Trailing net profit reached 7.7bn, rose 2.3bn compared with the same period last year. Key positives came from higher gross profit, lower selling expenses, higher financial income, and lower finance costs. Offsetting pressure came mainly from weaker other profit and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 22.6% year on year — not from a single spike: quarterly growth stepped up from +34% to +60%.

3 of the last 4 quarters grew year on year.

Net margin edged up to 6.00%, rising 0.9pp. Core operating signals are improving as SG&A / Revenue fell 5.8pp are enough to offset pressure from Gross margin fell 1.9pp (in addition, Net financial result / Revenue rose 0.6pp added support while Other profit / Revenue fell 3.5pp remained a drag).

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?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 11.3bn against investing cash flow of -1.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +10.1bn. Financing cash flow was positive 0.0bn.

CFO / net income was 1,87 lần.

After spending +4.1bn on fixed-asset investment, the business generated trailing free cash flow of +10.4bn.

How much income is non-core?

About 91% of pre-tax profit comes from core operations.

Within that, net financial result at +6.0%, other profit at +2.7% of PBT.

ROIC expanded to 8.63%, rising 5.6pp. That translates to 8.63 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.6pp and capital turnover rose 0.22x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 11.2 days versus the same period last year. The main moves came from DIO fell 8.0 days, DSO rose 5.9 days, and DPO fell 13.4 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Leverage looks fairly comfortable, with net debt / equity at −0.20x and interest coverage at 23.30x.

At present, cash equals 318.5% of debt and total debt stands at 10.0bn.

The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 0.49x equity, with a net cash position equivalent to 0.20x equity.

Inventory ended the period at 18.8bn, roughly 11.5% of total assets.

Over the last 12 months, working capital released 0.6bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.