Trailing net profit reached 144.9bn, rose 8.0bn compared with the same period last year. Key positives came from lower finance costs, higher financial income, and lower administrative expenses. Offsetting pressure came mainly from lower gross profit, weaker other profit, higher tax, and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 4.3% year on year — not from a single spike: quarterly growth stepped up from −3% to +10%.

3 of the last 4 quarters grew year on year.

Net margin edged up to 20.85%, rising 0.3pp. Core operating signals are improving as SG&A / Revenue fell 0.6pp are enough to offset pressure from Gross margin fell 3.4pp (in addition, Net financial result / Revenue rose 4.0pp added support while Other profit / Revenue fell 0.7pp remained a drag).

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

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 276.1bn against investing cash flow of -84.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +191.5bn. Financing cash flow was negative +144.0bn.

CFO / net income was 2,15 lần.

After spending +123.3bn on fixed-asset investment, the business generated trailing free cash flow of +188.5bn.

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

How much income is non-core?

About 100% of pre-tax profit comes from core operations.

Within that, net financial result at −15.9%, other profit at +0.2% of PBT.

ROIC edged up to 9.93%, rising 1.1pp. That translates to 9.93 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.9pp, with capital turnover broadly stable; with invested capital easing slightly by 56bn.

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 7.3 days versus the same period last year. The main moves came from DIO rose 4.6 days, DSO fell 2.1 days, and DPO fell 4.8 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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 0.33x and interest coverage at 4.63x.

At present, short-term debt accounts for 10.5% of total debt, cash equals 38.6% of debt, and total debt stands at 585.5bn.

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 0.74x equity, net debt at 0.33x equity.

None

Over the last 12 months, working capital released 37.7bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.