Trailing net profit reached 79.6bn, rose 62.4bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses and higher selling expenses. Detailed impact is shown below:

Net margin edged up to 1.00%, rising 0.8pp. Core operating signals are improving as Gross margin rose 0.8pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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

ROIC currently stands at 4.59%. Track NOPAT margin and capital turnover to assess capital efficiency.

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. Leverage is elevated, requiring monitoring — liabilities at 2.10x equity, net debt at 1.01x equity.

None

Over the last 12 months, working capital released 50.1bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.1 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO fell 1.0 days, and DPO rose 1.5 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

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 warrants monitoring, with net debt / equity at 1.01x and interest coverage only at 1.46x.

At present, short-term debt accounts for 15.1% of total debt, cash equals 1.3% of debt, and total debt stands at 718.7bn.

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 240.4bn in 2025, against investing cash flow of -197.9bn.

Post-investment cash flow was positive +42.5bn. Financing cash flow was negative +146.1bn.

CFO / net income was 4,09 lần.

After spending +214.6bn on fixed-asset investment, the business generated trailing free cash flow of +111.3bn.

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