Trailing net profit reached 56.5bn, fell 1.2bn compared with the same period last year. Key positives came from higher gross profit, better other profit, lower finance costs, and higher financial income. Offsetting pressure came mainly from higher selling expenses and higher administrative expenses. Detailed impact is shown below:

Net margin narrowed to 23.05%, falling 0.9pp. The main pressure is SG&A / Revenue rose 5.0pp, outweighing the improvement in Gross margin rose 1.8pp (with additional support from Other profit / Revenue rose 1.3pp and Net financial result / Revenue rose 0.9pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

ROIC narrowed to 11.89%, falling 0.5pp. That translates to 11.89 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.9pp, 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. Balance sheet is exceptionally sound — liabilities at 0.16x equity, with a net cash position equivalent to 0.01x equity.

None

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

Cash conversion cycle lengthened by 3.8 days versus the same period last year. The main moves came from DIO rose 4.9 days, DSO fell 12.3 days, and DPO fell 11.2 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

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 −0.01x and interest coverage at 12.57x.

At present, short-term debt accounts for 23.6% of total debt, cash equals 105.8% of debt, and total debt stands at 49.4bn.

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 77.8bn in 2025, against investing cash flow of -32.9bn.

Post-investment cash flow was positive +44.9bn. Financing cash flow was negative +67.2bn.

CFO / net income was 1,49 lần.

After spending +32.7bn on fixed-asset investment, the business generated trailing free cash flow of +51.6bn.

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