Trailing net profit reached 1,175.2bn, rose 62.0bn compared with the same period last year. Key positives came from lower finance costs, higher financial income, and higher associates income. Offsetting pressure came mainly from lower gross profit and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 4.5% year on year — not from a single spike: quarterly growth stepped up from −24% to +10%.

2 of the last 4 quarters grew year on year.

Net margin expanded to 48.31%, rising 4.5pp. Despite pressure from Gross margin fell 2.9pp and SG&A / Revenue rose 0.2pp, the offset came from Net financial result / Revenue rose 8.1pp.

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 1,387.6bn against investing cash flow of -313.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +1,074.0bn. Financing cash flow was negative +991.1bn.

CFO / net income was 1,28 lần.

After spending +54.7bn on fixed-asset investment, the business generated trailing free cash flow of +1,452.2bn.

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

How much income is non-core?

About 93% of pre-tax profit comes from core operations.

Within that, net financial result at +7.4% of PBT.

ROIC narrowed to 17.89%, falling 0.4pp. That translates to 17.89 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin rose 4.5pp, outweighing the movement in capital turnover; while invested capital rose by 487bn.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 19.4 days versus the same period last year. The main moves came from DIO fell 4.7 days, DSO rose 18.3 days, and DPO fell 5.8 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 0.18x and interest coverage at 164.50x.

At present, short-term debt accounts for 10.7% of total debt, cash equals 18.7% of debt, and total debt stands at 1,215.3bn.

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 0.41x equity, net debt at 0.18x equity.

None

Over the last 12 months, working capital released 626.6bn of cash, mainly thanks to lower receivables and lower inventories.