Trailing net profit reached 110.6bn, rose 32.4bn 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:

Is growth real and durable?

Trailing-12-month revenue grew 10.8% year on year — but the quarterly pace is slowing (+15% → +9%).

4 of the last 4 quarters grew year on year.

Net margin edged up to 3.14%, rising 0.7pp. The main driver is Gross margin rose 0.5pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.2pp).

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 135.5bn against investing cash flow of -251.4bn (annual cash-flow figures for 2025).

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

CFO / net income was 1,14 lần.

After spending +25.3bn on fixed-asset investment, the business generated trailing free cash flow of +100.5bn.

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

How much income is non-core?

About 90% of pre-tax profit comes from core operations.

Within that, net financial result at +9.6%, other profit at +0.2% of PBT.

ROIC expanded to 19.23%, rising 3.8pp. That translates to 19.23 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.6pp, with capital turnover broadly stable; while invested capital rose by 55bn.

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 1.5 days versus the same period last year. The main moves came from DIO fell 1.8 days, DSO fell 0.7 days, and DPO fell 1.0 days.

Working capital cycle is flat — components are offsetting each other.

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 0.05x and interest coverage at 39.39x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 56.9% of debt, and total debt stands at 67.0bn.

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 0.45x equity, net debt at 0.05x equity.

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

Over the last 12 months, working capital absorbed 1.4bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.