Trailing net profit reached 162.6bn, rose 44.5bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 24.3% year on year — not from a single spike: quarterly growth stepped up from +3% to +36%.

4 of the last 4 quarters grew year on year.

Net margin edged up to 12.10%, rising 1.2pp. Core operating signals are improving as SG&A / Revenue fell 1.4pp are enough to offset pressure from Gross margin fell 0.4pp (with additional support from Other profit / Revenue rose 0.3pp and Net financial result / Revenue rose 0.1pp).

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 183.3bn against investing cash flow of -143.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +39.9bn. Financing cash flow was negative +69.3bn.

CFO / net income was 0,28 lần.

After spending +90.9bn on fixed-asset investment, the business generated trailing free cash flow of −44.9bn.

How much income is non-core?

About 97% of pre-tax profit comes from core operations.

Within that, net financial result at +1.1%, other profit at +1.8% of PBT.

ROIC expanded to 15.68%, rising 2.8pp. That translates to 15.68 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.9pp and capital turnover rose 0.15x, while invested capital rose by 96bn — 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.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 8.4 days versus the same period last year. The main moves came from DIO fell 2.4 days, DSO fell 13.2 days, and DPO fell 24.0 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Leverage looks fairly comfortable, with net debt / equity at 0.22x and interest coverage at 11.24x.

At present, short-term debt accounts for 11.8% of total debt, cash equals 35.3% of debt, and total debt stands at 320.1bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.50x equity, net debt at 0.22x equity.

None

Over the last 12 months, working capital absorbed 86.2bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.