Trailing net profit reached 22.1bn, rose 23.5bn 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:

Net margin expanded to 341.13%, rising 350.9pp. Despite pressure from SG&A / Revenue rose 66.9pp and Gross margin fell 14.0pp, the offset came from Net financial result / Revenue rose 634.4pp.

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

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.

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is typical for the real estate sector — liabilities at 2.91x equity, with a net cash position equivalent to 0.95x equity.

Owner advances stand at 795.9bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.

Owner advances: 795.9bn

Advances / receivables: 15615.79% — funded vs stuck

The contractor's survival axis: site receivables 5.1bn vs equity 358.6bn — 1.42% of the capital base is sitting on job sites.

Receivables / equity: 1.42% · receivables YoY −22.48% · equity YoY 28.92%

DSO: 286 days

Sector note: contractor gross margins are THIN (36.71% 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 613.2bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Cash conversion cycle lengthened by 17796.7 days versus the same period last year. The main moves came from DIO rose 17541.9 days, DSO rose 164.6 days, and DPO fell 90.2 days.

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

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 −0.95x and interest coverage at 13.68x.

At present, short-term debt accounts for 66.1% of total debt, cash equals 342.5% of debt, and total debt stands at 141.1bn.

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

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 396.7bn in 2025, against investing cash flow of -124.7bn.

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

CFO / net income was 24,03 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.