Trailing net profit reached 17.6bn, fell 2.1bn compared with the same period last year. Key positives came from lower administrative expenses and lower finance costs. Offsetting pressure came mainly from lower gross profit, higher tax, and lower financial income. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 10.5% year on year — not from a single spike: quarterly growth stepped up from −10% to +25%.

3 of the last 4 quarters grew year on year.

Net margin narrowed to 3.51%, falling 0.8pp. The main pressure is Gross margin fell 4.4pp, outweighing the improvement in SG&A / Revenue fell 2.9pp.

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

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 26.6bn against investing cash flow of 2.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +29.0bn. Financing cash flow was negative +101.5bn.

CFO / net income was 1,34 lần.

After spending +6.7bn on fixed-asset investment, the business generated trailing free cash flow of +16.8bn.

How much income is non-core?

About 98% of pre-tax profit comes from core operations.

Within that, net financial result at +1.9% of PBT.

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

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 19.6 days versus the same period last year. The main moves came from DIO fell 20.9 days, DSO fell 5.9 days, and DPO fell 7.2 days.

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

Leverage looks fairly comfortable, with net debt / equity at −0.09x and interest coverage at 28.20x.

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

Some leverage signals are missing, so the current read should be treated as contextual.

Balance sheet is exceptionally sound — liabilities at 0.17x equity, with a net cash position equivalent to 0.09x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 4.4pp YoY to 7.03% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.

Gross margin (TTM): 7.03% · YoY -4.4pp

Inventory 75.5bn — 11.64% of total assets, below the materials-group median (13.00%); ≈ 59 days of sales.

Inventory / assets: 11.64% (group median 13.00%)

Days inventory outstanding: 59

Inventory ended the period at 98.9bn, roughly 15.3% of total assets.

Over the last 12 months, working capital released 2.8bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.