Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 16.5bn, fell 10.0bn compared with the same period last year. Key positives came from better other profit. Offsetting pressure came mainly from higher finance costs and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -5.95x
- P/B
- 1.61x
- EPS
- -823
- BVPS
- 3,051
- ROE
- -23.7%
- ROA
- -5.0%
- Market price
- 4,900 03 Jul 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DP2 posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.
Profit bridge
Vs last year · TTM
- Other profit
- Finance costs
- Gross 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 | 39.5 | 29.4 | 45.0 | 49.9 | 62.7 | 41.5 | 51.8 | 43.8 |
| LNST | -2.3 | -6.9 | -4.9 | -2.4 | 0.5 | -3.5 | 2.4 | -5.8 |
| Net margin | -5.73% | -23.46% | -10.92% | -4.81% | 0.74% | -8.32% | 4.55% | -13.28% |
Revenue
39bnNet income
-2bnNet margin
-5.73%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 18.1% year on year — but the quarterly pace is slowing (+14% → −37%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 164bn −18.1%
- Latest quarter YoY
- −37% slowing
What is driving the margin?
▼▼Net margin fell to −10.06%, losing 6.8pp. The main pressure comes from SG&A / Revenue rose 1.6pp and Gross margin fell 0.9pp (in addition, Other profit / Revenue rose 0.6pp added support while Net financial result / Revenue fell 4.9pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- −10.06% −6.8pp
- Gross Margin
- 8.67% −0.9pp
- SG&A / Revenue
- 11.50% +1.6pp
- Non-core / Revenue
- −7.23% −4.3pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 4.3pp, financial result still accounts for 76.8% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 21.7bn against investing cash flow of -0.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +21.0bn. Financing cash flow was negative +4.7bn.
CFO / net income was −1,16 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 76.8% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +74.3%, other profit at +2.5% of PBT.
- Non-core / PBT
- 76.8% high
- Net financial / PBT
- 74.3%
- Other profit / PBT
- 2.5%
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 33.9 days versus the same period last year. The main moves came from DIO rose 49.1 days, DSO fell 1.9 days, and DPO rose 13.2 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 132.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +49.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from −7.9% to −23.7% — dragged by net margin and leverage.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.25x and interest coverage only at −1.37x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 23.0% of debt, and total debt stands at 4.8bn.
- Net Debt / Equity
- 0.25x −0.94x
- Interest Coverage
- −1.37x −0.25x
- Cash / Debt
- 23.0% +13.5pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −1.37x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 4.85x equity, net debt at 0.25x equity.
Inventory ended the period at 41.6bn, roughly 10.1% of total assets.
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 showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 6.8 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 74.3% of PBT and CFO / net income currently at −1.16x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -10.06% after a 6.8pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −18,1% YoY decline or keeps falling.
Whether margins hold around the current -10.06% level or narrow again.
Whether operating cash flow holds its 21.7bn (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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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.