Trailing net profit reached 26.0bn, rose 27.8bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 48.8% year on year — not from a single spike: quarterly growth stepped up from −8% to +26%.

1 of the last 4 quarters grew year on year.

Net margin expanded to 378.32%, rising 391.6pp. Despite pressure from SG&A / Revenue rose 65.2pp and Gross margin fell 10.2pp, the offset came from Net financial result / Revenue rose 670.8pp.

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 396.7bn against investing cash flow of -124.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +272.1bn. Financing cash flow was positive +207.8bn.

CFO / net income was 26,79 lần.

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

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 205.3% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +167.5%, other profit at +37.7% 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 19109.8 days versus the same period last year. The main moves came from DIO rose 19086.3 days, DSO rose 154.7 days, and DPO rose 131.3 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.

Leverage looks fairly comfortable, with net debt / equity at 0.12x and interest coverage at 15.25x.

At present, short-term debt accounts for 56.1% of total debt, cash equals 77.7% of debt, and total debt stands at 166.1bn.

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 typical for the real estate sector — liabilities at 2.91x equity, net debt at 0.12x equity.

Owner advances stand at 957.4bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Up 986700.10% YoY — owner funding is thickening.

Owner advances: 957.4bn · YoY +957.3bn

Advances / receivables: 17433.44% — funded vs stuck

The contractor's survival axis: site receivables 5.5bn vs equity 311.7bn — 1.76% of the capital base is sitting on job sites.

Receivables / equity: 1.76% · receivables YoY −16.47% · equity YoY 12.96%

DSO: 288 days

Sector note: contractor gross margins are THIN (40.94% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Development inventory ended the period at 410.4bn, about 29.3% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 790.7bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.