Trailing net profit reached 32.7bn, rose 14.7bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher minority interests, higher administrative expenses, higher selling expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 22.0% year on year — not from a single spike: quarterly growth stepped up from +20% to +29%.

4 of the last 4 quarters grew year on year.

Net margin expanded to 18.29%, rising 5.5pp. Core operating signals are improving as Gross margin rose 5.6pp are enough to offset pressure from SG&A / Revenue rose 1.1pp (with additional support from Net financial result / Revenue rose 1.6pp and Other profit / Revenue rose 0.1pp).

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

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 116.7bn against investing cash flow of -55.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +60.8bn. Financing cash flow was negative +71.7bn.

CFO / net income was 3,26 lần.

After spending +17.5bn on fixed-asset investment, the business generated trailing free cash flow of +89.4bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

How much income is non-core?

About 99% of pre-tax profit comes from core operations.

Within that, net financial result at −7.8%, other profit at +1.0% of PBT.

ROIC expanded to 14.27%, rising 6.2pp. That translates to 14.27 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 5.5pp and capital turnover rose 0.15x, with invested capital holding roughly steady — capital-return quality improved from both sides.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.1 days versus the same period last year. The main moves came from DIO fell 1.7 days, DSO fell 2.0 days, and DPO fell 1.6 days.

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

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Leverage looks fairly comfortable, with net debt / equity at 0.18x and interest coverage at 6.81x.

At present, short-term debt accounts for 12.2% of total debt, cash equals 44.5% of debt, and total debt stands at 196.9bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

ROIC should be read with industry context. Capital structure is conservative with low leverage — liabilities at 0.95x equity, net debt at 0.18x equity.

None

Over the last 12 months, working capital absorbed 16.9bn of cash, mainly because of higher receivables and higher inventories.