Trailing net profit reached 0.5bn, fell 0.5bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, lower selling expenses, and lower tax. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 45.9% year on year — not from a single spike: quarterly growth stepped up from +30% to +50%.

4 of the last 4 quarters grew year on year.

Net margin stands at 0.12%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Is profit converting into cash?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -26.7bn against investing cash flow of -7.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +34.6bn. Financing cash flow was positive +33.2bn.

CFO / net income was −25,16 lần.

After spending +7.8bn on fixed-asset investment, the business generated trailing free cash flow of −21.5bn.

How much income is non-core?

Non-core income reaches 42.9% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at −676.8%, other profit at +42.9% of PBT.

ROIC narrowed to 0.22%, falling 0.4pp. That translates to 0.22 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover rose 0.17x — capital is being absorbed faster than revenue is being generated; with invested capital holding roughly steady.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 19.8 days versus the same period last year. The main moves came from DIO fell 14.6 days, DSO fell 6.3 days, and DPO fell 1.1 days.

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

Leverage warrants monitoring, with net debt / equity at 3.29x and interest coverage only at 0.06x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1.0% of debt, and total debt stands at 119.5bn.

Leverage is very high, with clear pressure on the capital structure — liabilities at 3.23x equity, net debt at 3.29x equity.

Inventory ended the period at 64.8bn, roughly 40.7% of total assets.

Over the last 12 months, working capital released 10.2bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.