Trailing net profit reached 508.4bn, rose 181.8bn 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 and higher finance costs. Detailed impact is shown below:

Net margin expanded to 21.94%, rising 2.6pp. Core operating signals are improving as SG&A / Revenue fell 1.8pp are enough to offset pressure from Gross margin fell 1.1pp (in addition, Net financial result / Revenue rose 3.2pp added support while Other profit / Revenue fell 0.2pp remained a drag).

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 15.07%, rising 6.3pp. That translates to 15.07 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.8pp and capital turnover rose 0.23x, while invested capital contracted by 443bn — 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. Leverage is elevated, requiring monitoring — liabilities at 1.57x equity, net debt at 1.11x equity.

None

Over the last 12 months, working capital absorbed 445.9bn of cash, mainly because of higher receivables and higher inventories.

Cash conversion cycle lengthened by 7.6 days versus the same period last year. The main moves came from DIO rose 24.4 days, DSO fell 6.0 days, and DPO rose 10.9 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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 warrants monitoring, with net debt / equity at 1.11x and interest coverage only at 2.96x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 48.4% of debt, and total debt stands at 482.7bn.

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 342.7bn in 2025, against investing cash flow of -1,240.7bn.

Post-investment cash flow was negative +898.0bn. Financing cash flow was positive +1,260.2bn.

CFO / net income was 0,37 lần.

Track how much investment can be funded internally from operating cash flow.

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