17.6	14.4	25.1	13.1	16.7
1. Cash	26.3	71.9	15.4	18.0	29.8	38.2	18.2	17.6	14.4	25.1	13.1	16.7
2. Cash equivalents	—	—	—	—	—	7.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	24.9	9.0	4.0	7.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	24.9	9.0	4.0	7.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	170.6	133.4	148.4	145.0	166.9	156.4	100.1	120.5	143.1	124.0	160.6	110.3
1. Short-term trade accounts receivable	146.5	127.6	143.4	135.9	161.4	149.5	99.3	118.1	134.4	122.7	121.4	109.4
2. Short-term prepayments to suppliers	19.0	5.4	5.1	9.1	5.3	7.1	0.1	3.2	7.6	1.4	35.2	1.9
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	1.0	1.0	1.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.0	0.4	0.6	0.6	0.8	0.4	1.4	0.8	2.7	1.6	5.6	0.5
7. Provision for short-term doubtful debts (*)	—	—	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	136.5	100.4	89.9	108.2	119.5	101.2	116.8	131.4	116.5	118.6	119.1	117.8
1. Inventories	136.5	100.4	89.9	108.2	119.5	101.2	116.8	131.4	116.5	118.6	119.1	117.8
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	5.4	1.5	0.3	0.4	1.5	0.3	0.3	1.3	0.4	0.4	0.5	0.5
1. Short-term prepayments	0.4	0.3	0.3	0.4	0.1	0.2	0.3	0.5	0.3	0.4	0.3	0.5
2. Value added tax to be reclaimed	4.9	1.3	0.0	0.0	1.4	0.0	0.0	0.8	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	—	0.0	—	—	0.1	0.0	0.0	0.1	0.0	0.2	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	13.8	10.1	7.3	7.5	7.9	8.5	9.0	8.9	9.4	10.0	10.3	10.8
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	12.5	7.2	7.0	7.5	7.9	8.4	8.9	8.8	9.2	9.7	10.0	10.5
1. Tangible fixed assets	12.5	7.2	7.0	7.5	7.9	8.4	8.9	8.8	9.2	9.7	10.0	10.5
- Cost	103.7	—	—	—	—	97.2	97.2	96.6	96.6	96.6	96.4	96.4
- Accumulated depreciation	-91.1	—	—	—	—	-88.8	-88.3	-87.8	-87.4	-86.9	-86.4	-86.0
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.9	2.8	0.4	—	—	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	0.9	2.8	0.4	—	—	0.0	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	0.4	0.0	—	0.0	0.0	0.1	0.1	0.2	0.2	0.3	0.3	0.4
1. Long-term prepayments	0.4	0.0	—	0.0	0.0	0.1	0.1	0.2	0.2	0.3	0.3	0.4
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)	377.5	326.3	265.4	286.1	332.6	311.6	244.4	279.7	283.8	278.1	303.6	256.0
A. LIABILITIES (300=210+330)	205.7	155.0	95.1	116.4	162.6	142.1	76.0	111.5	114.4	107.9	134.3	87.3
I. Short -term liabilities	205.7	155.0	95.1	116.3	162.6	142.1	76.0	111.5	114.4	107.8	134.3	87.3
1. Short-term trade accounts payable	80.5	53.8	39.4	53.0	114.0	102.3	46.1	52.3	50.1	42.9	34.6	18.3
2. Short-term advances from customers	62.9	55.4	1.5	9.9	6.6	0.5	2.4	1.9	3.6	1.1	37.6	1.7
3. Taxes and other payables to state authorities	0.1	0.1	0.5	1.0	0.2	2.4	0.8	0.2	0.2	1.7	0.3	1.4
4. Payable to employees	1.1	2.1	1.1	0.9	1.2	1.9	0.9	0.9	0.9	1.8	0.5	0.0
5. Short-term acrrued expenses	0.2	0.2	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3
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	0.4	0.3	0.4	0.2	0.7	0.3	0.2	0.3	0.1	0.1	1.7
10. Short-term borrowings and financial leases	60.1	42.4	51.4	50.4	39.6	33.5	24.7	55.2	58.6	59.4	60.2	63.2
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.5	0.6	0.6	0.6	0.6	0.7	0.7	0.7	0.6	0.7	0.7	0.7
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	171.7	171.3	170.3	169.7	170.0	169.5	168.4	168.2	169.5	170.3	169.3	168.7
I. Owner's equity	171.7	171.3	170.3	169.7	170.0	169.5	168.4	168.2	169.5	170.3	169.3	168.7
1. Owner's capital	156.0	156.0	156.0	156.0	156.0	156.0	156.0	156.0	156.0	156.0	156.0	156.0
- Common stock with voting right	156,000,000,000.00	156,000,000,000.00	156,000,000,000.00	156,000,000,000.00	156,000,000,000.00	156,000,000,000.00	156,000,000,000.00	156,000,000,000.00	156,000,000,000.00	156,000,000,000.00	156,000,000,000.00	156,000,000,000.00
- 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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9	7.9
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	2.7	2.3	1.3	0.7	1.0	0.5	-0.6	-0.8	0.5	1.3	0.3	-0.3
- Accumulated retained earning at the end of the previous period	2.4	0.1	0.1	0.1	0.5	0.1	0.1	0.1	1.3	0.1	0.1	0.1
- Undistributed earnings in this period	0.4	2.3	1.2	0.7	0.5	0.4	-0.6	-0.8	-0.8	1.2	0.3	-0.3
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)	377.5	326.3	265.4	286.1	332.6	311.6	244.4	279.7	283.8	278.1	303.6	256.0

