Trailing net profit reached 3,573.6bn, rose 2,093.1bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 26.8% year on year — but the quarterly pace is slowing (+28% → +19%).

3 of the last 4 quarters grew year on year.

Net margin expanded to 21.11%, rising 11.0pp. Core operating signals are improving as Gross margin rose 12.8pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (with additional support from Net financial result / Revenue rose 0.9pp and Other profit / Revenue rose 0.4pp).

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 2,305.3bn against investing cash flow of -336.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +1,968.9bn. Financing cash flow was negative +1,676.9bn.

CFO / net income was 1,18 lần.

After spending +195.3bn on fixed-asset investment, the business generated trailing free cash flow of +4,011.8bn.

How much income is non-core?

About 99% of pre-tax profit comes from core operations.

Within that, net financial result at −2.1%, other profit at +1.1% of PBT.

ROIC expanded to 53.10%, rising 31.8pp. That translates to 53.10 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 10.7pp and capital turnover rose 0.45x, with invested capital easing up by 296bn — capital-return quality improved from both sides.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.4 days versus the same period last year. The main moves came from DIO fell 2.5 days, DSO fell 3.9 days, and DPO fell 1.0 days.

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

Leverage looks fairly comfortable, with net debt / equity at 0.07x and interest coverage at 30.33x.

At present, short-term debt accounts for 66.5% of total debt, cash equals 68.2% of debt, and total debt stands at 1,487.1bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.79x equity, net debt at 0.07x equity.

Inventory ended the period at 2,820.5bn, roughly 28.6% of total assets.

Over the last 12 months, working capital absorbed 117.9bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.