Trailing net profit reached 5.8bn, rose 9.0bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from lower financial income, weaker other profit, and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 28.9% year on year — not from a single spike: quarterly growth stepped up from −24% to +94%.

2 of the last 4 quarters grew year on year.

Net margin expanded to −2.92%, rising 6.7pp. The main driver is Gross margin rose 11.4pp and SG&A / Revenue fell 1.4pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 4.2pp and Other profit / Revenue fell 1.9pp).

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 31.3bn against investing cash flow of 0.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +32.0bn. Financing cash flow was negative +34.0bn.

CFO / net income was −5,67 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 491.5% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +376.9%, other profit at +114.7% 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 230.1 days versus the same period last year. The main moves came from DIO fell 56.8 days, DSO fell 262.6 days, and DPO fell 89.3 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 warrants monitoring, with net debt / equity at −12.58x and interest coverage only at 0.04x.

At present, short-term debt accounts for 77.4% of total debt, cash equals 0.2% of debt, and total debt stands at 222.3bn.

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 notably light for construction contractors — liabilities at -48.23x equity, with a net cash position equivalent to 12.58x equity.

Owner advances stand at 1.9bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 82.17% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.

Owner advances: 1.9bn · YoY −8.7bn

Advances / receivables: 0.54% — funded vs stuck

Owners' equity is NEGATIVE at 2026Q2 while 347.7bn 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 (22.09% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 133.3bn, roughly 21.4% of total assets.

Over the last 12 months, working capital released 5.8bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.