Trailing net profit reached 139.8bn, rose 74.8bn compared with the same period last year. Key positives came from higher associates income, lower finance costs, higher financial income, and lower selling expenses. Offsetting pressure came mainly from higher tax, lower gross profit, and higher administrative expenses. Detailed impact is shown below:

Net margin expanded to 6.07%, rising 3.1pp. Core operating signals are improving as SG&A / Revenue fell 0.3pp are enough to offset pressure from Gross margin fell 1.3pp (in addition, Net financial result / Revenue rose 2.4pp added support while Other profit / Revenue fell 0.0pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

ROIC expanded to 7.74%, rising 3.8pp. That translates to 7.74 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.1pp, with capital turnover broadly stable; while invested capital rose by 128bn.

NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.39x equity, net debt at 0.11x equity.

None

Over the last 12 months, working capital released 87.8bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

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 2.5 days, DSO rose 5.3 days, and DPO rose 11.0 days.

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

Leverage looks fairly comfortable, with net debt / equity at 0.11x and interest coverage at 13.34x.

At present, short-term debt accounts for 74.0% of total debt, cash equals 41.2% of debt, and total debt stands at 354.1bn.

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 214.1bn in 2025, against investing cash flow of -446.9bn.

Post-investment cash flow was negative +232.8bn. Financing cash flow was positive +386.9bn.

CFO / net income was 2,03 lần.

After spending +489.8bn on fixed-asset investment, the business generated trailing free cash flow of −206.2bn.