Trailing net profit reached 7.0bn, fell 35.3bn 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:

Net margin fell to 2.84%, losing 11.1pp. The main pressure comes from SG&A / Revenue rose 6.9pp and Gross margin fell 2.9pp (in addition, Other profit / Revenue rose 3.5pp added support while Net financial result / Revenue fell 4.1pp remained a drag).

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

ROIC fell to 14.05%, losing 45.3pp. That translates to 14.05 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 14.8pp, 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.

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at -27.06x equity, with a net cash position equivalent to 5.14x equity.

Owner advances stand at 173.6bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.

Owner advances: 173.6bn · YoY +5.0bn

Advances / receivables: 89.54% — funded vs stuck

Owners' equity is NEGATIVE at 2026Q1 while 193.9bn 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 (19.33% 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 4.5bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 156.0 days versus the same period last year. The main moves came from DIO fell 162.0 days, DSO fell 49.2 days, and DPO fell 55.1 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 −5.14x and interest coverage at 2.03x.

At present, short-term debt accounts for 70.8% of total debt, cash equals 8.2% of debt, and total debt stands at 129.4bn.

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 10.9bn in 2025, against investing cash flow of -4.5bn.

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

CFO / net income was 1,38 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.