Trailing net profit reached 56.4bn, rose 20.1bn compared with the same period last year. Key positives came from higher financial income and higher gross profit. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:

Net margin expanded to 21.60%, rising 11.7pp. Core operating signals are improving as Gross margin rose 8.9pp are enough to offset pressure from SG&A / Revenue rose 6.6pp (in addition, Net financial result / Revenue rose 10.7pp added support while Other profit / Revenue fell 0.5pp remained a drag).

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

ROIC expanded to 5.19%, rising 2.0pp. That translates to 5.19 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 12.1pp, with capital turnover fell 0.08x; 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 conservative with low leverage — liabilities at 0.13x equity, net debt at 0.00x equity.

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

Over the last 12 months, working capital released 29.7bn of cash, mainly thanks to lower receivables and lower inventories.

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 88.2 days versus the same period last year. The main moves came from DIO rose 74.4 days, DSO rose 16.3 days, and DPO rose 2.5 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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 0.00x and interest coverage at 16.06x.

At present, short-term debt accounts for 50.0% of total debt, cash equals 96.7% of debt, and total debt stands at 89.5bn.

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 46.0bn in 2025, against investing cash flow of 14.5bn.

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

CFO / net income was 1,42 lần.

After spending +11.4bn on fixed-asset investment, the business generated trailing free cash flow of +68.9bn.

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