Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 115.3bn, rose 114.9bn compared with the same period last year. Key positives came from lower administrative expenses, better other profit, and lower finance costs. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -0.33x
- P/B
- -0.10x
- EPS
- -6,334
- BVPS
- -21,218
- ROE
- 33.4%
- ROA
- -12.2%
- Market price
- 2,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, AGM is under pressure on both revenue and margins simultaneously — profit momentum has been slowing across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Other profit
- Finance costs
- Other
- Financial income
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.3 | 3.2 | 3.4 | 2.6 | 10.4 | 20.9 | 31.1 | 58.9 |
| LNST | -42.1 | -12.9 | -52.2 | -8.1 | -58.2 | -18.9 | -139.8 | -13.3 |
| Net margin | -989.75% | -400.31% | -1521.76% | -316.09% | -560.44% | -90.30% | -449.34% | -22.52% |
Revenue
4bnNet income
-42bnNet margin
-989.75%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins are under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 88.9% year on year — not from a single spike: quarterly growth stepped up from −96% to −59%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 13bn −88.9%
- Latest quarter YoY
- −59% accelerating
What is driving the margin?
▼▼Net margin fell to −856.22%, losing 666.5pp. The main pressure comes from SG&A / Revenue rose 74.0pp and Gross margin fell 44.0pp (in addition, Other profit / Revenue rose 20.3pp added support while Net financial result / Revenue fell 573.4pp remained a drag).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- −856.22% −666.5pp
- Gross Margin
- −47.53% −44.0pp
- SG&A / Revenue
- 155.91% +74.0pp
- Non-core / Revenue
- −638.93% −553.1pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 553.1pp, financial result still accounts for 74.6% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -38.2bn against investing cash flow of 45.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +7.5bn. Financing cash flow was negative +6.6bn.
CFO / net income was 0,08 lần.
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.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 74.6% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +74.5%, other profit at +0.1% of PBT.
- Non-core / PBT
- 74.6% high
- Net financial / PBT
- 74.5%
- Other profit / PBT
- 0.1%
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.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 4006.8 days versus the same period last year. The main moves came from DIO rose 76.2 days, DSO rose 4586.0 days, and DPO rose 655.4 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 4515.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +4586.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 120.3% to 33.4% — dragged by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −2.31x and interest coverage only at −1.34x.
At present, short-term debt accounts for 99.1% of total debt, cash equals 0.5% of debt, and total debt stands at 894.4bn.
- Net Debt / Equity
- −2.31x +0.60x
- Interest Coverage
- −1.34x +0.76x
- Cash / Debt
- 0.5% −0.3pp
- Short-term Debt / Total Debt
- 99.1% +0.4pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −1.34x, leaving limited room to absorb financing costs.
Short-term debt accounts for 99.1% of total debt, raising near-term refinancing needs.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at -3.74x equity, with a net cash position equivalent to 2.31x equity.
None
Over the last 12 months, working capital released 12.8bn of cash, mainly thanks to lower receivables. Pressure from lower payables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 666.5 pp. The next watchpoint is the earnings mix, when non-core contribution is 74.5%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 74.5% of PBT and CFO / net income currently at 0.08x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -856.22% after a 666.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −88,9% YoY decline or keeps falling.
Whether margins hold around the current -856.22% level or narrow again.
Whether operating cash flow holds its -38.2bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.