Trailing net profit reached 32.5bn, rose 1.2bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher finance costs, weaker other profit, higher administrative expenses, and higher tax. Detailed impact is shown below:

Net margin fell to 19.84%, losing 3.3pp. Gross margin rose 12.6pp and SG&A / Revenue fell 1.7pp improved but not enough to offset the weakness in Net financial result / Revenue fell 10.6pp and Other profit / Revenue fell 6.3pp.

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

ROIC expanded to 6.72%, rising 2.1pp. That translates to 6.72 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.4pp and capital turnover rose 0.06x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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. Leverage is very high, with clear pressure on the capital structure — liabilities at 19.66x equity, net debt at 7.42x equity.

Inventory ended the period at 148.7bn, roughly 15.5% of total assets.

Over the last 12 months, working capital absorbed 39.0bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 47.0 days versus the same period last year. The main moves came from DIO rose 157.1 days, DSO fell 111.6 days, and DPO fell 1.5 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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 warrants monitoring, with net debt / equity at 7.42x and interest coverage only at 1.01x.

At present, short-term debt accounts for 23.3% of total debt, cash equals 5.5% of debt, and total debt stands at 523.7bn.

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

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 47.8bn in 2025, against investing cash flow of -1.1bn.

Post-investment cash flow was positive +46.8bn. Financing cash flow was negative +33.6bn.

CFO / net income was 1,27 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.