Trailing net profit reached 3,067.8bn, rose 1,639.5bn 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, weaker other profit, and higher minority interests. Detailed impact is shown below:

Net margin expanded to 9.57%, rising 4.6pp. The main driver is Gross margin rose 6.6pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 1.3pp and Net financial result / Revenue fell 0.6pp).

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

ROIC expanded to 6.35%, rising 3.6pp. That translates to 6.35 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 5.8pp, with capital turnover fell 0.06x; while invested capital expanded strongly by 13,217bn.

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 balanced — liabilities at 1.38x equity, net debt at 0.61x equity.

None

Over the last 12 months, working capital absorbed 3,535.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Cash conversion cycle lengthened by 40.2 days versus the same period last year. The main moves came from DIO rose 2.2 days, DSO fell 8.8 days, and DPO fell 46.8 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 0.61x and interest coverage at 2.98x.

At present, short-term debt accounts for 42.4% of total debt, cash equals 24.9% of debt, and total debt stands at 33,420.3bn.

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 2,094.2bn in 2025, against investing cash flow of -12,739.0bn.

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

CFO / net income was 1,05 lần.

After spending +5,435.6bn on fixed-asset investment, the business generated trailing free cash flow of −2,222.9bn.

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