Trailing net profit reached 149.6bn, fell 0.5bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower administrative expenses. Offsetting pressure came mainly from higher tax and higher finance costs. Detailed impact is shown below:

Net margin fell to 50.63%, losing 3.4pp. The main pressure is Gross margin fell 1.4pp, outweighing the improvement in SG&A / Revenue fell 0.2pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

ROIC edged up to 27.43%, rising 1.3pp. That translates to 27.43 in after-tax operating profit for every 100 units of operating capital. capital turnover rose 0.06x was enough to offset the contraction in NOPAT margin narrowed 3.3pp, 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 0.13x equity, with a net cash position equivalent to 0.06x equity.

None

Over the last 12 months, working capital absorbed 10.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.6 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 0.6 days, and DPO rose 3.1 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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 −0.06x and interest coverage at 65.71x.

At present, short-term debt accounts for 91.2% of total debt, cash equals 206.3% of debt, and total debt stands at 34.1bn.

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 178.9bn in 2025, against investing cash flow of -6.1bn.

Post-investment cash flow was positive +172.8bn. Financing cash flow was negative +152.7bn.

CFO / net income was 1,15 lần.

Track how much investment can be funded internally from operating cash flow.

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