WCS

Bến xe Miền Tây ·HNX ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 0.63x

Price

307,000

Latest close

01 Jun 2026

P/E 11.51x

P/B 3.00x

EPS 26,664

BVPS 102,488

ROE 28.1%

ROA 25.9%

Profit Margin 48.2%

Asset Turnover 0.54x

Equity Mult. 1.09x

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

What Is Changing

On a TTM 2026Q1 basis, WCS is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. This signal only becomes convincing if the improvement continues through the next few periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 173bn
	                                
+7.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 84bn
	                                
+8.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	172.0	158.3	140.3	94.1	54.7
Growth	+9%	+13%	+49%	+72%	—
Net Income	83.7	75.5	66.5	38.1	8.7
Net Margin	48.67%	47.68%	47.40%	40.52%	15.93%

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	43.9	42.3	43.6	43.5	42.5	39.0	40.8	39.5	39.0	34.9	36.8	34.4
Growth	+4%	-3%	+0%	+2%	+9%	-5%	+3%	+1%	+12%	-5%	+7%	—
Net Income	21.1	18.6	21.6	22.3	21.0	15.8	20.2	20.1	19.3	15.3	18.9	16.3
Net Margin	48.07%	43.89%	49.47%	51.32%	49.32%	40.64%	49.61%	50.75%	49.59%	43.85%	51.47%	47.34%

Drivers of WCS'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 ↑ 3.5bn

Other profit ↑ 0.9bn

Administrative expenses ↑ 5.8bn

Tax ↑ 1.6bn

TTM

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

Financial income ↑ 0.8bn

Other profit ↑ 0.1bn

Administrative expenses ↑ 0.5bn

Gross profit ↓ 0.2bn

Tax ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 30.3% = 47.7% × 0.57 × 1.12

2026Q1 28.1% = 48.2% × 0.54 × 1.09

ROE fell from 30.3% to 28.1% — leverage weakened the most, though net margin still provided support.

Net margin: 48.2% +0.6pp Asset turnover: 0.54x -0.03x Leverage: 1.09x -0.04x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 48.22%, rising 0.6pp. Despite pressure from Gross margin fell 0.9pp and SG&A / Revenue rose 0.3pp, the offset came from Net financial result / Revenue rose 1.6pp and Other profit / Revenue rose 0.3pp.

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 48.22% +0.6pp

Gross Margin 59.53% −0.9pp

SG&A / Revenue 10.99% +0.3pp

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 45.12% +0.3pp

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 0.15x equity, with a net cash position equivalent to 0.03x 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

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

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

Watchpoints

Receivables collection is slowing

DSO increased by +0.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 18.2 days +0.1 days

Inventory — —

Payables 2.9 days −3.4 days

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 56.1bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.03x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.63x −0.11x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 56.1bn in 2025, against investing cash flow of -134.8bn.

Post-investment cash flow was negative +78.7bn. Financing cash flow was negative +50.1bn.

CFO / net income was 0.63x.

After spending +4.7bn on fixed-asset investment, the business generated trailing free cash flow of +48.1bn.

Cash Conversion

CFO TTM 52.8bn −4.4bn

Cash Capex 4.7bn −3.7bn

FCF TTM +48.1bn −0.8bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.63x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.63x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	172.0	158.3	140.3	94.1	54.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	172.0	158.3	140.3	94.1	54.7
Cost of Goods Sold	68.3	62.9	55.1	44.1	0.0
Gross Profit	103.7	95.4	85.2	50.0	14.1
Financial Income	13.1	10.6	12.3	7.4	5.7
Financial Expenses	—	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	18.5	17.1	18.7	13.4	-8.7
Operating Profit	98.3	89.0	78.8	43.9	11.1
Other Income	6.7	5.7	4.6	3.9	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0
Other Profit	6.7	5.7	4.6	3.9	2.6
Profit Before Tax	105.0	94.7	83.4	47.8	13.7
Current Income Tax Expense	21.3	19.2	17.0	9.7	-4.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	83.7	75.5	66.5	38.1	8.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	83.7	75.5	66.5	38.1	8.7
Earnings per Share	26,375.00	25,072.00	20,705.00	11,753.00	2,462.00
Diluted EPS	27,897.53	30,188.34	26,592.70	15,243.36	3,488.22

