Trailing net profit reached 12.2bn, fell 634.6bn compared with the same period last year. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 7.2% year on year, with the quarterly pace steady around +7%.

4 of the last 4 quarters grew year on year.

Net margin fell to 6.30%, losing 230.7pp. SG&A / Revenue fell 0.1pp improved but not enough to offset the weakness in Net financial result / Revenue fell 209.4pp (Other profit / Revenue rose 0.1pp still added support).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 167.2bn against investing cash flow of -368.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +201.4bn. Financing cash flow was negative +62.4bn.

CFO / net income was −1,81 lần.

After spending +76.5bn on fixed-asset investment, the business generated trailing free cash flow of −98.6bn.

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?

Non-core income reaches 251.6% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +238.2%, other profit at +13.4% of PBT.

ROIC fell to 0.74%, losing 34.3pp. That translates to 0.74 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 230.5pp, outweighing the movement in capital turnover; while invested capital rose by 337bn.

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 7.6 days versus the same period last year. The main moves came from DIO fell 1.4 days, DSO fell 0.3 days, and DPO rose 5.9 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

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 0.55x and interest coverage only at 0.42x.

At present, short-term debt accounts for 38.5% of total debt, cash equals 2.6% of debt, and total debt stands at 829.5bn.

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. Capital structure is balanced — liabilities at 0.98x equity, net debt at 0.55x equity.

None

Over the last 12 months, working capital absorbed 4.5bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.