Trailing net profit reached 161.1bn, rose 31.2bn 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:

Is growth real and durable?

Trailing-12-month revenue grew 25.6% year on year — but the quarterly pace is slowing (+72% → −18%).

2 of the last 4 quarters grew year on year.

Net margin narrowed to 42.74%, falling 0.6pp. The main pressure is SG&A / Revenue rose 1.2pp, outweighing the improvement in Gross margin rose 1.0pp (with additional support from Net financial result / Revenue rose 1.0pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 185.4bn against investing cash flow of 1.2bn (annual cash-flow figures for 2025).

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

CFO / net income was 1,14 lần.

After spending +0.6bn on fixed-asset investment, the business generated trailing free cash flow of +183.5bn.

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?

About 100% of pre-tax profit comes from core operations.

Within that, net financial result at −0.5% of PBT.

ROIC expanded to 16.21%, rising 3.0pp. That translates to 16.21 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.08x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 1.7pp; 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.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.0 days versus the same period last year. The main moves came from DIO fell 1.5 days, DSO fell 3.9 days, and DPO fell 1.4 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 0.01x and interest coverage at 43.58x.

At present, short-term debt accounts for 25.0% of total debt, cash equals 74.3% of debt, and total debt stands at 37.3bn.

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

ROIC for utilities reflects a large fixed-asset base and regulated tariffs. Capital structure is conservative with low leverage — liabilities at 0.10x equity, net debt at 0.01x equity.

None

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