Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 17.2bn, rose 17.0bn 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
- 5.46x
- P/B
- 0.45x
- EPS
- 1,338
- BVPS
- 16,368
- ROE
- 7.7%
- ROA
- 4.8%
- Market price
- 7,300 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 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 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 197.8 | 73.0 | 40.9 | 153.6 | 118.4 | 46.4 | 161.0 | 219.1 |
| LNST | 12.1 | 7.2 | -0.8 | -1.3 | 5.2 | 5.0 | -2.8 | -7.2 |
| Net margin | 6.12% | 9.83% | -1.99% | -0.82% | 4.40% | 10.84% | -1.76% | -3.28% |
Revenue
198bnNet income
12bnNet margin
6.12%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.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 14.6% year on year — not from a single spike: quarterly growth stepped up from −30% to +67%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 465bn −14.6%
- Latest quarter YoY
- +67% accelerating
What is driving the margin?
▲▲Net margin expanded to 3.70%, rising 3.7pp. Core operating signals are improving as Gross margin rose 4.8pp are enough to offset pressure from SG&A / Revenue rose 0.6pp.
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.70% +3.7pp
- Gross Margin
- 10.36% +4.8pp
- SG&A / Revenue
- 5.90% +0.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -19.9bn against investing cash flow of -0.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +20.5bn. Financing cash flow was negative +0.0bn.
CFO / net income was −0,07 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.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at +0.9% of PBT.
- Non-core / PBT
- 0.9% low
- Net financial / PBT
- 0.9%
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 3.1 days versus the same period last year. The main moves came from DIO rose 0.4 days, DSO fell 84.1 days, and DPO fell 80.6 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
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 100.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +0.4 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 0.1% to 7.7% — mainly driven by net margin, despite leverage moving in the opposite direction.
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 47.3% of debt, and total debt stands at 19.3bn.
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
- 0.05x
- Interest Coverage
- None
- Cash / Debt
- 47.3%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.16x equity, net debt at 0.05x equity.
Inventory ended the period at 90.8bn, roughly 33.7% of total assets.
Over the last 12 months, working capital absorbed 21.1bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
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 3.7 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 3.70% after expanding 3.7pp 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
Whether revenue stabilizes after a −14,6% YoY decline or keeps falling.
Whether margins hold around the current 3.70% level or narrow again.
Whether operating cash flow holds its -19.9bn (cumulative for 2025) level in upcoming periods or weakens.
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