Trailing net profit reached 323.1bn, rose 134.1bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 36.9% year on year — but the quarterly pace is slowing (+132% → +30%).

3 of the last 4 quarters grew year on year.

Net margin expanded to 11.56%, rising 2.3pp. Core operating signals are improving as SG&A / Revenue fell 0.9pp are enough to offset pressure from Gross margin fell 0.1pp (with additional support from Net financial result / Revenue rose 1.5pp and Other profit / Revenue rose 0.2pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 563.5bn against investing cash flow of -47.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +516.2bn. Financing cash flow was negative +295.8bn.

CFO / net income was 1,47 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 92% of pre-tax profit comes from core operations.

Within that, net financial result at +6.0%, other profit at +1.7% of PBT.

ROIC expanded to 13.45%, rising 4.8pp. That translates to 13.45 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.0pp and capital turnover rose 0.26x, while invested capital rose by 154bn — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.

Cash conversion cycle lengthened by 8.2 days versus the same period last year. The main moves came from DIO rose 0.6 days, DSO rose 8.4 days, and DPO rose 0.7 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Leverage looks fairly comfortable, with net debt / equity at 0.11x and interest coverage at 7.40x.

At present, short-term debt accounts for 21.0% of total debt, cash equals 65.5% of debt, and total debt stands at 642.2bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.63x equity, net debt at 0.11x equity.

None

Over the last 12 months, working capital absorbed 121.0bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.