Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 90.7bn, fell 33.3bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, lower administrative expenses, and higher financial income. Offsetting pressure came mainly from weaker other profit, higher selling expenses, higher minority interests, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.54x
- P/B
- 0.36x
- EPS
- 302
- BVPS
- 6,386
- ROE
- 5.0%
- ROA
- 2.0%
- Market price
- 2,280 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, OGC is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Administrative expenses
- Financial income
- Other profit
- Selling expenses
- Minority interests
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 | 310.5 | 178.8 | 162.8 | 666.3 | 180.9 | 131.0 | 140.3 | 581.3 |
| LNST | 15.4 | -15.0 | -4.9 | 192.4 | -9.4 | -32.6 | 95.3 | 151.1 |
| Net margin | 4.94% | -8.41% | -3.01% | 28.88% | -5.20% | -24.90% | 67.97% | 25.99% |
Revenue
311bnNet income
15bnNet margin
4.94%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 27.6% year on year — not from a single spike: quarterly growth stepped up from +15% to +72%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,318bn +27.6%
- Latest quarter YoY
- +72% accelerating
What is driving the margin?
▼Net margin fell to 14.25%, losing 5.5pp. SG&A / Revenue fell 4.1pp and Gross margin rose 0.3pp improved but not enough to offset the weakness in Other profit / Revenue fell 13.7pp (Net financial result / Revenue rose 4.1pp still added support).
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
- 14.25% −5.5pp
- Gross Margin
- 47.89% +0.3pp
- SG&A / Revenue
- 29.98% −4.1pp
TTM YoY · 2025Q2 -> 2026Q2
Earnings Quality
●How much income is non-core?
Non-core income makes up 11.3% of pre-tax profit — worth monitoring.
Within that, net financial result at −37.7%, other profit at +11.3% of PBT.
- Non-core / PBT
- 11.3% moderate
- Net financial / PBT
- −37.7%
- Other profit / PBT
- 11.3%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 76.2 days.
DuPont
What drives ROE?
ROE fell from 12.8% to 10.5% — dragged by net margin and leverage together, though asset turnover still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Capital structure is balanced — liabilities at 1.34x equity, net debt at 0.61x equity.
None
Over the last 12 months, working capital released 7.1bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
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. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.20x. The next item to monitor is working capital needs model and cycle context, with CCC at 76 days. The main risk still sits in core profitability, with net margin down 5.5 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.20x.
- Watchpoint: Working capital needs model and cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 14.25% after a 5.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +27,6% YoY pace or begins to slow.
Whether margins hold around the current 14.25% level or narrow again.
Whether operating cash flow holds its 184.0bn (cumulative for 2025) level in upcoming periods or weakens.
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.