Trailing net profit reached 30.9bn, fell 1.5bn compared with the same period last year. Key positives came from higher gross profit and lower administrative expenses. Offsetting pressure came mainly from higher finance costs, weaker other profit, higher tax, and higher minority interests. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 0.5% year on year — but the quarterly pace is slowing (+121% → −32%).

2 of the last 4 quarters grew year on year.

Net margin narrowed to 20.72%, falling 1.0pp. Gross margin rose 17.0pp and SG&A / Revenue fell 0.8pp improved but not enough to offset the weakness in Net financial result / Revenue fell 16.2pp and Other profit / Revenue fell 1.8pp.

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?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 47.8bn against investing cash flow of -1.1bn (annual cash-flow figures for 2025).

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

CFO / net income was 0,96 lần.

After spending +14.9bn on fixed-asset investment, the business generated trailing free cash flow of +14.9bn.

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

How much income is non-core?

About 91% of pre-tax profit comes from core operations.

Within that, net financial result at −122.3%, other profit at +8.8% of PBT.

ROIC edged up to 6.49%, rising 0.6pp. That translates to 6.49 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.6pp, with capital turnover broadly stable; 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.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 198.6 days versus the same period last year. The main moves came from DIO rose 431.2 days, DSO fell 40.2 days, and DPO rose 192.5 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 7.90x and interest coverage only at 0.89x.

At present, short-term debt accounts for 23.3% of total debt, cash equals 12.3% 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.

ROIC for utilities reflects a large fixed-asset base and regulated tariffs. Leverage is very high, with clear pressure on the capital structure — liabilities at 19.66x equity, net debt at 7.90x equity.

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

Over the last 12 months, working capital absorbed 36.3bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.