Trailing net profit reached 272.6bn, fell 87.7bn compared with the same period last year. Key positives came from lower tax and higher financial income. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 10.4% year on year — not from a single spike: quarterly growth stepped up from −16% to −8%.

0 of the last 4 quarters grew year on year.

Net margin fell to 38.22%, losing 7.1pp. The main pressure comes from Gross margin fell 9.5pp and SG&A / Revenue rose 1.0pp (in addition, Net financial result / Revenue rose 1.8pp added support while Other profit / Revenue fell 0.2pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 415.8bn against investing cash flow of -151.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +264.7bn. Financing cash flow was negative +206.7bn.

CFO / net income was 1,20 lần.

Track how much investment can be funded internally from operating cash flow.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

How much income is non-core?

About 93% of pre-tax profit comes from core operations.

Within that, net financial result at +6.3%, other profit at +0.2% of PBT.

Track how much operating profit the business generates on invested capital.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.1 days versus the same period last year. The main moves came from DIO fell 0.5 days, DSO fell 14.2 days, and DPO fell 11.6 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

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.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Balance sheet is exceptionally sound — liabilities at 0.12x equity, with a net cash position equivalent to 0.03x equity.

None

Over the last 12 months, working capital released 0.9bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.