Trailing net profit reached 68.7bn, rose 3.0bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, and higher financial income. Offsetting pressure came mainly from higher selling expenses and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 42.1% year on year — not from a single spike: quarterly growth stepped up from +63% to +109%.

3 of the last 4 quarters grew year on year.

Net margin fell to 12.78%, losing 4.6pp. The main pressure is Gross margin fell 8.6pp, outweighing the improvement in SG&A / Revenue fell 3.6pp (with lingering pressure from Net financial result / Revenue fell 0.5pp and Other profit / Revenue fell 0.1pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 108.7bn against investing cash flow of -52.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +56.6bn. Financing cash flow was negative +32.3bn.

CFO / net income was −0,14 lần.

After spending +40.0bn on fixed-asset investment, the business generated trailing free cash flow of −49.4bn.

How much income is non-core?

Non-core income makes up 10.6% of pre-tax profit — worth monitoring.

Within that, net financial result at +9.3%, other profit at +1.3% of PBT.

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 19.6 days versus the same period last year. The main moves came from DIO fell 11.2 days, DSO fell 15.2 days, and DPO fell 6.8 days.

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

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Balance sheet is exceptionally sound — liabilities at 0.25x equity, with a net cash position equivalent to 0.18x equity.

Inventory ended the period at 130.9bn, roughly 20.7% of total assets.

Over the last 12 months, working capital absorbed 91.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.