Trailing net profit reached 68.1bn, rose 11.4bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:

Net margin edged up to 7.45%, rising 0.6pp. Core operating signals are improving as SG&A / Revenue fell 0.3pp are enough to offset pressure from Gross margin fell 0.8pp (with additional support from Other profit / Revenue rose 0.9pp and Net financial result / Revenue rose 0.2pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

ROIC stands at 6.25%, broadly flat versus the same period. That translates to 6.25 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.2pp, but capital turnover broadly stable, while invested capital rose by 91bn — 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 balanced — liabilities at 0.83x equity, net debt at 0.54x 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 10.4 days versus the same period last year. The main moves came from DIO fell 0.4 days, DSO rose 0.7 days, and DPO rose 10.7 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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 is balanced for now, with net debt / equity at 0.54x and interest coverage at 3.80x.

At present, short-term debt accounts for 24.1% of total debt, cash equals 7.1% of debt, and total debt stands at 399.2bn.

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 258.7bn in 2025, against investing cash flow of -348.0bn.

Post-investment cash flow was negative +89.2bn. Financing cash flow was positive +31.6bn.

CFO / net income was 3,83 lần.

After spending +382.4bn on fixed-asset investment, the business generated trailing free cash flow of −121.7bn.

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