Trailing net profit reached 274.3bn, rose 21.1bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and lower tax. Offsetting pressure came mainly from higher selling expenses and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 29.0% year on year — but the quarterly pace is slowing (+35% → +18%).

4 of the last 4 quarters grew year on year.

Net margin fell to 14.85%, losing 2.8pp. The main pressure comes from SG&A / Revenue rose 3.5pp and Gross margin fell 0.7pp (with additional support from Other profit / Revenue rose 0.4pp and Net financial result / 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 367.7bn against investing cash flow of -261.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +105.8bn. Financing cash flow was negative +23.6bn.

CFO / net income was 1,09 lần.

After spending +280.3bn on fixed-asset investment, the business generated trailing free cash flow of +19.6bn.

How much income is non-core?

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

Within that, net financial result at −0.0%, other profit at +0.2% of PBT.

ROIC fell to 23.67%, losing 2.7pp. That translates to 23.67 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 3.1pp, outweighing the movement in capital turnover; while invested capital rose by 180bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 49.0 days versus the same period last year. The main moves came from DIO fell 43.4 days, DSO fell 12.0 days, and DPO fell 6.5 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 0.01x and interest coverage at 62.57x.

At present, short-term debt accounts for 45.1% of total debt, cash equals 87.7% of debt, and total debt stands at 128.0bn.

The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.32x equity, net debt at 0.01x equity.

Inventory ended the period at 424.4bn, roughly 26.8% of total assets.

Over the last 12 months, working capital released 71.7bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.