Trailing net profit reached 135.6bn, rose 22.2bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher tax, higher finance costs, and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 25.1% year on year — but the quarterly pace is slowing (+36% → +20%).

4 of the last 4 quarters grew year on year.

Net margin narrowed to 10.13%, falling 0.5pp. The main pressure is Gross margin fell 3.0pp, outweighing the improvement in SG&A / Revenue fell 1.9pp (in addition, Other profit / Revenue rose 1.1pp added support while Net financial result / Revenue fell 0.3pp 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 248.0bn against investing cash flow of -217.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +30.8bn. Financing cash flow was negative +10.7bn.

CFO / net income was 1,22 lần.

After spending +125.1bn on fixed-asset investment, the business generated trailing free cash flow of +40.9bn.

How much income is non-core?

About 92% of pre-tax profit comes from core operations.

Within that, net financial result at −4.8%, other profit at +8.4% of PBT.

ROIC fell to 14.94%, losing 1.7pp. That translates to 14.94 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.3pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 150bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 15.4 days versus the same period last year. The main moves came from DIO fell 11.0 days, DSO fell 5.4 days, and DPO fell 1.0 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Leverage looks fairly comfortable, with net debt / equity at −0.02x and interest coverage at 15.61x.

At present, short-term debt accounts for 87.2% of total debt, cash equals 127.9% of debt, and total debt stands at 70.1bn.

The balance sheet shows capital-allocation efficiency slipping. Balance sheet is exceptionally sound — liabilities at 0.54x equity, with a net cash position equivalent to 0.02x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 3.0pp YoY to 21.12% (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): 21.12% · YoY -3.0pp

Inventory 102.1bn — 8.64% of total assets, below the materials-group median (13.00%); ≈ 35 days of sales.

Inventory / assets: 8.64% (group median 13.00%)

Days inventory outstanding: 35

None

Over the last 12 months, working capital absorbed 62.7bn of cash, mainly because of higher receivables and higher inventories.