Trailing net profit reached 0.0bn, rose 2.2bn compared with the same period last year. Key positives came from lower finance costs and higher gross profit. Offsetting pressure came mainly from lower financial income, higher selling expenses, and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 11.0% year on year — but the quarterly pace is slowing (+118% → −21%).

2 of the last 4 quarters grew year on year.

Net margin edged up to −0.01%, rising 1.0pp. Core operating signals are improving as Gross margin rose 1.0pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (in addition, Net financial result / Revenue rose 0.6pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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 -0.7bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +0.7bn. Financing cash flow was negative +2.0bn.

CFO / net income was −478,27 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 reaches 1,880.4% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +1,582.6%, other profit at +297.8% of PBT.

ROIC expanded to −0.40%, rising 5.6pp. That translates to −0.40 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.1pp and capital turnover rose 1.88x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 28.7 days versus the same period last year. The main moves came from DIO rose 6.1 days, DSO rose 22.2 days, and DPO fell 0.4 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Leverage warrants monitoring, with net debt / equity at −0.29x and interest coverage only at −0.04x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 405.3% of debt, and total debt stands at 2.0bn.

The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 0.08x equity, with a net cash position equivalent to 0.29x equity.

None

Over the last 12 months, working capital released 21.7bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.