Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 49.9bn, fell 564.3bn compared with the same period last year. Key positives came from lower finance costs. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 15.65x
- P/B
- 0.53x
- EPS
- 773
- BVPS
- 22,855
- ROE
- 3.4%
- ROA
- 1.8%
- Market price
- 12,100 13 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SII posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Finance costs
- Financial income
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 | 74.4 | 70.2 | 71.5 | 74.6 | 69.7 | 65.1 | 66.6 | 69.9 |
| LNST | -8.3 | 38.1 | -5.0 | 32.0 | -49.9 | 674.9 | -3.1 | -0.4 |
| Net margin | -11.10% | 54.27% | -6.99% | 42.89% | -71.56% | 1037.49% | -4.66% | -0.53% |
Revenue
74bnNet income
-8bnNet margin
-11.10%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.
What is driving the margin?
▼▼Net margin fell to 19.56%, losing 209.6pp. The main pressure is Gross margin fell 0.5pp, outweighing the improvement in SG&A / Revenue fell 0.5pp (in addition, Other profit / Revenue rose 0.7pp added support while Net financial result / Revenue fell 206.1pp remained a drag).
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
- 19.56% −209.6pp
- Gross Margin
- 4.54% −0.5pp
- SG&A / Revenue
- 17.38% −0.5pp
- Non-core / Revenue
- 34.32% −205.5pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 205.5pp, financial result still accounts for 160.8% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 2.6% reflects a large fixed-asset base.
Is capital being deployed efficiently?
▼ROIC fell to 2.63%, losing 31.2pp. That translates to 2.63 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 210.0pp, outweighing the movement in capital turnover; while invested capital rose by 200bn.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Balance Sheet
●ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.98x equity, net debt at 0.45x equity.
None
Over the last 12 months, working capital released 72.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 194.1 days versus the same period last year. The main moves came from DIO fell 2.6 days, DSO fell 29.5 days, and DPO fell 226.2 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
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 +194.1 days, indicating weaker working-capital turnover versus the prior year.
DuPont
What drives ROE?
ROE fell from 52.6% to 3.9% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.45x and interest coverage only at 1.17x.
At present, short-term debt accounts for 44.2% of total debt, cash equals 3.3% of debt, and total debt stands at 686.2bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
Interest coverage is 1.17x, leaving limited room to absorb financing costs.
Cash / debt stands at 3.3%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.45x +0.11x
- Interest Coverage
- 1.17x −4.43x
- Cash / Debt
- 3.3% −31.1pp
- Short-term Debt / Total Debt
- 44.2% +4.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 167.2bn in 2025, against investing cash flow of -368.6bn.
Post-investment cash flow was negative +201.4bn. Financing cash flow was negative +62.4bn.
CFO / net income was 1,94 lần.
After spending +60.5bn on fixed-asset investment, the business generated trailing free cash flow of +36.4bn.
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 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 209.6 pp.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.94x. Even so, net financial result still accounts for 154.6% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 19.56% after a 209.6pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +7,2% YoY pace.
Ability to hold margins around the current 19.56% level.
Cash-flow quality, with operating cash flow currently at 167.2bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.