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	298.5	273.5	255.7	192.1	158.7
I. Cash and cash equivalents	2.6	131.4	44.1	12.2	135.3
1. Cash	2.6	13.4	20.9	7.2	0.0
2. Cash equivalents	—	118.0	23.2	5.0	0.0
II. Short-term financial investments	277.3	130.6	200.3	171.1	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	277.3	130.6	200.3	171.1	0.0
III. Short-term receivables	14.0	8.8	8.4	6.1	7.2
1. Short-term trade accounts receivable	5.9	5.4	4.5	4.6	0.0
2. Short-term prepayments to suppliers	4.5	0.5	2.2	0.2	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	3.6	3.0	1.9	1.5	0.0
7. Provision for short-term doubtful debts (*)	-0.0	-0.0	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.1	0.1	0.0	0.0
1. Inventories	0.0	0.1	0.1	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	4.6	2.6	2.7	2.7	4.6
1. Short-term prepayments	0.8	0.5	0.9	0.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	3.8	2.0	1.8	2.4	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)	31.4	34.1	28.5	25.5	27.1
I. Long-term receivables	0.0	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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	29.2	33.1	26.6	24.5	26.2
1. Tangible fixed assets	26.2	29.5	25.4	23.2	25.9
- Cost	100.2	99.9	92.3	87.8	0.0
- Accumulated depreciation	-74.0	-70.5	-66.9	-64.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	3.0	3.6	1.2	1.4	0.3
- Cost	7.6	7.8	4.8	4.6	0.0
- Accumulated depreciation	-4.6	-4.2	-3.6	-3.3	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	1.6	0.6	1.1	0.3	0.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.6	0.6	1.1	0.3	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	0.6	0.4	0.8	0.7	0.0
1. Long-term prepayments	0.6	0.4	0.8	0.7	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	0.3
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	329.9	307.6	284.2	217.6	185.8
A. LIABILITIES (300=210+330)	43.6	42.0	81.3	26.7	19.2
I. Short -term liabilities	39.5	38.0	77.1	22.7	15.0
1. Short-term trade accounts payable	0.8	0.2	0.3	0.5	1.6
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.1
3. Taxes and other payables to state authorities	5.9	5.2	5.0	4.2	0.0
4. Payable to employees	21.4	17.8	14.3	4.6	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	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	0.4	0.3	0.4	0.2	0.1
9. Other short-term payables	1.2	1.7	43.0	7.2	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	9.7	12.8	14.0	6.0	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	4.1	4.1	4.2	4.0	4.2
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	4.1	4.1	4.2	4.0	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)	286.4	265.6	202.9	190.9	166.5
I. Owner's equity	286.4	265.6	202.9	190.9	0.0
1. Owner's capital	30.0	25.0	25.0	25.0	166.5
- Common stock with voting right	30,000,000,000.00	25,000,000,000.00	25,000,000,000.00	25,000,000,000.00	25,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-330,000.00	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	113.9	118.9	118.9	118.9	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	142.5	121.7	59.0	47.0	30.2
- Accumulated retained earning at the end of the previous period	71.7	59.0	47.2	30.2	29.5
- Undistributed earnings in this period	70.9	62.7	11.8	16.8	0.7
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)	329.9	307.6	284.2	217.6	185.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	105.0	94.7	83.4	47.8	0.0
Depreciation of Fixed Assets and Investment Property	5.2	4.6	4.3	4.4	0.0
Provision (Increase)/Reversal	—	-0.1	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	-13.5	-10.7	-12.4	-7.4	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	96.7	88.5	75.3	44.9	0.0
Increase/(Decrease) in Receivables	-6.7	-0.6	-1.4	3.4	0.0
Increase/(Decrease) in Inventory	0.1	0.0	-0.1	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.2	2.5	3.5	-1.4	0.0
Increase/(Decrease) in Prepaid Expenses	-0.4	0.7	-0.7	-0.6	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	-20.5	-19.2	-16.4	-5.0	0.0
Other Operating Receipts	0.0	0.0	7.5	0.0	0.0
Other Operating Payments	-7.9	-14.0	-6.7	-6.5	0.0
Net Cash Flow from Operating Activities	56.1	57.8	61.0	34.9	-1.9
Payments for Fixed Assets and Other Long-term Assets	-1.5	-11.0	-7.3	-0.6	-2.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	0.1	0.1	0.0	0.1
Loans and Purchases of Debt Instruments	-533.9	-170.1	-221.3	-171.1	-15.6
Receipts from Loan Repayments and Sale of Debt Instruments	387.2	239.7	192.1	11.6	59.8
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	12.9	10.8	12.3	7.1	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-134.8	69.5	-24.1	-152.9	43.1
Proceeds from Equity Issuance and Capital Contributions	-80,850,000.00	0.00	0.00	0.00	0.00
Share Repurchases	-330,000.00	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	-50.0	-40.0	-5.0	-5.0	-5.0
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	-50.1	-40.0	-5.0	-5.0	-5.0
Net Cash Flow During the Period	-128.8	87.3	31.9	-123.1	-6.4
Cash and Cash Equivalents at Beginning of Period	131.4	44.1	12.2	135.3	99.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.6	131.4	44.1	12.2	135.3

