Trailing net profit reached 80.2bn, fell 15.6bn compared with the same period last year. Key positives came from lower administrative expenses and lower tax. Offsetting pressure came mainly from lower financial income and lower gross profit. Detailed impact is shown below:

Net margin fell to 25.01%, losing 5.1pp. The main pressure is Gross margin fell 1.7pp, outweighing the improvement in SG&A / Revenue fell 1.1pp (with lingering pressure from Net financial result / Revenue fell 5.5pp and Other profit / Revenue fell 0.1pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

ROIC narrowed to 7.19%, falling 1.3pp. That translates to 7.19 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 5.1pp, outweighing the movement in capital turnover; 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.

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 0.21x equity, net debt at 0.12x equity.

None

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

Cash conversion cycle lengthened by 2.4 days versus the same period last year. The main moves came from DIO rose 2.4 days, DSO fell 0.4 days, and DPO fell 0.3 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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 0.12x and interest coverage at 9.39x.

At present, short-term debt accounts for 14.1% of total debt, cash equals 24.1% of debt, and total debt stands at 161.5bn.

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 40.6bn in 2025, against investing cash flow of 36.1bn.

Post-investment cash flow was positive +76.7bn. Financing cash flow was negative +70.9bn.

CFO / net income was 0,49 lần.

After spending +47.6bn on fixed-asset investment, the business generated trailing free cash flow of −8.1bn.

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