Trailing net profit reached 269.2bn, rose 13.9bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower finance costs. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 7.0% year on year — but the quarterly pace is slowing (+6% → −19%).

3 of the last 4 quarters grew year on year.

Net margin narrowed to 38.74%, falling 0.6pp. The main pressure comes from SG&A / Revenue rose 1.8pp and Gross margin fell 0.6pp (in addition, Net financial result / Revenue rose 1.9pp added support while Other profit / Revenue fell 0.1pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 299.1bn against investing cash flow of -12.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +286.2bn. Financing cash flow was negative +226.8bn.

CFO / net income was 1,70 lần.

After spending +35.0bn on fixed-asset investment, the business generated trailing free cash flow of +421.3bn.

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 97% of pre-tax profit comes from core operations.

Within that, net financial result at +2.3%, other profit at +0.7% of PBT.

ROIC expanded to 22.09%, rising 4.8pp. That translates to 22.09 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.13x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 0.5pp; while invested capital contracted by 250bn.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

Cash conversion cycle lengthened by 4.2 days versus the same period last year. The main moves came from DIO rose 2.5 days, DSO rose 1.1 days, and DPO fell 0.6 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

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 −0.31x and interest coverage at 139.53x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 3547.0% of debt, and total debt stands at 13.0bn.

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. Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.31x equity.

None

Over the last 12 months, working capital released 0.0bn of cash.