Trailing net profit reached 146.1bn, rose 25.9bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax, higher selling expenses, higher administrative expenses, and higher finance costs. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 20.9% year on year — but the quarterly pace is slowing (+27% → +21%).

4 of the last 4 quarters grew year on year.

Net margin stands at 19.04%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 129.2bn against investing cash flow of -148.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +19.4bn. Financing cash flow was negative +28.6bn.

CFO / net income was 0,21 lần.

After spending +17.6bn on fixed-asset investment, the business generated trailing free cash flow of +13.3bn.

How much income is non-core?

Non-core income makes up 19.1% of pre-tax profit — worth monitoring.

Within that, net financial result at +18.7%, other profit at +0.4% of PBT.

ROIC edged up to 20.42%, rising 1.4pp. That translates to 20.42 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.4pp and capital turnover rose 0.05x, while invested capital rose by 92bn — capital-return quality improved from both sides.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 48.2 days versus the same period last year. The main moves came from DIO fell 50.3 days, DSO rose 1.8 days, and DPO fell 0.4 days.

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

Leverage looks fairly comfortable, with net debt / equity at 0.14x and interest coverage at 16.19x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 55.7% of debt, and total debt stands at 221.9bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.34x equity, net debt at 0.14x equity.

Inventory ended the period at 105.6bn, roughly 11.7% of total assets.

Over the last 12 months, working capital absorbed 47.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.