Trailing net profit reached 19.3bn, fell 0.7bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 87.6% year on year — not from a single spike: quarterly growth stepped up from +120% to +2,867%.

2 of the last 4 quarters grew year on year.

Net margin expanded to −1866.83%, rising 1505.6pp. The main driver is SG&A / Revenue fell 79.8pp and Gross margin rose 15.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1566.8pp).

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?

Operating cash flow reached -0.1bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +0.1bn. Financing cash flow was positive 0.0bn.

CFO / net income was 0,00 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?

Non-core income reaches 95.5% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +95.5% 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.

Cash conversion cycle lengthened by 3201.6 days versus the same period last year. The main moves came from DIO fell 11050.8 days, DSO fell 17771.5 days, and DPO fell 32024.0 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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 −0.15x and interest coverage only at −1.05x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.1% of debt, and total debt stands at 79.2bn.

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

Balance sheet is exceptionally sound — liabilities at -1.08x equity, with a net cash position equivalent to 0.15x equity.

Owner advances stand at 35.7bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.

Owner advances: 35.7bn · YoY +0.1bn

Advances / receivables: 62.82% — funded vs stuck

Owners' equity is NEGATIVE at 2026Q2 while 56.8bn of receivables remain on site — accumulated losses have consumed the capital base; equity ratios are no longer meaningful. This is the highest-risk state for a contractor.

Sector note: contractor gross margins are THIN (21.25% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 14.4bn, roughly 35.9% of total assets.

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