Trailing net profit reached 22.7bn, rose 6.6bn 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 and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 1.1% year on year — but the quarterly pace is slowing (+5% → −29%).

3 of the last 4 quarters grew year on year.

Net margin stands at 0.90%, 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 35.9bn against investing cash flow of 0.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +36.3bn. Financing cash flow was negative +8.4bn.

CFO / net income was −0,77 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 10.7% of pre-tax profit — worth monitoring.

Within that, net financial result at +10.7% 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 1.1 days versus the same period last year. The main moves came from DIO fell 1.7 days, DSO rose 0.7 days, and DPO rose 0.1 days.

Working capital cycle is flat — components are offsetting each other.

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

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 0.61x equity, with a net cash position equivalent to 0.93x equity.

Inventory ended the period at 35.3bn, roughly 14.6% of total assets.

Over the last 12 months, working capital absorbed 37.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.