Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 64.0bn, rose 4.6bn compared with the same period last year. Key positives came from lower finance costs and higher financial income. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.73x
- P/B
- 2.56x
- EPS
- 3,104
- BVPS
- 9,375
- ROE
- 39.4%
- ROA
- 11.2%
- Market price
- 24,000 12 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SP2 has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Finance costs
- Financial income
- Gross profit
- Administrative expenses
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 | 53.0 | 16.5 | 37.5 | 70.7 | 51.6 | 14.6 | 32.6 | 79.6 |
| LNST | 22.7 | -6.2 | 9.6 | 38.0 | 21.6 | -9.7 | 3.9 | 43.7 |
| Net margin | 42.75% | -37.27% | 25.57% | 53.69% | 41.84% | -66.43% | 11.82% | 54.83% |
Revenue
53bnNet income
23bnNet margin
42.75%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.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue declined 0.4% year on year — not from a single spike: quarterly growth stepped up from −11% to +3%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 178bn −0.4%
- Latest quarter YoY
- +3% accelerating
What is driving the margin?
▲Net margin expanded to 36.03%, rising 2.7pp. Despite pressure from Gross margin fell 1.0pp and SG&A / Revenue rose 0.4pp, the offset came from Net financial result / Revenue rose 4.7pp.
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 36.03% +2.7pp
- Gross Margin
- 47.37% −1.0pp
- SG&A / Revenue
- 3.33% +0.4pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 56.9bn against investing cash flow of -28.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +28.5bn. Financing cash flow was negative +63.2bn.
CFO / net income was 0,99 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 100% of pre-tax profit comes from core operations.
Within that, net financial result at −14.6%, other profit at +0.4% of PBT.
- Non-core / PBT
- 0.4% low
- Net financial / PBT
- −14.6%
- Other profit / PBT
- 0.4%
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 10.5 days versus the same period last year. The main moves came from DIO rose 0.0 days, DSO rose 6.8 days, and DPO fell 3.7 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
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 94.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +6.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 58.9% to 39.4% — leverage weakened the most, though net margin and asset turnover still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.32x and interest coverage at 5.25x.
At present, short-term debt accounts for 49.6% of total debt, cash equals 50.2% of debt, and total debt stands at 126.2bn.
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
- 0.32x −0.67x
- Interest Coverage
- 5.25x +1.99x
- Cash / Debt
- 50.2% +28.0pp
- Short-term Debt / Total Debt
- 49.6% −50.4pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 2.13x equity, net debt at 0.32x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 2.7 pp. The next item to monitor is earnings conversion quality, with CFO/NI at 0.99x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 36.03% after expanding 2.7pp versus the same period last year.
- Watchpoint: earnings conversion still needs confirmation, with CFO / net income at 0.99x while net financial result still accounts for −14.6% of PBT.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −0,4% YoY decline or keeps falling.
Whether margins hold around the current 36.03% level or narrow again.
Whether operating cash flow holds its 56.9bn (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.