Trailing net profit reached 213.3bn, fell 105.7bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from lower financial income, weaker other profit, and lower gross profit. Detailed impact is shown below:

Net margin narrowed to 3.12%, falling 1.3pp. The main pressure is Gross margin fell 0.1pp, outweighing the improvement in SG&A / Revenue fell 0.6pp (with lingering pressure from Net financial result / Revenue fell 1.4pp and Other profit / Revenue fell 0.4pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

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.

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.17x equity, with a net cash position equivalent to 0.02x equity.

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

Over the last 12 months, working capital released 84.1bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 16.8 days versus the same period last year. The main moves came from DIO rose 2.3 days, DSO fell 33.4 days, and DPO fell 14.4 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 −0.02x and interest coverage at 115.17x.

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.

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 467.0bn in 2025, against investing cash flow of 127.3bn.

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

CFO / net income was 0,81 lần.

After spending +7.6bn on fixed-asset investment, the business generated trailing free cash flow of +164.9bn.

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