Trailing net profit reached 68.7bn, rose 86.6bn compared with the same period last year. Key positives came from lower finance costs, higher financial income, better other profit, and higher gross profit. Offsetting pressure came mainly from higher tax and higher minority interests. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 2.0% year on year — but the quarterly pace is slowing (+175% → −12%).

2 of the last 4 quarters grew year on year.

Net margin expanded to 13.15%, rising 11.3pp. The main driver is SG&A / Revenue fell 1.5pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 8.8pp and Other profit / Revenue rose 3.2pp).

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 248.7bn against investing cash flow of -341.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +93.0bn. Financing cash flow was positive +30.0bn.

CFO / net income was 9,58 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?

About 100% of pre-tax profit comes from core operations.

Within that, net financial result at −3.7%, other profit at +0.1% of PBT.

ROIC expanded to 4.61%, rising 3.8pp. That translates to 4.61 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 10.9pp, with capital turnover broadly stable; while invested capital rose by 153bn.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 12.7 days versus the same period last year. The main moves came from DIO rose 38.7 days, DSO rose 16.9 days, and DPO rose 43.0 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Leverage warrants monitoring, with net debt / equity at 0.29x and interest coverage only at 1.52x.

At present, short-term debt accounts for 31.2% of total debt, cash equals 30.3% of debt, and total debt stands at 858.5bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 1.32x equity, net debt at 0.29x equity.

None

Over the last 12 months, working capital released 592.4bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.