Trailing net profit reached 64.4bn, rose 11.2bn compared with the same period last year. Key positives came from higher gross profit and lower selling expenses. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 3.6% year on year, with the quarterly pace steady around +4%.

4 of the last 4 quarters grew year on year.

Net margin edged up to 4.71%, rising 0.7pp. The main driver is SG&A / Revenue fell 1.0pp and Gross margin rose 0.3pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.5pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 151.1bn against investing cash flow of -211.1bn (annual cash-flow figures for 2025).

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

CFO / net income was 1,59 lần.

After spending +158.4bn on fixed-asset investment, the business generated trailing free cash flow of −56.2bn.

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 makes up 12.8% of pre-tax profit — worth monitoring.

Within that, net financial result at −10.4%, other profit at +12.8% of PBT.

ROIC narrowed to 20.99%, falling 1.3pp. That translates to 20.99 in after-tax operating profit for every 100 units of operating capital. Although NOPAT margin rose 0.7pp, capital turnover fell 1.46x still pulled ROIC lower, while invested capital expanded strongly by 67bn.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 2.8 days versus the same period last year. The main moves came from DIO fell 2.5 days, DSO rose 1.2 days, and DPO fell 4.1 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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 0.27x and interest coverage at 8.25x.

At present, short-term debt accounts for 44.4% of total debt, cash equals 58.4% of debt, and total debt stands at 163.7bn.

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 1.73x equity, net debt at 0.27x equity.

None

Over the last 12 months, working capital absorbed 20.7bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.