Trailing net profit reached 151.1bn, fell 73.8bn 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:

Is growth real and durable?

Trailing-12-month revenue grew 3.0% year on year, with the quarterly pace steady around +5%.

4 of the last 4 quarters grew year on year.

Net margin fell to 13.34%, losing 7.1pp. The main pressure is Gross margin fell 10.1pp, outweighing the improvement in SG&A / Revenue fell 0.9pp (with additional support from Net financial result / Revenue rose 0.4pp).

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

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 140.4bn against investing cash flow of -217.5bn (annual cash-flow figures for 2025).

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

CFO / net income was 1,68 lần.

After spending +206.0bn on fixed-asset investment, the business generated trailing free cash flow of +47.8bn.

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 92% of pre-tax profit comes from core operations.

Within that, net financial result at +8.0% of PBT.

ROIC fell to 30.10%, losing 22.1pp. That translates to 30.10 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 7.1pp and capital turnover fell 0.30x, while invested capital rose by 72bn — 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.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.8 days versus the same period last year. The main moves came from DIO fell 0.2 days, DSO rose 1.9 days, and DPO rose 9.5 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 −0.36x and interest coverage at 34.60x.

At present, short-term debt accounts for 10.8% of total debt, cash equals 328.9% of debt, and total debt stands at 134.9bn.

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. Balance sheet is exceptionally sound — liabilities at 0.55x equity, with a net cash position equivalent to 0.36x equity.

None

Over the last 12 months, working capital released 74.6bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.