Trailing net profit reached 70.8bn, fell 15.9bn compared with the same period last year. Key positives came from lower tax and lower selling expenses. Offsetting pressure came mainly from lower gross profit, higher finance costs, and higher administrative expenses. Detailed impact is shown below:

Net margin fell to 18.43%, losing 3.6pp. The main pressure is Gross margin fell 3.8pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (with lingering pressure from Net financial result / Revenue fell 0.6pp and Other profit / Revenue fell 0.2pp).

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

ROIC fell to 11.42%, losing 4.2pp. That translates to 11.42 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 3.4pp and capital turnover fell 0.10x, while invested capital rose by 105bn — pressure came from both operational efficiency and asset efficiency.

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 0.57x equity, net debt at 0.33x equity.

None

Over the last 12 months, working capital absorbed 26.7bn of cash, mainly because of higher receivables and higher inventories.

Cash conversion cycle lengthened by 14.7 days versus the same period last year. The main moves came from DIO rose 15.6 days, DSO rose 0.1 days, and DPO rose 1.1 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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 0.33x and interest coverage at 8.48x.

At present, short-term debt accounts for 36.8% of total debt, cash equals 15.9% of debt, and total debt stands at 243.0bn.

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 126.4bn in 2025, against investing cash flow of -155.6bn.

Post-investment cash flow was negative +29.2bn. Financing cash flow was positive +40.4bn.

CFO / net income was 2,02 lần.

After spending +169.0bn on fixed-asset investment, the business generated trailing free cash flow of −26.0bn.

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