Trailing net profit reached 51.2bn, rose 17.8bn compared with the same period last year. Key positives came from higher gross profit, better other profit, lower administrative expenses, and lower finance costs. Offsetting pressure came mainly from higher tax, lower financial income, and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 133.1% year on year — not from a single spike: quarterly growth stepped up from +45% to +170%.

4 of the last 4 quarters grew year on year.

Net margin narrowed to 1.75%, falling 0.9pp. The main pressure is Gross margin fell 4.6pp, outweighing the improvement in SG&A / Revenue fell 5.2pp (with lingering pressure from Other profit / Revenue fell 1.0pp and Net financial result / Revenue fell 0.5pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 72.4bn against investing cash flow of 9.5bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +81.9bn. Financing cash flow was positive +13.6bn.

CFO / net income was −1,19 lần.

After spending +11.1bn on fixed-asset investment, the business generated trailing free cash flow of −72.2bn.

How much income is non-core?

Non-core income reaches 49.8% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +3.0%, other profit at +46.8% of PBT.

ROIC expanded to 4.15%, rising 2.6pp. That translates to 4.15 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 2.75x — the business is generating more revenue per unit of capital, with NOPAT margin steady; while invested capital contracted by 78bn.

Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 100.9 days versus the same period last year. The main moves came from DIO fell 70.4 days, DSO fell 104.9 days, and DPO fell 74.5 days.

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

Leverage warrants monitoring, with net debt / equity at 0.06x and interest coverage only at 1.79x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 90.8% of debt, and total debt stands at 407.7bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 1.56x equity, net debt at 0.06x equity.

None

Over the last 12 months, working capital absorbed 128.6bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.