Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 7.7bn, fell 2.5bn compared with the same period last year. Key positives came from lower administrative expenses and higher financial income. Offsetting pressure came mainly from higher selling expenses and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- -446
- BVPS
- 17,008
- ROE
- -2.2%
- ROA
- -2.1%
- Market price
- —
The current picture
What Is Changing
On a TTM 2026Q2 basis, HNR posted a sharp profit decline versus the same period — profit is near a multi-period low. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Financial income
- Selling expenses
- 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 | 31.3 | 39.6 | 33.3 | 23.6 | 28.5 | 35.8 | 32.4 | 22.3 |
| LNST | -3.8 | 2.0 | -1.4 | -4.4 | -0.1 | 0.8 | -0.9 | -5.0 |
| Net margin | -12.19% | 4.93% | -4.28% | -18.50% | -0.26% | 2.15% | -2.93% | -22.24% |
Revenue
31bnNet income
-4bnNet margin
-12.19%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 grew 7.4% year on year — not from a single spike: quarterly growth stepped up from +6% to +10%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 128bn +7.4%
- Latest quarter YoY
- +10% accelerating
What is driving the margin?
▼Net margin fell to −5.99%, losing 1.6pp. The main pressure is Gross margin fell 5.1pp, outweighing the improvement in SG&A / Revenue fell 3.0pp (with additional support from Net financial result / Revenue rose 1.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −5.99% −1.6pp
- Gross Margin
- 32.51% −5.1pp
- SG&A / Revenue
- 44.24% −3.0pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -3.7bn against investing cash flow of -5.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +9.2bn. Financing cash flow was positive 0.0bn.
CFO / net income was −1,03 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?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −95.7% of PBT.
- Non-core / PBT
- 0.0% low
- Net financial / PBT
- −95.7%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 19.3 days versus the same period last year. The main moves came from DIO fell 30.2 days, DSO rose 4.8 days, and DPO fell 6.1 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 629.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +4.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from −1.5% to −2.2% — dragged by net margin.
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
- −0.05x
- 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 0.07x equity, with a net cash position equivalent to 0.05x equity.
Inventory ended the period at 120.0bn, roughly 32.9% of total assets.
Over the last 12 months, working capital released 4.6bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and 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 1.6 pp. The next watchpoint is capital structure should be read with cycle risk in mind. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.05x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.05x of equity.
- Watchpoint: Capital structure should be read with cycle risk in mind.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -5.99% after a 1.6pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +7,4% YoY pace or begins to slow.
Whether margins hold around the current -5.99% level or narrow again.
Whether operating cash flow holds its -3.7bn (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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well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
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What becomes visible only when investments are viewed together rather than one ticker at a time.