Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 3.9bn, rose 4.2bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, and higher financial income. Offsetting pressure came mainly from higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- -259
- BVPS
- 17,199
- ROE
- -1.1%
- ROA
- -1.0%
- Market price
- —
The current picture
What Is Changing
On a TTM 2026Q1 basis, HNR has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Financial income
- Selling expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39.6 | 33.3 | 23.6 | 28.5 | 35.8 | 32.4 | 22.3 | 22.5 |
| LNST | 2.0 | -1.4 | -4.4 | -0.1 | 0.8 | -0.9 | -5.0 | -3.0 |
| Net margin | 4.93% | -4.28% | -18.50% | -0.26% | 2.15% | -2.93% | -22.24% | -13.38% |
Revenue
40bnNet income
2bnNet margin
4.93%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲▲Net margin expanded to −3.14%, rising 4.1pp. The main driver is SG&A / Revenue fell 2.9pp and Gross margin rose 2.2pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.5pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- −3.14% +4.1pp
- Gross Margin
- 36.30% +2.2pp
- SG&A / Revenue
- 44.71% −2.9pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.07x equity, with a net cash position equivalent to 0.06x equity.
Inventory ended the period at 120.0bn, roughly 32.9% of total assets.
Over the last 12 months, working capital released 5.1bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 25.8 days versus the same period last year. The main moves came from DIO rose 21.2 days, DSO rose 2.6 days, and DPO fell 2.0 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 664.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +2.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −2.3% to −1.1% — all three components improved.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
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.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.06x −0.01x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -3.7bn in 2025, against investing cash flow of -5.5bn.
Post-investment cash flow was negative +9.2bn. Financing cash flow was positive 0.0bn.
CFO / net income was −2,85 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.
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 4.1 pp. The next item to monitor is capital structure should be read with cycle risk in mind. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 664 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -3.14% after expanding 4.1pp versus the same period last year.
- Watchpoint: Capital structure should be read with cycle risk in mind.
- Key risk: working capital remains tied up for too long, with cash cycle at 664.0 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +10,7% YoY pace.
Ability to hold margins around the current -3.14% level.
Cash-flow quality, with operating cash flow currently at -3.7bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.