Trailing net profit reached 146.9bn, fell 88.5bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:

Net margin fell to 13.14%, losing 8.8pp. The main pressure is Gross margin fell 12.1pp, outweighing the improvement in SG&A / Revenue fell 0.6pp (with additional support from Net financial result / Revenue rose 0.6pp).

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

ROIC fell to 30.79%, losing 25.0pp. That translates to 30.79 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 8.7pp and capital turnover fell 0.21x, while invested capital rose by 56bn — 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.

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.55x equity, with a net cash position equivalent to 0.38x equity.

None

Over the last 12 months, working capital released 32.6bn 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 7.2 days versus the same period last year. The main moves came from DIO rose 2.7 days, DSO fell 1.5 days, and DPO rose 8.4 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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 −0.38x and interest coverage at 35.11x.

At present, short-term debt accounts for 14.9% of total debt, cash equals 334.6% of debt, and total debt stands at 141.4bn.

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 140.4bn in 2025, against investing cash flow of -217.5bn.

Post-investment cash flow was negative +77.1bn. Financing cash flow was negative +2.6bn.

CFO / net income was 1,45 lần.

After spending +206.6bn on fixed-asset investment, the business generated trailing free cash flow of +7.1bn.

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