Trailing net profit reached 41.0bn, rose 7.5bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and better other profit. Offsetting pressure came mainly from higher selling expenses, higher finance costs, higher administrative expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 61.0% year on year — not from a single spike: quarterly growth stepped up from +30% to +74%.

4 of the last 4 quarters grew year on year.

Net margin stands at 0.51%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Is profit converting into cash?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -0.7bn against investing cash flow of -124.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +125.5bn. Financing cash flow was positive +94.0bn.

CFO / net income was −1,27 lần.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

How much income is non-core?

About 97% of pre-tax profit comes from core operations.

Within that, net financial result at −17.1%, other profit at +3.0% of PBT.

ROIC stands at 3.31%, broadly flat versus the same period. That translates to 3.31 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.2pp, but capital turnover rose 1.72x, while invested capital rose by 194bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.3 days versus the same period last year. The main moves came from DIO fell 3.6 days, DSO fell 7.1 days, and DPO fell 3.4 days.

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

Leverage warrants monitoring, with net debt / equity at 2.05x and interest coverage only at 0.96x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 9.7% of debt, and total debt stands at 941.2bn.

Leverage is very high, with clear pressure on the capital structure — liabilities at 3.16x equity, net debt at 2.05x equity.

Inventory ended the period at 775.0bn, roughly 44.9% of total assets.

Over the last 12 months, working capital absorbed 114.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.