Trailing net profit reached 83.9bn, rose 1.8bn compared with the same period last year. Key positives came from higher financial income, lower selling expenses, and better other profit. Offsetting pressure came mainly from higher administrative expenses, lower gross profit, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 5.3% year on year — not from a single spike: quarterly growth stepped up from −19% to +22%.

2 of the last 4 quarters grew year on year.

Net margin expanded to 286.68%, rising 21.0pp. Core operating signals are improving as Gross margin rose 0.9pp are enough to offset pressure from SG&A / Revenue rose 27.7pp (with additional support from Net financial result / Revenue rose 51.4pp and Other profit / Revenue rose 1.3pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Is profit converting into cash?

Operating cash flow reached -38.8bn against investing cash flow of 38.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +0.3bn. Financing cash flow was positive 0.0bn.

CFO / net income was −0,55 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?

Non-core income reaches 121.2% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +120.8%, 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.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 47.5 days versus the same period last year. The main moves came from DIO rose 7.6 days, DSO rose 9.4 days, and DPO fell 30.6 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

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 0.03x equity, with a net cash position equivalent to 0.02x equity.

None

Over the last 12 months, working capital absorbed 4.9bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.