Trailing net profit reached 59.1bn, rose 3.6bn compared with the same period last year. Key positives came from higher gross profit and lower selling expenses. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, weaker other profit, and higher tax. Detailed impact is shown below:

Net margin stands at 4.38%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

ROIC fell to 17.17%, losing 2.1pp. That translates to 17.17 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 1.10x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 68bn.

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 1.73x equity, net debt at 0.34x equity.

None

Over the last 12 months, working capital released 4.7bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Cash conversion cycle improved by 0.6 days versus the same period last year. The main moves came from DIO fell 3.8 days, DSO rose 0.7 days, and DPO fell 2.5 days.

Working capital cycle is flat — components are offsetting each other.

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 0.34x and interest coverage at 10.30x.

At present, short-term debt accounts for 41.7% of total debt, cash equals 44.8% of debt, and total debt stands at 166.0bn.

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 151.1bn in 2025, against investing cash flow of -211.1bn.

Post-investment cash flow was negative +60.0bn. Financing cash flow was positive +92.5bn.

CFO / net income was 2,05 lần.

After spending +198.8bn on fixed-asset investment, the business generated trailing free cash flow of −77.4bn.

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