Trailing net profit reached 8.4bn, fell 6.4bn compared with the same period last year. Key positives came from better other profit and lower minority interests. Offsetting pressure came mainly from higher administrative expenses, lower gross profit, and higher finance costs. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 21.6% year on year — but the quarterly pace is slowing (+18% → −39%).

1 of the last 4 quarters grew year on year.

Net margin fell to −32.36%, losing 23.2pp. The main pressure comes from SG&A / Revenue rose 24.1pp and Gross margin fell 4.1pp (in addition, Other profit / Revenue rose 18.3pp added support while Net financial result / Revenue fell 10.7pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Is profit converting into cash?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 3.3bn against investing cash flow of -5.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +2.3bn. Financing cash flow was negative +0.5bn.

CFO / net income was −0,40 lần.

After spending +14.9bn on fixed-asset investment, the business generated trailing free cash flow of −11.5bn.

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 reaches 167.0% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +112.1%, other profit at +54.9% of PBT.

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.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 297.8 days versus the same period last year. The main moves came from DIO fell 171.1 days, DSO rose 65.1 days, and DPO rose 191.7 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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 2.44x and interest coverage only at −1.35x.

At present, short-term debt accounts for 2.2% of total debt, cash equals 1.5% of debt, and total debt stands at 571.9bn.

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

Leverage is very high, with clear pressure on the capital structure — liabilities at 5.04x equity, net debt at 2.44x equity.

Owner advances stand at 13.0bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.

Owner advances: 13.0bn · YoY −0.0bn

Advances / receivables: 32.84% — funded vs stuck

The contractor's survival axis: site receivables 39.7bn vs equity 230.9bn — 17.18% of the capital base is sitting on job sites. Collection is very slow: ≈ 383 days of revenue sit in receivables — over a year.

Receivables / equity: 17.18% · receivables YoY −18.87% · equity YoY 0.65%

DSO: 383 days

Sector note: contractor gross margins are THIN (19.24% 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 8.1bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.