Trailing net profit reached 13.2bn, rose 10.8bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, and lower finance costs. Offsetting pressure came mainly from weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 22.3% year on year — not from a single spike: quarterly growth stepped up from −76% to +36%.

2 of the last 4 quarters grew year on year.

Net margin expanded to 12.17%, rising 10.4pp. The main driver is Gross margin rose 14.6pp and SG&A / Revenue fell 9.9pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.6pp added support while Other profit / Revenue fell 14.6pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 48.1bn against investing cash flow of 0.5bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +48.5bn. Financing cash flow was negative +45.1bn.

CFO / net income was 3,77 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 82.1% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at −13.9%, other profit at +82.1% 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.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 48.2 days versus the same period last year. The main moves came from DIO fell 36.4 days, DSO rose 34.0 days, and DPO rose 45.8 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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 looks fairly comfortable, with net debt / equity at 0.04x and interest coverage at 12.61x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 75.5% of debt, and total debt stands at 11.6bn.

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

Capital structure is relatively light for construction contractors — liabilities at 1.74x equity, net debt at 0.04x equity.

Owner advances stand at 21.0bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 12.13% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.

Owner advances: 21.0bn · YoY −2.9bn

Advances / receivables: 15.53% — funded vs stuck

The contractor's survival axis: site receivables 135.4bn vs equity 89.0bn — 152.10% of the capital base is sitting on job sites. Worth watching (above 150.00%) — the level ACCUMULATED in earlier periods: over the last 4 quarters receivables did not swell (−31.60%) and equity has even recovered 17.67% — but the capital base remains too thin for the cash stuck on site: receivables run 1.52x equity. The ratio only falls by collecting old dues or rebuilding equity. Double flag: owner advances cover only 15.53% of receivables — most work is being built with the contractor's own money; cash-flow pressure to watch. Collection is very slow: ≈ 455 days of revenue sit in receivables — over a year.

Receivables / equity: 152.10% · receivables YoY −31.60% · equity YoY 17.67%

DSO: 455 days

Sector note: contractor gross margins are THIN (16.98% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 53.5bn, roughly 24.0% of total assets.

Over the last 12 months, working capital released 53.6bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.