Trailing net profit reached 172.2bn, rose 25.8bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 9.3% year on year — but the quarterly pace is slowing (+10% → −1%).

3 of the last 4 quarters grew year on year.

Net margin edged up to 20.92%, rising 1.5pp. Core operating signals are improving as Gross margin rose 5.6pp are enough to offset pressure from SG&A / Revenue rose 4.0pp (with additional support from Other profit / Revenue rose 0.1pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 106.1bn against investing cash flow of 90.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +196.3bn. Financing cash flow was negative +184.2bn.

CFO / net income was 0,59 lần.

After spending +1.2bn on fixed-asset investment, the business generated trailing free cash flow of +101.0bn.

How much income is non-core?

Non-core income makes up 20.3% of pre-tax profit — worth monitoring.

Within that, net financial result at +20.2%, 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 4.6 days versus the same period last year. The main moves came from DIO fell 0.2 days, DSO rose 0.9 days, and DPO rose 5.4 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Leverage looks fairly comfortable, with net debt / equity at −0.07x and interest coverage at 848.28x.

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 0.26x equity, with a net cash position equivalent to 0.07x equity.

None

Over the last 12 months, working capital absorbed 14.3bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.