Trailing net profit reached 26.5bn, rose 10.8bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, higher selling expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 12.1% year on year — not from a single spike: quarterly growth stepped up from −29% to +62%.

2 of the last 4 quarters grew year on year.

Net margin stands at 0.75%, 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?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 40.6bn against investing cash flow of 22.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +63.5bn. Financing cash flow was negative +88.4bn.

CFO / net income was 1,51 lần.

After spending +27.7bn on fixed-asset investment, the business generated trailing free cash flow of +12.4bn.

How much income is non-core?

About 97% of pre-tax profit comes from core operations.

Within that, net financial result at −39.7%, other profit at +2.9% of PBT.

ROIC expanded to 4.41%, rising 1.8pp. That translates to 4.41 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.3pp and capital turnover rose 0.53x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.4 days versus the same period last year. The main moves came from DIO fell 4.4 days, DSO fell 1.0 days, and DPO rose 0.0 days.

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

Leverage warrants monitoring, with net debt / equity at 2.01x and interest coverage only at 1.23x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 8.9% of debt, and total debt stands at 480.3bn.

The asset structure shows capital being allocated increasingly efficiently. Leverage is very high, with clear pressure on the capital structure — liabilities at 2.31x equity, net debt at 2.01x equity.

Inventory ended the period at 109.3bn, roughly 17.0% of total assets.

Over the last 12 months, working capital released 5.6bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.