Trailing net profit reached 1.2bn, rose 30.6bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from weaker other profit. Detailed impact is shown below:

Net margin expanded to −0.70%, rising 21.1pp. The main driver is Gross margin rose 16.7pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 7.9pp added support while Other profit / Revenue fell 3.8pp remained a drag).

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 notably light for construction contractors — liabilities at -48.23x equity, with a net cash position equivalent to 17.91x equity.

Owner advances stand at 12.1bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Up 29.49% YoY — owner funding is thickening.

Owner advances: 12.1bn · YoY +2.8bn

Advances / receivables: 3.61% — funded vs stuck

Owners' equity is NEGATIVE at 2026Q1 while 336.4bn 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 (23.52% 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 0.8bn 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 178.6 days versus the same period last year. The main moves came from DIO rose 5.3 days, DSO fell 206.3 days, and DPO fell 22.4 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 −17.91x and interest coverage only at 0.24x.

At present, short-term debt accounts for 78.0% of total debt, cash equals 2.1% of debt, and total debt stands at 226.8bn.

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 31.3bn in 2025, against investing cash flow of 0.7bn.

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

CFO / net income was −34,25 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.