Trailing net profit reached 334.7bn, rose 95.9bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher finance costs. Detailed impact is shown below:

Net margin expanded to 34.95%, rising 2.6pp. Core operating signals are improving as SG&A / Revenue fell 0.5pp are enough to offset pressure from Gross margin fell 0.6pp (with additional support from Net financial result / Revenue rose 2.2pp and Other profit / Revenue rose 0.5pp).

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 8.49%, rising 2.4pp. That translates to 8.49 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.1pp and capital turnover rose 0.06x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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 balanced — liabilities at 0.75x equity, net debt at 0.64x equity.

None

Over the last 12 months, working capital absorbed 223.6bn of cash, mainly because of higher receivables and lower payables.

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

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 is balanced for now, with net debt / equity at 0.64x and interest coverage at 2.27x.

At present, short-term debt accounts for 18.2% of total debt, cash equals 0.3% of debt, and total debt stands at 1,540.2bn.

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 236.3bn in 2025, against investing cash flow of -31.4bn.

Post-investment cash flow was positive +204.9bn. Financing cash flow was negative +210.6bn.

CFO / net income was 0,63 lần.

After spending +51.3bn on fixed-asset investment, the business generated trailing free cash flow of +160.5bn.

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