Trailing net profit reached 63.9bn, rose 31.1bn compared with the same period last year. Key positives came from higher financial income and lower finance costs. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 0.0% year on year — not from a single spike: quarterly growth stepped up from −9% to +24%.

1 of the last 4 quarters grew year on year.

Net margin expanded to 23.08%, rising 11.2pp. Core operating signals are improving as Gross margin rose 1.1pp are enough to offset pressure from SG&A / Revenue rose 2.8pp (with additional support from Net financial result / Revenue rose 14.6pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 46.0bn against investing cash flow of 14.5bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +60.5bn. Financing cash flow was negative +63.3bn.

CFO / net income was 2,27 lần.

After spending +20.4bn on fixed-asset investment, the business generated trailing free cash flow of +124.4bn.

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?

Non-core income reaches 106.2% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +106.2% of PBT.

ROIC expanded to 5.95%, rising 3.0pp. That translates to 5.95 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 11.5pp, with capital turnover broadly stable; 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.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 12.2 days versus the same period last year. The main moves came from DIO fell 23.5 days, DSO fell 74.4 days, and DPO fell 85.7 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.

Leverage looks fairly comfortable, with net debt / equity at −0.02x and interest coverage at 18.82x.

At present, short-term debt accounts for 66.7% of total debt, cash equals 125.7% of debt, and total debt stands at 66.4bn.

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

ROIC for utilities reflects a large fixed-asset base and regulated tariffs. Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.02x equity.

Inventory ended the period at 140.3bn, roughly 11.5% of total assets.

Over the last 12 months, working capital released 98.7bn of cash, mainly thanks to lower receivables and lower inventories.