Trailing net profit reached 82.0bn, fell 4.3bn compared with the same period last year. Key positives came from lower administrative expenses, better other profit, higher financial income, and lower selling expenses. Offsetting pressure came mainly from higher finance costs, lower gross profit, higher minority interests, and lower associates income. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 2.7% year on year — but the quarterly pace is slowing (+57% → +23%).

3 of the last 4 quarters grew year on year.

Net margin stands at 4.51%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Is profit converting into cash?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -443.3bn against investing cash flow of -146.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +590.0bn. Financing cash flow was positive +504.6bn.

CFO / net income was −6,32 lần.

After spending +83.0bn on fixed-asset investment, the business generated trailing free cash flow of −601.5bn.

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 makes up 11.0% of pre-tax profit — worth monitoring.

Within that, net financial result at +10.0%, other profit at +1.0% of PBT.

ROIC narrowed to 4.05%, falling 1.2pp. That translates to 4.05 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.5pp and capital turnover fell 0.14x, while invested capital rose by 440bn — pressure came from both operational efficiency and asset efficiency.

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 improved by 0.9 days versus the same period last year. The main moves came from DIO rose 12.9 days, DSO fell 11.5 days, and DPO rose 2.3 days.

Working capital cycle is flat — components are offsetting each other.

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 4.60x and interest coverage only at 0.93x.

At present, short-term debt accounts for 73.7% of total debt, cash equals 11.0% of debt, and total debt stands at 2,741.1bn.

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

ROIC for construction contractors swings with project progress and handover cycles. Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 8.44x equity, net debt at 4.60x equity.

Owner advances stand at 469.9bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Up 34.47% YoY — owner funding is thickening.

Owner advances: 469.9bn · YoY +120.4bn

Advances / receivables: 60.19% — funded vs stuck

The contractor's survival axis: site receivables 780.7bn vs equity 530.0bn — 147.28% of the capital base is sitting on job sites.

Receivables / equity: 147.28% · receivables YoY 10.60% · equity YoY 16.26%

DSO: 118 days

Sector note: contractor gross margins are THIN (10.49% 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 406.0bn of cash, mainly because of higher receivables and higher inventories.