Trailing net profit reached 166.9bn, rose 55.1bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and better other profit. Offsetting pressure came mainly from higher tax, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:

Net margin expanded to 12.15%, rising 3.8pp. Core operating signals are improving as Gross margin rose 2.7pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (with additional support from Net financial result / Revenue rose 2.0pp and Other profit / Revenue rose 0.5pp).

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 8.66%, rising 2.8pp. That translates to 8.66 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.4pp, 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 balanced — liabilities at 0.82x equity, net debt at 0.58x equity.

None

Over the last 12 months, working capital released 94.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Cash conversion cycle lengthened by 6.7 days versus the same period last year. The main moves came from DIO rose 6.5 days, DSO fell 0.9 days, and DPO fell 1.2 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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 is balanced for now, with net debt / equity at 0.58x and interest coverage at 2.82x.

At present, short-term debt accounts for 8.3% of total debt, cash equals 15.6% of debt, and total debt stands at 813.3bn.

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 369.4bn in 2025, against investing cash flow of -216.6bn.

Post-investment cash flow was positive +152.8bn. Financing cash flow was negative +151.4bn.

CFO / net income was 2,23 lần.

After spending +101.9bn on fixed-asset investment, the business generated trailing free cash flow of +270.1bn.

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