Trailing net profit reached 7.1bn, fell 3.8bn compared with the same period last year. Key positives came from lower selling expenses and higher financial income. Offsetting pressure came mainly from lower gross profit, higher finance costs, higher administrative expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 17.7% year on year — not from a single spike: quarterly growth stepped up from +24% to +29%.

3 of the last 4 quarters grew year on year.

Net margin stands at 0.12%, 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?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 0.6bn against investing cash flow of -4.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +3.8bn. Financing cash flow was positive +6.6bn.

CFO / net income was −0,22 lần.

After spending +8.6bn on fixed-asset investment, the business generated trailing free cash flow of −10.2bn.

How much income is non-core?

About 100% of pre-tax profit comes from core operations.

Within that, net financial result at −116.0% of PBT.

ROIC narrowed to 0.93%, falling 0.5pp. That translates to 0.93 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover rose 0.93x — capital is being absorbed faster than revenue is being generated; with invested capital holding roughly steady.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.2 days versus the same period last year. The main moves came from DIO rose 2.4 days, DSO fell 8.9 days, and DPO fell 0.2 days.

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

Leverage warrants monitoring, with net debt / equity at 4.48x and interest coverage only at 0.26x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 11.5% of debt, and total debt stands at 716.0bn.

Leverage is very high, with clear pressure on the capital structure — liabilities at 4.69x equity, net debt at 4.48x equity.

None

Over the last 12 months, working capital absorbed 13.2bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.