Trailing net profit reached 31.4bn, fell 40.5bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 8.2% year on year — but the quarterly pace is slowing (−53% → −66%).

1 of the last 4 quarters grew year on year.

Net margin fell to 293.52%, losing 432.6pp. The main pressure comes from SG&A / Revenue rose 34.2pp and Gross margin fell 3.1pp (with lingering pressure from Net financial result / Revenue fell 19.7pp).

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

Is profit converting into cash?

Operating cash flow reached -12.2bn against investing cash flow of 40.0bn (annual cash-flow figures for 2025).

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

CFO / net income was −0,58 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.

How much income is non-core?

Non-core income reaches 314.9% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +314.9% 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.

Cash conversion cycle lengthened by 28.7 days versus the same period last year. The main moves came from DIO rose 1.3 days, DSO rose 21.3 days, and DPO fell 6.1 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

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.

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

Owner advances stand at 1.7bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 51.13% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.

Owner advances: 1.7bn · YoY −1.7bn

Advances / receivables: 37.45% — funded vs stuck

The contractor's survival axis: site receivables 4.4bn vs equity 421.1bn — 1.06% of the capital base is sitting on job sites.

Receivables / equity: 1.06% · receivables YoY −3.45% · equity YoY −2.05%

DSO: 152 days

Sector note: contractor gross margins are THIN (15.37% 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 absorbed 2.0bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.