Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 87.2bn, fell 68.7bn compared with the same period last year. Key positives came from lower finance costs. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, lower financial income, and lower associates income. Detailed impact is shown below:
See what is changing ↓- P/E
- 18.78x
- P/B
- 0.41x
- EPS
- 245
- BVPS
- 11,204
- ROE
- 2.2%
- ROA
- 0.9%
- Market price
- 4,600 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, C4G is going through a period of clear decline across multiple metrics at once — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- Administrative expenses
- Financial income
- Associates income
- Other
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 414.3 | 1,015.9 | 681.9 | 988.0 | 508.6 | 954.9 | 789.8 | 1,027.1 |
| LNST | 5.7 | 33.1 | 41.8 | 6.2 | 16.9 | 23.8 | 55.2 | 60.1 |
| Net margin | 1.38% | 3.26% | 6.14% | 0.63% | 3.33% | 2.50% | 6.98% | 5.86% |
Revenue
414bnNet income
6bnNet margin
1.38%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin fell to 2.80%, losing 2.0pp. The main pressure comes from SG&A / Revenue rose 1.0pp and Gross margin fell 0.5pp (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 0.3pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 2.80% −2.0pp
- Gross Margin
- 12.96% −0.5pp
- SG&A / Revenue
- 5.14% +1.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 1.3% fluctuates with handover cycles.
Is capital being deployed efficiently?
▼ROIC narrowed to 1.27%, falling 1.1pp. That translates to 1.27 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.8pp and capital turnover fell 0.05x, while invested capital rose by 344bn — pressure came from both operational efficiency and asset efficiency.
For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.
Balance Sheet
●ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.29x equity, net debt at 0.70x equity.
Owner advances stand at 806.3bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 28.11% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.
Owner advances: 806.3bn · YoY −315.3bn
Advances / receivables: 87.84% — funded vs stuck
The contractor's survival axis: site receivables 918.0bn vs equity 4,003.3bn — 22.93% of the capital base is sitting on job sites.
Receivables / equity: 22.93% · receivables YoY −1.13% · equity YoY 1.66%
DSO: 108 days
Sector note: contractor gross margins are THIN (12.96% 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.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 10.3 days versus the same period last year. The main moves came from DIO rose 4.7 days, DSO rose 1.4 days, and DPO fell 4.1 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
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.
CCC stands at 100.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +1.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 4.0% to 2.2% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.70x and interest coverage only at 0.74x.
At present, short-term debt accounts for 36.4% of total debt, cash equals 4.9% of debt, and total debt stands at 2,930.1bn.
Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.
Interest coverage is 0.74x, leaving limited room to absorb financing costs.
Cash / debt stands at 4.9%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.70x +0.02x
- Interest Coverage
- 0.74x −0.23x
- Cash / Debt
- 4.9% −1.6pp
- Short-term Debt / Total Debt
- 36.4% +4.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -133.8bn in 2025, against investing cash flow of -9.7bn.
Post-investment cash flow was negative +143.5bn. Financing cash flow was positive +70.0bn.
CFO / net income was −0,92 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.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 2.0 pp. The next watchpoint is capital efficiency, with ROIC at 1.3%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at −0.92x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.92x.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 2.80% after a 2.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −5,5% YoY decline.
Ability to hold margins around the current 2.80% level.
Cash-flow quality, with operating cash flow currently at -133.8bn in 2025.
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