Trailing net profit reached 1,390.4bn, fell 47.2bn compared with the same period last year. Key positives came from lower finance costs, higher gross profit, and lower administrative expenses. Offsetting pressure came mainly from lower financial income, higher tax, weaker other profit, and higher minority interests. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 2.1% year on year, with the quarterly pace steady around +8%.

3 of the last 4 quarters grew year on year.

Net margin narrowed to 11.76%, falling 0.5pp. The main pressure is Gross margin fell 0.1pp, outweighing the improvement in SG&A / Revenue fell 0.4pp (with lingering pressure from Net financial result / Revenue fell 0.3pp and Other profit / Revenue fell 0.3pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 2,407.2bn against investing cash flow of -287.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +2,119.7bn. Financing cash flow was negative +679.8bn.

CFO / net income was 1,05 lần.

After spending +785.1bn on fixed-asset investment, the business generated trailing free cash flow of +674.8bn.

How much income is non-core?

Non-core income makes up 10.5% of pre-tax profit — worth monitoring.

Within that, net financial result at +10.5%, other profit at +0.0% of PBT.

ROIC stands at 13.91%, broadly flat versus the same period. That translates to 13.91 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.3pp, but capital turnover broadly stable, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.6 days versus the same period last year. The main moves came from DIO fell 28.4 days, DSO rose 8.1 days, and DPO fell 1.7 days.

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

Leverage looks fairly comfortable, with net debt / equity at 0.10x and interest coverage at 16.29x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 60.8% of debt, and total debt stands at 2,469.9bn.

Capital structure is conservative with low leverage — liabilities at 0.33x equity, net debt at 0.10x equity.

Inventory ended the period at 2,785.0bn, roughly 20.8% of total assets.

Over the last 12 months, working capital absorbed 547.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.