Trailing net profit reached 172.6bn, rose 83.8bn compared with the same period last year. Key positives came from higher gross profit. 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 48.6% year on year — but the quarterly pace is slowing (+50% → +45%).

4 of the last 4 quarters grew year on year.

Net margin expanded to 35.81%, rising 8.4pp. The main driver is Gross margin rose 10.7pp and SG&A / Revenue fell 2.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 1.8pp added support while Other profit / Revenue fell 4.0pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 189.9bn against investing cash flow of -206.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +16.2bn. Financing cash flow was positive +7.1bn.

CFO / net income was 0,90 lần.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

How much income is non-core?

Non-core income makes up 19.6% of pre-tax profit — worth monitoring.

Within that, net financial result at +8.7%, other profit at +10.9% of PBT.

ROIC expanded to 39.53%, rising 15.4pp. That translates to 39.53 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 11.6pp and capital turnover rose 0.14x, while invested capital expanded strongly by 107bn — capital-return quality improved from both sides.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 23.5 days versus the same period last year. The main moves came from DIO fell 16.0 days, DSO fell 8.7 days, and DPO fell 1.2 days.

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

Leverage looks fairly comfortable, with net debt / equity at −0.08x and interest coverage at 138.23x.

At present, short-term debt accounts for 13.0% of total debt, cash equals 281.5% of debt, and total debt stands at 25.6bn.

The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 0.24x equity, with a net cash position equivalent to 0.08x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 10.7pp YoY to 50.24% (TTM).

Gross margin (TTM): 50.24% · YoY +10.7pp

Inventory 22.3bn — 3.07% of total assets, below the materials-group median (13.00%); ≈ 34 days of sales. Inventory is growing faster than revenue (328.86% vs 48.65% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.

Inventory / assets: 3.07% (group median 13.00%)

Days inventory outstanding: 34

None

Over the last 12 months, working capital released 0.0bn of cash.