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	43.9	42.3	43.6	43.5	42.5	39.0	40.8	39.5	39.0	34.9	36.8	34.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	43.9	42.3	43.6	43.5	42.5	39.0	40.8	39.5	39.0	34.9	36.8	34.4
Cost of Goods Sold	17.7	19.3	17.0	16.1	16.1	18.0	15.3	14.6	15.0	13.2	13.6	14.3
Gross Profit	26.2	23.0	26.7	27.3	26.4	20.9	25.5	24.9	24.0	21.7	23.1	20.2
Financial Income	3.5	3.6	3.6	3.2	2.7	2.6	2.4	2.7	2.9	3.3	3.3	3.1
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	4.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	4.9	5.1	5.0	4.2	4.3	5.0	0.0	3.9	4.1	7.1	4.0	3.9
Operating Profit	24.9	21.5	25.3	26.4	24.8	18.5	23.9	23.7	22.8	17.9	22.5	19.3
Other Income	1.5	1.8	1.8	1.6	1.4	1.4	1.5	1.4	1.3	1.4	1.3	1.1
Other Expenses	—	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	1.5	1.8	1.8	1.6	1.4	1.4	1.5	1.4	1.3	1.4	1.3	1.1
Profit Before Tax	26.4	23.4	27.1	28.0	26.2	20.0	25.4	25.1	24.2	19.3	23.7	20.4
Current Income Tax Expense	5.3	4.8	5.5	5.7	5.3	4.1	5.2	5.1	4.8	4.0	4.8	4.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	21.1	18.6	21.6	22.3	21.0	15.8	20.2	20.1	19.3	15.3	18.9	16.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	21.1	18.6	21.6	22.3	21.0	15.8	20.2	20.1	19.3	15.3	18.9	16.3
Earnings per Share	7,033.00	3,511.00	7,198.00	8,922.00	8,391.00	3,323.00	8,100.00	5,916.00	7,733.00	2,878.00	6,691.00	5,640.00
Diluted EPS	7,033.25	6,191.95	7,197.74	8,922.02	8,391.45	6,334.32	8,099.56	8,021.21	7,733.24	6,118.75	7,573.27	6,522.15

