Trailing net profit reached 288.9bn, fell 18.1bn compared with the same period last year. Key positives came from lower administrative expenses, higher financial income, better other profit, and lower tax. Offsetting pressure came mainly from lower gross profit, lower associates income, higher selling expenses, and higher deferred tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 2.4% year on year — but the quarterly pace is slowing (+2% → −1%).

3 of the last 4 quarters grew year on year.

Net margin narrowed to 15.45%, falling 1.4pp. The main pressure is Gross margin fell 4.4pp, outweighing the improvement in SG&A / Revenue fell 2.7pp (with additional support from Net financial result / Revenue rose 0.9pp and Other profit / Revenue rose 0.2pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 615.2bn against investing cash flow of -661.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +46.4bn. Financing cash flow was negative +65.0bn.

CFO / net income was 1,29 lần.

After spending +416.6bn on fixed-asset investment, the business generated trailing free cash flow of −43.4bn.

How much income is non-core?

About 94% of pre-tax profit comes from core operations.

Within that, net financial result at +5.2%, other profit at +0.4% of PBT.

ROIC fell to 18.14%, losing 3.5pp. That translates to 18.14 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.6pp and capital turnover fell 0.10x, while invested capital rose by 161bn — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 29.5 days versus the same period last year. The main moves came from DIO fell 13.2 days, DSO fell 1.1 days, and DPO rose 15.3 days.

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

Leverage looks fairly comfortable, with net debt / equity at 0.04x and interest coverage at 21.45x.

At present, short-term debt accounts for 12.1% of total debt, cash equals 72.1% of debt, and total debt stands at 257.1bn.

The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.50x equity, net debt at 0.04x equity.

Inventory ended the period at 366.1bn, roughly 14.1% of total assets.

Over the last 12 months, working capital released 94.1bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.