Trailing net profit reached 69.8bn, fell 7.1bn compared with the same period last year. Key positives came from lower tax and higher financial income. Offsetting pressure came mainly from higher finance costs, lower gross profit, weaker other profit, and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 1.7% year on year — not from a single spike: quarterly growth stepped up from −4% to −1%.

1 of the last 4 quarters grew year on year.

Net margin narrowed to 18.28%, falling 1.3pp. The main pressure is SG&A / Revenue rose 0.7pp, outweighing the improvement in Gross margin rose 0.3pp (with lingering pressure from Net financial result / Revenue fell 0.8pp and Other profit / Revenue fell 0.4pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 126.4bn against investing cash flow of -155.6bn (annual cash-flow figures for 2025).

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

CFO / net income was 1,46 lần.

After spending +142.2bn on fixed-asset investment, the business generated trailing free cash flow of −40.5bn.

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 95% of pre-tax profit comes from core operations.

Within that, net financial result at −10.6%, other profit at +4.5% of PBT.

ROIC fell to 11.35%, losing 3.0pp. That translates to 11.35 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.1pp and capital turnover fell 0.12x, while invested capital rose by 118bn — 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.

Cash conversion cycle lengthened by 29.0 days versus the same period last year. The main moves came from DIO rose 29.4 days, DSO rose 0.1 days, and DPO rose 0.5 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 0.32x and interest coverage at 7.57x.

At present, short-term debt accounts for 37.2% of total debt, cash equals 18.2% of debt, and total debt stands at 249.9bn.

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 0.57x equity, net debt at 0.32x equity.

None

Over the last 12 months, working capital absorbed 71.8bn of cash, mainly because of higher receivables and higher inventories.