Trailing net profit reached 61.9bn, rose 15.2bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 0.3% year on year, with the quarterly pace steady around −2%.

2 of the last 4 quarters grew year on year.

Net margin edged up to 4.87%, 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).

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

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 75.7bn against investing cash flow of -29.7bn (annual cash-flow figures for 2025).

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

CFO / net income was 1,03 lần.

After spending +31.9bn on fixed-asset investment, the business generated trailing free cash flow of +31.7bn.

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?

About 98% of pre-tax profit comes from core operations.

Within that, net financial result at +0.1%, other profit at +2.3% of PBT.

ROIC expanded to 25.76%, rising 9.8pp. That translates to 25.76 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.1pp 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.

Cash conversion cycle lengthened by 0.2 days versus the same period last year. The main moves came from DIO rose 2.3 days, DSO fell 0.5 days, and DPO rose 1.6 days.

Working capital cycle is flat — components are offsetting each other.

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 0.14x and interest coverage at 13.16x.

At present, short-term debt accounts for 18.1% of total debt, cash equals 55.3% of debt, and total debt stands at 78.8bn.

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. Capital structure is conservative with low leverage — liabilities at 1.02x equity, net debt at 0.14x equity.

None

Over the last 12 months, working capital released 3.5bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.