Trailing net profit reached 166.7bn, rose 43.9bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:

Net margin stands at 43.05%, 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.

ROIC expanded to 16.54%, rising 4.6pp. That translates to 16.54 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.11x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 1.1pp; 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 0.10x equity, with a net cash position equivalent to 0.07x equity.

None

Over the last 12 months, working capital released 0.0bn of cash.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 29.0 days versus the same period last year. The main moves came from DIO fell 1.3 days, DSO fell 28.2 days, and DPO fell 0.5 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 −0.07x and interest coverage at 37.73x.

At present, short-term debt accounts for 23.5% of total debt, cash equals 305.2% of debt, and total debt stands at 39.6bn.

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 185.4bn in 2025, against investing cash flow of 1.2bn.

Post-investment cash flow was positive +186.6bn. Financing cash flow was negative +129.3bn.

CFO / net income was 1,03 lần.

After spending +0.7bn on fixed-asset investment, the business generated trailing free cash flow of +170.9bn.

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