Trailing net profit reached 350.5bn, fell 22.6bn compared with the same period last year. Key positives came from higher financial income, lower tax, and lower finance costs. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 3.2% year on year — not from a single spike: quarterly growth stepped up from −6% to +3%.

2 of the last 4 quarters grew year on year.

Net margin narrowed to 45.42%, falling 1.3pp. The main pressure comes from Gross margin fell 5.0pp and SG&A / Revenue rose 1.2pp (with additional support from Net financial result / Revenue rose 2.7pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 514.8bn against investing cash flow of -320.0bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +194.8bn. Financing cash flow was negative +142.5bn.

CFO / net income was 1,02 lần.

After spending +82.6bn on fixed-asset investment, the business generated trailing free cash flow of +274.4bn.

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

How much income is non-core?

About 91% of pre-tax profit comes from core operations.

Within that, net financial result at +9.5% of PBT.

ROIC fell to 19.14%, losing 3.1pp. That translates to 19.14 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.4pp and capital turnover fell 0.05x, while invested capital rose by 153bn — pressure came from both operational efficiency and asset efficiency.

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 50.3 days versus the same period last year. The main moves came from DIO fell 0.2 days, DSO fell 45.6 days, and DPO rose 4.5 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 looks fairly comfortable, with net debt / equity at 0.06x and interest coverage at 22.37x.

At present, short-term debt accounts for 22.0% of total debt, cash equals 50.3% of debt, and total debt stands at 233.9bn.

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 0.33x equity, net debt at 0.06x equity.

None

Over the last 12 months, working capital released 12.6bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.