Trailing net profit reached 13.3bn, fell 2.8bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, lower financial income, and higher finance costs. Detailed impact is shown below:

Net margin fell to 4.11%, losing 3.6pp. The main pressure is SG&A / Revenue rose 1.7pp, outweighing the improvement in Gross margin rose 1.0pp (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 2.9pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

ROIC currently stands at 8.25%. Track NOPAT margin and capital turnover to assess capital 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.

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.75x equity, with a net cash position equivalent to 0.06x equity.

Owner advances stand at 48.4bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Up 60.57% YoY — owner funding is thickening.

Owner advances: 48.4bn · YoY +18.2bn

Advances / receivables: 41.61% — funded vs stuck

The contractor's survival axis: site receivables 116.3bn vs equity 169.3bn — 68.69% of the capital base is sitting on job sites.

Receivables / equity: 68.69% · receivables YoY 21.54% · equity YoY 6.52%

DSO: 131 days

Sector note: contractor gross margins are THIN (28.98% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 44.2bn, roughly 15.3% of total assets.

Over the last 12 months, working capital released 16.7bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 98.0 days versus the same period last year. The main moves came from DIO fell 47.2 days, DSO fell 57.2 days, and DPO fell 6.4 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 looks fairly comfortable, with net debt / equity at −0.06x and interest coverage at 6.17x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 305.5% of debt, and total debt stands at 5.0bn.

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

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3.0bn in 2025, against investing cash flow of 8.7bn.

Post-investment cash flow was positive +11.8bn. Financing cash flow was negative +26.5bn.

CFO / net income was 0,96 lần.

After spending +5.4bn on fixed-asset investment, the business generated trailing free cash flow of +7.4bn.

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