Trailing net profit reached 70.3bn, fell 14.2bn compared with the same period last year. Key positives came from lower administrative expenses, lower selling expenses, and lower tax. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:

Net margin expanded to 11.61%, rising 1.7pp. The main driver is Gross margin rose 1.2pp and SG&A / Revenue fell 0.8pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.1pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.31x equity, with a net cash position equivalent to 0.04x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 1.2pp YoY to 19.72% (TTM).

Gross margin (TTM): 19.72% · YoY +1.2pp

Inventory 109.6bn — 31.97% of total assets, above the materials-group median (13.00%); ≈ 82 days of sales.

Inventory / assets: 31.97% (group median 13.00%)

Days inventory outstanding: 82

Inventory ended the period at 120.5bn, roughly 34.7% of total assets.

Over the last 12 months, working capital released 4.9bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 27.1 days versus the same period last year. The main moves came from DIO rose 20.3 days, DSO rose 13.0 days, and DPO rose 6.2 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Leverage looks fairly comfortable, with net debt / equity at −0.04x and interest coverage at 41.62x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 91.5bn in 2025, against investing cash flow of -26.7bn.

Post-investment cash flow was positive +64.9bn. Financing cash flow was negative +59.1bn.

CFO / net income was 1,31 lần.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.