Trailing net profit reached 14.2bn, rose 6.6bn compared with the same period last year. Key positives came from lower administrative expenses, higher gross profit, higher financial income, and lower finance costs. Offsetting pressure came mainly from weaker other profit and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 12.4% year on year — but the quarterly pace is slowing (+401% → +125%).

3 of the last 4 quarters grew year on year.

Net margin edged up to 2.46%, rising 1.0pp. Core operating signals are improving as SG&A / Revenue fell 2.3pp are enough to offset pressure from Gross margin fell 0.2pp (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / Revenue fell 0.7pp remained a drag).

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 16.7bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +16.7bn. Financing cash flow was negative +41.9bn.

CFO / net income was −3,33 lần.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

How much income is non-core?

Non-core income makes up 17.6% of pre-tax profit — worth monitoring.

Within that, net financial result at −10.8%, other profit at +17.6% of PBT.

Track how much operating profit the business generates on invested capital.

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 16.2 days versus the same period last year. The main moves came from DIO fell 1.7 days, DSO fell 34.7 days, and DPO fell 20.2 days.

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

Leverage looks fairly comfortable, with net debt / equity at 0.35x and interest coverage at 5.47x.

At present, short-term debt accounts for 99.8% of total debt, cash equals 69.8% of debt, and total debt stands at 134.2bn.

Capital structure is conservative with low leverage — liabilities at 2.30x equity, net debt at 0.35x equity.

Inventory ended the period at 64.5bn, roughly 18.5% of total assets.

Over the last 12 months, working capital absorbed 58.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.