Trailing net profit reached 73.3bn, rose 16.6bn 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:

Is growth real and durable?

Trailing-12-month revenue grew 15.7% year on year — not from a single spike: quarterly growth stepped up from +10% to +24%.

4 of the last 4 quarters grew year on year.

Net margin edged up to 7.58%, rising 0.8pp. Core operating signals are improving as SG&A / Revenue fell 0.1pp are enough to offset pressure from Gross margin fell 0.1pp (with additional support from Other profit / Revenue rose 0.8pp and Net financial result / Revenue rose 0.1pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 258.7bn against investing cash flow of -348.0bn (annual cash-flow figures for 2025).

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

CFO / net income was 3,91 lần.

After spending +418.0bn on fixed-asset investment, the business generated trailing free cash flow of −130.9bn.

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 92% of pre-tax profit comes from core operations.

Within that, net financial result at −21.3%, other profit at +7.6% of PBT.

ROIC edged up to 7.34%, rising 0.4pp. That translates to 7.34 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.2pp, with capital turnover broadly stable; while invested capital rose by 94bn.

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 12.5 days versus the same period last year. The main moves came from DIO fell 0.4 days, DSO rose 1.4 days, and DPO rose 13.5 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 0.53x and interest coverage at 4.12x.

At present, short-term debt accounts for 25.8% of total debt, cash equals 15.2% of debt, and total debt stands at 408.1bn.

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. Capital structure is balanced — liabilities at 0.83x equity, net debt at 0.53x equity.

None

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