Trailing net profit reached 1.6bn, fell 69.0bn 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:

Net margin fell to 3.22%, losing 49.6pp. The main pressure comes from SG&A / Revenue rose 30.0pp and Gross margin fell 18.7pp (in addition, Net financial result / Revenue rose 3.9pp added support while Other profit / Revenue fell 14.3pp remained a drag).

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

ROIC fell to 0.65%, losing 10.9pp. That translates to 0.65 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 42.2pp and capital turnover fell 0.15x, 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.

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.10x equity, with a net cash position equivalent to 0.07x equity.

Owner advances stand at 6.0bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 67.70% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.

Owner advances: 6.0bn · YoY −12.5bn

Advances / receivables: 2.59% — funded vs stuck

The contractor's survival axis: site receivables 230.7bn vs equity 701.4bn — 32.90% of the capital base is sitting on job sites. Collection is very slow: ≈ 1,670 days of revenue sit in receivables — over a year.

Receivables / equity: 32.90% · receivables YoY 0.29% · equity YoY 0.24%

DSO: 1,670 days

Sector note: contractor gross margins are THIN (50.80% 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 258.7bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Cash conversion cycle lengthened by 4430.4 days versus the same period last year. The main moves came from DIO rose 3373.2 days, DSO rose 1043.2 days, and DPO fell 14.0 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 −0.07x and interest coverage at 5.43x.

At present, short-term debt accounts for 6.6% of total debt, cash equals 250.9% of debt, and total debt stands at 33.8bn.

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

Operating cash flow reached -273.9bn in 2025, against investing cash flow of 144.6bn.

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

CFO / net income was −161,49 lần.

After spending +0.4bn on fixed-asset investment, the business generated trailing free cash flow of −262.7bn.

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