Trailing net profit reached 8.3bn, rose 8.3bn compared with the same period last year. Key positives came from higher gross profit, better other profit, lower tax, and lower administrative expenses. Offsetting pressure came mainly from higher selling expenses and higher finance costs. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 31.5% year on year — not from a single spike: quarterly growth stepped up from +18% to +53%.

4 of the last 4 quarters grew year on year.

Net margin edged up to 0.88%, rising 0.9pp. Core operating signals are improving as SG&A / Revenue fell 1.7pp are enough to offset pressure from Gross margin fell 1.8pp (in addition, Other profit / Revenue rose 1.0pp added support while Net financial result / Revenue fell 0.5pp 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?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 17.3bn against investing cash flow of -68.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +51.4bn. Financing cash flow was positive +55.9bn.

CFO / net income was 4,33 lần.

After spending +93.4bn on fixed-asset investment, the business generated trailing free cash flow of −57.2bn.

How much income is non-core?

About 96% of pre-tax profit comes from core operations.

Within that, net financial result at −74.0%, other profit at +3.9% of PBT.

ROIC expanded to 4.88%, rising 4.8pp. That translates to 4.88 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.9pp and capital turnover rose 0.30x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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 0.6 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO fell 2.2 days, and DPO fell 3.5 days.

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

Leverage warrants monitoring, with net debt / equity at 0.77x and interest coverage only at 1.40x.

At present, short-term debt accounts for 25.7% of total debt, cash equals 5.6% of debt, and total debt stands at 96.4bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is balanced — liabilities at 1.32x equity, net debt at 0.77x equity.

None

Over the last 12 months, working capital absorbed 7.4bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.