Trailing net profit reached 14.2bn, fell 3.3bn compared with the same period last year. Key positives came from lower selling expenses and lower finance costs. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 18.2% year on year — but the quarterly pace is slowing (+313% → −54%).

2 of the last 4 quarters grew year on year.

Net margin fell to 4.95%, losing 2.2pp. The main pressure is Gross margin fell 6.9pp, outweighing the improvement in SG&A / Revenue fell 4.5pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.3pp 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 3.0bn against investing cash flow of 8.7bn (annual cash-flow figures for 2025).

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

CFO / net income was 1,42 lần.

After spending +5.6bn on fixed-asset investment, the business generated trailing free cash flow of +14.6bn.

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 59.9% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +59.6%, other profit at +0.2% of PBT.

ROIC currently stands at 9.50%. 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.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 15.4 days versus the same period last year. The main moves came from DIO fell 18.2 days, DSO fell 2.0 days, and DPO fell 4.8 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 looks fairly comfortable, with net debt / equity at −0.07x and interest coverage at 7.41x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 191.7% of debt, and total debt stands at 12.5bn.

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 0.75x equity, with a net cash position equivalent to 0.07x equity.

Owner advances stand at 60.6bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Up 38.85% YoY — owner funding is thickening.

Owner advances: 60.6bn · YoY +17.0bn

Advances / receivables: 53.90% — funded vs stuck

The contractor's survival axis: site receivables 112.5bn vs equity 160.1bn — 70.22% of the capital base is sitting on job sites.

Receivables / equity: 70.22% · receivables YoY 15.27% · equity YoY 0.63%

DSO: 143 days

Sector note: contractor gross margins are THIN (27.02% 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 20.4bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.