Yes.
According to the definition, you did some "processing" if you performed "any operation or set of operations which is performed on personal data or on sets of personal data".
The definition does not say something to the effect of it only counts as processing if you saved the results or conclusion. It says processing is "any operation" and has a non-exhaustive ("such as") list of examples (including "saving" aka "storage").
How is "analysis" not covered by one or more of the non-exhaustive examples below?
- ‘processing’ means any operation or set of operations which is performed on personal data or on sets of personal data, whether or not by automated means, such as collection, recording, organisation, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction;
The UK's Information Commissioner's Office guidance says:
Processing means taking any action with someone’s personal data. This begins when a data controller starts making a record of information about someone, and continues until you no longer need the information and it’s been securely destroyed. If you hold information on someone, it counts as processing even if you don’t do anything else with it.
"Any action" seemingly used in place of "any operation".
And merely "hold[ing] information on someone ... counts as processing."
European Commission guidance says:
Examples of processing include:
...
- access to/consultation of a contacts database containing personal data
Access to personal data is processing.
There would be a peculiar loophole if analysis of personal data is not processing given that merely storing personal data or accessing personal data is processing.
I'm not sure how analysis could be done without first "retrieving" (or accessing) the data; if it was retrieved, it was processed; or "used", if it was used, it was processed, and so on.