Trailing net profit reached 25.6bn, rose 3.8bn compared with the same period last year. Key positives came from higher gross profit, better other profit, higher financial income, and lower finance costs. Offsetting pressure came mainly from higher selling expenses and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 6.5% year on year — but the quarterly pace is slowing (+11% → +5%).

3 of the last 4 quarters grew year on year.

Net margin stands at 0.54%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 314.5bn against investing cash flow of -172.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +142.5bn. Financing cash flow was negative +7.8bn.

CFO / net income was 15,65 lần.

After spending +262.2bn on fixed-asset investment, the business generated trailing free cash flow of +138.4bn.

How much income is non-core?

Non-core income reaches 36.9% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at −129.1%, other profit at +36.9% 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.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.7 days versus the same period last year. The main moves came from DIO fell 4.1 days, DSO fell 0.8 days, and DPO fell 0.2 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Leverage warrants monitoring, with net debt / equity at 0.29x and interest coverage only at 0.43x.

At present, short-term debt accounts for 95.9% of total debt, cash equals 11.7% of debt, and total debt stands at 598.6bn.

Capital structure is conservative with low leverage — liabilities at 0.87x equity, net debt at 0.29x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Gross margin is flat around 9.41% (TTM) — the input-cost cycle is stable for now.

Gross margin (TTM): 9.41% · YoY -0.2pp

Inventory 311.3bn — 8.71% of total assets, below the materials-group median (13.00%); ≈ 33 days of sales.

Inventory / assets: 8.71% (group median 13.00%)

Days inventory outstanding: 33

Inventory ended the period at 357.0bn, roughly 10.5% of total assets.

Over the last 12 months, working capital released 97.4bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.