Trailing net profit reached 23.1bn, rose 12.9bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, weaker other profit, lower financial income, and higher minority interests. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 20.6% year on year — not from a single spike: quarterly growth stepped up from +8% to +25%.

4 of the last 4 quarters grew year on year.

Net margin expanded to 4.94%, rising 2.1pp. The main driver is Gross margin rose 2.9pp and SG&A / Revenue fell 0.7pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.7pp and Other profit / Revenue fell 0.5pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 19.4bn against investing cash flow of -61.0bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +41.6bn. Financing cash flow was positive +30.6bn.

CFO / net income was 1,10 lần.

After spending +97.8bn on fixed-asset investment, the business generated trailing free cash flow of −72.3bn.

How much income is non-core?

Non-core income makes up 10.7% of pre-tax profit — worth monitoring.

Within that, net financial result at +5.7%, other profit at +5.0% 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 8.1 days versus the same period last year. The main moves came from DIO rose 6.6 days, DSO fell 12.9 days, and DPO rose 1.7 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 7.56x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 65.5% of debt, and total debt stands at 61.6bn.

Capital structure is conservative with low leverage — liabilities at 0.36x equity, net debt at 0.05x equity.

None

Over the last 12 months, working capital released 1.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.