Trailing net profit reached 62.4bn, fell 14.3bn compared with the same period last year. Key positives came from lower administrative expenses and higher gross profit. Offsetting pressure came mainly from higher selling expenses, lower financial income, weaker other profit, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 4.9% year on year — not from a single spike: quarterly growth stepped up from −7% to +4%.

2 of the last 4 quarters grew year on year.

Net margin stands at 1.48%, 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 537.3bn against investing cash flow of -336.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +201.0bn. Financing cash flow was negative +97.6bn.

CFO / net income was −0,65 lần.

After spending +170.7bn on fixed-asset investment, the business generated trailing free cash flow of −211.3bn.

How much income is non-core?

About 91% of pre-tax profit comes from core operations.

Within that, net financial result at −89.8%, other profit at +9.2% of PBT.

ROIC stands at 2.43%, broadly flat versus the same period. That translates to 2.43 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.20x, while invested capital rose by 177bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Cash conversion cycle lengthened by 21.2 days versus the same period last year. The main moves came from DIO rose 17.2 days, DSO fell 11.7 days, and DPO fell 15.7 days.

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

Leverage warrants monitoring, with net debt / equity at 1.13x and interest coverage only at 0.77x.

At present, short-term debt accounts for 93.9% of total debt, cash equals 17.2% of debt, and total debt stands at 1,921.6bn.

Leverage is elevated, requiring monitoring — liabilities at 1.80x equity, net debt at 1.13x equity.

Inventory ended the period at 1,323.3bn, roughly 34.6% of total assets.

Over the last 12 months, working capital absorbed 179.2bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.