Trailing net profit reached 329.4bn, fell 33.7bn 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:

Net margin fell to 43.11%, losing 3.7pp. The main pressure comes from Gross margin fell 7.7pp and SG&A / Revenue rose 1.1pp (with additional support from Net financial result / Revenue rose 2.7pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

ROIC fell to 17.84%, losing 3.7pp. That translates to 17.84 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 3.7pp, outweighing the movement in capital turnover; while invested capital rose by 173bn.

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 0.33x equity, net debt at 0.11x equity.

None

Over the last 12 months, working capital released 99.6bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 36.7 days versus the same period last year. The main moves came from DIO fell 0.3 days, DSO fell 30.3 days, and DPO rose 6.0 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 0.11x and interest coverage at 20.89x.

At present, short-term debt accounts for 15.8% of total debt, cash equals 24.9% of debt, and total debt stands at 247.0bn.

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 514.8bn in 2025, against investing cash flow of -320.0bn.

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

CFO / net income was 1,33 lần.

After spending +78.6bn on fixed-asset investment, the business generated trailing free cash flow of +361.0bn.

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