Trailing net profit reached 69.7bn, fell 9.6bn compared with the same period last year. Key positives came from lower administrative expenses, lower tax, lower finance costs, and higher financial income. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 26.3% year on year — not from a single spike: quarterly growth stepped up from −35% to −16%.

0 of the last 4 quarters grew year on year.

Net margin expanded to 12.09%, rising 2.0pp. Core operating signals are improving as Gross margin rose 3.0pp are enough to offset pressure from SG&A / Revenue rose 1.2pp (in addition, Net financial result / Revenue rose 0.8pp added support while Other profit / Revenue fell 0.1pp 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 91.5bn against investing cash flow of -26.7bn (annual cash-flow figures for 2025).

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

CFO / net income was 1,33 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.

How much income is non-core?

About 90% of pre-tax profit comes from core operations.

Within that, net financial result at +8.9%, other profit at +0.9% of PBT.

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.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 28.4 days versus the same period last year. The main moves came from DIO rose 28.3 days, DSO fell 5.5 days, and DPO fell 5.7 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 −0.03x and interest coverage at 126.56x.

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.

Balance sheet is exceptionally sound — liabilities at 0.31x equity, with a net cash position equivalent to 0.03x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 3.0pp YoY to 21.15% (TTM).

Gross margin (TTM): 21.15% · YoY +3.0pp

Inventory 132.9bn — 38.67% of total assets, above the materials-group median (13.00%); ≈ 107 days of sales. Inventory is growing faster than revenue (9.03% vs −26.34% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.

Inventory / assets: 38.67% (group median 13.00%)

Days inventory outstanding: 107

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

Over the last 12 months, working capital released 3.1bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.