Trailing net profit reached 89.6bn, rose 2.8bn compared with the same period last year. Key positives came from higher financial income and higher gross profit. Offsetting pressure came mainly from higher administrative expenses and higher finance costs. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 3.9% year on year — but the quarterly pace is slowing (+5% → +2%).

4 of the last 4 quarters grew year on year.

Net margin stands at 19.26%, 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?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 144.8bn against investing cash flow of -94.0bn (annual cash-flow figures for 2025).

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

CFO / net income was 1,26 lần.

After spending +43.6bn on fixed-asset investment, the business generated trailing free cash flow of +69.4bn.

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 93% of pre-tax profit comes from core operations.

Within that, net financial result at +5.2%, other profit at +1.5% of PBT.

ROIC narrowed to 18.39%, falling 0.3pp. That translates to 18.39 in after-tax operating profit for every 100 units of operating capital. ROIC is under pressure as NOPAT margin steady and capital turnover broadly stable have not provided enough support, 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.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.0 days versus the same period last year. The main moves came from DIO fell 2.2 days, DSO rose 0.4 days, and DPO rose 4.1 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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 0.19x and interest coverage at 17.20x.

At present, short-term debt accounts for 15.9% of total debt, cash equals 35.8% of debt, and total debt stands at 117.9bn.

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 0.49x equity, net debt at 0.19x equity.

None

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