Trailing net profit reached 51.7bn, rose 27.4bn compared with the same period last year. Key positives came from higher gross profit, higher associates income, and better other profit. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, lower financial income, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 31.1% year on year — not from a single spike: quarterly growth stepped up from +13% to +44%.

4 of the last 4 quarters grew year on year.

Net margin stands at 0.73%, 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?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -104.3bn against investing cash flow of 43.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +60.4bn. Financing cash flow was positive +45.8bn.

CFO / net income was 0,70 lần.

After spending +13.4bn on fixed-asset investment, the business generated trailing free cash flow of +22.7bn.

How much income is non-core?

Non-core income makes up 12.4% of pre-tax profit — worth monitoring.

Within that, net financial result at −52.3%, other profit at +12.4% of PBT.

ROIC expanded to 4.14%, rising 2.1pp. That translates to 4.14 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 2.10x, while invested capital contracted by 140bn — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation, but with ROIC still at a low level, several more periods in the same direction are needed to confirm a substantive shift.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 19.1 days versus the same period last year. The main moves came from DIO fell 16.9 days, DSO fell 3.3 days, and DPO fell 1.1 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Leverage warrants monitoring, with net debt / equity at 1.48x and interest coverage only at 1.17x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 4.1% of debt, and total debt stands at 686.8bn.

The asset structure shows capital being allocated increasingly efficiently. Leverage is elevated, requiring monitoring — liabilities at 2.37x equity, net debt at 1.48x equity.

Inventory ended the period at 632.6bn, roughly 44.1% of total assets.

Over the last 12 months, working capital absorbed 34.2bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.