Trailing net profit reached 7.7bn, fell 5.3bn compared with the same period last year. Offsetting pressure came mainly from higher administrative expenses, lower gross profit, and lower financial income. Detailed impact is shown below:

Net margin fell to −23.08%, losing 10.7pp. The main pressure comes from SG&A / Revenue rose 5.7pp and Gross margin fell 5.2pp (in addition, Other profit / Revenue rose 0.6pp added support while Net financial result / Revenue fell 0.5pp remained a drag).

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

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.

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage is very high, with clear pressure on the capital structure — liabilities at 5.04x equity, net debt at 2.53x equity.

Owner advances stand at 13.0bn (as of 2026Q1) — 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: 33.30% — funded vs stuck

The contractor's survival axis: site receivables 39.2bn vs equity 218.5bn — 17.92% of the capital base is sitting on job sites.

Receivables / equity: 17.92% · receivables YoY −19.39% · equity YoY −4.48%

DSO: 322 days

Sector note: contractor gross margins are THIN (22.09% 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 released 7.0bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 225.3 days versus the same period last year. The main moves came from DIO fell 294.4 days, DSO fell 55.5 days, and DPO fell 124.6 days.

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

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 2.53x and interest coverage only at −0.83x.

At present, short-term debt accounts for 1.4% of total debt, cash equals 0.7% of debt, and total debt stands at 555.8bn.

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 needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 3.3bn in 2025, against investing cash flow of -5.6bn.

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

CFO / net income was −1,99 lần.

After spending +14.8bn on fixed-asset investment, the business generated trailing free cash flow of +0.6bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.