Trailing net profit reached 759.4bn, rose 347.8bn compared with the same period last year. Key positives came from higher gross profit and higher associates income. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, higher finance costs, and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 19.6% year on year — but the quarterly pace is slowing (+11% → +4%).

4 of the last 4 quarters grew year on year.

Net margin edged up to 1.77%, rising 0.6pp. Core operating signals are improving as Gross margin rose 1.2pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (with lingering pressure from Net financial result / Revenue fell 0.4pp and Other profit / Revenue fell 0.3pp).

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 701.1bn against investing cash flow of -580.0bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +121.0bn. Financing cash flow was negative +366.1bn.

CFO / net income was 0,69 lần.

After spending +233.7bn on fixed-asset investment, the business generated trailing free cash flow of +286.5bn.

How much income is non-core?

About 99% of pre-tax profit comes from core operations.

Within that, net financial result at −9.1%, other profit at +1.4% of PBT.

ROIC expanded to 4.42%, rising 2.5pp. That translates to 4.42 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.9pp and capital turnover rose 0.30x, while invested capital rose by 983bn — 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 2.9 days versus the same period last year. The main moves came from DIO rose 1.1 days, DSO fell 1.3 days, and DPO rose 2.7 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Leverage warrants monitoring, with net debt / equity at 0.72x and interest coverage only at 1.74x.

At present, short-term debt accounts for 81.2% of total debt, cash equals 18.9% of debt, and total debt stands at 9,645.1bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is balanced — liabilities at 1.72x equity, net debt at 0.72x equity.

Inventory ended the period at 6,417.6bn, roughly 22.9% of total assets.

Over the last 12 months, working capital absorbed 203.0bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.