Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 76.6bn, fell 48.4bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, lower finance costs, and higher associates income. Offsetting pressure came mainly from weaker other profit, higher selling expenses, higher minority interests, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.94x
- P/B
- 0.35x
- EPS
- 255
- BVPS
- 6,469
- ROE
- 4.2%
- ROA
- 1.7%
- Market price
- 2,280 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 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
- Administrative expenses
- Finance costs
- Associates income
- Other profit
- Selling expenses
- Minority interests
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 | 178.8 | 162.8 | 666.3 | 180.9 | 131.0 | 140.3 | 581.3 | 164.1 |
| LNST | -15.0 | -4.9 | 192.4 | -9.4 | -32.6 | 95.3 | 151.1 | -19.2 |
| Net margin | -8.41% | -3.01% | 28.88% | -5.20% | -24.90% | 67.97% | 25.99% | -11.70% |
Revenue
179bnNet income
-15bnNet margin
-8.41%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.
What is driving the margin?
▼Net margin fell to 13.71%, losing 5.4pp. SG&A / Revenue fell 6.1pp and Gross margin rose 1.1pp improved but not enough to offset the weakness in Other profit / Revenue fell 15.5pp (Net financial result / Revenue rose 3.0pp still added support).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 13.71% −5.4pp
- Gross Margin
- 48.58% +1.1pp
- SG&A / Revenue
- 28.31% −6.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 140.6 days.
Balance Sheet
▲ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.34x equity, net debt at 0.61x equity.
None
Over the last 12 months, working capital released 129.2bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
DuPont
What drives ROE?
ROE fell from 12.1% to 9.0% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
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 5.4 pp. The next watchpoint is working capital needs model and cycle context, with CCC at 141 days. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.73x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.73x.
- Watchpoint: Working capital needs model and cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 13.71% after a 5.4pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +16,9% YoY pace.
Ability to hold margins around the current 13.71% level.
Cash-flow quality, with operating cash flow currently at 184.0bn in 2025.
From one stock to the whole portfolio
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