Trailing net profit reached 31.0bn, rose 8.6bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher tax, and higher finance costs. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 39.9% year on year — not from a single spike: quarterly growth stepped up from +16% to +46%.

4 of the last 4 quarters grew year on year.

Net margin stands at 8.51%, 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?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 19.6bn against investing cash flow of -25.0bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +5.4bn. Financing cash flow was positive +0.9bn.

CFO / net income was 0,27 lần.

After spending +43.9bn on fixed-asset investment, the business generated trailing free cash flow of −35.6bn.

How much income is non-core?

About 100% of pre-tax profit comes from core operations.

Within that, net financial result at −3.4% of PBT.

ROIC expanded to 16.34%, rising 4.1pp. That translates to 16.34 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.1pp and capital turnover rose 0.26x, with invested capital holding roughly steady — capital-return quality improved from both sides.

Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.

Cash conversion cycle lengthened by 18.7 days versus the same period last year. The main moves came from DIO fell 0.1 days, DSO fell 1.9 days, and DPO fell 20.7 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Leverage looks fairly comfortable, with net debt / equity at 0.38x and interest coverage at 8.71x.

At present, short-term debt accounts for 59.3% of total debt, cash equals 20.7% of debt, and total debt stands at 72.8bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.88x equity, net debt at 0.38x equity.

None

Over the last 12 months, working capital absorbed 46.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.