Trailing net profit reached 215.3bn, fell 8.8bn compared with the same period last year. Key positives came from lower selling expenses, higher financial income, lower administrative expenses, and better other profit. Offsetting pressure came mainly from lower gross profit, higher finance costs, and higher deferred tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 14.9% year on year — but the quarterly pace is slowing (−1% → −25%).

0 of the last 4 quarters grew year on year.

Net margin edged up to 10.44%, rising 1.2pp. Core operating signals are improving as Gross margin rose 2.3pp are enough to offset pressure from SG&A / Revenue rose 1.2pp (with additional support from Other profit / Revenue rose 0.4pp and Net financial result / Revenue rose 0.1pp).

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?

Operating cash flow reached -73.6bn against investing cash flow of -147.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +220.7bn. Financing cash flow was positive +324.2bn.

CFO / net income was 1,06 lần.

After spending +42.8bn on fixed-asset investment, the business generated trailing free cash flow of +185.0bn.

How much income is non-core?

About 97% of pre-tax profit comes from core operations.

Within that, net financial result at −7.1%, other profit at +3.0% of PBT.

ROIC fell to 10.24%, losing 2.4pp. That translates to 10.24 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.35x — capital is being absorbed faster than revenue is being generated; while invested capital rose by 264bn.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 78.0 days versus the same period last year. The main moves came from DIO rose 73.2 days, DSO rose 5.3 days, and DPO rose 0.4 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Leverage looks fairly comfortable, with net debt / equity at 0.31x and interest coverage at 4.55x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 40.1% of debt, and total debt stands at 867.4bn.

The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.62x equity, net debt at 0.31x equity.

Inventory ended the period at 796.5bn, roughly 30.5% of total assets.

Over the last 12 months, working capital released 22.5bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.