Trailing net profit reached 6.9bn, fell 6.3bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:

Net margin fell to −28.88%, losing 27.9pp. The main pressure is Gross margin fell 25.5pp, outweighing the improvement in SG&A / Revenue fell 0.2pp (with lingering pressure from Net financial result / Revenue fell 3.8pp).

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

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.

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 14.55x equity, net debt at 9.68x equity.

Owner advances stand at 1.1bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 36.86% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.

Owner advances: 1.1bn · YoY −0.7bn

Advances / receivables: 5.57% — funded vs stuck

The contractor's survival axis: site receivables 20.6bn vs equity 4.0bn — 513.99% of the capital base is sitting on job sites. This sits in SEVERE territory (above 250.00%) — notably, the ratio is high mainly because EQUITY IS SHRINKING (63.76% YoY — losses eating the base) while cash stays stuck on site. A different disease from swelling receivables. Double flag: owner advances cover only 5.57% of receivables — most work is being built with the contractor's own money; cash-flow pressure to watch.

Receivables / equity: 513.99% · receivables YoY −24.14% · equity YoY −63.76%

DSO: 315 days

Sector note: contractor gross margins are THIN (−16.85% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 22.5bn, roughly 33.0% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Cash conversion cycle lengthened by 276.6 days versus the same period last year. The main moves came from DIO rose 147.6 days, DSO rose 236.0 days, and DPO rose 107.0 days.

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

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 9.68x and interest coverage only at −3.06x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 15.5% of debt, and total debt stands at 46.0bn.

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

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -0.0bn in 2025, against investing cash flow of 0.1bn.

Post-investment cash flow was positive +0.0bn. Financing cash flow was positive +2.8bn.

CFO / net income was 0,48 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.