Trailing net profit reached 6.1bn, fell 2.1bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from lower gross profit and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 10.1% year on year — not from a single spike: quarterly growth stepped up from −137% to −30%.

1 of the last 4 quarters grew year on year.

Net margin fell to −11.34%, losing 3.2pp. The main pressure is Gross margin fell 15.4pp, outweighing the improvement in SG&A / Revenue fell 14.6pp (in addition, Net financial result / Revenue rose 1.0pp added support while Other profit / Revenue fell 3.4pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 1.4bn against investing cash flow of 0.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +1.7bn. Financing cash flow was negative +3.4bn.

CFO / net income was −1,50 lần.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

How much income is non-core?

Non-core income reaches 66.0% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +58.6%, other profit at +7.4% of PBT.

ROIC expanded to 25.35%, rising 121.1pp. That translates to 25.35 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover fell 11.40x — the business is generating more revenue per unit of capital, with NOPAT margin steady; with invested capital holding roughly steady.

A small uptick from the NOPAT margin side — not yet enough to call a quality shift; watch whether this momentum continues.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 1117.4 days versus the same period last year. The main moves came from DIO rose 18.1 days, DSO rose 687.0 days, and DPO fell 412.3 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Leverage warrants monitoring, with net debt / equity at −0.46x and interest coverage only at −1.58x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 6.2% of debt, and total debt stands at 27.1bn.

The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at -3.10x equity, with a net cash position equivalent to 0.46x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 15.4pp YoY to −11.71% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.

Gross margin (TTM): −11.71% · YoY -15.4pp

Inventory 13.1bn — 5.60% of total assets, below the materials-group median (13.00%); ≈ 79 days of sales.

Inventory / assets: 5.60% (group median 13.00%)

Days inventory outstanding: 79

Inventory ended the period at 17.3bn, roughly 12.6% of total assets.

Over the last 12 months, working capital released 16.3bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.