Trailing net profit reached 13.3bn, rose 0.2bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, lower tax, and lower minority interests. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, weaker other profit, and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 26.1% year on year — but the quarterly pace is slowing (+55% → −26%).

3 of the last 4 quarters grew year on year.

Net margin stands at 0.65%, 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?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 164.9bn against investing cash flow of -382.0bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +217.1bn. Financing cash flow was positive +203.5bn.

CFO / net income was 11,76 lần.

After spending +273.6bn on fixed-asset investment, the business generated trailing free cash flow of −116.8bn.

How much income is non-core?

About 98% of pre-tax profit comes from core operations.

Within that, net financial result at −94.0%, other profit at +2.4% of PBT.

ROIC edged up to 1.42%, rising 0.6pp. That translates to 1.42 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.3pp, with capital turnover fell 0.12x; while invested capital expanded strongly by 235bn.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Cash conversion cycle lengthened by 3.7 days versus the same period last year. The main moves came from DIO fell 13.5 days, DSO fell 10.2 days, and DPO fell 27.4 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Leverage warrants monitoring, with net debt / equity at 1.14x and interest coverage only at 0.41x.

At present, short-term debt accounts for 78.8% of total debt, cash equals 5.5% of debt, and total debt stands at 539.5bn.

Leverage is elevated, requiring monitoring — liabilities at 1.48x equity, net debt at 1.14x equity.

Inventory ended the period at 327.1bn, roughly 29.5% of total assets.

Over the last 12 months, working capital released 173.6bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.