Trailing net profit reached 18.0bn, rose 1.9bn 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, higher finance costs, higher selling expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 11.6% year on year — but the quarterly pace is slowing (+17% → +6%).

4 of the last 4 quarters grew year on year.

Net margin stands at 11.35%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 40.8bn against investing cash flow of -30.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +10.4bn. Financing cash flow was negative +10.6bn.

CFO / net income was 1,81 lần.

After spending +19.8bn on fixed-asset investment, the business generated trailing free cash flow of +12.8bn.

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 makes up 12.2% of pre-tax profit — worth monitoring.

Within that, net financial result at −13.8%, other profit at +12.2% of PBT.

ROIC stands at 7.32%, broadly flat versus the same period. That translates to 7.32 in after-tax operating profit for every 100 units of operating capital. Both components held their rhythm — NOPAT margin and capital turnover were both 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.

Cash conversion cycle lengthened by 13.6 days versus the same period last year. The main moves came from DIO fell 4.6 days, DSO fell 1.7 days, and DPO fell 20.0 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 0.30x and interest coverage at 6.29x.

At present, short-term debt accounts for 65.3% of total debt, cash equals 3.9% of debt, and total debt stands at 53.6bn.

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 0.86x equity, net debt at 0.30x equity.

None

Over the last 12 months, working capital released 0.0bn of cash.