Trailing net profit reached 61.2bn, rose 1.7bn compared with the same period last year. Key positives came from higher gross profit, lower minority interests, and lower deferred tax. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, lower financial income, and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 6.5% year on year — not from a single spike: quarterly growth stepped up from +3% to +8%.

4 of the last 4 quarters grew year on year.

Net margin stands at 1.36%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Is profit converting into cash?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 44.7bn against investing cash flow of -7.5bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +37.2bn. Financing cash flow was negative +26.1bn.

CFO / net income was 2,16 lần.

After spending +3.1bn on fixed-asset investment, the business generated trailing free cash flow of +129.1bn.

How much income is non-core?

Non-core income makes up 24.5% of pre-tax profit — worth monitoring.

Within that, net financial result at +23.2%, other profit at +1.3% 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 1.3 days versus the same period last year. The main moves came from DIO rose 10.9 days, DSO fell 1.6 days, and DPO rose 10.6 days.

Working capital cycle is flat — components are offsetting each other.

Leverage looks fairly comfortable, with net debt / equity at −0.54x and interest coverage at 141.22x.

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.

Leverage is very high, with clear pressure on the capital structure — liabilities at 5.70x equity, with a net cash position equivalent to 0.54x equity.

Inventory ended the period at 867.3bn, roughly 54.4% of total assets.

Over the last 12 months, working capital released 138.5bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.