Trailing net profit reached 13.9bn, rose 0.1bn compared with the same period last year. Key positives came from lower administrative expenses, lower finance costs, and lower tax. Offsetting pressure came mainly from lower gross profit, higher selling expenses, and weaker other profit. Detailed impact is shown below:

Net margin narrowed to 9.30%, falling 1.0pp. The main pressure is Gross margin fell 3.4pp, outweighing the improvement in SG&A / Revenue fell 2.1pp (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / 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.

ROIC stands at 6.73%, broadly flat versus the same period. That translates to 6.73 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.9pp, but capital turnover rose 0.09x, 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.

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 0.27x equity, net debt at 0.02x equity.

None

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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 17.3 days versus the same period last year. The main moves came from DIO fell 5.6 days, DSO fell 8.5 days, and DPO rose 3.2 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 0.02x and interest coverage at 11.37x.

At present, short-term debt accounts for 56.4% of total debt, cash equals 78.4% of debt, and total debt stands at 21.7bn.

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 29.1bn in 2025, against investing cash flow of -23.2bn.

Post-investment cash flow was positive +5.9bn. Financing cash flow was negative +12.5bn.

CFO / net income was 2,42 lần.

After spending +23.2bn on fixed-asset investment, the business generated trailing free cash flow of +10.6bn.

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