Trailing net profit reached 0.4bn, rose 0.4bn compared with the same period last year. Key positives came from lower selling expenses, better other profit, higher financial income, and lower administrative expenses. Offsetting pressure came mainly from lower gross profit and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 32.5% year on year — but the quarterly pace is slowing (−23% → −66%).

0 of the last 4 quarters grew year on year.

Net margin edged up to 0.66%, rising 0.6pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (with additional support from Other profit / Revenue rose 0.4pp and Net financial result / Revenue rose 0.3pp).

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?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 15.9bn against investing cash flow of 1.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +17.1bn. Financing cash flow was negative +1.0bn.

CFO / net income was 22,95 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?

Non-core income reaches 30.2% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +29.1%, other profit at +1.2% 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.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 144.2 days versus the same period last year. The main moves came from DIO rose 144.6 days, DSO rose 17.4 days, and DPO rose 17.9 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Balance sheet is exceptionally sound — liabilities at 0.01x equity, with a net cash position equivalent to 0.04x equity.

Inventory ended the period at 75.5bn, roughly 34.2% of total assets.

Over the last 12 months, working capital released 9.0bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.