Trailing net profit reached 63.2bn, rose 37.1bn compared with the same period last year. Key positives came from higher financial income and higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher tax, higher finance costs, and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 63.2% year on year — but the quarterly pace is slowing (+105% → −1%).

3 of the last 4 quarters grew year on year.

Net margin edged up to 1.87%, rising 0.6pp. Core operating signals are improving as SG&A / Revenue fell 0.3pp are enough to offset pressure from Gross margin fell 0.5pp (in addition, Net financial result / Revenue rose 1.3pp added support while Other profit / Revenue fell 0.3pp remained a drag).

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?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -203.4bn against investing cash flow of 210.8bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +7.4bn. Financing cash flow was positive +122.0bn.

CFO / net income was −6,19 lần.

After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of −392.3bn.

How much income is non-core?

Non-core income reaches 46.7% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +46.7%, other profit at +0.0% of PBT.

ROIC expanded to 5.45%, rising 3.3pp. That translates to 5.45 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.8pp and capital turnover rose 0.82x, while invested capital rose by 172bn — capital-return quality improved from both sides.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 41.3 days versus the same period last year. The main moves came from DIO fell 9.6 days, DSO fell 43.5 days, and DPO fell 11.8 days.

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

Leverage warrants monitoring, with net debt / equity at 1.42x and interest coverage only at 1.43x.

At present, short-term debt accounts for 99.9% of total debt, cash equals 1.9% of debt, and total debt stands at 791.3bn.

The asset structure shows capital being allocated increasingly efficiently. Leverage is elevated, requiring monitoring — liabilities at 2.01x equity, net debt at 1.42x equity.

Inventory ended the period at 243.2bn, roughly 15.5% of total assets.

Over the last 12 months, working capital absorbed 169.2bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.