Trailing net profit reached 69.3bn, rose 6.3bn compared with the same period last year. Key positives came from lower selling expenses, lower administrative expenses, and higher financial income. Offsetting pressure came mainly from lower gross profit and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 0.4% year on year — not from a single spike: quarterly growth stepped up from −20% to +1%.

2 of the last 4 quarters grew year on year.

Net margin edged up to 4.66%, rising 0.4pp. Core operating signals are improving as SG&A / Revenue fell 4.7pp are enough to offset pressure from Gross margin fell 4.2pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.1pp 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 142.4bn against investing cash flow of -30.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +111.7bn. Financing cash flow was negative +127.1bn.

CFO / net income was 2,04 lần.

After spending +28.7bn on fixed-asset investment, the business generated trailing free cash flow of +112.7bn.

How much income is non-core?

About 99% of pre-tax profit comes from core operations.

Within that, net financial result at −3.1%, other profit at +0.7% of PBT.

ROIC stands at 15.00%, broadly flat versus the same period. That translates to 15.00 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.5pp, but capital turnover fell 0.44x, while invested capital rose by 53bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.1 days versus the same period last year. The main moves came from DIO rose 4.7 days, DSO fell 15.3 days, and DPO fell 9.4 days.

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

Leverage looks fairly comfortable, with net debt / equity at 0.22x and interest coverage at 11.04x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 39.0% of debt, and total debt stands at 137.6bn.

Capital structure is conservative with low leverage — liabilities at 0.85x equity, net debt at 0.22x equity.

Inventory ended the period at 390.5bn, roughly 53.1% of total assets.

Over the last 12 months, working capital released 67.5bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.