Trailing net profit reached 19.7bn, rose 29.9bn 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 and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 58.4% year on year — not from a single spike: quarterly growth stepped up from +42% to +56%.

4 of the last 4 quarters grew year on year.

Net margin expanded to 7.47%, rising 12.7pp. The main driver is SG&A / Revenue fell 10.4pp and Gross margin rose 5.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 3.8pp added support while Other profit / Revenue fell 5.7pp remained a drag).

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

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 177.5bn against investing cash flow of 19.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +196.7bn. Financing cash flow was negative +196.0bn.

CFO / net income was −0,07 lần.

After spending +10.3bn on fixed-asset investment, the business generated trailing free cash flow of −11.8bn.

How much income is non-core?

About 100% of pre-tax profit comes from core operations.

Within that, net financial result at −10.6%, other profit at +0.3% of PBT.

ROIC expanded to 3.25%, rising 5.4pp. That translates to 3.25 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 17.5pp and capital turnover rose 0.22x, while invested capital contracted by 168bn — capital-return quality improved from both sides.

NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 49.4 days versus the same period last year. The main moves came from DIO fell 50.0 days, DSO fell 17.8 days, and DPO fell 18.4 days.

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

Leverage looks fairly comfortable, with net debt / equity at 0.15x and interest coverage at 5.49x.

At present, short-term debt accounts for 80.6% of total debt, cash equals 15.0% of debt, and total debt stands at 100.5bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.96x equity, net debt at 0.15x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 5.2pp YoY to 31.70% (TTM).

Gross margin (TTM): 31.70% · YoY +5.2pp

Inventory 54.6bn — 5.00% of total assets, below the materials-group median (13.00%); ≈ 106 days of sales.

Inventory / assets: 5.00% (group median 13.00%)

Days inventory outstanding: 106

None

Over the last 12 months, working capital absorbed 50.2bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.