Trailing net profit reached 6,011.7bn, rose 4,409.4bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher finance costs and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 53.3% year on year — not from a single spike: quarterly growth stepped up from +30% to +116%.

4 of the last 4 quarters grew year on year.

Net margin expanded to 13.49%, rising 7.6pp. The main driver is Gross margin rose 9.1pp and SG&A / Revenue fell 0.7pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 1.3pp and Net financial result / Revenue fell 0.1pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 2,094.2bn against investing cash flow of -12,739.0bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +10,644.8bn. Financing cash flow was positive +5,824.8bn.

CFO / net income was 0,68 lần.

After spending +3,177.3bn on fixed-asset investment, the business generated trailing free cash flow of +930.3bn.

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 100% of pre-tax profit comes from core operations.

Within that, net financial result at −2.1%, other profit at +0.0% of PBT.

ROIC expanded to 10.53%, rising 7.4pp. That translates to 10.53 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 8.8pp and capital turnover rose 0.12x, while invested capital expanded strongly by 14,111bn — 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.

Cash conversion cycle lengthened by 57.3 days versus the same period last year. The main moves came from DIO fell 6.3 days, DSO fell 14.8 days, and DPO fell 78.4 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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 0.63x and interest coverage at 5.08x.

At present, short-term debt accounts for 49.8% of total debt, cash equals 25.8% of debt, and total debt stands at 38,089.0bn.

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 1.38x equity, net debt at 0.63x equity.

None

Over the last 12 months, working capital absorbed 5,646.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.