Trailing net profit reached 163.3bn, rose 104.2bn compared with the same period last year. Key positives came from higher financial income, better other profit, higher gross profit, and lower deferred tax. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 17.7% year on year — not from a single spike: quarterly growth stepped up from −13% to +103%.

2 of the last 4 quarters grew year on year.

Net margin expanded to 11.18%, rising 6.4pp. Core operating signals are improving as SG&A / Revenue fell 0.7pp are enough to offset pressure from Gross margin fell 0.8pp (with additional support from Net financial result / Revenue rose 3.7pp and Other profit / Revenue rose 1.6pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 933.2bn against investing cash flow of -80.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +852.3bn. Financing cash flow was negative +125.5bn.

CFO / net income was 11,98 lần.

After spending +24.2bn on fixed-asset investment, the business generated trailing free cash flow of +1,932.6bn.

How much income is non-core?

Non-core income reaches 46.7% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +34.3%, other profit at +12.4% of PBT.

ROIC expanded to 13.10%, rising 8.3pp. That translates to 13.10 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 5.0pp and capital turnover rose 0.33x, while invested capital contracted by 142bn — capital-return quality improved from both sides.

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

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 16.2 days versus the same period last year. The main moves came from DIO fell 6.2 days, DSO fell 19.5 days, and DPO fell 41.8 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 −0.18x and interest coverage at 16.24x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 214.3% of debt, and total debt stands at 206.1bn.

The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 1.34x equity, with a net cash position equivalent to 0.18x equity.

None

Over the last 12 months, working capital released 1,866.5bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.