Trailing net profit reached 58.5bn, rose 15.0bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:

Net margin edged up to 4.59%, rising 1.2pp. Core operating signals are improving as Gross margin rose 2.1pp are enough to offset pressure from SG&A / Revenue rose 0.7pp (with additional support from Other profit / Revenue rose 0.1pp and Net financial result / Revenue rose 0.0pp).

The improvement comes from core operations — this is a high-quality margin expansion.

ROIC expanded to 21.08%, rising 7.7pp. That translates to 21.08 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.8pp and capital turnover rose 0.14x, with invested capital holding roughly steady — 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 1.02x equity, net debt at 0.09x equity.

None

Over the last 12 months, working capital released 16.9bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Cash conversion cycle lengthened by 3.3 days versus the same period last year. The main moves came from DIO rose 0.9 days, DSO fell 1.0 days, and DPO fell 3.4 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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 0.09x and interest coverage at 12.16x.

At present, short-term debt accounts for 17.3% of total debt, cash equals 70.0% of debt, and total debt stands at 82.4bn.

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 75.7bn in 2025, against investing cash flow of -29.7bn.

Post-investment cash flow was positive +46.0bn. Financing cash flow was negative +33.3bn.

CFO / net income was 1,47 lần.

After spending +34.9bn on fixed-asset investment, the business generated trailing free cash flow of +51.4bn.

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