Trailing net profit reached 122.2bn, rose 64.9bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 11.7% year on year — not from a single spike: quarterly growth stepped up from −3% to +31%.

3 of the last 4 quarters grew year on year.

Net margin expanded to 8.95%, rising 4.3pp. The main driver is Gross margin rose 4.5pp and SG&A / Revenue fell 0.7pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 0.1pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 119.1bn against investing cash flow of -54.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +64.4bn. Financing cash flow was negative +24.6bn.

CFO / net income was 1,38 lần.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

How much income is non-core?

About 99% of pre-tax profit comes from core operations.

Within that, net financial result at −0.7%, other profit at +0.7% of PBT.

ROIC expanded to 65.47%, rising 29.9pp. That translates to 65.47 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.2pp, with capital turnover fell 0.18x; with invested capital holding roughly steady.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 10.2 days versus the same period last year. The main moves came from DIO fell 3.3 days, DSO fell 1.4 days, and DPO rose 5.5 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Leverage looks fairly comfortable, with net debt / equity at −0.11x and interest coverage at 49.55x.

At present, short-term debt accounts for 28.1% of total debt, cash equals 159.8% of debt, and total debt stands at 48.1bn.

The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 1.21x equity, with a net cash position equivalent to 0.11x equity.

Inventory ended the period at 62.9bn, roughly 10.1% of total assets.

Over the last 12 months, working capital released 27.1bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.