Trailing net profit reached 36.4bn, rose 0.5bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, weaker other profit, and lower financial income. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 14.0% year on year, with the quarterly pace steady around +16%.

4 of the last 4 quarters grew year on year.

Net margin stands at 0.44%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Is profit converting into cash?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 240.4bn against investing cash flow of -197.9bn (annual cash-flow figures for 2025).

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

CFO / net income was 4,97 lần.

After spending +155.1bn on fixed-asset investment, the business generated trailing free cash flow of +25.7bn.

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?

Non-core income reaches 35.8% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at −71.2%, other profit at +35.8% of PBT.

ROIC currently stands at 1.74%. 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.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.8 days versus the same period last year. The main moves came from DIO fell 0.3 days, DSO fell 0.4 days, and DPO rose 4.1 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 1.02x and interest coverage only at 0.55x.

At present, short-term debt accounts for 20.2% of total debt, cash equals 1.7% of debt, and total debt stands at 677.2bn.

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. Leverage is elevated, requiring monitoring — liabilities at 2.10x equity, net debt at 1.02x equity.

None

Over the last 12 months, working capital absorbed 42.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.