Trailing net profit reached 73.5bn, rose 15.7bn 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, weaker other profit, lower associates income, and higher tax. Detailed impact is shown below:

Net margin expanded to 25.59%, rising 5.7pp. Core operating signals are improving as Gross margin rose 6.7pp are enough to offset pressure from SG&A / Revenue rose 3.7pp (in addition, Net financial result / Revenue rose 8.2pp added support while Other profit / Revenue fell 2.2pp 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.

ROIC expanded to 12.92%, rising 2.9pp. That translates to 12.92 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 7.6pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. 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 38.6bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Up 124.75% YoY — owner funding is thickening.

Owner advances: 38.6bn · YoY +21.4bn

Advances / receivables: 43.78% — funded vs stuck

The contractor's survival axis: site receivables 88.2bn vs equity 682.1bn — 12.93% of the capital base is sitting on job sites.

Receivables / equity: 12.93% · receivables YoY −32.94% · equity YoY 8.89%

DSO: 107 days

Sector note: contractor gross margins are THIN (28.51% 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 23.5bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Cash conversion cycle lengthened by 116.6 days versus the same period last year. The main moves came from DIO rose 137.0 days, DSO fell 10.6 days, and DPO rose 9.8 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.

At present, short-term debt accounts for 100.0% of total debt, cash equals 2508.6% of debt, and total debt stands at 2.0bn.

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

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 68.1bn in 2025, against investing cash flow of -56.3bn.

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

CFO / net income was 0,54 lần.

After spending +30.6bn on fixed-asset investment, the business generated trailing free cash flow of +8.9bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.