Trailing net profit reached 101.4bn, rose 1.0bn compared with the same period last year. Key positives came from higher financial income, better other profit, and lower finance costs. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, lower gross profit, and higher tax. Detailed impact is shown below:

Net margin stands at 28.16%, 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.

ROIC edged up to 16.71%, rising 0.4pp. That translates to 16.71 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin narrowed 0.5pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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 0.16x equity, net debt at 0.01x equity.

None

Over the last 12 months, working capital released 57.5bn of cash, mainly thanks to lower receivables and lower inventories.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 54.2 days versus the same period last year. The main moves came from DIO fell 9.0 days, DSO fell 13.2 days, and DPO rose 32.0 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 0.01x and interest coverage at 70.98x.

At present, short-term debt accounts for 57.3% of total debt, cash equals 76.6% of debt, and total debt stands at 12.9bn.

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 127.8bn in 2025, against investing cash flow of -14.8bn.

Post-investment cash flow was positive +113.1bn. Financing cash flow was negative +150.6bn.

CFO / net income was 1,29 lần.

After spending +72.2bn on fixed-asset investment, the business generated trailing free cash flow of +58.7bn.

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