Trailing net profit reached 45.6bn, rose 21.2bn compared with the same period last year. Key positives came from better other profit and higher gross profit. Offsetting pressure came mainly from higher tax, higher administrative expenses, and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 6.0% year on year, with the quarterly pace steady around +13%.

3 of the last 4 quarters grew year on year.

Net margin expanded to 9.86%, rising 4.3pp. Core operating signals are improving as Gross margin rose 0.4pp are enough to offset pressure from SG&A / Revenue rose 1.1pp (with additional support from Other profit / Revenue rose 5.9pp and Net financial result / Revenue rose 0.4pp).

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?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 7.7bn against investing cash flow of -33.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +26.0bn. Financing cash flow was negative +18.8bn.

CFO / net income was 0,42 lần.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

How much income is non-core?

Non-core income reaches 45.3% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at −1.0%, other profit at +45.3% 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.

Cash conversion cycle lengthened by 16.4 days versus the same period last year. The main moves came from DIO rose 9.0 days, DSO rose 3.9 days, and DPO fell 3.5 days.

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

Leverage looks fairly comfortable, with net debt / equity at −0.06x and interest coverage at 8.69x.

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 0.15x equity, with a net cash position equivalent to 0.06x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 0.4pp YoY to 17.41% (TTM).

Gross margin (TTM): 17.41% · YoY +0.4pp

Inventory 79.2bn — 30.18% of total assets, above the materials-group median (13.00%); ≈ 76 days of sales. Inventory is growing faster than revenue (6.61% vs 6.01% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.

Inventory / assets: 30.18% (group median 13.00%)

Days inventory outstanding: 76

Inventory ended the period at 84.0bn, roughly 37.0% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.