Trailing net profit reached 89.2bn, rose 3.0bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, and better other profit. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:

Net margin stands at 19.30%, 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.

ROIC fell to 16.81%, losing 2.1pp. That translates to 16.81 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.5pp and capital turnover fell 0.08x, while invested capital rose by 66bn — pressure came from both operational efficiency and asset 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. Capital structure is conservative with low leverage — liabilities at 0.49x equity, net debt at 0.27x equity.

None

Over the last 12 months, working capital released 0.0bn of cash.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.7 days versus the same period last year. The main moves came from DIO fell 4.3 days, DSO rose 1.0 days, and DPO rose 1.4 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

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 0.27x and interest coverage at 19.06x.

At present, short-term debt accounts for 22.6% of total debt, cash equals 4.8% of debt, and total debt stands at 125.5bn.

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 144.8bn in 2025, against investing cash flow of -94.0bn.

Post-investment cash flow was positive +50.8bn. Financing cash flow was negative +53.7bn.

CFO / net income was 1,53 lần.

After spending +79.3bn on fixed-asset investment, the business generated trailing free cash flow of +57.3bn.

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