Trailing net profit reached 930.5bn, fell 273.9bn compared with the same period last year. Key positives came from lower minority interests, lower deferred tax, higher financial income, and lower finance costs. 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 declined 12.8% year on year — but the quarterly pace is slowing (+2% → −31%).

2 of the last 4 quarters grew year on year.

Net margin fell to 26.69%, losing 3.6pp. The main pressure comes from Gross margin fell 5.1pp and SG&A / Revenue rose 1.3pp (in addition, Net financial result / Revenue rose 2.1pp added support while Other profit / Revenue fell 0.6pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 2,535.0bn against investing cash flow of -2,155.8bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +379.1bn. Financing cash flow was negative +617.1bn.

CFO / net income was 2,56 lần.

After spending +1,937.4bn on fixed-asset investment, the business generated trailing free cash flow of +443.3bn.

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?

About 92% of pre-tax profit comes from core operations.

Within that, net financial result at +6.9%, other profit at +1.4% of PBT.

ROIC fell to 10.98%, losing 4.4pp. That translates to 10.98 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 3.2pp and capital turnover fell 0.10x, while invested capital rose by 1,268bn — pressure came from both operational efficiency and asset efficiency.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

Cash conversion cycle lengthened by 16.4 days versus the same period last year. The main moves came from DIO rose 16.1 days, DSO rose 4.8 days, and DPO rose 4.5 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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 0.24x and interest coverage at 18.84x.

At present, short-term debt accounts for 27.1% of total debt, cash equals 28.2% of debt, and total debt stands at 4,175.5bn.

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

ROIC for construction contractors swings with project progress and handover cycles. Capital structure is notably light for the real estate sector — liabilities at 0.87x equity, net debt at 0.24x equity.

Owner advances stand at 309.1bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 45.19% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.

Owner advances: 309.1bn · YoY −254.8bn

Advances / receivables: 44.93% — funded vs stuck

The contractor's survival axis: site receivables 688.0bn vs equity 12,439.2bn — 5.53% of the capital base is sitting on job sites.

Receivables / equity: 5.53% · receivables YoY −10.68% · equity YoY 7.37%

DSO: 43 days

Sector note: contractor gross margins are THIN (38.52% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Development inventory ended the period at 2,267.7bn, about 10.2% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 868.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.