Trailing net profit reached 142.2bn, rose 8.2bn compared with the same period last year. Key positives came from lower finance costs, higher gross profit, higher financial income, and lower tax. Offsetting pressure came mainly from weaker other profit and higher selling expenses. Detailed impact is shown below:

Net margin edged up to 20.99%, rising 1.0pp. Core operating signals are improving as Gross margin rose 0.8pp are enough to offset pressure from SG&A / Revenue rose 0.2pp (in addition, Net financial result / Revenue rose 1.9pp added support while Other profit / Revenue fell 1.7pp remained a drag).

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

ROIC edged up to 8.88%, rising 1.3pp. That translates to 8.88 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.5pp, 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 conservative with low leverage — liabilities at 0.74x equity, net debt at 0.36x equity.

None

Over the last 12 months, working capital absorbed 16.8bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Cash conversion cycle lengthened by 11.3 days versus the same period last year. The main moves came from DIO rose 11.7 days, DSO fell 1.4 days, and DPO fell 1.0 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 0.36x and interest coverage at 2.60x.

At present, short-term debt accounts for 10.1% of total debt, cash equals 31.4% of debt, and total debt stands at 614.1bn.

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 276.1bn in 2025, against investing cash flow of -84.6bn.

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

CFO / net income was 1,75 lần.

After spending +85.2bn on fixed-asset investment, the business generated trailing free cash flow of +163.5bn.

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