Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 17.4bn, fell 84.6bn compared with the same period last year. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- -872
- BVPS
- 9,523
- ROE
- -8.8%
- ROA
- -7.0%
- Market price
- —
The current picture
What Is Changing
On a TTM 2026Q2 basis, HGT posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Financial income
- Other
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 | 16.5 | 14.0 | 8.1 | 6.9 | 10.2 | 13.3 | 13.9 | 15.0 |
| LNST | -1.0 | 5.0 | -16.8 | -4.7 | -0.3 | 1.8 | -9.2 | 74.8 |
| Net margin | -5.96% | 35.80% | -207.65% | -67.55% | -2.56% | 13.78% | -66.18% | 498.32% |
Revenue
16bnNet income
-1bnNet margin
-5.96%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 13.0% year on year — not from a single spike: quarterly growth stepped up from −54% to +62%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 46bn −13.0%
- Latest quarter YoY
- +62% accelerating
What is driving the margin?
▼▼Net margin fell to −38.30%, losing 166.7pp. The main pressure comes from SG&A / Revenue rose 22.1pp (with lingering pressure from Net financial result / Revenue fell 145.6pp and Other profit / Revenue fell 1.4pp).
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
- −38.30% −166.7pp
- Gross Margin
- 18.09% −0.9pp
- SG&A / Revenue
- 63.03% +22.1pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
Operating cash flow reached -9.5bn against investing cash flow of 20.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +10.5bn. Financing cash flow was negative +2.0bn.
CFO / net income was 0,79 lần.
After spending +23.0bn on fixed-asset investment, the business generated trailing free cash flow of −36.9bn.
Earnings Quality
▲How much income is non-core?
About 98% of pre-tax profit comes from core operations.
Within that, net financial result at −19.6%, other profit at +2.3% of PBT.
- Non-core / PBT
- 2.3% low
- Net financial / PBT
- −19.6%
- Other profit / PBT
- 2.3%
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 29.9 days versus the same period last year. The main moves came from DIO rose 0.7 days, DSO rose 30.9 days, and DPO rose 1.7 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +29.9 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +30.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 38.7% to −8.8% — all three components weakened.
Is financial risk significant?
Leverage is safe but FCF is negative at 36.9bn due to capex of 23.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −0.23x and interest coverage only at −5.87x.
At present, short-term debt accounts for 11.9% of total debt, cash equals 628.5% of debt, and total debt stands at 8.4bn.
- Net Debt / Equity
- −0.23x +0.03x
- Interest Coverage
- −5.87x −23.78x
- Cash / Debt
- 628.5% +5.3pp
- Short-term Debt / Total Debt
- 11.9% +1.4pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −5.87x, leaving limited room to absorb financing costs.
Balance Sheet
▼Balance sheet is exceptionally sound — liabilities at 0.36x equity, with a net cash position equivalent to 0.23x equity.
None
Over the last 12 months, working capital absorbed 7.6bn of cash, mainly because of higher receivables and higher inventories.
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 166.7 pp. The next watchpoint is earnings conversion quality, with CFO/NI at 0.79x.
- Watchpoint: earnings conversion still needs confirmation, with CFO / net income at 0.79x while net financial result still accounts for −19.6% of PBT.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -38.30% after a 166.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −13,0% YoY decline or keeps falling.
Whether margins hold around the current -38.30% level or narrow again.
Whether operating cash flow holds its -9.5bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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