Trailing net profit reached 1,049.4bn, rose 328.0bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from weaker other profit, higher administrative expenses, higher tax, and higher minority interests. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 21.4% year on year — but the quarterly pace is slowing (+62% → +12%).

4 of the last 4 quarters grew year on year.

Net margin expanded to 19.78%, rising 3.7pp. Core operating signals are improving as Gross margin rose 6.4pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 1.6pp remained a drag).

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 803.8bn against investing cash flow of -1,280.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +476.9bn. Financing cash flow was positive +954.8bn.

CFO / net income was 1,20 lần.

After spending +1,709.5bn on fixed-asset investment, the business generated trailing free cash flow of −448.4bn.

How much income is non-core?

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

Within that, net financial result at −8.1%, other profit at +2.2% of PBT.

ROIC edged up to 28.86%, rising 0.5pp. That translates to 28.86 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 5.0pp was enough to offset the decline from capital turnover fell 0.48x, while invested capital expanded strongly by 1,493bn.

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

Cash conversion cycle lengthened by 19.8 days versus the same period last year. The main moves came from DIO rose 55.9 days, DSO fell 16.4 days, and DPO rose 19.7 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Leverage is balanced for now, with net debt / equity at 0.59x and interest coverage at 7.40x.

At present, short-term debt accounts for 35.5% of total debt, cash equals 41.2% of debt, and total debt stands at 2,995.1bn.

Capital structure is balanced — liabilities at 2.07x equity, net debt at 0.59x equity.

Inventory ended the period at 1,000.7bn, roughly 12.3% of total assets.

Over the last 12 months, working capital released 269.9bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.