Trailing net profit reached 36.3bn, fell 14.4bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit, higher finance costs, and higher administrative expenses. Detailed impact is shown below:

Net margin fell to 11.79%, losing 5.8pp. The main pressure comes from Gross margin fell 4.8pp and SG&A / Revenue rose 0.2pp (with lingering pressure from Net financial result / Revenue fell 2.0pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

ROIC fell to 5.28%, losing 2.5pp. That translates to 5.28 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 5.7pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

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. Capital structure is balanced — liabilities at 1.25x equity, net debt at 0.67x equity.

None

Over the last 12 months, working capital absorbed 0.6bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Cash conversion cycle improved by 0.8 days versus the same period last year. The main moves came from DIO fell 2.5 days, DSO rose 1.8 days, and DPO rose 0.1 days.

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

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.

Leverage is balanced for now, with net debt / equity at 0.67x and interest coverage at 2.44x.

At present, short-term debt accounts for 10.4% of total debt, cash equals 16.2% of debt, and total debt stands at 320.0bn.

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 91.1bn in 2025, against investing cash flow of -66.9bn.

Post-investment cash flow was positive +24.1bn. Financing cash flow was negative +13.0bn.

CFO / net income was 2,29 lần.

After spending +62.9bn on fixed-asset investment, the business generated trailing free cash flow of +20.1bn.

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