Trailing net profit reached 108.1bn, rose 41.4bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Net margin edged up to 3.13%, rising 1.0pp. The main driver is Gross margin rose 0.9pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.1pp).

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

ROIC expanded to 20.16%, rising 4.0pp. That translates to 20.16 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.9pp, with capital turnover fell 0.81x; while invested capital expanded strongly by 111bn.

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 0.45x equity, net debt at 0.08x equity.

Inventory ended the period at 96.1bn, roughly 11.7% of total assets.

Over the last 12 months, working capital absorbed 0.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.4 days versus the same period last year. The main moves came from DIO fell 2.6 days, DSO fell 0.0 days, and DPO fell 0.2 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

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 0.08x and interest coverage at 40.48x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 35.3% of debt, and total debt stands at 75.0bn.

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 135.5bn in 2025, against investing cash flow of -251.4bn.

Post-investment cash flow was negative +115.9bn. Financing cash flow was negative +29.0bn.

CFO / net income was 1,24 lần.

After spending +12.1bn on fixed-asset investment, the business generated trailing free cash flow of +122.2bn.

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