Trailing net profit reached 27.8bn, fell 8.2bn compared with the same period last year. Key positives came from lower selling expenses and lower tax. Offsetting pressure came mainly from higher administrative expenses, lower gross profit, lower financial income, and higher deferred tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 1.0% year on year, with the quarterly pace steady around +2%.

3 of the last 4 quarters grew year on year.

Net margin narrowed to 3.02%, falling 0.9pp. The main pressure comes from Gross margin fell 0.8pp and SG&A / Revenue rose 0.1pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.1pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 54.2bn against investing cash flow of -9.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +45.0bn. Financing cash flow was negative +20.4bn.

CFO / net income was 2,06 lần.

After spending +66.4bn on fixed-asset investment, the business generated trailing free cash flow of −9.0bn.

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 96% of pre-tax profit comes from core operations.

Within that, net financial result at +2.0%, other profit at +2.2% 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.

Cash conversion cycle lengthened by 2.3 days versus the same period last year. The main moves came from DIO rose 2.0 days, DSO rose 1.9 days, and DPO rose 1.6 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.

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Balance sheet is exceptionally sound — liabilities at 0.81x equity, with a net cash position equivalent to 0.22x equity.

None

Over the last 12 months, working capital absorbed 0.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.