Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 10.3bn, rose 15.8bn compared with the same period last year. Key positives came from higher gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.10x
- P/B
- 0.39x
- EPS
- 802
- BVPS
- 18,697
- ROE
- 4.4%
- ROA
- 2.9%
- Market price
- 7,300 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, NBP posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. The point still to be proven is whether this new profit level can hold once the low-base effect fades.
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 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 73.0 | 40.9 | 153.6 | 118.4 | 46.4 | 161.0 | 219.1 | 414.5 |
| LNST | 7.2 | -0.8 | -1.3 | 5.2 | 5.0 | -2.8 | -7.2 | -0.5 |
| Net margin | 9.83% | -1.99% | -0.82% | 4.40% | 10.84% | -1.76% | -3.28% | -0.13% |
Revenue
73bnNet income
7bnNet margin
9.83%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲▲Net margin expanded to 2.67%, rising 3.3pp. Core operating signals are improving as Gross margin rose 7.0pp are enough to offset pressure from SG&A / Revenue rose 4.0pp (with additional support from Net financial result / Revenue rose 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.67% +3.3pp
- Gross Margin
- 10.07% +7.0pp
- SG&A / Revenue
- 7.44% +4.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.16x equity, net debt at 0.01x equity.
Inventory ended the period at 90.8bn, roughly 33.7% of total assets.
Over the last 12 months, working capital absorbed 23.9bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 37.9 days versus the same period last year. The main moves came from DIO rose 81.2 days, DSO fell 40.7 days, and DPO rose 2.7 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
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 stands at 97.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +81.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from −2.3% to 4.4% — supported 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.
At present, short-term debt accounts for 100.0% of total debt, cash equals 71.2% of debt, and total debt stands at 11.2bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.01x
- Interest Coverage
- None
- Cash / Debt
- 71.2%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -19.9bn in 2025, against investing cash flow of -0.6bn.
Post-investment cash flow was negative +20.5bn. Financing cash flow was negative +0.0bn.
CFO / net income was 0,02 lần.
Track how much investment can be funded internally from operating cash flow.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
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 3.3 pp. The next item to monitor is capital structure should be read with cycle risk in mind.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.67% after expanding 3.3pp versus the same period last year.
- Watchpoint: Capital structure should be read with cycle risk in mind.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −54,1% YoY decline.
Ability to hold margins around the current 2.67% level.
Cash-flow quality, with operating cash flow currently at -19.9bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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.