Trailing net profit reached 19.4bn, rose 4.4bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher finance costs, and lower financial income. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 34.0% year on year — but the quarterly pace is slowing (+48% → +21%).

4 of the last 4 quarters grew year on year.

Net margin stands at 2.63%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 165.4bn against investing cash flow of -223.0bn (annual cash-flow figures for 2024).

Post-investment cash flow was negative +57.6bn. Financing cash flow was positive +93.4bn.

CFO / net income was 8,51 lần.

After spending +197.9bn on fixed-asset investment, the business generated trailing free cash flow of −32.4bn.

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?

Non-core income reaches 89.4% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at −94.7%, other profit at +89.4% of PBT.

ROIC edged up to 0.21%, rising 0.6pp. That translates to 0.21 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.9pp and capital turnover rose 0.13x, while invested capital rose by 99bn — 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 8.0 days versus the same period last year. The main moves came from DIO fell 4.3 days, DSO fell 2.4 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 warrants monitoring, with net debt / equity at 0.72x and interest coverage only at 0.09x.

At present, short-term debt accounts for 9.2% of total debt, cash equals 18.2% of debt, and total debt stands at 518.7bn.

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 1.65x equity, net debt at 0.72x equity.

None

Over the last 12 months, working capital released 4.8bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.