Trailing net profit reached 43.9bn, rose 14.0bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, better other profit, and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher tax, and lower associates income. Detailed impact is shown below:

Net margin edged up to 2.57%, rising 0.9pp. Core operating signals are improving as Gross margin rose 1.2pp are enough to offset pressure from SG&A / Revenue rose 0.7pp (with additional support from Net financial result / Revenue rose 0.7pp and Other profit / Revenue rose 0.3pp).

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

ROIC expanded to 4.68%, rising 1.8pp. That translates to 4.68 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.7pp and capital turnover rose 0.26x, while invested capital contracted by 149bn — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.26x equity, net debt at 0.16x equity.

Inventory ended the period at 368.5bn, roughly 28.2% of total assets.

Over the last 12 months, working capital released 165.9bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.9 days versus the same period last year. The main moves came from DIO fell 13.0 days, DSO rose 3.7 days, and DPO fell 1.4 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Leverage warrants monitoring, with net debt / equity at 0.16x and interest coverage only at 1.79x.

At present, short-term debt accounts for 97.8% of total debt, cash equals 80.1% of debt, and total debt stands at 475.8bn.

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 205.0bn in 2025, against investing cash flow of -15.9bn.

Post-investment cash flow was positive +189.2bn. Financing cash flow was negative +54.4bn.

CFO / net income was 6,44 lần.

After spending +14.2bn on fixed-asset investment, the business generated trailing free cash flow of +268.6bn.