Trailing net profit reached 67.5bn, rose 39.6bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax and higher finance costs. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 183.7% year on year — not from a single spike: quarterly growth stepped up from +90% to +125%.

4 of the last 4 quarters grew year on year.

Net margin narrowed to 6.28%, falling 1.2pp. The main pressure is Gross margin fell 5.8pp, outweighing the improvement in SG&A / Revenue fell 4.8pp (with lingering pressure from Net financial result / Revenue fell 0.4pp and Other profit / Revenue fell 0.1pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Is profit converting into cash?

Operating cash flow reached -82.2bn against investing cash flow of -22.5bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +104.7bn. Financing cash flow was positive +100.2bn.

CFO / net income was −3,14 lần.

After spending +113.9bn on fixed-asset investment, the business generated trailing free cash flow of −326.2bn.

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?

About 100% of pre-tax profit comes from core operations.

Within that, net financial result at −4.4%, other profit at +0.3% of PBT.

ROIC expanded to 8.65%, rising 3.5pp. That translates to 8.65 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.68x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 1.1pp; while invested capital expanded strongly by 240bn.

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 88.5 days versus the same period last year. The main moves came from DIO fell 47.6 days, DSO fell 54.8 days, and DPO fell 13.9 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 looks fairly comfortable, with net debt / equity at 0.15x and interest coverage at 8.93x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 45.2% of debt, and total debt stands at 227.2bn.

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 conservative with low leverage — liabilities at 0.64x equity, net debt at 0.15x equity.

Owner advances stand at 98.8bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Up 92.28% YoY — owner funding is thickening.

Owner advances: 98.8bn · YoY +47.4bn

Advances / receivables: 23.41% — funded vs stuck

The contractor's survival axis: site receivables 422.0bn vs equity 846.1bn — 49.88% of the capital base is sitting on job sites.

Receivables / equity: 49.88% · receivables YoY 207.60% · equity YoY 49.50%

DSO: 143 days

Sector note: contractor gross margins are THIN (10.89% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 111.7bn, roughly 11.5% of total assets.

Over the last 12 months, working capital absorbed 282.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.