Trailing net profit reached 9.2bn, rose 14.8bn compared with the same period last year. Key positives came from lower finance costs, higher gross profit, lower administrative expenses, and lower selling expenses. Offsetting pressure came mainly from higher minority interests and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 109.5% year on year — but the quarterly pace is slowing (+153% → +62%).

3 of the last 3 quarters grew year on year.

Net margin expanded to 1.45%, rising 5.5pp. Core operating signals are improving as SG&A / Revenue fell 10.7pp are enough to offset pressure from Gross margin fell 8.5pp (in addition, Net financial result / Revenue rose 5.7pp added support while Other profit / Revenue fell 1.7pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

Operating cash flow reached -1.7bn against investing cash flow of -12.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +14.0bn. Financing cash flow was positive +23.2bn.

CFO / net income was 2,56 lần.

After spending +9.0bn on fixed-asset investment, the business generated trailing free cash flow of +14.5bn.

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 52.4% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at −117.5%, other profit at +52.4% of PBT.

Track how much operating profit the business generates on invested capital.

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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 223.8 days versus the same period last year. The main moves came from DIO fell 165.9 days, DSO fell 157.9 days, and DPO fell 99.9 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

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 0.24x and interest coverage only at 0.40x.

At present, short-term debt accounts for 10.0% of total debt, cash equals 9.3% of debt, and total debt stands at 266.1bn.

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

Capital structure is notably light for construction contractors — liabilities at 0.68x equity, net debt at 0.24x equity.

Owner advances stand at 13.4bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.

Owner advances: 13.4bn · YoY −0.6bn

Advances / receivables: 4.02% — funded vs stuck

The contractor's survival axis: site receivables 333.7bn vs equity 998.9bn — 33.41% of the capital base is sitting on job sites.

Receivables / equity: 33.41% · receivables YoY 25.60% · equity YoY 1.36%

DSO: 192 days

Sector note: contractor gross margins are THIN (10.14% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 278.4bn, roughly 16.7% of total assets.

Over the last 12 months, working capital absorbed 56.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.