Trailing net profit reached 13,034.7bn, rose 1,895.1bn compared with the same period last year. Key positives came from lower finance costs and higher gross profit. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 9.8% year on year — but the quarterly pace is slowing (+15% → −0%).

3 of the last 4 quarters grew year on year.

Net margin expanded to 49.37%, rising 3.0pp. Despite pressure from Gross margin fell 2.2pp and SG&A / Revenue rose 0.6pp, the offset came from Net financial result / Revenue rose 6.2pp and Other profit / Revenue rose 0.1pp.

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 16,758.8bn against investing cash flow of -18,409.5bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +1,650.6bn. Financing cash flow was negative +433.6bn.

CFO / net income was 1,04 lần.

After spending +24,880.4bn on fixed-asset investment, the business generated trailing free cash flow of −11,298.9bn.

How much income is non-core?

About 90% of pre-tax profit comes from core operations.

Within that, net financial result at +9.2%, other profit at +0.4% of PBT.

ROIC edged up to 17.43%, rising 0.6pp. That translates to 17.43 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.0pp, with capital turnover broadly stable; while invested capital rose by 8,376bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 84.3 days versus the same period last year. The main moves came from DIO fell 4.1 days, DSO fell 40.5 days, and DPO rose 39.6 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Leverage looks fairly comfortable, with net debt / equity at 0.06x and interest coverage at 357.92x.

At present, short-term debt accounts for 4.3% of total debt, cash equals 53.5% of debt, and total debt stands at 9,206.9bn.

Capital structure is conservative with low leverage — liabilities at 0.31x equity, net debt at 0.06x equity.

None

Over the last 12 months, working capital absorbed 388.3bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.