Trailing net profit reached 18.6bn, rose 14.6bn compared with the same period last year. Key positives came from lower finance costs and lower administrative expenses. Offsetting pressure came mainly from lower gross profit and higher tax. Detailed impact is shown below:

Net margin expanded to 3.95%, rising 3.0pp. Core operating signals are improving as SG&A / Revenue fell 1.1pp are enough to offset pressure from Gross margin fell 1.9pp (with additional support from Net financial result / Revenue rose 3.8pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

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.

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.17x equity, with a net cash position equivalent to 0.08x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 1.9pp YoY to 8.92% (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): 8.92% · YoY -1.9pp

Inventory 87.4bn — 13.96% of total assets, above the materials-group median (13.00%); ≈ 74 days of sales.

Inventory / assets: 13.96% (group median 13.00%)

Days inventory outstanding: 74

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

Over the last 12 months, working capital absorbed 20.7bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 13.4 days versus the same period last year. The main moves came from DIO fell 18.5 days, DSO fell 6.7 days, and DPO fell 11.8 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 −0.08x and interest coverage at 28.62x.

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.

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 26.6bn in 2025, against investing cash flow of 2.4bn.

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

CFO / net income was 0,30 lần.

After spending +1.4bn on fixed-asset investment, the business generated trailing free cash flow of +4.3bn.