Trailing net profit reached 54.2bn, rose 3.3bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from higher administrative expenses and lower gross profit. Detailed impact is shown below:

Net margin expanded to 482.00%, rising 86.7pp. Despite pressure from SG&A / Revenue rose 65.8pp and Gross margin fell 2.3pp, the offset came from Net financial result / Revenue rose 296.5pp.

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

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. Balance sheet is exceptionally sound — liabilities at 0.04x equity, with a net cash position equivalent to 0.00x equity.

Owner advances stand at 0.1bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 95.89% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.

Owner advances: 0.1bn · YoY −2.3bn

Advances / receivables: 3.26% — funded vs stuck

The contractor's survival axis: site receivables 3.0bn vs equity 442.1bn — 0.68% of the capital base is sitting on job sites.

Receivables / equity: 0.68% · receivables YoY −49.47% · equity YoY 13.09%

DSO: 97 days

Sector note: contractor gross margins are THIN (14.99% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

None

Over the last 12 months, working capital released 1.7bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Cash conversion cycle lengthened by 51.2 days versus the same period last year. The main moves came from DIO rose 28.9 days, DSO rose 24.3 days, and DPO rose 2.0 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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.

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

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 -12.2bn in 2025, against investing cash flow of 40.0bn.

Post-investment cash flow was positive +27.8bn. Financing cash flow was negative +22.5bn.

CFO / net income was −0,26 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.