Trailing net profit reached 60.4bn, rose 14.4bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher selling expenses, higher tax, and higher administrative expenses. Detailed impact is shown below:

Net margin expanded to 12.00%, rising 2.3pp. Core operating signals are improving as Gross margin rose 1.5pp are enough to offset pressure from SG&A / Revenue rose 0.2pp (with additional support from Other profit / Revenue rose 1.1pp and Net financial result / Revenue rose 0.2pp).

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 expanded to 12.88%, rising 2.5pp. That translates to 12.88 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.4pp and capital turnover rose 0.10x, 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.

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 1.77x equity, net debt at 0.14x equity.

None

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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.6 days versus the same period last year. The main moves came from DIO rose 0.3 days, DSO rose 3.5 days, and DPO rose 9.5 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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 0.14x and interest coverage at 12.51x.

At present, short-term debt accounts for 31.7% of total debt, cash equals 44.9% of debt, and total debt stands at 98.2bn.

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 87.4bn in 2025, against investing cash flow of -43.9bn.

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

CFO / net income was 1,32 lần.

After spending +45.4bn on fixed-asset investment, the business generated trailing free cash flow of +34.5bn.

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