Trailing net profit reached 146.6bn, rose 49.4bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 4.6% year on year — not from a single spike: quarterly growth stepped up from +1% to +27%.

2 of the last 4 quarters grew year on year.

Net margin expanded to 12.35%, rising 3.8pp. Core operating signals are improving as Gross margin rose 6.1pp are enough to offset pressure from SG&A / Revenue rose 2.4pp (in addition, Net financial result / Revenue rose 1.4pp added support while Other profit / Revenue fell 0.3pp 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 218.2bn against investing cash flow of 28.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +247.1bn. Financing cash flow was negative +151.2bn.

CFO / net income was 1,39 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 makes up 16.9% of pre-tax profit — worth monitoring.

Within that, net financial result at +13.3%, other profit at +3.6% of PBT.

ROIC expanded to 24.80%, rising 6.2pp. That translates to 24.80 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.7pp, with capital turnover fell 0.21x; while invested capital rose by 72bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 7.4 days versus the same period last year. The main moves came from DIO rose 0.8 days, DSO rose 3.7 days, and DPO fell 2.9 days.

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

Leverage looks fairly comfortable, with net debt / equity at −0.38x and interest coverage at 17.92x.

At present, short-term debt accounts for 36.0% of total debt, cash equals 549.2% of debt, and total debt stands at 96.3bn.

The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 0.31x equity, with a net cash position equivalent to 0.38x equity.

None

Over the last 12 months, working capital absorbed 4.0bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.