Trailing net profit reached 1,008.8bn, rose 141.4bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and lower finance costs. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, and lower financial income. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 11.2% year on year — not from a single spike: quarterly growth stepped up from +8% to +15%.

4 of the last 4 quarters grew year on year.

Net margin edged up to 18.51%, rising 0.8pp. Core operating signals are improving as Gross margin rose 2.4pp are enough to offset pressure from SG&A / Revenue rose 2.7pp (with additional support from Other profit / Revenue rose 0.9pp and Net financial result / Revenue rose 0.1pp).

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 1,213.0bn against investing cash flow of 811.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +2,024.7bn. Financing cash flow was negative +1,957.4bn.

CFO / net income was 0,71 lần.

After spending +77.0bn on fixed-asset investment, the business generated trailing free cash flow of +636.3bn.

How much income is non-core?

About 92% of pre-tax profit comes from core operations.

Within that, net financial result at +5.4%, other profit at +2.1% 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.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 21.4 days versus the same period last year. The main moves came from DIO fell 19.5 days, DSO rose 2.4 days, and DPO rose 4.3 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Leverage looks fairly comfortable, with net debt / equity at 0.20x and interest coverage at 19.21x.

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.

Capital structure is conservative with low leverage — liabilities at 0.25x equity, net debt at 0.20x equity.

Inventory ended the period at 1,024.6bn, roughly 19.8% of total assets.

Over the last 12 months, working capital absorbed 280.0bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.