Trailing net profit reached 21.3bn, rose 7.5bn compared with the same period last year. Key positives came from lower administrative expenses and lower selling expenses. Offsetting pressure came mainly from lower gross profit, higher tax, and lower financial income. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 4.5% year on year — but the quarterly pace is slowing (−6% → −24%).

2 of the last 4 quarters grew year on year.

Net margin expanded to 5.11%, rising 1.9pp. Core operating signals are improving as SG&A / Revenue fell 4.2pp are enough to offset pressure from Gross margin fell 1.7pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Is profit converting into cash?

Operating cash flow reached -5.4bn against investing cash flow of -4.0bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +9.3bn. Financing cash flow was negative +8.9bn.

CFO / net income was 0,44 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 100% of pre-tax profit comes from core operations.

Within that, net financial result at −11.5% of PBT.

ROIC expanded to 5.77%, rising 2.0pp. That translates to 5.77 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.7pp, with capital turnover broadly stable; with invested capital holding roughly steady.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 16.3 days versus the same period last year. The main moves came from DIO fell 0.6 days, DSO fell 25.8 days, and DPO fell 10.0 days.

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

Leverage looks fairly comfortable, with net debt / equity at 0.08x and interest coverage at 6.35x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 40.5% of debt, and total debt stands at 48.4bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.38x equity, net debt at 0.08x equity.

Inventory ended the period at 93.2bn, roughly 20.4% of total assets.

Over the last 12 months, working capital absorbed 2.6bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.