Trailing net profit reached 119.0bn, rose 169.6bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, and lower finance costs. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 51.2% year on year — not from a single spike: quarterly growth stepped up from +30% to +94%.

4 of the last 4 quarters grew year on year.

Net margin expanded to 14.18%, rising 23.0pp. The main driver is SG&A / Revenue fell 16.5pp and Gross margin rose 8.1pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 1.4pp and Other profit / Revenue fell 1.0pp).

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

Is profit converting into cash?

Operating cash flow reached -602.9bn against investing cash flow of -162.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +765.0bn. Financing cash flow was positive +613.9bn.

CFO / net income was −8,29 lần.

After spending +38.2bn on fixed-asset investment, the business generated trailing free cash flow of −1,024.3bn.

How much income is non-core?

Non-core income makes up 23.6% of pre-tax profit — worth monitoring.

Within that, net financial result at +16.0%, other profit at +7.7% of PBT.

ROIC expanded to 3.46%, rising 3.8pp. That translates to 3.46 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 14.4pp, with capital turnover broadly stable; while invested capital expanded strongly by 678bn.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Cash conversion cycle lengthened by 48.3 days versus the same period last year. The main moves came from DIO fell 41.6 days, DSO fell 15.2 days, and DPO fell 105.1 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Leverage looks fairly comfortable, with net debt / equity at 0.47x and interest coverage at 18.45x.

At present, short-term debt accounts for 23.8% of total debt, cash equals 18.4% of debt, and total debt stands at 1,534.3bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.43x equity, net debt at 0.47x equity.

Inventory ended the period at 1,915.8bn, roughly 50.4% of total assets.

Over the last 12 months, working capital absorbed 1,076.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.