Trailing net profit reached 862.6bn, rose 147.4bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from weaker other profit. Detailed impact is shown below:

Net margin expanded to 37.54%, rising 3.5pp. The main driver is Gross margin rose 0.5pp and SG&A / Revenue fell 0.5pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 3.6pp added support while Other profit / Revenue fell 1.8pp 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 12.14%, rising 3.0pp. That translates to 12.14 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 5.1pp, with capital turnover broadly stable; with invested capital easing slightly by 436bn.

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. Capital structure is conservative with low leverage — liabilities at 0.65x equity, net debt at 0.47x equity.

None

Over the last 12 months, working capital released 76.2bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 20.1 days versus the same period last year. The main moves came from DIO rose 1.3 days, DSO fell 28.4 days, and DPO fell 7.0 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

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 0.47x and interest coverage at 5.13x.

At present, short-term debt accounts for 3.3% of total debt, cash equals 13.3% of debt, and total debt stands at 2,621.6bn.

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 1,441.8bn in 2025, against investing cash flow of -382.4bn.

Post-investment cash flow was positive +1,059.4bn. Financing cash flow was negative +1,359.4bn.

CFO / net income was 1,77 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.