Trailing net profit reached 935.1bn, rose 120.7bn 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:

Is growth real and durable?

Trailing-12-month revenue grew 8.4% year on year — but the quarterly pace is slowing (+40% → +15%).

2 of the last 4 quarters grew year on year.

Net margin expanded to 39.42%, rising 2.2pp. The main driver is Gross margin rose 0.7pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 2.3pp added support while Other profit / Revenue fell 1.3pp 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.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 1,441.8bn against investing cash flow of -382.4bn (annual cash-flow figures for 2025).

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

CFO / net income was 2,01 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.

How much income is non-core?

About 96% of pre-tax profit comes from core operations.

Within that, net financial result at −15.3%, other profit at +3.6% of PBT.

ROIC expanded to 13.00%, rising 2.2pp. That translates to 13.00 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.4pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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 16.8 days versus the same period last year. The main moves came from DIO rose 0.4 days, DSO fell 20.8 days, and DPO fell 3.6 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 0.43x and interest coverage at 5.61x.

At present, short-term debt accounts for 11.0% of total debt, cash equals 12.3% of debt, and total debt stands at 2,485.7bn.

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. Capital structure is conservative with low leverage — liabilities at 0.65x equity, net debt at 0.43x equity.

None

Over the last 12 months, working capital released 358.7bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.