Trailing net profit reached 353.8bn, fell 118.3bn compared with the same period last year. Key positives came from higher gross profit, lower minority interests, and lower administrative expenses. Offsetting pressure came mainly from lower financial income, higher finance costs, and higher deferred tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 8.9% year on year — but the quarterly pace is slowing (+11% → +8%).

4 of the last 4 quarters grew year on year.

Net margin fell to 20.80%, losing 7.6pp. The main pressure is Gross margin fell 1.0pp, outweighing the improvement in SG&A / Revenue fell 2.0pp (in addition, Other profit / Revenue rose 0.3pp added support while Net financial result / Revenue fell 7.9pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Is profit converting into cash?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 571.6bn against investing cash flow of 121.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +693.2bn. Financing cash flow was negative +615.4bn.

CFO / net income was 1,79 lần.

After spending +153.2bn on fixed-asset investment, the business generated trailing free cash flow of +478.7bn.

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 99% of pre-tax profit comes from core operations.

Within that, net financial result at −135.7%, other profit at +1.3% of PBT.

ROIC narrowed to 2.76%, falling 1.1pp. That translates to 2.76 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 7.9pp, outweighing the movement in capital turnover; while invested capital rose by 1,914bn.

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 74.5 days versus the same period last year. The main moves came from DIO rose 3.6 days, DSO fell 2.0 days, and DPO fell 72.8 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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 warrants monitoring, with net debt / equity at 2.38x and interest coverage only at 0.54x.

At present, short-term debt accounts for 8.1% of total debt, cash equals 1.6% of debt, and total debt stands at 15,478.4bn.

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 typical for construction contractors — liabilities at 2.81x equity, net debt at 2.38x equity.

Owner advances stand at 11.2bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Up 577.52% YoY — owner funding is thickening.

Owner advances: 11.2bn · YoY +9.6bn

Advances / receivables: 180.22% — funded vs stuck

The contractor's survival axis: site receivables 6.2bn vs equity 6,395.7bn — 0.10% of the capital base is sitting on job sites.

Receivables / equity: 0.10% · receivables YoY −80.12% · equity YoY 6.44%

DSO: 1 days

Sector note: contractor gross margins are THIN (64.52% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

None

Over the last 12 months, working capital absorbed 92.6bn of cash, mainly because of higher receivables and higher inventories.