Trailing net profit reached 72.4bn, fell 18.4bn compared with the same period last year. Key positives came from higher gross profit and lower tax. Offsetting pressure came mainly from higher selling expenses and higher administrative expenses. Detailed impact is shown below:

Net margin narrowed to 1.44%, falling 1.0pp. The main pressure comes from SG&A / Revenue rose 1.1pp and Gross margin fell 0.1pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.0pp remained a drag).

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

ROIC fell to 15.20%, losing 6.7pp. That translates to 15.20 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.0pp, outweighing the movement in capital turnover; while invested capital rose by 54bn.

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. Balance sheet is exceptionally sound — liabilities at 1.70x equity, with a net cash position equivalent to 0.14x equity.

None

Over the last 12 months, working capital absorbed 23.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Cash conversion cycle lengthened by 3.1 days versus the same period last year. The main moves came from DIO fell 2.1 days, DSO rose 0.0 days, and DPO fell 5.2 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 −0.14x and interest coverage at 17.00x.

At present, short-term debt accounts for 24.0% of total debt, cash equals 223.9% of debt, and total debt stands at 74.6bn.

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 53.7bn in 2025, against investing cash flow of -132.1bn.

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

CFO / net income was 0,76 lần.

After spending +164.5bn on fixed-asset investment, the business generated trailing free cash flow of −109.6bn.

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