Trailing net profit reached 33.6bn, rose 24.5bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from lower financial income, higher finance costs, higher tax, and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 25.0% year on year — not from a single spike: quarterly growth stepped up from +29% to +32%.

4 of the last 4 quarters grew year on year.

Net margin edged up to 0.67%, rising 0.4pp. Core operating signals are improving as Gross margin rose 1.0pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (with lingering pressure from Net financial result / Revenue fell 0.3pp).

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 11.9bn against investing cash flow of -23.8bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +11.9bn. Financing cash flow was positive +17.6bn.

CFO / net income was −0,75 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?

About 100% of pre-tax profit comes from core operations.

Within that, net financial result at −45.4%, other profit at +0.1% of PBT.

ROIC expanded to 9.18%, rising 7.1pp. That translates to 9.18 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.5pp and capital turnover rose 3.51x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.7 days versus the same period last year. The main moves came from DIO fell 7.8 days, DSO rose 2.4 days, and DPO fell 0.8 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Leverage is balanced for now, with net debt / equity at 0.38x and interest coverage at 2.04x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 37.5% of debt, and total debt stands at 157.9bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 1.51x equity, net debt at 0.38x equity.

Inventory ended the period at 140.5bn, roughly 27.8% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.