Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 31.1bn, fell 30.8bn compared with the same period last year. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.26x
- P/B
- 1.02x
- EPS
- 1,199
- BVPS
- 13,282
- ROE
- 8.3%
- ROA
- 3.3%
- Market price
- 13,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, VRG is retaining some revenue, but margins are collapsing sharply — the growth momentum has held across consecutive periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.
Profit bridge
Vs last year · TTM
- Other
- Gross profit
- Administrative expenses
- 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 | 6.9 | 94.7 | 20.6 | 9.5 | 9.2 | 75.9 | 6.6 | 26.5 |
| LNST | -6.2 | 41.3 | 1.4 | -5.5 | -1.2 | 28.0 | -3.3 | 38.3 |
| Net margin | -89.51% | 43.61% | 6.97% | -57.63% | -12.97% | 36.86% | -49.51% | 144.49% |
Revenue
7bnNet income
-6bnNet margin
-89.51%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 23.60%, losing 28.7pp. The main pressure comes from Gross margin fell 29.3pp and SG&A / Revenue rose 5.7pp (in addition, Other profit / Revenue rose 0.4pp added support while Net financial result / Revenue fell 3.9pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 23.60% −28.7pp
- Gross Margin
- 62.04% −29.3pp
- SG&A / Revenue
- 32.92% +5.7pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Capital structure is relatively light for the real estate sector — liabilities at 1.68x equity, with a net cash position equivalent to 0.27x equity.
Unearned revenue 265.7bn (as of 2026Q1, 29.47% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 2.0 years of current revenue already banked. For a collect-upfront park amortising over 30-50 years, accounting profit typically UNDERSTATES true cash health — the cash arrived long ago; accounting recognises it gradually. Over the last four quarters, operating cash flow was 1.9bn vs net profit 31.1bn.
Unearned revenue (ST + LT): 265.7bn
Share of total assets: 29.47%
Years of revenue banked: 2.0
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 660.4 days versus the same period last year. The main moves came from DIO fell 1.7 days, DSO rose 50.9 days, and DPO fell 611.2 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.
CCC stands at 123.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +50.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 15.3% to 8.3% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 45.0bn due to capex of 43.1bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.
- Net Debt / Equity
- −0.27x −0.09x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼Operating cash flow reached -3.7bn in 2025, against investing cash flow of 126.9bn.
Post-investment cash flow was positive +123.2bn. Financing cash flow was negative +90.8bn.
CFO / net income was −0,06 lần.
After spending +43.1bn on fixed-asset investment, the business generated trailing free cash flow of −45.0bn.
FCF and CFO in this industry should be read alongside investment cycles and business model specifics.
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 28.7 pp. The next watchpoint is capital structure should be read with cycle risk in mind. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.27x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.27x of equity.
- Watchpoint: Capital structure should be read with cycle risk in mind.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 23.60% after a 28.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +11,4% YoY pace.
Ability to hold margins around the current 23.60% level.
Cash-flow quality, with operating cash flow currently at -3.7bn in 2025.
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