Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 19.0bn, rose 4.9bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 15.28x
- P/B
- 1.51x
- EPS
- 1,047
- BVPS
- 10,582
- ROE
- 10.0%
- ROA
- 8.3%
- Market price
- 16,000 09 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BGW 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.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Tax
- Other profit
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 | 53.6 | 46.5 | 49.3 | 51.6 | 50.2 | 45.7 | 47.2 | 47.8 |
| LNST | 5.8 | 3.9 | 4.6 | 4.8 | 5.0 | 2.0 | 3.0 | 4.1 |
| Net margin | 10.84% | 8.33% | 9.31% | 9.21% | 9.93% | 4.43% | 6.30% | 8.66% |
Revenue
54bnNet income
6bnNet margin
10.84%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 5.3% year on year, with the quarterly pace steady around +7%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 201bn +5.3%
- Latest quarter YoY
- +7% steady
What is driving the margin?
▲Net margin expanded to 9.46%, rising 2.1pp. The main driver is SG&A / Revenue fell 1.8pp and Gross margin rose 1.5pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.8pp added support while Other profit / Revenue fell 0.8pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 9.46% +2.1pp
- Gross Margin
- 43.24% +1.5pp
- SG&A / Revenue
- 31.17% −1.8pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 45.7bn against investing cash flow of -8.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +37.1bn. Financing cash flow was negative +10.2bn.
CFO / net income was 2,13 lần.
After spending +5.7bn on fixed-asset investment, the business generated trailing free cash flow of +34.7bn.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
Earnings Quality
●How much income is non-core?
Non-core income makes up 17.2% of pre-tax profit — worth monitoring.
Within that, net financial result at +11.2%, other profit at +6.0% of PBT.
- Non-core / PBT
- 17.2% moderate
- Net financial / PBT
- 11.2%
- Other profit / PBT
- 6.0%
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.
Working Capital Efficiency
●Cash conversion cycle lengthened by 0.1 days versus the same period last year. The main moves came from DIO rose 4.3 days, DSO rose 3.7 days, and DPO rose 7.8 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.
CCC is up by +0.1 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +3.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 7.5% to 10.0% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 45.7bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- −0.13x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.23x equity, with a net cash position equivalent to 0.13x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
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 operating efficiency, with net margin improving 2.1 pp. The next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.46% after expanding 2.1pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +5,3% YoY pace or begins to slow.
Whether margins hold around the current 9.46% level or narrow again.
Whether operating cash flow holds its 45.7bn (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.