XMP

Thủy điện Xuân Minh ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 36.49%, +10.48pp YoY

Price

16,000

Latest close

29 May 2026

P/E 6.34x

P/B 1.22x

EPS 2,525

BVPS 13,141

ROE 16.3%

ROA 8.2%

Profit Margin 36.5%

Asset Turnover 0.23x

Equity Mult. 1.97x

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

What Is Changing

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

	                            
	                                TTM REVENUE
	                            
	                                    VND 84bn
	                                
+18.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 31bn
	                                
+66.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	80.6	71.5	65.3	80.0	73.3
Growth	+13%	+9%	-18%	+9%	—
Net Income	27.8	17.8	4.9	20.6	15.4
Net Margin	34.46%	24.90%	7.56%	25.78%	21.03%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	22.6	23.1	15.0	23.0	19.6	14.0	18.0	18.9	17.3	9.4	18.4	20.3
Growth	-2%	+54%	-35%	+17%	+39%	-22%	-5%	+9%	+85%	-49%	-9%	—
Net Income	10.1	8.1	2.7	9.6	7.3	1.5	4.1	5.4	3.7	-5.5	2.6	4.2
Net Margin	44.57%	34.94%	18.30%	41.97%	37.48%	10.46%	22.79%	28.75%	21.27%	-59.10%	14.08%	20.70%

Drivers of XMP's profit

TTM

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

Gross profit ↑ 10.4bn

Finance costs ↓ 1.9bn

TTM

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

Gross profit ↑ 2.5bn

Other profit ↑ 0.3bn

Administrative expenses ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.5% = 26.0% × 0.18 × 2.23

2026Q1 16.3% = 36.5% × 0.23 × 1.97

ROE rose from 10.5% to 16.3% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 36.5% +10.5pp Asset turnover: 0.23x +0.05x Leverage: 1.97x -0.26x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 36.49%, rising 10.5pp. The main driver is Gross margin rose 3.3pp and SG&A / Revenue fell 1.6pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 6.1pp).

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 36.49% +10.5pp

Gross Margin 61.66% +3.3pp

SG&A / Revenue 5.74% −1.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.

Is capital being deployed efficiently?

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

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.23x +0.05x

Average Invested Capital 363.7bn −20.5bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 0.97x equity, net debt at 0.81x equity.

Over the last 12 months, working capital absorbed 6.5bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −1.8bn

Inventories increased → lower CFO: −0.2bn

Payables decreased → lower CFO: −4.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.4 days versus the same period last year. The main moves came from DIO fell 0.2 days, DSO fell 3.2 days, and DPO fell 2.0 days.

Working capital cycle is flat — components are offsetting each other.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 37.3 days −3.2 days

Inventory 24.7 days −0.2 days

Payables 8.1 days −2.0 days

Cash Conversion Cycle 54.0 days −1.4 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.81x and interest coverage at 2.09x.

At present, short-term debt accounts for 31.5% of total debt, cash equals 0.8% of debt, and total debt stands at 160.6bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 0.8%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.81x −0.27x

Interest Coverage 2.09x +0.98x

Cash / Debt 0.8% +0.3pp

Short-term Debt / Total Debt 31.5% +0.9pp

CFO / NI 1.37x −0.92x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 42.9bn in 2025, against investing cash flow of 0.0bn.

Post-investment cash flow was positive +42.9bn. Financing cash flow was negative +44.3bn.

CFO / net income was 1.37x.

