Trailing net profit reached 77.9bn, rose 12.7bn compared with the same period last year. Key positives came from lower administrative expenses and lower selling expenses. Offsetting pressure came mainly from weaker other profit, higher tax, lower gross profit, and higher finance costs. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 5.2% year on year — not from a single spike: quarterly growth stepped up from −13% to +9%.

2 of the last 4 quarters grew year on year.

Net margin expanded to 23.13%, rising 2.8pp. Core operating signals are improving as SG&A / Revenue fell 9.2pp are enough to offset pressure from Gross margin fell 3.2pp (with lingering pressure from Other profit / Revenue fell 1.4pp and Net financial result / Revenue fell 0.7pp).

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 87.0bn against investing cash flow of -50.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +36.5bn. Financing cash flow was negative +36.8bn.

CFO / net income was 0,86 lần.

After spending +201.1bn on fixed-asset investment, the business generated trailing free cash flow of −133.9bn.

How much income is non-core?

About 96% of pre-tax profit comes from core operations.

Within that, net financial result at −6.0%, other profit at +3.6% of PBT.

ROIC expanded to 15.84%, rising 1.8pp. That translates to 15.84 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.9pp, with capital turnover broadly stable; while invested capital rose by 51bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 14.0 days versus the same period last year. The main moves came from DIO fell 10.5 days, DSO fell 5.2 days, and DPO fell 1.6 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Leverage is balanced for now, with net debt / equity at 0.56x and interest coverage at 6.99x.

At present, short-term debt accounts for 26.8% of total debt, cash equals 2.5% of debt, and total debt stands at 206.2bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is balanced — liabilities at 0.56x equity, net debt at 0.56x equity.

Inventory ended the period at 63.1bn, roughly 11.4% of total assets.

Over the last 12 months, working capital absorbed 24.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.