Trailing net profit reached 0.2bn, fell 0.0bn compared with the same period last year. Key positives came from higher financial income, lower tax, and lower administrative expenses. Offsetting pressure came mainly from higher finance costs and lower gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 18.0% year on year — not from a single spike: quarterly growth stepped up from −37% to −25%.

1 of the last 4 quarters grew year on year.

Net margin stands at 0.04%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is in a stable range — no factor is strong enough to shift the picture yet.

Is profit converting into cash?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -35.5bn against investing cash flow of -177.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +212.6bn. Financing cash flow was positive +213.5bn.

CFO / net income was −29,37 lần.

Track how much investment can be funded internally from operating cash flow.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

How much income is non-core?

Non-core income reaches 210.8% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +210.8% of PBT.

ROIC stands at 0.07%, broadly flat versus the same period. That translates to 0.07 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.57x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.9 days versus the same period last year. The main moves came from DIO fell 0.2 days, DSO fell 1.2 days, and DPO rose 0.5 days.

Working capital cycle is flat — components are offsetting each other.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Leverage warrants monitoring, with net debt / equity at 1.21x and interest coverage only at 0.01x.

At present, short-term debt accounts for 99.2% of total debt, cash equals 1.5% of debt, and total debt stands at 167.6bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

ROIC should be read with industry context. Capital structure is typical for the real estate sector — liabilities at 2.54x equity, net debt at 1.21x equity.

None

Over the last 12 months, working capital released 8.7bn of cash, mainly thanks to higher payables. Pressure from higher receivables only partly offset that benefit.