Trailing net profit reached 75.1bn, rose 82.9bn compared with the same period last year. Key positives came from 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 2.1% year on year — but the quarterly pace is slowing (+12% → −5%).

1 of the last 4 quarters grew year on year.

Net margin edged up to 0.90%, rising 1.0pp. Core operating signals are improving as SG&A / Revenue fell 3.0pp are enough to offset pressure from Gross margin fell 1.7pp (with lingering pressure from Other profit / 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 169.9bn against investing cash flow of -355.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +185.8bn. Financing cash flow was positive +187.0bn.

CFO / net income was 6,29 lần.

After spending +103.6bn on fixed-asset investment, the business generated trailing free cash flow of +368.7bn.

How much income is non-core?

Non-core income makes up 13.1% of pre-tax profit — worth monitoring.

Within that, net financial result at −22.1%, other profit at +13.1% of PBT.

ROIC expanded to 5.11%, rising 6.6pp. That translates to 5.11 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.0pp and capital turnover rose 0.67x, while invested capital contracted by 176bn — 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 20.5 days versus the same period last year. The main moves came from DIO fell 2.1 days, DSO fell 21.8 days, and DPO fell 3.4 days.

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

Leverage is balanced for now, with net debt / equity at 0.22x and interest coverage at 2.77x.

At present, cash equals 36.0% of debt and total debt stands at 204.5bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 1.43x equity, net debt at 0.22x equity.

Inventory ended the period at 692.7bn, roughly 27.8% of total assets.

Over the last 12 months, working capital absorbed 79.3bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.