Trailing net profit reached 29.2bn, rose 11.8bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and lower selling expenses. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 17.2% year on year — not from a single spike: quarterly growth stepped up from +4% to +43%.

4 of the last 4 quarters grew year on year.

Net margin stands at 0.62%, 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?

Operating cash flow reached -10.3bn against investing cash flow of -21.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +31.6bn. Financing cash flow was positive +34.4bn.

CFO / net income was 0,71 lần.

After spending +29.4bn on fixed-asset investment, the business generated trailing free cash flow of −8.7bn.

How much income is non-core?

Non-core income reaches 50.0% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at −44.3%, other profit at +50.0% of PBT.

ROIC narrowed to 5.29%, falling 0.6pp. That translates to 5.29 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover rose 3.97x — 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 3.6 days versus the same period last year. The main moves came from DIO fell 1.3 days, DSO fell 3.0 days, and DPO fell 0.7 days.

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

Leverage warrants monitoring, with net debt / equity at 0.56x and interest coverage only at 1.12x.

At present, short-term debt accounts for 86.4% of total debt, cash equals 28.5% of debt, and total debt stands at 140.2bn.

Capital structure is balanced — liabilities at 2.56x equity, net debt at 0.56x equity.

Inventory ended the period at 111.3bn, roughly 17.2% of total assets.

Over the last 12 months, working capital absorbed 45.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.