Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 78.6bn, fell 15.3bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower financial income and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 22.17x
- P/B
- 1.86x
- EPS
- 997
- BVPS
- 11,886
- ROE
- 8.4%
- ROA
- 6.5%
- Market price
- 22,100 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, LDW is retaining some revenue, but margins are collapsing sharply — profit momentum has been slowing across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Tax
- Financial income
- 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 | 81.4 | 81.7 | 74.3 | 83.6 | 81.1 | 80.6 | 74.2 | 82.0 |
| LNST | 18.5 | 21.4 | 16.7 | 22.0 | 20.1 | 21.9 | 26.1 | 25.8 |
| Net margin | 22.76% | 26.18% | 22.46% | 26.35% | 24.79% | 27.22% | 35.16% | 31.45% |
Revenue
81bnNet income
19bnNet margin
22.76%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 grew 1.0% year on year, with the quarterly pace steady around +0%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 321bn +1.0%
- Latest quarter YoY
- +0% steady
What is driving the margin?
▼▼Net margin fell to 24.50%, losing 5.0pp. The main pressure comes from Gross margin fell 1.3pp (with lingering pressure from Net financial result / Revenue fell 4.7pp and Other profit / Revenue fell 0.1pp).
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
- 24.50% −5.0pp
- Gross Margin
- 26.44% −1.3pp
- SG&A / Revenue
- 6.99% +0.0pp
- Non-core / Revenue
- 11.24% −4.8pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 4.8pp, financial result still accounts for 38.3% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 40.6bn against investing cash flow of 36.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +76.7bn. Financing cash flow was negative +70.9bn.
CFO / net income was 0,40 lần.
After spending +49.8bn on fixed-asset investment, the business generated trailing free cash flow of −18.0bn.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 38.3% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +37.4%, other profit at +0.8% of PBT.
- Non-core / PBT
- 38.3% high
- Net financial / PBT
- 37.4%
- Other profit / PBT
- 0.8%
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 7.9% reflects a large fixed-asset base.
Is capital being deployed efficiently?
▼ROIC narrowed to 7.88%, falling 1.2pp. That translates to 7.88 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 5.0pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 7.9 days versus the same period last year. The main moves came from DIO rose 4.7 days, DSO rose 0.9 days, and DPO fell 2.3 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
CCC is up by +7.9 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 10.2% to 8.4% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 18.0bn due to capex of 49.8bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.06x and interest coverage at 9.48x.
At present, short-term debt accounts for 15.2% of total debt, cash equals 65.3% of debt, and total debt stands at 150.1bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- 0.06x −0.04x
- Interest Coverage
- 9.48x −0.46x
- Cash / Debt
- 65.3% +18.5pp
- Short-term Debt / Total Debt
- 15.2% +2.0pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●ROIC for utilities reflects a large fixed-asset base and regulated tariffs. Capital structure is conservative with low leverage — liabilities at 0.21x equity, net debt at 0.06x equity.
None
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 5.0 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 37.4% of PBT and CFO / net income currently at 0.40x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 24.50% after a 5.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +1,0% YoY pace or begins to slow.
Whether margins hold around the current 24.50% level or narrow again.
Whether operating cash flow holds its 40.6bn (cumulative for 2025) level in upcoming periods or weakens.
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