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)	296.1	298.2	344.0	316.0	281.7	273.5	268.4	239.6	224.9	255.7	251.4	229.7
I. Cash and cash equivalents	9.2	2.6	92.2	27.2	12.7	131.4	123.7	41.1	5.6	44.1	21.7	5.5
1. Cash	7.6	2.6	6.0	27.2	5.7	13.4	27.8	6.1	5.6	20.9	3.7	5.5
2. Cash equivalents	1.6	—	86.2	—	7.0	118.0	95.9	35.0	0.0	23.2	18.0	0.0
II. Short-term financial investments	266.9	277.3	230.6	274.6	251.6	130.6	130.6	186.4	208.4	200.3	216.8	212.0
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	266.9	277.3	230.6	274.6	251.6	130.6	130.6	186.4	208.4	200.3	216.8	212.0
III. Short-term receivables	14.7	13.9	20.1	13.5	17.1	8.8	13.4	11.2	10.1	8.4	11.5	10.4
1. Short-term trade accounts receivable	6.6	5.9	6.5	6.7	10.7	5.4	6.5	5.1	5.4	4.5	5.2	4.6
2. Short-term prepayments to suppliers	3.5	4.4	6.1	0.3	0.1	0.5	2.2	2.4	1.0	2.2	4.2	4.1
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	4.6	3.6	7.6	6.6	6.3	3.0	4.8	3.8	3.9	1.9	2.2	1.9
7. Provision for short-term doubtful debts (*)	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
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	0.1	0.0	0.1	0.0	0.1	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.1	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	5.3	4.3	1.1	0.8	0.3	2.6	0.7	0.9	0.8	2.7	1.5	1.7
1. Short-term prepayments	1.0	0.8	1.1	0.8	0.3	0.5	0.7	0.9	0.8	0.9	0.3	0.3
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	4.3	3.5	—	—	—	2.0	0.0	0.0	0.0	1.8	1.2	1.4
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)	34.7	31.5	31.1	32.2	33.0	34.1	33.9	34.8	31.4	28.5	27.2	25.5
I. Long-term receivables	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 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	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	32.2	29.2	29.7	31.1	32.0	33.1	32.8	33.6	27.2	26.6	23.4	24.1
1. Tangible fixed assets	29.4	26.2	26.6	27.8	28.6	29.5	29.0	29.6	25.9	25.4	22.4	22.9
- Cost	104.6	—	—	—	—	99.9	98.4	97.9	93.7	92.3	88.9	88.5
- Accumulated depreciation	-75.2	—	—	—	—	-70.5	-69.4	-68.3	-67.8	-66.9	-66.5	-65.6
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	2.9	3.0	3.1	3.3	3.4	3.6	3.8	4.0	1.3	1.2	1.1	1.2
- Cost	7.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.8	—	—	—	—	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	2.0	1.7	1.0	0.9	0.7	0.6	0.5	0.7	3.5	1.1	3.0	0.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.0	1.7	1.0	0.9	0.7	0.6	0.5	0.7	3.5	1.1	3.0	0.7
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	0.5	0.6	0.4	0.3	0.3	0.4	0.5	0.6	0.7	0.8	0.8	0.7
1. Long-term prepayments	0.5	0.6	0.4	0.3	0.3	0.4	0.5	0.6	0.7	0.8	0.8	0.7
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)	330.8	329.7	375.1	348.2	314.8	307.6	302.3	274.5	256.3	284.2	278.6	255.2
A. LIABILITIES (300=210+330)	23.4	43.6	94.6	89.4	28.2	42.0	45.0	37.4	34.1	81.3	45.7	39.0
I. Short -term liabilities	19.0	39.5	90.4	85.3	24.1	38.0	40.9	33.3	29.9	77.1	41.4	34.8
1. Short-term trade accounts payable	0.9	0.9	0.2	0.3	0.2	0.2	0.2	2.0	2.0	0.3	0.1	0.1
2. Short-term advances from customers	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.1	0.1	0.0	0.1	0.0
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.5	5.9	17.8	16.2	7.0	5.2	16.5	7.2	6.0	5.0	16.5	12.7
4. Payable to employees	6.7	21.4	15.5	10.8	6.2	17.8	12.0	9.0	5.3	14.3	13.3	10.3
5. Short-term acrrued expenses	0.6	—	—	—	0.6	0.0	0.0	0.0	0.5	0.0	0.1	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.3	0.4	0.6	0.2	0.4	0.3	0.2	0.3	0.3	0.4	0.2	0.2
9. Other short-term payables	1.3	1.2	51.1	52.0	2.8	1.7	2.3	1.8	7.1	43.0	5.0	4.9
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	2.7	9.7	5.0	5.7	6.9	12.8	9.7	12.9	8.5	14.0	6.2	6.6
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	4.4	4.1	4.2	4.1	4.1	4.1	4.1	4.1	4.2	4.2	4.2	4.1
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	4.4	4.1	4.2	4.1	4.1	4.1	4.1	4.1	4.2	4.2	4.2	4.1
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)	307.5	286.1	280.5	258.9	286.6	265.6	257.3	237.0	222.2	202.9	233.0	216.2
I. Owner's equity	307.5	286.1	280.5	258.9	286.6	265.6	257.3	237.0	222.2	202.9	233.0	216.2
1. Owner's capital	30.0	30.0	30.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0
- Common stock with voting right	30,000,000,000.00	30,000,000,000.00	30,000,000,000.00	25,000,000,000.00	25,000,000,000.00	25,000,000,000.00	25,000,000,000.00	25,000,000,000.00	25,000,000,000.00	25,000,000,000.00	25,000,000,000.00	25,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-330,000.00	-330,000.00	-330,000.00	—	—	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
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	113.9	113.9	113.9	118.9	118.9	118.9	118.9	118.9	118.9	118.9	118.9	118.9
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	163.6	142.3	136.5	115.0	142.6	121.7	113.4	93.1	78.3	59.0	89.1	72.3
- Accumulated retained earning at the end of the previous period	142.5	71.7	71.7	71.7	121.7	59.0	59.0	59.0	59.0	47.2	47.0	47.0
- Undistributed earnings in this period	21.1	70.6	64.9	43.3	21.0	62.7	54.4	34.1	19.3	11.8	42.1	25.3
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)	330.8	329.7	375.1	348.2	314.8	307.6	302.3	274.5	256.3	284.2	278.6	255.2

