Trailing net profit reached 22.2bn, rose 19.0bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher tax, and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 23.8% year on year — not from a single spike: quarterly growth stepped up from +18% to +40%.

4 of the last 4 quarters grew year on year.

Net margin expanded to 5.15%, rising 4.2pp. Core operating signals are improving as Gross margin rose 8.1pp are enough to offset pressure from SG&A / Revenue rose 8.4pp (with additional support from Other profit / Revenue rose 4.1pp and Net financial result / Revenue rose 2.1pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 57.1bn against investing cash flow of 25.0bn (annual cash-flow figures for 2024).

Post-investment cash flow was positive +82.1bn. Financing cash flow was negative +26.7bn.

CFO / net income was 4,94 lần.

After spending +12.2bn on fixed-asset investment, the business generated trailing free cash flow of +97.3bn.

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

How much income is non-core?

Non-core income reaches 65.2% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +7.3%, other profit at +57.9% of PBT.

ROIC expanded to 2.57%, rising 1.8pp. That translates to 2.57 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.2pp and capital turnover rose 0.36x, while invested capital contracted by 60bn — capital-return quality improved from both sides.

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 4.7 days versus the same period last year. The main moves came from DIO fell 12.2 days, DSO rose 2.3 days, and DPO fell 5.3 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 warrants monitoring, with net debt / equity at −0.05x and interest coverage only at 1.90x.

At present, short-term debt accounts for 23.6% of total debt, cash equals 117.9% of debt, and total debt stands at 112.8bn.

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. Balance sheet is exceptionally sound — liabilities at 0.89x equity, with a net cash position equivalent to 0.05x equity.

None

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