Trailing net profit reached 68.4bn, rose 4.4bn 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, higher finance costs, higher tax, and weaker other profit. Detailed impact is shown below:

Net margin edged up to 4.61%, rising 0.5pp. Core operating signals are improving as SG&A / Revenue fell 4.6pp are enough to offset pressure from Gross margin fell 3.9pp (in addition, Net financial result / Revenue rose 0.0pp 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.

ROIC expanded to 14.86%, rising 2.2pp. That translates to 14.86 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.6pp and capital turnover rose 0.08x, with invested capital holding roughly steady — capital-return quality improved from both sides.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.85x equity, net debt at 0.07x equity.

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

Over the last 12 months, working capital released 71.4bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 14.4 days versus the same period last year. The main moves came from DIO rose 11.8 days, DSO fell 13.3 days, and DPO rose 12.9 days.

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

Leverage looks fairly comfortable, with net debt / equity at 0.07x and interest coverage at 11.07x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 81.7% of debt, and total debt stands at 153.2bn.

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 142.4bn in 2025, against investing cash flow of -30.7bn.

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

CFO / net income was 2,20 lần.

After spending +34.5bn on fixed-asset investment, the business generated trailing free cash flow of +115.8bn.