Trailing net profit reached 7.0bn, fell 34.8bn compared with the same period last year. Key positives came from better other profit and lower finance costs. Offsetting pressure came mainly from higher administrative expenses and lower financial income. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 9.9% year on year, with the quarterly pace steady around +3%.

4 of the last 4 quarters grew year on year.

Net margin fell to 2.81%, losing 10.6pp. The main pressure comes from SG&A / Revenue rose 6.3pp and Gross margin fell 2.6pp (in addition, Other profit / Revenue rose 3.6pp added support while Net financial result / Revenue fell 4.7pp 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 10.9bn against investing cash flow of -4.5bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +6.3bn. Financing cash flow was positive +2.5bn.

CFO / net income was 2,45 lần.

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

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 makes up 23.2% of pre-tax profit — worth monitoring.

Within that, net financial result at −58.2%, other profit at +23.2% of PBT.

ROIC fell to 12.63%, losing 44.8pp. That translates to 12.63 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 14.4pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

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 131.6 days versus the same period last year. The main moves came from DIO fell 150.3 days, DSO fell 41.6 days, and DPO fell 60.3 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 −5.56x and interest coverage at 2.04x.

At present, short-term debt accounts for 73.0% of total debt, cash equals 8.9% of debt, and total debt stands at 125.0bn.

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. Balance sheet is exceptionally sound — liabilities at -27.06x equity, with a net cash position equivalent to 5.56x equity.

Owner advances stand at 180.8bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.

Owner advances: 180.8bn · YoY +14.3bn

Advances / receivables: 90.36% — funded vs stuck

Owners' equity is NEGATIVE at 2026Q2 while 200.1bn of receivables remain on site — accumulated losses have consumed the capital base; equity ratios are no longer meaningful. This is the highest-risk state for a contractor.

Sector note: contractor gross margins are THIN (19.17% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 326.2bn, roughly 38.7% of total assets.

Over the last 12 months, working capital released 5.2bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.