Trailing net profit reached 32.0bn, rose 9.5bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 13.7% year on year — but the quarterly pace is slowing (+7% → +5%).

3 of the last 3 quarters grew year on year.

Net margin expanded to 37.77%, rising 7.5pp. The main driver is SG&A / Revenue fell 1.3pp and Gross margin rose 0.8pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 4.8pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 42.9bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +42.9bn. Financing cash flow was negative +44.3bn.

CFO / net income was 1,61 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 99% of pre-tax profit comes from core operations.

Within that, net financial result at −43.8%, other profit at +1.1% of PBT.

Track how much operating profit the business generates on invested capital.

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 5.4 days versus the same period last year. The main moves came from DIO fell 1.1 days, DSO fell 6.3 days, and DPO fell 2.1 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 is balanced for now, with net debt / equity at 0.71x and interest coverage at 2.26x.

At present, short-term debt accounts for 30.3% of total debt, cash equals 2.7% of debt, and total debt stands at 149.2bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Capital structure is balanced — liabilities at 0.97x equity, net debt at 0.71x equity.

None

Over the last 12 months, working capital released 7.7bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.