Track how much investment can be funded internally from operating cash flow.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 41.9bn −0.1bn

Cash Capex — —

FCF TTM — —

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 operating efficiency, with net margin improving 10.5 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 2.09x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 36.49% after expanding 10.5pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.81x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	80.6	71.5	65.3	80.0	73.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	80.6	71.5	65.3	80.0	73.3
Cost of Goods Sold	31.5	29.7	29.4	30.1	0.0
Gross Profit	49.1	41.8	35.9	49.9	45.8
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	15.3	17.4	25.3	23.6	-26.2
Interest Expense	15.3	17.4	25.3	23.6	-26.2
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	4.5	5.5	5.0	4.7	-4.2
Operating Profit	29.3	19.0	5.6	21.6	15.4
Other Income	0.1	0.3	0.5	0.4	0.0
Other Expenses	0.3	0.5	0.3	0.0	0.0
Other Profit	-0.2	-0.2	0.2	0.4	0.0
Profit Before Tax	29.1	18.8	5.8	22.0	15.4
Current Income Tax Expense	1.3	1.0	0.8	1.3	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	27.8	17.8	4.9	20.6	15.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	27.8	17.8	4.9	20.6	15.4
Earnings per Share	1,831.00	1,165.00	308.00	1,375.00	1,027.93
Diluted EPS	1,852.31	1,186.66	329.17	1,374.80	1,027.93

