Trailing net profit reached 582.2bn, rose 300.8bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and higher associates income. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, higher finance costs, and higher tax. Detailed impact is shown below:

Net margin edged up to 1.36%, rising 0.6pp. Core operating signals are improving as Gross margin rose 1.3pp are enough to offset pressure from SG&A / Revenue rose 0.8pp (in addition, Net financial result / Revenue rose 0.0pp added support while Other profit / Revenue fell 0.1pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

ROIC expanded to 3.36%, rising 1.9pp. That translates to 3.36 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.6pp and capital turnover rose 0.32x, while invested capital rose by 928bn — 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.

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.72x equity, net debt at 0.76x equity.

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

Over the last 12 months, working capital released 333.3bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Cash conversion cycle improved by 0.9 days versus the same period last year. The main moves came from DIO fell 6.7 days, DSO fell 0.2 days, and DPO fell 5.9 days.

Working capital cycle is flat — components are offsetting each other.

Leverage warrants monitoring, with net debt / equity at 0.76x and interest coverage only at 1.39x.

At present, short-term debt accounts for 81.5% of total debt, cash equals 19.1% of debt, and total debt stands at 9,876.6bn.

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 701.1bn in 2025, against investing cash flow of -580.0bn.

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

CFO / net income was 1,19 lần.

After spending +123.8bn on fixed-asset investment, the business generated trailing free cash flow of +567.7bn.