Trailing net profit reached 551.4bn, rose 140.9bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 17.5% year on year — but the quarterly pace is slowing (+33% → −2%).

3 of the last 4 quarters grew year on year.

Net margin expanded to 46.83%, rising 5.9pp. Core operating signals are improving as Gross margin rose 6.4pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (with additional support from Net financial result / Revenue rose 1.0pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 768.2bn against investing cash flow of -530.8bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +237.4bn. Financing cash flow was negative +332.3bn.

CFO / net income was 1,63 lần.

After spending +89.3bn on fixed-asset investment, the business generated trailing free cash flow of +811.8bn.

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 99% of pre-tax profit comes from core operations.

Within that, net financial result at +1.5% of PBT.

ROIC expanded to 14.90%, rising 2.0pp. That translates to 14.90 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 6.0pp, with capital turnover broadly stable; while invested capital rose by 522bn.

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 6.0 days versus the same period last year. The main moves came from DIO fell 0.5 days, DSO rose 7.6 days, and DPO rose 1.1 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 0.05x and interest coverage at 23.28x.

At present, short-term debt accounts for 11.8% of total debt, cash equals 45.7% of debt, and total debt stands at 347.5bn.

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 0.14x equity, net debt at 0.05x equity.

None

Over the last 12 months, working capital released 74.6bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.