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	13.2	11.9	13.0	12.4	15.0
I. Cash and cash equivalents	0.4	1.8	2.1	0.6	1.3
1. Cash	0.4	1.8	2.1	0.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	10.6	8.1	8.1	10.4	10.4
1. Short-term trade accounts receivable	10.0	7.7	7.7	9.7	0.0
2. Short-term prepayments to suppliers	0.3	0.1	0.0	0.0	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.3	0.3	0.4	0.7	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.2	2.1	1.9	1.5	1.2
1. Inventories	2.2	2.1	1.9	1.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.9	0.0	1.3
1. Short-term prepayments	0.0	0.0	0.9	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	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)	354.8	372.2	391.3	411.4	431.9
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	346.7	365.9	385.2	404.6	423.9
1. Tangible fixed assets	327.9	346.7	365.6	384.4	403.4
- Cost	464.0	464.0	464.0	463.9	0.0
- Accumulated depreciation	-136.0	-117.2	-98.4	-79.5	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	18.7	19.2	19.6	20.1	20.6
- Cost	21.8	21.8	21.8	21.8	0.0
- Accumulated depreciation	-3.1	-2.6	-2.2	-1.7	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	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	8.1	6.3	6.0	6.9	0.0
1. Long-term prepayments	8.1	6.3	6.0	6.9	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	7.9
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)	368.0	384.1	404.2	423.9	446.9
A. LIABILITIES (300=210+330)	181.0	211.2	232.1	255.4	281.4
I. Short -term liabilities	64.9	70.8	67.3	35.1	33.6
1. Short-term trade accounts payable	—	0.2	0.4	0.4	0.3
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.4	2.8	2.3	3.1	0.0
4. Payable to employees	0.7	0.7	0.0	0.0	0.0
5. Short-term acrrued expenses	2.1	1.6	1.5	0.5	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	1.5	1.2	0.6	2.5	0.0
10. Short-term borrowings and financial leases	57.0	64.3	62.6	28.6	31.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.0	0.0	0.0	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	116.1	140.5	164.8	220.3	247.9
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	116.1	140.5	164.8	220.3	247.9
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)	187.0	172.9	172.1	168.5	165.4
I. Owner's equity	187.0	172.9	172.1	168.5	0.0
1. Owner's capital	150.0	150.0	150.0	150.0	165.4
- Common stock with voting right	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	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	—	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	9.2	5.1	3.7	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	27.8	17.8	18.4	18.5	15.4
- Accumulated retained earning at the end of the previous period	—	0.0	13.5	-2.2	0.0
- Undistributed earnings in this period	27.8	17.8	4.9	20.6	15.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	368.0	384.1	404.2	423.9	446.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	29.1	18.8	5.8	22.0	15.4
Depreciation of Fixed Assets and Investment Property	19.2	19.3	19.4	19.4	19.4
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	0.0
Interest Expense	15.3	17.4	25.3	23.6	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	63.6	55.4	50.4	65.0	61.0
Increase/(Decrease) in Receivables	-2.6	0.0	2.3	-0.9	0.0
Increase/(Decrease) in Inventory	-0.1	-0.2	-0.5	-0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.5	1.1	-0.9	1.6	0.0
Increase/(Decrease) in Prepaid Expenses	-1.9	0.7	-0.0	1.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-14.1	-15.5	-24.1	-23.7	0.0
Corporate Income Tax Paid	-1.0	-0.8	-1.3	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.4	-0.6	-1.3	-0.4	0.0
Net Cash Flow from Operating Activities	42.9	40.1	24.5	42.5	26.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-0.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.8	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	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	0.0	0.0	-0.0	0.8	-0.8
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	31.4	6.9	37.5	33.5	73.6
Repayment of Borrowings	-64.1	-31.5	-59.7	-63.6	-82.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-11.7	-15.9	-0.7	-13.9	-16.7
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	-44.3	-40.4	-23.0	-44.0	-25.8
Net Cash Flow During the Period	-1.4	-0.3	1.5	-0.7	1.1
Cash and Cash Equivalents at Beginning of Period	1.8	2.1	0.6	1.3	1.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.4	1.8	2.1	0.6	1.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	22.6	23.1	15.0	23.0	19.6	14.0	18.0	18.9	17.3	9.4	18.4	20.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	22.6	23.1	15.0	23.0	19.6	14.0	18.0	18.9	17.3	9.4	18.4	20.3
Cost of Goods Sold	7.9	9.0	7.7	7.4	7.4	7.5	7.1	7.4	6.9	7.6	7.2	7.8
Gross Profit	14.7	14.1	7.3	15.5	12.2	6.5	11.0	11.5	10.4	1.8	11.2	12.5
Financial 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
Financial Expenses	3.8	3.6	3.7	4.0	4.0	4.2	4.3	4.6	5.2	6.2	6.9	7.1
Interest Expense	3.8	3.6	3.7	4.0	4.0	4.2	4.3	4.6	5.2	6.2	6.9	7.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.2	1.7	0.9	1.0	0.9	0.8	1.9	1.5	1.4	1.1	1.2	1.3
Operating Profit	9.7	8.7	2.7	10.5	7.3	1.4	4.8	5.4	3.8	-5.6	3.2	4.2
Other Income	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.2	0.0
Other Expenses	0.0	0.2	0.0	0.1	—	0.0	0.2	0.0	0.2	0.0	0.2	0.0
Other Profit	0.4	-0.1	0.0	-0.1	0.0	0.0	-0.2	0.0	0.1	0.0	0.0	0.0
Profit Before Tax	10.1	8.6	2.7	10.4	7.3	1.5	4.7	5.4	3.9	-5.5	3.2	4.2
Current Income Tax Expense	—	0.5	—	0.8	—	0.0	0.6	0.0	0.2	0.0	0.6	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	10.1	8.1	2.7	9.6	7.3	1.5	4.1	5.4	3.7	-5.5	2.6	4.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	10.1	8.1	2.7	9.6	7.3	1.5	4.1	5.4	3.7	-5.5	2.6	4.2
Earnings per Share	672.21	538.39	182.99	1,131.00	488.61	97.86	274.16	362.34	245.61	-368.57	172.50	279.63
Diluted EPS	672.21	538.39	182.99	642.32	488.61	97.86	274.16	362.34	245.61	-368.57	172.50	279.63

