Trailing net profit reached 56.2bn, rose 2.6bn 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 administrative expenses, higher selling expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 5.5% year on year — not from a single spike: quarterly growth stepped up from +4% to +7%.

4 of the last 4 quarters grew year on year.

Net margin stands at 22.48%, 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 77.8bn against investing cash flow of -32.9bn (annual cash-flow figures for 2025).

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

CFO / net income was 1,51 lần.

After spending +55.0bn on fixed-asset investment, the business generated trailing free cash flow of +29.8bn.

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 95% of pre-tax profit comes from core operations.

Within that, net financial result at −5.7%, other profit at +5.1% of PBT.

ROIC stands at 11.79%, broadly flat versus the same period. That translates to 11.79 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 1.0pp, but capital turnover broadly stable, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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 23.1 days versus the same period last year. The main moves came from DIO fell 2.6 days, DSO fell 12.7 days, and DPO rose 7.7 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

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 12.89x.

At present, short-term debt accounts for 16.3% of total debt, cash equals 108.7% of debt, and total debt stands at 65.3bn.

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 0.16x equity, with a net cash position equivalent to 0.01x equity.

None

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