Trailing net profit reached 10.3bn, rose 7.3bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher finance costs, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 53.8% year on year — but the quarterly pace is slowing (+80% → +8%).

4 of the last 4 quarters grew year on year.

Net margin stands at 0.45%, 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?

Operating cash flow reached -19.4bn against investing cash flow of -105.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +124.7bn. Financing cash flow was positive +205.9bn.

CFO / net income was −6,35 lần.

After spending +11.3bn on fixed-asset investment, the business generated trailing free cash flow of −76.9bn.

How much income is non-core?

About 98% of pre-tax profit comes from core operations.

Within that, net financial result at −18.4%, other profit at +2.3% of PBT.

ROIC edged up to 1.96%, rising 1.2pp. That translates to 1.96 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 0.91x, while invested capital expanded strongly by 93bn — capital-return quality improved from both sides.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 10.6 days versus the same period last year. The main moves came from DIO fell 5.9 days, DSO fell 12.4 days, and DPO fell 7.6 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Leverage warrants monitoring, with net debt / equity at 0.61x and interest coverage only at 0.84x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 32.2% of debt, and total debt stands at 310.1bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is balanced — liabilities at 1.17x equity, net debt at 0.61x equity.

Inventory ended the period at 256.7bn, roughly 35.1% of total assets.

Over the last 12 months, working capital absorbed 83.0bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.