Trailing net profit reached 170.3bn, rose 32.2bn 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:

Net margin expanded to 37.22%, rising 4.2pp. Core operating signals are improving as Gross margin rose 5.7pp are enough to offset pressure from SG&A / Revenue rose 4.3pp (with additional support from Net financial result / Revenue rose 2.9pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

ROIC expanded to 15.87%, rising 2.7pp. That translates to 15.87 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.9pp, 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.

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.30x equity, net debt at 0.05x equity.

None

Over the last 12 months, working capital released 15.7bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 73.8 days versus the same period last year. The main moves came from DIO rose 0.7 days, DSO fell 74.9 days, and DPO fell 0.4 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 0.05x and interest coverage at 10.89x.

At present, short-term debt accounts for 4.3% of total debt, cash equals 73.2% of debt, and total debt stands at 197.8bn.

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

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 149.3bn in 2025, against investing cash flow of -83.5bn.

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

CFO / net income was 1,04 lần.

After spending +6.6bn on fixed-asset investment, the business generated trailing free cash flow of +170.8bn.

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