Trailing net profit reached 29.5bn, rose 3.9bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher selling expenses and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 11.5% year on year — not from a single spike: quarterly growth stepped up from +10% to +14%.

4 of the last 4 quarters grew year on year.

Net margin stands at 7.70%, 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 73.5bn against investing cash flow of -63.8bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +9.7bn. Financing cash flow was positive +4.8bn.

CFO / net income was 1,54 lần.

Track how much investment can be funded internally from operating cash flow.

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 99% of pre-tax profit comes from core operations.

Within that, net financial result at −10.9%, other profit at +0.9% of PBT.

Track how much operating profit the business generates on invested capital.

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 15.7 days versus the same period last year. The main moves came from DIO rose 2.3 days, DSO rose 2.9 days, and DPO rose 21.0 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 0.28x and interest coverage at 8.96x.

At present, cash equals 23.9% of debt and total debt stands at 70.0bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Capital structure is conservative with low leverage — liabilities at 0.99x equity, net debt at 0.28x equity.

None

Over the last 12 months, working capital released 9.6bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.