Trailing net profit reached 0.8bn, fell 35.0bn compared with the same period last year. Key positives came from lower tax and lower selling expenses. Offsetting pressure came mainly from lower gross profit, lower financial income, and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 54.4% year on year — but the quarterly pace is slowing (−71% → −88%).

0 of the last 4 quarters grew year on year.

Net margin fell to 1.96%, losing 38.9pp. The main pressure comes from SG&A / Revenue rose 25.9pp and Gross margin fell 22.9pp (in addition, Net financial result / Revenue rose 11.8pp added support while Other profit / Revenue fell 9.7pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Is profit converting into cash?

Operating cash flow reached -273.9bn against investing cash flow of 144.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +129.3bn. Financing cash flow was negative +13.0bn.

CFO / net income was −321,54 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?

Non-core income reaches 606.6% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +506.3%, other profit at +100.2% of PBT.

ROIC fell to 0.23%, losing 5.1pp. That translates to 0.23 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 34.7pp and capital turnover fell 0.08x, with invested capital holding roughly steady — 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.

Cash conversion cycle lengthened by 5005.1 days versus the same period last year. The main moves came from DIO rose 3810.2 days, DSO rose 1145.3 days, and DPO fell 49.7 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.

Leverage looks fairly comfortable, with net debt / equity at 0.02x and interest coverage at 4.50x.

At present, short-term debt accounts for 4.2% of total debt, cash equals 53.3% of debt, and total debt stands at 35.0bn.

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 conservative with low leverage — liabilities at 0.10x equity, net debt at 0.02x equity.

Owner advances stand at 6.2bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 21.86% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.

Owner advances: 6.2bn · YoY −1.7bn

Advances / receivables: 2.71% — funded vs stuck

The contractor's survival axis: site receivables 230.6bn vs equity 700.9bn — 32.89% of the capital base is sitting on job sites. Collection is very slow: ≈ 2,108 days of revenue sit in receivables — over a year.

Receivables / equity: 32.89% · receivables YoY 2.22% · equity YoY 1.66%

DSO: 2,108 days

Sector note: contractor gross margins are THIN (43.13% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 449.9bn, roughly 58.0% of total assets.

Over the last 12 months, working capital absorbed 244.4bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.