Trailing net profit reached 307.5bn, rose 118.3bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher finance costs, higher selling expenses, higher minority interests, and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 37.7% year on year — not from a single spike: quarterly growth stepped up from −3% to +48%.

3 of the last 4 quarters grew year on year.

Net margin edged up to 1.72%, rising 0.5pp. The main driver is Gross margin rose 0.7pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.3pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Is profit converting into cash?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -1,388.9bn against investing cash flow of -959.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +2,348.8bn. Financing cash flow was positive +2,057.1bn.

CFO / net income was −7,11 lần.

After spending +49.5bn on fixed-asset investment, the business generated trailing free cash flow of −2,236.1bn.

How much income is non-core?

About 92% of pre-tax profit comes from core operations.

Within that, net financial result at +4.1%, other profit at +3.8% of PBT.

ROIC expanded to 5.80%, rising 2.4pp. That translates to 5.80 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.5pp and capital turnover rose 0.54x, while invested capital rose by 1,062bn — capital-return quality improved from both sides.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 10.6 days versus the same period last year. The main moves came from DIO fell 9.5 days, DSO fell 0.4 days, and DPO rose 0.7 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Leverage warrants monitoring, with net debt / equity at 1.81x and interest coverage only at 1.29x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 24.7% of debt, and total debt stands at 6,805.2bn.

The asset structure shows capital being allocated increasingly efficiently. Leverage is very high, with clear pressure on the capital structure — liabilities at 4.05x equity, net debt at 1.81x equity.

Inventory ended the period at 1,630.7bn, roughly 12.2% of total assets.

Over the last 12 months, working capital absorbed 2,144.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.