Trailing net profit reached 59.1bn, rose 37.2bn compared with the same period last year. Key positives came from higher gross profit, better other profit, lower administrative expenses, and lower finance costs. Offsetting pressure came mainly from higher minority interests and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 17.0% year on year — not from a single spike: quarterly growth stepped up from −30% to −3%.

2 of the last 4 quarters grew year on year.

Net margin expanded to 15.03%, rising 12.2pp. The main driver is SG&A / Revenue fell 4.5pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 4.2pp and Net financial result / Revenue rose 3.5pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 71.0bn against investing cash flow of 141.5bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +212.5bn. Financing cash flow was negative +55.5bn.

CFO / net income was −0,52 lần.

After spending +0.3bn on fixed-asset investment, the business generated trailing free cash flow of −31.0bn.

How much income is non-core?

About 91% of pre-tax profit comes from core operations.

Within that, net financial result at +4.6%, other profit at +4.1% of PBT.

ROIC expanded to 11.17%, rising 7.0pp. That translates to 11.17 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 7.8pp and capital turnover rose 0.11x, with invested capital holding roughly steady — 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 45.0 days versus the same period last year. The main moves came from DIO fell 53.7 days, DSO fell 8.0 days, and DPO fell 16.8 days.

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

Leverage looks fairly comfortable, with net debt / equity at 0.39x and interest coverage at 10.76x.

At present, short-term debt accounts for 98.2% of total debt, cash equals 17.7% of debt, and total debt stands at 168.6bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.35x equity, net debt at 0.39x equity.

None

Over the last 12 months, working capital absorbed 78.2bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.