Trailing net profit reached 11.5bn, rose 0.7bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, weaker other profit, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 24.7% year on year — but the quarterly pace is slowing (+18% → +6%).

4 of the last 4 quarters grew year on year.

Net margin narrowed to 3.70%, falling 0.6pp. The main pressure is Gross margin fell 1.3pp, outweighing the improvement in SG&A / Revenue fell 1.0pp (in addition, Net financial result / Revenue rose 1.0pp added support while Other profit / Revenue fell 0.8pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 30.1bn against investing cash flow of -9.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +21.0bn. Financing cash flow was negative +21.4bn.

CFO / net income was 3,13 lần.

After spending +13.5bn on fixed-asset investment, the business generated trailing free cash flow of +22.6bn.

How much income is non-core?

Non-core income makes up 16.7% of pre-tax profit — worth monitoring.

Within that, net financial result at −12.9%, other profit at +16.7% of PBT.

ROIC edged up to 2.85%, rising 0.6pp. That translates to 2.85 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.16x — the business is generating more revenue per unit of capital, with NOPAT margin steady; with invested capital holding roughly steady.

Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.1 days versus the same period last year. The main moves came from DIO rose 0.5 days, DSO fell 2.5 days, and DPO rose 1.0 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Leverage looks fairly comfortable, with net debt / equity at 0.01x and interest coverage at 5.97x.

At present, short-term debt accounts for 30.4% of total debt, cash equals 86.1% of debt, and total debt stands at 27.7bn.

Capital structure is conservative with low leverage — liabilities at 0.20x equity, net debt at 0.01x equity.

None

Over the last 12 months, working capital released 1.5bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.