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	13.5	13.2	13.2	22.8	11.2	12.3	19.6	17.4	13.0	7.6	11.2	12.4
I. Cash and cash equivalents	1.3	0.4	2.3	0.2	1.0	2.9	8.7	7.4	2.1	0.7	1.0	1.7
1. Cash	1.3	0.4	2.3	0.2	1.0	2.9	4.2	7.4	2.1	0.7	1.0	1.7
2. Cash equivalents	—	—	—	—	—	0.0	4.5	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	10.0	10.6	8.6	20.4	8.1	7.2	8.9	7.7	8.1	4.0	8.2	8.6
1. Short-term trade accounts receivable	9.2	10.0	8.3	19.7	7.9	7.0	8.3	7.6	7.7	3.7	7.9	7.9
2. Short-term prepayments to suppliers	0.3	0.3	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.3
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.5	0.3	0.3	0.7	0.1	0.3	0.6	0.1	0.4	0.3	0.2	0.4
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2.3	2.2	2.2	2.2	2.1	2.1	2.0	1.9	1.9	1.9	2.0	1.7
1. Inventories	2.3	2.2	2.2	2.2	2.1	2.1	2.0	1.9	1.9	1.9	2.0	1.7
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	0.0	0.0	—	0.0	—	0.0	0.0	0.4	0.9	1.0	0.0	0.4
1. Short-term prepayments	0.0	0.0	—	—	—	0.0	0.0	0.4	0.9	1.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	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	0.4
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	349.5	354.8	358.5	362.0	367.1	377.2	381.8	386.6	391.3	396.3	402.2	406.4
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	341.8	346.7	351.5	356.3	361.1	370.7	375.5	380.4	385.2	390.0	394.9	399.7
1. Tangible fixed assets	323.3	327.9	332.6	337.3	342.0	351.4	356.1	360.8	365.6	370.3	375.0	379.7
- Cost	462.8	—	—	—	—	464.0	464.0	464.0	464.0	463.9	463.9	463.9
- Accumulated depreciation	-139.5	—	—	—	—	-112.6	-107.9	-103.1	-98.4	-93.7	-88.9	-84.2
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	18.6	18.7	18.8	18.9	19.1	19.3	19.4	19.5	19.6	19.8	19.9	20.0
- Cost	21.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	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	7.6	8.1	7.1	5.7	6.0	6.5	6.3	6.2	6.0	6.2	7.4	6.7
1. Long-term prepayments	7.6	8.1	7.1	5.7	6.0	6.5	6.3	6.2	6.0	6.2	7.4	6.7
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)	363.0	368.0	371.7	384.8	378.3	389.5	401.5	404.0	404.2	403.8	413.4	418.8
A. LIABILITIES (300=210+330)	165.9	181.0	192.7	196.6	199.7	209.9	220.4	227.0	232.1	235.4	239.4	246.1
I. Short -term liabilities	55.8	64.9	70.5	68.3	65.4	63.4	67.7	68.3	67.3	64.5	31.7	22.1
1. Short-term trade accounts payable	0.2	—	1.3	2.3	1.3	0.6	0.2	0.7	0.4	0.4	1.2	0.7
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	1.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.2	3.4	3.0	3.6	1.6	2.5	2.1	1.4	2.3	1.8	1.1	0.7
4. Payable to employees	—	0.7	—	0.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	1.9	2.1	2.6	5.4	1.4	2.9	5.9	1.9	1.5	2.2	1.8	1.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.7	1.5	8.4	1.0	1.1	1.1	0.5	4.2	0.6	0.6	1.4	1.4
10. Short-term borrowings and financial leases	50.5	57.0	54.4	54.7	59.0	56.3	59.1	59.9	62.6	59.3	25.9	18.2
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	0.1	0.2	0.8	0.9	0.9	0.0	0.1	0.2	0.0	0.3	0.3	0.0
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	110.1	116.1	122.2	128.3	134.4	146.5	152.6	158.7	164.8	170.9	207.8	224.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	110.1	116.1	122.2	128.3	134.4	146.5	152.6	158.7	164.8	170.9	207.8	224.0
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)	197.1	187.0	179.0	188.2	178.6	179.6	181.1	177.0	172.1	168.5	174.0	172.7
