Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 20.2bn, fell 18.2bn compared with the same period last year. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -5.35x
- P/B
- 0.62x
- EPS
- -1,028
- BVPS
- 8,811
- ROE
- -10.6%
- ROA
- -6.1%
- Market price
- 5,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ILA posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Gross profit
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 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14.7 | 22.7 | 13.9 | 30.4 | 32.8 | 20.1 | 24.8 | 24.9 |
| LNST | -3.1 | -11.2 | -2.2 | -4.1 | 3.6 | -1.6 | -2.3 | -1.6 |
| Net margin | -20.85% | -49.32% | -15.61% | -13.51% | 10.94% | -7.88% | -9.37% | -6.55% |
Revenue
15bnNet income
-3bnNet margin
-20.85%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?
Start with profitability and earnings quality.
What is driving the margin?
▼▼Net margin fell to −25.14%, losing 23.2pp. The main pressure comes from Gross margin fell 19.4pp and SG&A / Revenue rose 1.5pp (with lingering pressure from Net financial result / Revenue fell 2.4pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −25.14% −23.2pp
- Gross Margin
- −7.42% −19.4pp
- SG&A / Revenue
- 8.88% +1.5pp
- Non-core / Revenue
- −9.32% −3.9pp
TTM YoY · 2025Q1 -> 2026Q1
Profit includes a contribution from financial result (36.4% of PBT), not dominant but worth monitoring across periods.
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.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.71x equity, net debt at 0.32x equity.
Inventory ended the period at 180.6bn, roughly 60.0% of total assets.
Over the last 12 months, working capital absorbed 22.9bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.9 days versus the same period last year. The main moves came from DIO fell 59.8 days, DSO fell 9.6 days, and DPO fell 63.5 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
CCC stands at 871.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from −0.9% to −10.8% — all three components weakened.
Is financial risk significant?
Leverage is safe but FCF is negative at 54.1bn due to capex of 8.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.32x and interest coverage only at −3.03x.
At present, short-term debt accounts for 75.4% of total debt, cash equals 3.6% of debt, and total debt stands at 57.9bn.
Interest coverage is −3.03x, leaving limited room to absorb financing costs.
Short-term debt accounts for 75.4% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.32x −0.05x
- Interest Coverage
- −3.03x −2.97x
- Cash / Debt
- 3.6% +1.2pp
- Short-term Debt / Total Debt
- 75.4% −0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -54.8bn in 2025, against investing cash flow of 47.0bn.
Post-investment cash flow was negative +7.8bn. Financing cash flow was negative +0.3bn.
CFO / net income was 2,28 lần.
After spending +8.0bn on fixed-asset investment, the business generated trailing free cash flow of −54.1bn.
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 23.2 pp. The next watchpoint is the earnings mix, when non-core contribution is 29.4%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.28x. Even so, net financial result still accounts for 29.4% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -25.14% after a 23.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −20,3% YoY decline.
Ability to hold margins around the current -25.14% level.
Cash-flow quality, with operating cash flow currently at -54.8bn in 2025.
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