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
Profit Before Tax	—	50.8	—	54.2	—	0.0	-49.3	49.3	0.0	83.4	-40.4	40.4
Depreciation of Fixed Assets and Investment Property	—	2.6	—	2.6	—	0.0	-2.1	2.1	0.0	4.3	-2.1	2.1
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	—	-7.6	—	-5.9	—	0.0	5.6	-5.6	0.0	-12.4	5.7	-5.7
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	—	45.8	—	51.0	—	0.0	-45.8	45.8	0.0	75.3	-36.8	36.8
Increase/(Decrease) in Receivables	—	-4.3	—	-2.4	—	0.0	1.1	-1.1	0.0	-1.4	3.2	-3.2
Increase/(Decrease) in Inventory	—	0.0	—	0.1	—	0.0	-0.0	0.0	0.0	-0.1	-0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-2.6	—	-2.6	—	0.0	3.7	-3.7	0.0	3.5	-9.5	9.5
Increase/(Decrease) in Prepaid Expenses	—	-0.3	—	-0.1	—	0.0	-0.2	0.2	0.0	-0.7	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	-4.9	-11.2	-5.3	0.0	-4.1	-10.2	0.0	-4.8	-4.1	-8.9	-4.0	0.0
Other Operating Receipts	9.5	—	—	—	—	10.2	34.2	-12.5	12.5	-25.0	32.5	-11.0
Other Operating Payments	-24.0	45.0	-45.8	15.1	-22.2	-20.4	-43.3	15.3	-21.7	31.2	-34.1	10.1
Net Cash Flow from Operating Activities	-2.0	-2.9	24.4	33.4	1.3	8.0	27.6	20.4	5.5	-3.1	28.3	19.1
Payments for Fixed Assets and Other Long-term Assets	-3.4	0.9	-1.7	-0.4	-0.2	-1.7	0.6	-7.1	-1.5	0.4	-5.5	-1.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.5	—	—	—	0.0	0.1	-0.1	0.1	0.1	0.0	-0.0
Loans and Purchases of Debt Instruments	—	-277.3	—	-256.6	—	0.0	83.2	-83.2	0.0	-221.3	69.0	-69.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	274.6	—	112.6	—	0.0	-97.0	97.0	0.0	192.1	-28.1	28.1
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	1.6	8.9	-1.6	4.4	1.3	1.4	-1.5	4.2	1.5	8.5	-1.8	4.6
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	8.6	-36.5	40.6	-19.0	-120.0	-0.3	55.0	19.0	-8.0	25.5	-12.1	-18.2
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	—	-50.0	—	—	—	0.0	0.0	-4.0	-36.0	0.0	0.0	-5.0
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	—	-50.1	—	—	—	0.0	0.0	-4.0	-36.0	0.0	0.0	-5.0
Net Cash Flow During the Period	6.6	-89.5	65.0	14.4	-118.7	7.7	82.6	35.5	-38.5	22.4	16.2	-4.1
Cash and Cash Equivalents at Beginning of Period	2.6	92.2	27.2	12.7	131.4	44.1	44.1	44.1	44.1	12.2	12.2	12.2
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	9.2	2.6	92.2	27.2	12.7	131.4	123.7	41.1	5.6	44.1	21.7	5.5

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WCS

What Is Changing

Drivers of WCS's profit

Financial Highlights

Is the profit sustainable?

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