Trailing net profit reached 42.0bn, rose 3.4bn compared with the same period last year. Key positives came from lower administrative expenses, higher financial income, and lower finance costs. Offsetting pressure came mainly from lower gross profit and higher tax. Detailed impact is shown below:

Net margin expanded to 35.18%, rising 1.5pp. Core operating signals are improving as SG&A / Revenue fell 5.0pp are enough to offset pressure from Gross margin fell 6.0pp (in addition, Net financial result / Revenue rose 2.8pp added support while Other profit / Revenue fell 0.0pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

ROIC expanded to 20.68%, rising 1.8pp. That translates to 20.68 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.6pp, 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.

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 0.11x equity, with a net cash position equivalent to 0.27x equity.

None

Over the last 12 months, working capital released 2.9bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 30.7 days versus the same period last year. The main moves came from DIO fell 33.7 days, DSO rose 0.1 days, and DPO fell 2.9 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

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 −0.27x and interest coverage at 260.00x.

At present, short-term debt accounts for 16.7% of total debt, cash equals 1777.9% of debt, and total debt stands at 4.6bn.

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 49.2bn in 2025, against investing cash flow of -14.4bn.

Post-investment cash flow was positive +34.8bn. Financing cash flow was negative +21.9bn.

CFO / net income was 1,04 lần.

After spending +4.8bn on fixed-asset investment, the business generated trailing free cash flow of +38.9bn.

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