Trailing net profit reached 1,263.5bn, rose 457.8bn compared with the same period last year. Key positives came from better other profit, higher gross profit, and lower administrative expenses. Offsetting pressure came mainly from higher minority interests and higher tax. Detailed impact is shown below:

Net margin expanded to 23.82%, rising 5.6pp. Core operating signals are improving as SG&A / Revenue fell 2.8pp are enough to offset pressure from Gross margin fell 0.8pp (with additional support from Other profit / Revenue rose 6.1pp and Net financial result / Revenue rose 0.5pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

ROIC edged up to 8.33%, rising 1.3pp. That translates to 8.33 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.3pp and capital turnover rose 0.07x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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 1.20x equity, net debt at 0.46x equity.

Owner advances stand at 819.1bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 12.15% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.

Owner advances: 819.1bn · YoY −113.2bn

Advances / receivables: 40.38% — funded vs stuck

The contractor's survival axis: site receivables 2,028.4bn vs equity 10,466.2bn — 19.38% of the capital base is sitting on job sites.

Receivables / equity: 19.38% · receivables YoY −10.05% · equity YoY 14.27%

DSO: 112 days

Sector note: contractor gross margins are THIN (21.85% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

None

Over the last 12 months, working capital absorbed 418.0bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 51.8 days versus the same period last year. The main moves came from DIO fell 39.2 days, DSO fell 37.4 days, and DPO fell 24.8 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

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 is balanced for now, with net debt / equity at 0.46x and interest coverage at 2.18x.

At present, short-term debt accounts for 50.6% of total debt, cash equals 21.6% of debt, and total debt stands at 6,121.8bn.

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 1,813.0bn in 2025, against investing cash flow of -59.0bn.

Post-investment cash flow was positive +1,754.0bn. Financing cash flow was negative +1,656.2bn.

CFO / net income was 1,21 lần.

After spending +103.1bn on fixed-asset investment, the business generated trailing free cash flow of +1,425.0bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.