Trailing net profit reached 147.7bn, rose 1.9bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax and higher finance costs. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 6.3% year on year — not from a single spike: quarterly growth stepped up from −7% to −0%.

2 of the last 4 quarters grew year on year.

Net margin fell to 50.02%, losing 2.5pp. The main pressure is Gross margin fell 0.6pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (with lingering pressure from Net financial result / Revenue fell 0.3pp).

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

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 178.9bn against investing cash flow of -6.1bn (annual cash-flow figures for 2025).

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

CFO / net income was 1,19 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.

How much income is non-core?

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

Within that, net financial result at −0.6% of PBT.

ROIC expanded to 27.23%, rising 1.7pp. That translates to 27.23 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.06x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 2.4pp; 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 4.5 days versus the same period last year. The main moves came from DIO rose 0.3 days, DSO fell 7.4 days, and DPO fell 2.5 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 −0.04x and interest coverage at 62.98x.

At present, short-term debt accounts for 88.6% of total debt, cash equals 183.2% of debt, and total debt stands at 26.2bn.

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. Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.04x equity.

None

Over the last 12 months, working capital absorbed 8.5bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.