Trailing net profit reached 416.1bn, rose 304.2bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, lower minority interests, and better other profit. Offsetting pressure came mainly from higher finance costs, higher selling expenses, higher administrative expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 6.4% year on year — but the quarterly pace is slowing (+21% → −7%).

2 of the last 4 quarters grew year on year.

Net margin edged up to 1.58%, rising 0.7pp. Core operating signals are improving as Gross margin rose 0.2pp are enough to offset pressure from SG&A / Revenue rose 1.2pp (with additional support from Net financial result / Revenue rose 1.8pp and Other profit / Revenue rose 0.2pp).

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?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -232.4bn against investing cash flow of -538.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +770.8bn. Financing cash flow was positive +729.1bn.

CFO / net income was −0,77 lần.

After spending +609.7bn on fixed-asset investment, the business generated trailing free cash flow of −931.3bn.

How much income is non-core?

Non-core income reaches 99.0% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +78.9%, other profit at +20.1% of PBT.

ROIC edged up to 4.62%, rising 1.3pp. That translates to 4.62 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.5pp, with capital turnover fell 0.68x; while invested capital expanded strongly by 1,491bn.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Cash conversion cycle lengthened by 3.3 days versus the same period last year. The main moves came from DIO rose 3.8 days, DSO rose 1.5 days, and DPO rose 2.0 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Leverage warrants monitoring, with net debt / equity at 1.70x and interest coverage only at 0.74x.

At present, short-term debt accounts for 56.0% of total debt, cash equals 14.6% of debt, and total debt stands at 6,098.3bn.

The asset structure shows capital being allocated increasingly efficiently. Leverage is elevated, requiring monitoring — liabilities at 2.63x equity, net debt at 1.70x equity.

Inventory ended the period at 1,721.9bn, roughly 16.6% of total assets.

Over the last 12 months, working capital absorbed 89.0bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.