Trailing net profit reached 18.2bn, rose 6.2bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax, higher selling expenses, and weaker other profit. Detailed impact is shown below:

Net margin expanded to 9.21%, rising 2.8pp. The main driver is Gross margin rose 3.7pp and SG&A / Revenue fell 0.6pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / Revenue fell 0.8pp remained a drag).

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

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.

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.23x equity, with a net cash position equivalent to 0.39x equity.

None

Over the last 12 months, working capital released 0.0bn of cash.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.2 days versus the same period last year. The main moves came from DIO rose 0.6 days, DSO rose 2.2 days, and DPO rose 8.9 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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.

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 45.7bn in 2025, against investing cash flow of -8.6bn.

Post-investment cash flow was positive +37.1bn. Financing cash flow was negative +10.2bn.

CFO / net income was 2,51 lần.

After spending +6.5bn on fixed-asset investment, the business generated trailing free cash flow of +39.1bn.

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