Trailing net profit reached 10.4bn, rose 8.7bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from weaker other profit and lower gross profit. Detailed impact is shown below:

Net margin expanded to 10.41%, rising 9.2pp. The main driver is SG&A / Revenue fell 16.1pp and Gross margin rose 0.6pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 6.8pp and Net financial result / Revenue fell 0.7pp).

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

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.

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.74x equity, net debt at 0.15x equity.

Owner advances stand at 17.1bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 24.87% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.

Owner advances: 17.1bn · YoY −5.7bn

Advances / receivables: 10.88% — funded vs stuck

The contractor's survival axis: site receivables 156.9bn vs equity 85.3bn — 183.83% 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 (−29.72%) and equity has even recovered 14.15% — but the capital base remains too thin for the cash stuck on site: receivables run 1.84x equity. The ratio only falls by collecting old dues or rebuilding equity. Double flag: owner advances cover only 10.88% of receivables — most work is being built with the contractor's own money; cash-flow pressure to watch. Collection is very slow: ≈ 571 days of revenue sit in receivables — over a year.

Receivables / equity: 183.83% · receivables YoY −29.72% · equity YoY 14.15%

DSO: 571 days

Sector note: contractor gross margins are THIN (6.40% 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 62.9bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.2 days versus the same period last year. The main moves came from DIO fell 52.9 days, DSO rose 128.0 days, and DPO rose 77.3 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

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 0.15x and interest coverage at 5.82x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 16.0% of debt, and total debt stands at 14.6bn.

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

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 48.1bn in 2025, against investing cash flow of 0.5bn.

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

CFO / net income was 5,20 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.