Trailing net profit reached 19.2bn, rose 3.2bn 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, higher tax, higher selling expenses, and higher finance costs. Detailed impact is shown below:

Net margin edged up to 12.27%, rising 0.7pp. Core operating signals are improving as Gross margin rose 1.1pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (in addition, Other profit / Revenue rose 0.3pp added support while Net financial result / Revenue fell 0.1pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

ROIC edged up to 7.30%, rising 0.4pp. That translates to 7.30 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.4pp, with capital turnover broadly 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.

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 0.86x equity, net debt at 0.29x equity.

None

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

Cash conversion cycle lengthened by 13.0 days versus the same period last year. The main moves came from DIO rose 1.1 days, DSO fell 2.0 days, and DPO fell 13.9 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 0.29x and interest coverage at 7.63x.

At present, short-term debt accounts for 55.3% of total debt, cash equals 5.3% of debt, and total debt stands at 56.6bn.

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 40.8bn in 2025, against investing cash flow of -30.4bn.

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

CFO / net income was 1,81 lần.

After spending +30.4bn on fixed-asset investment, the business generated trailing free cash flow of +4.2bn.

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