Trailing net profit reached 197.0bn, rose 12.4bn compared with the same period last year. Key positives came from lower finance costs, lower administrative expenses, higher gross profit, and higher financial income. Offsetting pressure came mainly from higher tax and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 1.0% year on year — but the quarterly pace is slowing (+1% → −19%).

3 of the last 4 quarters grew year on year.

Net margin expanded to 50.56%, rising 2.7pp. The main driver is SG&A / Revenue fell 1.2pp and Gross margin rose 0.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 2.9pp added support while Other profit / Revenue fell 0.4pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 320.8bn against investing cash flow of 0.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +321.5bn. Financing cash flow was negative +262.8bn.

CFO / net income was 1,71 lần.

Track how much investment can be funded internally from operating cash flow.

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 −16.2%, other profit at +0.6% of PBT.

ROIC edged up to 14.99%, rising 1.0pp. That translates to 14.99 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.1pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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 1.0 days versus the same period last year. The main moves came from DIO fell 1.1 days, DSO rose 0.7 days, and DPO fell 1.3 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 is balanced for now, with net debt / equity at 0.53x and interest coverage at 5.91x.

At present, short-term debt accounts for 42.2% of total debt, cash equals 5.9% of debt, and total debt stands at 444.1bn.

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. Capital structure is notably light for construction contractors — liabilities at 0.60x equity, net debt at 0.53x equity.

None

Over the last 12 months, working capital released 51.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.