Trailing net profit reached 77.7bn, rose 4.2bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, better other profit, and lower selling expenses. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 0.8% year on year — not from a single spike: quarterly growth stepped up from −7% to +8%.

1 of the last 4 quarters grew year on year.

Net margin expanded to 41.80%, rising 2.6pp. The main driver is Gross margin rose 0.9pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.7pp and Other profit / Revenue rose 0.3pp).

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 43.8bn against investing cash flow of -50.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +6.5bn. Financing cash flow was negative +48.4bn.

CFO / net income was 0,75 lần.

After spending +6.5bn on fixed-asset investment, the business generated trailing free cash flow of +51.8bn.

How much income is non-core?

Non-core income makes up 20.6% of pre-tax profit — worth monitoring.

Within that, net financial result at +20.6%, other profit at +0.0% 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 1.9 days versus the same period last year. The main moves came from DIO rose 0.9 days, DSO fell 1.2 days, and DPO rose 1.6 days.

Working capital cycle is flat — components are offsetting each other.

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

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.

Balance sheet is exceptionally sound — liabilities at 0.08x equity, with a net cash position equivalent to 0.01x equity.

None

Over the last 12 months, working capital released 1.8bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.