Trailing net profit reached 1,049.9bn, rose 27.9bn compared with the same period last year. Key positives came from lower finance costs, lower administrative expenses, higher financial income, and higher associates income. Offsetting pressure came mainly from lower gross profit and higher tax. Detailed impact is shown below:

Net margin edged up to 44.40%, rising 0.5pp. Core operating signals are improving as SG&A / Revenue fell 0.5pp are enough to offset pressure from Gross margin fell 2.1pp (with additional support from Net financial result / Revenue rose 2.3pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

ROIC edged up to 16.25%, rising 0.4pp. That translates to 16.25 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.5pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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 0.41x equity, net debt at 0.20x equity.

None

Over the last 12 months, working capital released 1,056.7bn of cash, mainly thanks to lower receivables and lower inventories.

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 16.6 days versus the same period last year. The main moves came from DIO fell 5.3 days, DSO rose 17.9 days, and DPO fell 3.9 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 0.20x and interest coverage at 32.65x.

At present, short-term debt accounts for 5.4% of total debt, cash equals 12.5% of debt, and total debt stands at 1,236.0bn.

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 1,387.6bn in 2025, against investing cash flow of -313.6bn.

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

CFO / net income was 1,80 lần.

After spending +64.7bn on fixed-asset investment, the business generated trailing free cash flow of +1,827.7bn.

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