Trailing net profit reached 295.7bn, fell 45.0bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 5.6% year on year — but the quarterly pace is slowing (+2% → −29%).

2 of the last 4 quarters grew year on year.

Net margin fell to 46.31%, losing 4.1pp. The main pressure comes from Gross margin fell 3.3pp and SG&A / Revenue rose 1.5pp (with additional support from Net financial result / Revenue rose 1.4pp and Other profit / Revenue rose 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 429.4bn against investing cash flow of 15.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +445.1bn. Financing cash flow was negative +280.6bn.

CFO / net income was 1,42 lần.

After spending +3.4bn on fixed-asset investment, the business generated trailing free cash flow of +416.9bn.

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 97% of pre-tax profit comes from core operations.

Within that, net financial result at +2.6%, other profit at +0.6% of PBT.

Track how much operating profit the business generates on invested capital.

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 4.2 days versus the same period last year. The main moves came from DIO rose 1.3 days, DSO fell 5.5 days, and DPO rose 0.1 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.

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Balance sheet is exceptionally sound — liabilities at 0.07x equity, with a net cash position equivalent to 0.08x equity.

None

Over the last 12 months, working capital released 46.6bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.