Trailing net profit reached 48.9bn, fell 13.2bn compared with the same period last year. Key positives came from better other profit, lower finance costs, and lower administrative expenses. Offsetting pressure came mainly from lower financial income, lower gross profit, higher selling expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 6.8% year on year — but the quarterly pace is slowing (+14% → −8%).

3 of the last 4 quarters grew year on year.

Net margin narrowed to 2.23%, falling 0.8pp. The main pressure is Gross margin fell 1.5pp, outweighing the improvement in SG&A / Revenue fell 0.3pp (in addition, Other profit / Revenue rose 1.6pp added support while Net financial result / Revenue fell 0.7pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 100.8bn against investing cash flow of 270.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +371.6bn. Financing cash flow was negative +323.5bn.

CFO / net income was −0,56 lần.

After spending +67.6bn on fixed-asset investment, the business generated trailing free cash flow of −94.8bn.

How much income is non-core?

Non-core income reaches 34.9% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at −31.8%, other profit at +34.9% of PBT.

ROIC narrowed to 1.56%, falling 1.2pp. That translates to 1.56 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.8pp, outweighing the movement in capital turnover; while invested capital contracted by 351bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Cash conversion cycle lengthened by 7.1 days versus the same period last year. The main moves came from DIO rose 7.6 days, DSO fell 11.3 days, and DPO fell 10.8 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Leverage warrants monitoring, with net debt / equity at 0.88x and interest coverage only at 0.41x.

At present, short-term debt accounts for 98.2% of total debt, cash equals 38.3% of debt, and total debt stands at 1,498.0bn.

The balance sheet shows capital-allocation efficiency slipping. Capital structure is balanced — liabilities at 2.09x equity, net debt at 0.88x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 1.5pp YoY to 10.27% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.

Gross margin (TTM): 10.27% · YoY -1.5pp

Inventory 837.8bn — 25.46% of total assets, above the materials-group median (13.00%); ≈ 156 days of sales. Inventory is growing faster than revenue (26.83% vs 6.83% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.

Inventory / assets: 25.46% (group median 13.00%)

Days inventory outstanding: 156

Inventory ended the period at 808.6bn, roughly 25.7% of total assets.

Over the last 12 months, working capital absorbed 48.2bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.