Trailing net profit reached 104.4bn, rose 14.3bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, lower administrative expenses, and higher financial income. Offsetting pressure came mainly from higher selling expenses, weaker other profit, and higher deferred tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 14.1% year on year — but the quarterly pace is slowing (+12% → +5%).

4 of the last 4 quarters grew year on year.

Net margin edged up to 13.43%, rising 0.5pp. Core operating signals are improving as SG&A / Revenue fell 1.6pp are enough to offset pressure from Gross margin fell 2.3pp (in addition, Net financial result / Revenue rose 1.7pp added support while Other profit / Revenue fell 0.5pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 71.5bn against investing cash flow of -19.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +52.3bn. Financing cash flow was positive +85.3bn.

CFO / net income was 1,61 lần.

After spending +6.7bn on fixed-asset investment, the business generated trailing free cash flow of +161.0bn.

How much income is non-core?

About 95% of pre-tax profit comes from core operations.

Within that, net financial result at +2.0%, other profit at +3.0% of PBT.

ROIC expanded to 17.51%, rising 3.1pp. That translates to 17.51 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.9pp and capital turnover rose 0.16x, with invested capital holding roughly steady — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 16.7 days versus the same period last year. The main moves came from DIO rose 1.8 days, DSO fell 15.9 days, and DPO rose 2.6 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Leverage looks fairly comfortable, with net debt / equity at −0.21x and interest coverage at 19.17x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 481.4% of debt, and total debt stands at 39.3bn.

The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 0.22x equity, with a net cash position equivalent to 0.21x equity.

Inventory ended the period at 94.9bn, roughly 12.2% of total assets.

Over the last 12 months, working capital released 74.8bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.