Trailing net profit reached 18.6bn, rose 23.1bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and higher financial income. Offsetting pressure came mainly from weaker other profit, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 9.4% year on year — but the quarterly pace is slowing (+15% → −4%).

3 of the last 4 quarters grew year on year.

Net margin stands at 0.15%, 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?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 166.1bn against investing cash flow of -41.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +124.9bn. Financing cash flow was negative +167.4bn.

CFO / net income was 3,33 lần.

After spending +50.8bn on fixed-asset investment, the business generated trailing free cash flow of +11.1bn.

How much income is non-core?

Non-core income makes up 27.3% of pre-tax profit — worth monitoring.

Within that, net financial result at −268.6%, other profit at +27.3% of PBT.

ROIC stands at 0.23%, broadly flat versus the same period. That translates to 0.23 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover rose 0.23x, with invested capital holding roughly steady — 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.

Cash conversion cycle improved by 0.4 days versus the same period last year. The main moves came from DIO rose 6.1 days, DSO fell 3.5 days, and DPO rose 3.0 days.

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

Leverage warrants monitoring, with net debt / equity at 2.87x and interest coverage only at 0.22x.

At present, short-term debt accounts for 60.4% of total debt, cash equals 1.6% of debt, and total debt stands at 4,390.9bn.

Leverage is very high, with clear pressure on the capital structure — liabilities at 6.08x equity, net debt at 2.87x equity.

Inventory ended the period at 1,937.8bn, roughly 18.3% of total assets.

Over the last 12 months, working capital absorbed 29.1bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.