Trailing net profit reached 11.5bn, rose 20.4bn compared with the same period last year. Key positives came from higher financial income and better other profit. Offsetting pressure came mainly from higher finance costs, lower gross profit, higher administrative expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 22.0% year on year — but the quarterly pace is slowing (−43% → −70%).

1 of the last 4 quarters grew year on year.

Net margin expanded to −1.96%, rising 2.5pp. Core operating signals are improving as Gross margin rose 0.9pp are enough to offset pressure from SG&A / Revenue rose 2.4pp (with additional support from Net financial result / Revenue rose 3.8pp and Other profit / Revenue rose 0.7pp).

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?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -104.2bn against investing cash flow of 68.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +36.1bn. Financing cash flow was positive +76.8bn.

CFO / net income was 6,63 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 84.3% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +65.0%, other profit at +19.3% of PBT.

ROIC expanded to −0.03%, rising 3.2pp. That translates to −0.03 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 3.0pp was enough to offset the decline from capital turnover fell 0.36x, while invested capital rose by 116bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 7.7 days versus the same period last year. The main moves came from DIO fell 7.2 days, DSO rose 20.5 days, and DPO rose 5.6 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

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 1.10x and interest coverage only at −0.15x.

At present, short-term debt accounts for 99.5% of total debt, cash equals 0.4% of debt, and total debt stands at 409.9bn.

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

ROIC for construction contractors swings with project progress and handover cycles. Leverage is elevated, requiring monitoring — liabilities at 1.85x equity, net debt at 1.10x equity.

Owner advances stand at 18.7bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Up 87.79% YoY — owner funding is thickening.

Owner advances: 18.7bn · YoY +8.8bn

Advances / receivables: 7.56% — funded vs stuck

The contractor's survival axis: site receivables 247.8bn vs equity 372.9bn — 66.45% of the capital base is sitting on job sites.

Receivables / equity: 66.45% · receivables YoY −9.26% · equity YoY −1.96%

DSO: 168 days

Sector note: contractor gross margins are THIN (6.99% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 132.2bn, roughly 11.3% of total assets.

Over the last 12 months, working capital absorbed 61.0bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.