Trailing net profit reached 512.0bn, rose 122.0bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from weaker other profit and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 6.6% year on year — but the quarterly pace is slowing (+15% → +3%).

3 of the last 4 quarters grew year on year.

Net margin expanded to 42.89%, rising 8.1pp. Core operating signals are improving as Gross margin rose 9.4pp are enough to offset pressure from SG&A / Revenue rose 0.8pp (in addition, Net financial result / Revenue rose 1.0pp added support while Other profit / Revenue fell 1.9pp remained a drag).

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 534.4bn against investing cash flow of -117.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +417.3bn. Financing cash flow was negative +290.9bn.

CFO / net income was 0,86 lần.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

How much income is non-core?

About 93% of pre-tax profit comes from core operations.

Within that, net financial result at +6.3%, other profit at +0.4% 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 5.3 days versus the same period last year. The main moves came from DIO rose 5.8 days, DSO fell 13.6 days, and DPO fell 2.6 days.

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

Leverage looks fairly comfortable, with net debt / equity at −0.30x and interest coverage at 682.77x.

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 0.17x equity, with a net cash position equivalent to 0.30x equity.

None

Over the last 12 months, working capital absorbed 23.7bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.