Trailing net profit reached 1,190.3bn, rose 151.0bn compared with the same period last year. Key positives came from higher gross profit, higher associates income, and lower deferred tax. Offsetting pressure came mainly from higher tax, higher minority interests, higher administrative expenses, and higher finance costs. Detailed impact is shown below:

Net margin expanded to 30.25%, rising 1.9pp. The main driver is Gross margin rose 3.0pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.6pp and Other profit / Revenue fell 0.1pp).

The improvement comes from core operations — this is a high-quality margin expansion.

ROIC edged up to 13.68%, rising 0.8pp. That translates to 13.68 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.0pp, with capital turnover broadly stable; while invested capital rose by 786bn.

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 the real estate sector — liabilities at 0.87x equity, net debt at 0.24x equity.

Owner advances stand at 392.3bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 48.81% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.

Owner advances: 392.3bn · YoY −374.1bn

Advances / receivables: 61.66% — funded vs stuck

The contractor's survival axis: site receivables 636.1bn vs equity 12,267.8bn — 5.19% of the capital base is sitting on job sites.

Receivables / equity: 5.19% · receivables YoY −12.24% · equity YoY 8.24%

DSO: 36 days

Sector note: contractor gross margins are THIN (43.59% 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 379.4bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Cash conversion cycle lengthened by 4.3 days versus the same period last year. The main moves came from DIO rose 2.9 days, DSO fell 2.6 days, and DPO fell 4.1 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

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 16.72x.

At present, short-term debt accounts for 24.1% of total debt, cash equals 30.5% of debt, and total debt stands at 4,322.3bn.

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

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,535.0bn in 2025, against investing cash flow of -2,155.8bn.

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

CFO / net income was 2,14 lần.

After spending +2,235.9bn on fixed-asset investment, the business generated trailing free cash flow of +314.3bn.

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