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	—	—	—	—	—	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
Provision (Increase)/Reversal	—	—	—	—	—	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
Gain/Loss from Investment Activities	—	—	—	—	—	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
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	—	—	—	—	—	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
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)	—	—	—	—	—	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
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	-0.0	-0.6	0.0	-0.0	-0.4	0.0	0.0	0.0	-0.9	-0.1	0.0	0.0
Other Operating Receipts	35.4	—	—	—	—	1.1	3.1	-0.7	0.7	-13.5	12.2	-7.6
Other Operating Payments	-80.8	10.3	-19.3	-1.6	-6.7	-6.0	-14.0	0.4	-6.6	37.0	-43.8	-3.8
Net Cash Flow from Operating Activities	-83.4	66.9	-3.6	-22.4	-14.5	18.1	30.9	7.8	-10.2	14.3	-0.6	-9.9
Payments for Fixed Assets and Other Long-term Assets	-1.0	-0.8	—	—	—	0.0	0.0	0.0	0.0	0.1	-0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	—	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
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.3	0.0	0.1	—	0.1	-0.0	0.0	0.0	0.0	-0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	20.2	-1.5	0.0	0.1	—	-6.9	-1.0	0.0	0.0	0.1	-0.0	-0.0
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	38.6	33.2	46.8	44.8	32.2	30.4	17.0	43.4	37.1	39.9	30.4	46.7
Repayment of Borrowings	-20.9	-42.1	-45.8	-34.0	-26.0	-21.6	-47.5	-46.9	-37.9	-40.7	-33.4	-39.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-0.3	—	0.0	1.1	-1.1	0.0	-1.3	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	17.7	-8.9	1.0	10.4	6.1	8.8	-29.4	-4.5	-0.8	-2.2	-2.9	6.7
Net Cash Flow During the Period	-45.5	56.4	-2.6	-11.8	-8.4	20.0	0.5	3.4	-11.0	12.2	-3.6	-3.3
Cash and Cash Equivalents at Beginning of Period	71.9	15.4	18.0	29.8	38.2	25.3	25.3	25.3	25.3	28.0	28.0	28.0
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	26.3	71.9	15.4	18.0	29.8	38.2	18.2	17.7	14.4	25.3	13.1	16.7

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VTE

What Is Changing

Drivers of VTE'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