Trailing net profit reached 169.2bn, rose 90.5bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Detailed impact is shown below:

Net margin expanded to 46.37%, rising 21.2pp. The main driver is Gross margin rose 7.6pp and SG&A / Revenue fell 0.9pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 13.3pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

ROIC expanded to 15.17%, rising 8.5pp. That translates to 15.17 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 21.0pp and capital turnover rose 0.06x, with invested capital easing slightly by 74bn — capital-return quality improved from both sides.

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 conservative with low leverage — liabilities at 0.29x equity, net debt at 0.12x equity.

None

Over the last 12 months, working capital absorbed 27.4bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Cash conversion cycle lengthened by 8.4 days versus the same period last year. The main moves came from DIO fell 7.8 days, DSO rose 17.0 days, and DPO rose 0.8 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

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 looks fairly comfortable, with net debt / equity at 0.12x and interest coverage at 13.49x.

At present, short-term debt accounts for 82.6% of total debt, cash equals 0.7% of debt, and total debt stands at 119.0bn.

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 169.8bn in 2025, against investing cash flow of -11.1bn.

Post-investment cash flow was positive +158.7bn. Financing cash flow was negative +196.2bn.

CFO / net income was 1,64 lần.

After spending +11.3bn on fixed-asset investment, the business generated trailing free cash flow of +266.5bn.

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