Trailing net profit reached 263.3bn, fell 3.5bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, and weaker other profit. Detailed impact is shown below:

Net margin fell to 34.44%, losing 1.5pp. The main pressure is SG&A / Revenue rose 2.3pp, outweighing the improvement in Gross margin rose 0.7pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.2pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

ROIC narrowed to 23.88%, falling 0.9pp. That translates to 23.88 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.4pp, 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. Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.07x equity.

None

Over the last 12 months, working capital absorbed 27.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Cash conversion cycle lengthened by 8.1 days versus the same period last year. The main moves came from DIO rose 1.0 days, DSO rose 2.8 days, and DPO fell 4.3 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

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.

At present, short-term debt accounts for 62.3% of total debt, cash equals 997.6% of debt, and total debt stands at 9.6bn.

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 298.5bn in 2025, against investing cash flow of -95.6bn.

Post-investment cash flow was positive +202.8bn. Financing cash flow was negative +298.1bn.

CFO / net income was 1,21 lần.

After spending +130.6bn on fixed-asset investment, the business generated trailing free cash flow of +187.6bn.

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