Trailing net profit reached 81.6bn, rose 24.4bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, and lower selling expenses. Offsetting pressure came mainly from higher administrative expenses, lower associates income, higher tax, and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 8.9% year on year — not from a single spike: quarterly growth stepped up from +29% to +34%.

2 of the last 4 quarters grew year on year.

Net margin expanded to 25.82%, rising 5.5pp. Core operating signals are improving as Gross margin rose 2.6pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (in addition, Net financial result / Revenue rose 8.0pp added support while Other profit / Revenue fell 1.0pp 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?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 68.1bn against investing cash flow of -56.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +11.8bn. Financing cash flow was negative +58.9bn.

CFO / net income was 0,17 lần.

After spending +42.7bn on fixed-asset investment, the business generated trailing free cash flow of −29.2bn.

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 36.8% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +36.3%, other profit at +0.5% 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 72.6 days versus the same period last year. The main moves came from DIO rose 82.8 days, DSO fell 5.7 days, and DPO rose 4.4 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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.

Capital structure is notably light for construction contractors — liabilities at 0.50x equity, with a net cash position equivalent to 0.07x equity.

Owner advances stand at 14.6bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 11.52% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.

Owner advances: 14.6bn · YoY −1.9bn

Advances / receivables: 13.68% — funded vs stuck

The contractor's survival axis: site receivables 106.5bn vs equity 698.3bn — 15.24% of the capital base is sitting on job sites.

Receivables / equity: 15.24% · receivables YoY −17.76% · equity YoY 10.27%

DSO: 118 days

Sector note: contractor gross margins are THIN (27.01% 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 47.5bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.