Trailing net profit reached 23.8bn, rose 20.8bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from lower financial income, higher finance costs, higher administrative expenses, and higher deferred tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 48.3% year on year — not from a single spike: quarterly growth stepped up from +51% to +91%.

4 of the last 4 quarters grew year on year.

Net margin edged up to 1.89%, rising 1.5pp. The main driver is Gross margin rose 7.2pp and SG&A / Revenue fell 1.3pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 3.6pp added support while Net financial result / Revenue fell 9.3pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Is profit converting into cash?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -174.4bn against investing cash flow of 19.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +155.2bn. Financing cash flow was positive +160.3bn.

CFO / net income was −15,29 lần.

After spending +137.9bn on fixed-asset investment, the business generated trailing free cash flow of −502.1bn.

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?

Non-core income reaches 159.3% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +122.6%, other profit at +36.7% of PBT.

ROIC edged up to 1.84%, rising 0.3pp. That translates to 1.84 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.35x — the business is generating more revenue per unit of capital, with NOPAT margin steady; while invested capital rose by 118bn.

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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 61.5 days versus the same period last year. The main moves came from DIO fell 6.2 days, DSO fell 93.8 days, and DPO fell 38.5 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 1.39x and interest coverage only at 0.54x.

At present, short-term debt accounts for 88.8% of total debt, cash equals 10.6% of debt, and total debt stands at 712.6bn.

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. Leverage is elevated, requiring monitoring — liabilities at 3.03x equity, net debt at 1.39x equity.

Owner advances stand at 210.7bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.

Owner advances: 210.7bn · YoY −15.5bn

Advances / receivables: 38.16% — funded vs stuck

The contractor's survival axis: site receivables 552.1bn vs equity 457.4bn — 120.71% of the capital base is sitting on job sites.

Receivables / equity: 120.71% · receivables YoY −5.13% · equity YoY 4.26%

DSO: 139 days

Sector note: contractor gross margins are THIN (6.65% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 401.7bn, roughly 22.5% of total assets.

Over the last 12 months, working capital absorbed 359.4bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.