I. Owner's equity	197.1	187.0	179.0	188.2	178.6	179.6	181.1	177.0	172.1	168.5	174.0	172.7
1. Owner's capital	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0	150.0
- Common stock with voting right	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	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	—	—	—	—	—	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	9.2	9.2	9.2	9.2	9.2	5.1	5.1	5.1	3.7	3.7	3.7	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	37.9	27.8	19.7	29.0	19.3	24.5	26.0	21.9	18.4	14.8	20.3	22.7
- Accumulated retained earning at the end of the previous period	27.8	—	—	12.0	12.0	13.5	16.5	16.5	13.5	13.5	13.5	18.5
- Undistributed earnings in this period	10.1	27.8	19.7	17.0	7.3	11.0	9.5	5.4	4.9	1.3	6.8	4.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	363.0	368.0	371.7	384.8	378.3	389.5	401.5	404.0	404.2	403.8	413.4	418.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	10.1	8.6	2.7	10.4	7.3	1.5	4.7	5.4	3.9	-5.5	3.2	4.2
Depreciation of Fixed Assets and Investment Property	4.8	4.8	4.8	4.8	4.8	4.5	4.8	4.8	4.8	4.8	4.8	4.8
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	-0.0	-0.0	-0.0	-0.0	-0.0
Interest Expense	4.7	3.6	3.7	4.0	4.0	4.2	4.3	4.6	5.2	6.2	6.9	7.1
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	19.6	17.0	11.2	19.2	16.1	10.2	13.8	14.9	13.9	5.5	14.9	16.1
Increase/(Decrease) in Receivables	0.7	-2.0	11.8	-12.3	-0.1	1.6	-1.2	0.4	-4.1	4.3	0.7	1.4
Increase/(Decrease) in Inventory	-0.1	0.1	-0.0	-0.2	0.0	-0.1	-0.0	-0.1	-0.0	0.1	-0.3	-0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.2	-0.7	-1.9	-0.8	3.8	1.7	-1.0	0.7	-1.0	0.6	0.8	-1.3
Increase/(Decrease) in Prepaid Expenses	-0.5	-1.1	-1.3	0.7	-0.2	-1.0	0.9	-0.3	0.3	0.2	-0.7	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.7	-3.3	-6.7	-0.1	-4.0	-7.3	-4.1	-0.3	-3.7	-7.5	-6.5	-6.3
Corporate Income Tax Paid	-1.3	0.0	0.0	0.0	-1.0	0.0	0.0	-0.8	0.0	0.0	0.0	-1.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Other Operating Payments	-0.3	-1.0	0.3	-0.3	-0.4	0.3	-0.1	-0.4	-0.6	0.2	-0.8	-0.0
Net Cash Flow from Operating Activities	13.2	9.0	13.4	6.3	14.3	5.4	8.2	14.1	4.7	3.2	8.0	8.5
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	—	—	—	—	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	0.0	0.0	0.0	0.0	0.0	0.0	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	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	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	0.0	8.0	7.1	3.8	12.4	0.1	1.5	0.4	13.0	13.2	1.7	9.6
Repayment of Borrowings	-12.6	-12.2	-13.6	-10.9	-27.4	-9.0	-8.4	-9.1	-16.3	-16.8	-10.4	-16.2
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	-6.6	-4.8	-0.1	-0.1	-2.4	-0.0	-0.1	-0.0	-0.0	0.0	-0.7
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	-12.7	-10.9	-11.3	-7.2	-15.0	-11.2	-6.9	-8.8	-3.3	-3.6	-8.7	-7.4
Net Cash Flow During the Period	0.9	-1.9	2.1	-0.8	-0.8	-5.8	1.3	5.3	1.4	-0.4	-0.7	1.1
Cash and Cash Equivalents at Beginning of Period	0.4	2.3	0.2	1.0	1.8	2.1	2.1	2.1	0.6	0.6	0.6	0.6
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	1.3	0.4	2.3	0.2	1.0	2.9	8.7	7.4	2.1	0.7	1.0	1.7

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XMP

What Is Changing

Drivers of XMP'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