Trailing net profit reached 17.4bn, rose 5.2bn compared with the same period last year. Key positives came from higher gross profit and lower administrative expenses. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 20.6% year on year — not from a single spike: quarterly growth stepped up from +2% to +33%.

4 of the last 4 quarters grew year on year.

Net margin expanded to 10.76%, rising 1.7pp. Core operating signals are improving as SG&A / Revenue fell 2.1pp are enough to offset pressure from Gross margin fell 0.2pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.1pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 29.1bn against investing cash flow of -23.2bn (annual cash-flow figures for 2025).

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

CFO / net income was 2,27 lần.

After spending +17.8bn on fixed-asset investment, the business generated trailing free cash flow of +21.7bn.

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 100% of pre-tax profit comes from core operations.

Within that, net financial result at −7.0%, other profit at +0.4% of PBT.

ROIC expanded to 8.98%, rising 2.9pp. That translates to 8.98 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.8pp and capital turnover rose 0.16x, with invested capital holding roughly steady — 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 22.8 days versus the same period last year. The main moves came from DIO fell 7.5 days, DSO fell 14.1 days, and DPO rose 1.3 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 −0.03x and interest coverage at 14.04x.

At present, short-term debt accounts for 59.5% of total debt, cash equals 127.7% of debt, and total debt stands at 21.1bn.

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 0.27x equity, with a net cash position equivalent to 0.03x equity.

None

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