Trailing net profit reached 15.0bn, rose 9.4bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses, higher tax, and lower financial income. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 191.1% year on year — but the quarterly pace is slowing (+911% → +260%).

2 of the last 4 quarters grew year on year.

Net margin stands at 1.81%, 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?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 39.3bn against investing cash flow of -0.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +39.2bn. Financing cash flow was negative +6.6bn.

CFO / net income was 9,65 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 96% of pre-tax profit comes from core operations.

Within that, net financial result at +1.8%, other profit at +2.4% of PBT.

ROIC expanded to 151.99%, rising 108.1pp. That translates to 151.99 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 64.69x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 0.3pp; with invested capital holding roughly steady.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 8.1 days versus the same period last year. The main moves came from DIO fell 206.6 days, DSO fell 48.7 days, and DPO fell 247.3 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Leverage looks fairly comfortable, with net debt / equity at −1.44x and interest coverage at 4.25x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 363.0% of debt, and total debt stands at 42.5bn.

The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 3.41x equity, with a net cash position equivalent to 1.44x equity.

None

Over the last 12 months, working capital released 136.6bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.