Trailing net profit reached 119.0bn, rose 20.0bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 17.8% year on year — but the quarterly pace is slowing (+41% → +11%).

4 of the last 4 quarters grew year on year.

Net margin stands at 10.30%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 59.9bn against investing cash flow of -13.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +46.8bn. Financing cash flow was negative +95.9bn.

CFO / net income was 0,40 lần.

After spending +20.2bn on fixed-asset investment, the business generated trailing free cash flow of +27.2bn.

How much income is non-core?

Non-core income makes up 10.0% of pre-tax profit — worth monitoring.

Within that, net financial result at +9.9%, other profit at +0.1% 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 32.7 days versus the same period last year. The main moves came from DIO fell 26.8 days, DSO fell 9.0 days, and DPO fell 3.0 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 −0.25x and interest coverage at 32.89x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Balance sheet is exceptionally sound — liabilities at 0.44x equity, with a net cash position equivalent to 0.25x equity.

Inventory ended the period at 410.3bn, roughly 29.9% of total assets.

Over the last 12 months, working capital absorbed 54.0bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.