Trailing net profit reached 86.4bn, fell 38.2bn compared with the same period last year. Key positives came from higher gross profit, lower tax, and lower administrative expenses. Offsetting pressure came mainly from lower financial income, higher selling expenses, weaker other profit, and higher finance costs. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 12.3% year on year — not from a single spike: quarterly growth stepped up from −37% to +40%.

1 of the last 4 quarters grew year on year.

Net margin stands at 0.27%, 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 1,223.6bn against investing cash flow of -27.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +1,196.0bn. Financing cash flow was negative +1,143.9bn.

CFO / net income was −7,62 lần.

After spending +22.2bn on fixed-asset investment, the business generated trailing free cash flow of −680.3bn.

How much income is non-core?

Non-core income reaches 42.5% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at −115.3%, other profit at +42.5% of PBT.

ROIC narrowed to 1.02%, falling 0.6pp. That translates to 1.02 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 2.57x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 863bn.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 15.5 days versus the same period last year. The main moves came from DIO rose 4.3 days, DSO rose 16.5 days, and DPO rose 5.3 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Leverage warrants monitoring, with net debt / equity at 4.85x and interest coverage only at 0.44x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 2.9% of debt, and total debt stands at 4,471.9bn.

Leverage is very high, with clear pressure on the capital structure — liabilities at 2.81x equity, net debt at 4.85x equity.

Inventory ended the period at 2,515.2bn, roughly 75.8% of total assets.

Over the last 12 months, working capital absorbed 734.7bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.