Trailing net profit reached 78.9bn, fell 4.5bn compared with the same period last year. Key positives came from higher gross profit and lower deferred tax. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, weaker other profit, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 44.4% year on year — not from a single spike: quarterly growth stepped up from +18% to +68%.

4 of the last 4 quarters grew year on year.

Net margin narrowed to 1.37%, falling 0.7pp. The main pressure comes from SG&A / Revenue rose 0.5pp and Gross margin fell 0.4pp (with lingering pressure from Other profit / Revenue fell 0.1pp).

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

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 53.7bn against investing cash flow of -132.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +78.4bn. Financing cash flow was negative +25.0bn.

CFO / net income was 0,26 lần.

After spending +144.0bn on fixed-asset investment, the business generated trailing free cash flow of −123.3bn.

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 99% of pre-tax profit comes from core operations.

Within that, net financial result at −3.1%, other profit at +1.4% of PBT.

ROIC fell to 18.82%, losing 8.5pp. That translates to 18.82 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.7pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 126bn.

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 8.3 days versus the same period last year. The main moves came from DIO fell 2.1 days, DSO rose 6.6 days, and DPO fell 3.8 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

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 −0.19x and interest coverage at 17.62x.

At present, short-term debt accounts for 25.5% of total debt, cash equals 269.6% of debt, and total debt stands at 70.1bn.

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. Balance sheet is exceptionally sound — liabilities at 1.70x equity, with a net cash position equivalent to 0.19x equity.

None

Over the last 12 months, working capital absorbed 101.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.