Trailing net profit reached 287.8bn, rose 79.2bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:

Net margin expanded to 39.52%, rising 3.7pp. Core operating signals are improving as Gross margin rose 4.5pp are enough to offset pressure from SG&A / Revenue rose 0.9pp (in addition, Net financial result / Revenue rose 1.5pp added support while Other profit / Revenue fell 0.3pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

ROIC expanded to 20.93%, rising 7.1pp. That translates to 20.93 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.9pp and capital turnover rose 0.14x, with invested capital easing slightly by 120bn — 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. Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.20x equity.

None

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

Cash conversion cycle lengthened by 1.0 days versus the same period last year. The main moves came from DIO rose 1.9 days, DSO fell 1.1 days, and DPO fell 0.2 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 −0.20x and interest coverage at 103.14x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 2134.0% of debt, and total debt stands at 16.5bn.

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 299.1bn in 2025, against investing cash flow of -12.9bn.

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

CFO / net income was 1,33 lần.

After spending +28.8bn on fixed-asset investment, the business generated trailing free cash flow of +353.3bn.

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