Trailing net profit reached 204.2bn, rose 91.1bn compared with the same period last year. Key positives came from higher gross profit and higher associates income. Offsetting pressure came mainly from lower financial income, higher selling expenses, higher finance costs, and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 91.3% year on year — but the quarterly pace is slowing (+191% → +90%).

4 of the last 4 quarters grew year on year.

Net margin narrowed to 22.28%, falling 1.3pp. The main pressure is Gross margin fell 5.7pp, outweighing the improvement in SG&A / Revenue fell 2.2pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 3.2pp remained a drag).

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?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 474.4bn against investing cash flow of -222.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +251.5bn. Financing cash flow was positive +137.0bn.

CFO / net income was 0,82 lần.

After spending +59.5bn on fixed-asset investment, the business generated trailing free cash flow of +107.4bn.

How much income is non-core?

About 91% of pre-tax profit comes from core operations.

Within that, net financial result at −38.9%, other profit at +9.1% of PBT.

ROIC expanded to 5.85%, rising 2.4pp. That translates to 5.85 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.11x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 1.3pp; while invested capital rose by 265bn.

Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 129.3 days versus the same period last year. The main moves came from DIO fell 17.9 days, DSO fell 72.2 days, and DPO rose 39.2 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Leverage warrants monitoring, with net debt / equity at 0.36x and interest coverage only at 1.81x.

At present, short-term debt accounts for 61.9% of total debt, cash equals 14.5% of debt, and total debt stands at 1,217.9bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.86x equity, net debt at 0.36x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 5.7pp YoY to 35.01% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.

Gross margin (TTM): 35.01% · YoY -5.7pp

Inventory 20.0bn — 0.34% of total assets, below the materials-group median (13.00%); ≈ 12 days of sales.

Inventory / assets: 0.34% (group median 13.00%)

Days inventory outstanding: 12

None

Over the last 12 months, working capital released 0.0bn of cash.