Trailing net profit reached 277.4bn, rose 46.2bn compared with the same period last year. Key positives came from higher gross profit and lower administrative expenses. Offsetting pressure came mainly from lower financial income, higher tax, and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 15.7% year on year — not from a single spike: quarterly growth stepped up from +2% to +47%.

3 of the last 4 quarters grew year on year.

Net margin stands at 3.58%, 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 467.0bn against investing cash flow of 127.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +594.2bn. Financing cash flow was negative +224.3bn.

CFO / net income was 0,13 lần.

After spending +17.6bn on fixed-asset investment, the business generated trailing free cash flow of +18.3bn.

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?

Non-core income reaches 48.7% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +48.7%, other profit at +0.1% of PBT.

Track how much operating profit the business generates on invested capital.

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 25.9 days versus the same period last year. The main moves came from DIO fell 6.8 days, DSO fell 22.2 days, and DPO fell 3.1 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

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 −0.00x and interest coverage at 123.94x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Balance sheet is exceptionally sound — liabilities at 0.17x equity, with a net cash position equivalent to 0.00x equity.

Inventory ended the period at 725.5bn, roughly 13.8% of total assets.

Over the last 12 months, working capital absorbed 103.4bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.