Trailing net profit reached 94.2bn, fell 7.6bn compared with the same period last year. Key positives came from lower finance costs, higher associates income, and lower administrative expenses. Offsetting pressure came mainly from lower financial income, lower gross profit, weaker other profit, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 10.7% year on year — but the quarterly pace is slowing (−14% → −21%).

1 of the last 4 quarters grew year on year.

Net margin stands at 3.24%, 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?

Operating cash flow reached -133.8bn against investing cash flow of -9.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +143.5bn. Financing cash flow was positive +70.0bn.

CFO / net income was 0,28 lần.

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

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

How much income is non-core?

About 99% of pre-tax profit comes from core operations.

Within that, net financial result at −75.4%, other profit at +1.0% of PBT.

ROIC stands at 1.38%, broadly flat versus the same period. That translates to 1.38 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.4pp, but capital turnover fell 0.07x, with invested capital easing up by 260bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

Cash conversion cycle lengthened by 14.3 days versus the same period last year. The main moves came from DIO rose 12.0 days, DSO rose 3.4 days, and DPO rose 1.1 days.

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

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Leverage warrants monitoring, with net debt / equity at 0.69x and interest coverage only at 0.83x.

At present, short-term debt accounts for 35.6% of total debt, cash equals 4.1% of debt, and total debt stands at 2,868.5bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

ROIC for construction contractors swings with project progress and handover cycles. Capital structure is relatively light for construction contractors — liabilities at 1.29x equity, net debt at 0.69x equity.

Owner advances stand at 760.2bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.

Owner advances: 760.2bn · YoY +54.7bn

Advances / receivables: 83.98% — funded vs stuck

The contractor's survival axis: site receivables 905.2bn vs equity 3,997.5bn — 22.64% of the capital base is sitting on job sites.

Receivables / equity: 22.64% · receivables YoY −0.19% · equity YoY 1.48%

DSO: 114 days

Sector note: contractor gross margins are THIN (13.61% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

None

Over the last 12 months, working capital released 0.0bn of cash.