Trailing net profit reached 165.1bn, rose 16.1bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 4.4% year on year — but the quarterly pace is slowing (+4% → −13%).

3 of the last 4 quarters grew year on year.

Net margin expanded to 37.12%, rising 2.3pp. Core operating signals are improving as Gross margin rose 7.9pp are enough to offset pressure from SG&A / Revenue rose 6.3pp (with additional support from Net financial result / Revenue rose 0.8pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 149.3bn against investing cash flow of -83.5bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +65.8bn. Financing cash flow was negative +124.8bn.

CFO / net income was 1,26 lần.

After spending +4.6bn on fixed-asset investment, the business generated trailing free cash flow of +202.8bn.

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 99% of pre-tax profit comes from core operations.

Within that, net financial result at +0.5%, other profit at +0.2% of PBT.

ROIC edged up to 16.25%, rising 0.4pp. That translates to 16.25 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.9pp, with capital turnover broadly stable; while invested capital rose by 73bn.

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 46.7 days versus the same period last year. The main moves came from DIO rose 0.8 days, DSO fell 36.1 days, and DPO rose 11.5 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 0.08x and interest coverage at 12.31x.

At present, short-term debt accounts for 5.4% of total debt, cash equals 56.7% of debt, and total debt stands at 193.4bn.

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 conservative with low leverage — liabilities at 0.30x equity, net debt at 0.08x equity.

None

Over the last 12 months, working capital released 49.5bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.