Trailing net profit reached 2.1bn, rose 1.1bn compared with the same period last year. Key positives came from higher gross profit and lower selling expenses. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 3.6% year on year — but the quarterly pace is slowing (+19% → +10%).

3 of the last 4 quarters grew year on year.

Net margin edged up to 0.75%, rising 0.4pp. Core operating signals are improving as Gross margin rose 4.3pp are enough to offset pressure from SG&A / Revenue rose 3.7pp (with lingering pressure from Net financial result / Revenue fell 0.1pp).

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 6.0bn against investing cash flow of -0.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +5.4bn. Financing cash flow was negative +0.7bn.

CFO / net income was −0,40 lần.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

How much income is non-core?

About 100% of pre-tax profit comes from core operations.

Within that, net financial result at −59.4% of PBT.

ROIC edged up to 1.80%, rising 0.9pp. That translates to 1.80 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.4pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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.

Cash conversion cycle lengthened by 5.0 days versus the same period last year. The main moves came from DIO rose 6.6 days, DSO fell 19.8 days, and DPO fell 18.2 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Leverage warrants monitoring, with net debt / equity at 0.22x and interest coverage only at 1.64x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 10.0% of debt, and total debt stands at 23.2bn.

Capital structure is conservative with low leverage — liabilities at 0.80x equity, net debt at 0.22x equity.

Inventory ended the period at 26.6bn, roughly 15.6% of total assets.

Over the last 12 months, working capital absorbed 10.0bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.