Trailing net profit reached 82.5bn, rose 7.6bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower finance costs. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, higher tax, and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 6.1% year on year — but the quarterly pace is slowing (+13% → −3%).

3 of the last 4 quarters grew year on year.

Net margin edged up to 15.80%, rising 0.6pp. Core operating signals are improving as Gross margin rose 1.3pp are enough to offset pressure from SG&A / Revenue rose 0.8pp (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / Revenue fell 0.2pp remained a drag).

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 49.3bn against investing cash flow of -16.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +33.2bn. Financing cash flow was negative +50.8bn.

CFO / net income was 0,75 lần.

After spending +25.1bn on fixed-asset investment, the business generated trailing free cash flow of +36.5bn.

How much income is non-core?

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

Within that, net financial result at +5.0%, other profit at +0.2% of PBT.

ROIC expanded to 48.85%, rising 5.4pp. That translates to 48.85 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.8pp and capital turnover rose 0.20x, 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.

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Leverage looks fairly comfortable, with net debt / equity at −0.29x and interest coverage at 131.00x.

At present, short-term debt accounts for 41.2% of total debt, cash equals 832.9% of debt, and total debt stands at 10.7bn.

The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 0.97x equity, with a net cash position equivalent to 0.29x equity.

None

Over the last 12 months, working capital released 0.0bn of cash.