Trailing net profit reached 136.8bn, rose 44.0bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and higher financial income. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, lower associates income, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 25.1% year on year — not from a single spike: quarterly growth stepped up from +21% to +29%.

4 of the last 4 quarters grew year on year.

Net margin edged up to 2.50%, rising 0.4pp. Core operating signals are improving as SG&A / Revenue fell 0.1pp are enough to offset pressure from Gross margin fell 0.8pp (with additional support from Other profit / Revenue rose 0.8pp and Net financial result / Revenue rose 0.6pp).

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?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 165.1bn against investing cash flow of -73.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +92.0bn. Financing cash flow was positive +341.2bn.

CFO / net income was 0,50 lần.

After spending +54.1bn on fixed-asset investment, the business generated trailing free cash flow of +14.0bn.

How much income is non-core?

Non-core income makes up 13.3% of pre-tax profit — worth monitoring.

Within that, net financial result at −77.2%, other profit at +13.3% of PBT.

ROIC edged up to 3.93%, rising 0.4pp. That translates to 3.93 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.36x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 0.2pp; with invested capital holding roughly steady.

Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 25.9 days versus the same period last year. The main moves came from DIO fell 25.8 days, DSO rose 1.1 days, and DPO rose 1.3 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Leverage warrants monitoring, with net debt / equity at 1.37x and interest coverage only at 0.69x.

At present, short-term debt accounts for 91.5% of total debt, cash equals 44.4% of debt, and total debt stands at 3,146.5bn.

Leverage is elevated, requiring monitoring — liabilities at 3.01x equity, net debt at 1.37x equity.

Inventory ended the period at 1,139.1bn, roughly 25.5% of total assets.

Over the last 12 months, working capital absorbed 76.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.