Trailing net profit reached 116.0bn, rose 16.7bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 7.0% year on year — not from a single spike: quarterly growth stepped up from +5% to +15%.

4 of the last 4 quarters grew year on year.

Net margin expanded to 31.04%, rising 2.6pp. The main driver is Gross margin rose 1.2pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.3pp and Other profit / Revenue rose 0.3pp).

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

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 127.8bn against investing cash flow of -14.8bn (annual cash-flow figures for 2025).

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

CFO / net income was 0,78 lần.

After spending +66.6bn on fixed-asset investment, the business generated trailing free cash flow of +24.2bn.

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 35.4% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +35.1%, other profit at +0.3% of PBT.

ROIC expanded to 18.76%, rising 2.2pp. That translates to 18.76 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.3pp, 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.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 29.2 days versus the same period last year. The main moves came from DIO fell 13.8 days, DSO fell 14.2 days, and DPO rose 1.2 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 0.02x and interest coverage at 75.13x.

At present, short-term debt accounts for 12.2% of total debt, cash equals 45.6% of debt, and total debt stands at 25.6bn.

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 conservative with low leverage — liabilities at 0.16x equity, net debt at 0.02x equity.

None

Over the last 12 months, working capital absorbed 23.3bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.