Trailing net profit reached 845.1bn, rose 307.6bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from weaker other profit, higher selling expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 7.4% year on year — but the quarterly pace is slowing (+3% → +1%).

4 of the last 4 quarters grew year on year.

Net margin expanded to 25.34%, rising 8.0pp. The main driver is Gross margin rose 5.1pp and SG&A / Revenue fell 1.8pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 4.3pp added support while Other profit / Revenue fell 1.8pp remained a drag).

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 462.9bn against investing cash flow of 87.5bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +550.4bn. Financing cash flow was negative +374.8bn.

CFO / net income was 0,45 lần.

After spending +52.6bn on fixed-asset investment, the business generated trailing free cash flow of +331.3bn.

How much income is non-core?

Non-core income reaches 31.8% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +28.2%, other profit at +3.6% of PBT.

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 37.1 days versus the same period last year. The main moves came from DIO fell 1.0 days, DSO fell 3.7 days, and DPO fell 41.7 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 −0.20x and interest coverage at 87.32x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Balance sheet is exceptionally sound — liabilities at 0.31x equity, with a net cash position equivalent to 0.20x equity.

None

Over the last 12 months, working capital absorbed 207.8bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.