Trailing net profit reached 5.3bn, rose 5.6bn compared with the same period last year. Key positives came from better other profit and higher financial income. Offsetting pressure came mainly from lower gross profit and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 49.9% year on year — but the quarterly pace is slowing (−15% → −74%).

0 of the last 4 quarters grew year on year.

Net margin expanded to 5.19%, rising 5.3pp. Core operating signals are improving as Gross margin rose 1.0pp are enough to offset pressure from SG&A / Revenue rose 0.2pp (with additional support from Net financial result / Revenue rose 4.5pp and Other profit / Revenue rose 1.3pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 61.5bn against investing cash flow of -98.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +36.8bn. Financing cash flow was positive 0.0bn.

CFO / net income was 6,68 lần.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

How much income is non-core?

Non-core income reaches 161.4% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +113.8%, other profit at +47.6% of PBT.

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 60.7 days versus the same period last year. The main moves came from DIO fell 69.8 days, DSO rose 8.5 days, and DPO fell 0.6 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

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.

Some leverage signals are missing, so the current read should be treated as contextual.

Balance sheet is exceptionally sound — liabilities at 0.01x equity, with a net cash position equivalent to 0.06x equity.

Inventory ended the period at 30.1bn, roughly 15.0% of total assets.

Over the last 12 months, working capital released 34.7bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.