Trailing net profit reached 135.9bn, rose 115.7bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and lower deferred tax. Offsetting pressure came mainly from higher administrative expenses, higher tax, and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 44.8% year on year — but the quarterly pace is slowing (+53% → +44%).

4 of the last 4 quarters grew year on year.

Net margin expanded to 2.66%, rising 1.5pp. Core operating signals are improving as SG&A / Revenue fell 0.4pp are enough to offset pressure from Gross margin fell 0.5pp (in addition, Net financial result / Revenue rose 2.0pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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

Is profit converting into cash?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -86.2bn against investing cash flow of -527.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +613.8bn. Financing cash flow was positive +902.4bn.

CFO / net income was 3,25 lần.

After spending +489.8bn on fixed-asset investment, the business generated trailing free cash flow of −48.0bn.

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?

About 91% of pre-tax profit comes from core operations.

Within that, net financial result at −85.3%, other profit at +9.5% of PBT.

ROIC expanded to 2.32%, rising 1.6pp. That translates to 2.32 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.6pp and capital turnover rose 0.20x, while invested capital rose by 601bn — capital-return quality improved from both sides.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.7 days versus the same period last year. The main moves came from DIO rose 0.4 days, DSO fell 31.8 days, and DPO fell 28.6 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

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 1.11x and interest coverage only at 0.90x.

At present, short-term debt accounts for 65.2% of total debt, cash equals 11.5% of debt, and total debt stands at 4,267.0bn.

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

ROIC for construction contractors swings with project progress and handover cycles. Capital structure is typical for construction contractors — liabilities at 2.08x equity, net debt at 1.11x equity.

Owner advances stand at 1,285.3bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Up 51.54% YoY — owner funding is thickening.

Owner advances: 1,285.3bn · YoY +437.2bn

Advances / receivables: 46.62% — funded vs stuck

The contractor's survival axis: site receivables 2,756.9bn vs equity 3,387.7bn — 81.38% of the capital base is sitting on job sites.

Receivables / equity: 81.38% · receivables YoY 21.78% · equity YoY 0.49%

DSO: 170 days

Sector note: contractor gross margins are THIN (13.01% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 3,489.3bn, roughly 34.3% of total assets.

Over the last 12 months, working capital released 274.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.