Trailing net profit reached 63.3bn, rose 13.7bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 8.5% year on year — not from a single spike: quarterly growth stepped up from +2% to +12%.

3 of the last 4 quarters grew year on year.

Net margin expanded to 12.22%, rising 1.8pp. Core operating signals are improving as Gross margin rose 2.4pp are enough to offset pressure from SG&A / Revenue rose 1.7pp (with additional support from Other profit / Revenue rose 1.2pp and Net financial result / Revenue rose 0.1pp).

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 87.4bn against investing cash flow of -43.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +43.4bn. Financing cash flow was negative +28.1bn.

CFO / net income was 0,53 lần.

After spending +21.7bn on fixed-asset investment, the business generated trailing free cash flow of +11.9bn.

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 96% of pre-tax profit comes from core operations.

Within that, net financial result at −6.5%, other profit at +4.1% of PBT.

ROIC expanded to 14.93%, rising 2.2pp. That translates to 14.93 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.7pp and capital turnover rose 0.12x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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 1.9 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO rose 5.2 days, and DPO rose 3.5 days.

Working capital cycle is flat — components are offsetting each other.

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 0.10x and interest coverage at 12.77x.

At present, short-term debt accounts for 27.0% of total debt, cash equals 64.4% of debt, and total debt stands at 112.5bn.

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 1.77x equity, net debt at 0.10x equity.

None

Over the last 12 months, working capital released 0.0bn of cash.