Trailing net profit reached 6.6bn, rose 2.9bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, higher financial income, and lower tax. Offsetting pressure came mainly from weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 14.0% year on year — not from a single spike: quarterly growth stepped up from −29% to +46%.

2 of the last 4 quarters grew year on year.

Net margin edged up to 0.96%, rising 0.4pp. Core operating signals are improving as Gross margin rose 0.8pp are enough to offset pressure from SG&A / Revenue rose 1.1pp (in addition, Net financial result / Revenue rose 0.6pp added support while Other profit / Revenue fell 0.1pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 72.9bn against investing cash flow of -8.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +64.5bn. Financing cash flow was negative +37.0bn.

CFO / net income was −2,81 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 19.4% of pre-tax profit — worth monitoring.

Within that, net financial result at −80.9%, other profit at +19.4% of PBT.

ROIC edged up to 2.00%, rising 0.9pp. That translates to 2.00 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.4pp and capital turnover rose 0.12x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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 29.3 days versus the same period last year. The main moves came from DIO fell 16.9 days, DSO fell 17.3 days, and DPO fell 4.9 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 0.55x and interest coverage only at 1.14x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 4.2% of debt, and total debt stands at 149.3bn.

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. Capital structure is relatively light for construction contractors — liabilities at 1.83x equity, net debt at 0.55x equity.

Owner advances stand at 65.6bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Up 192.95% YoY — owner funding is thickening.

Owner advances: 65.6bn · YoY +43.2bn

Advances / receivables: 29.22% — funded vs stuck

The contractor's survival axis: site receivables 224.4bn vs equity 259.5bn — 86.48% of the capital base is sitting on job sites.

Receivables / equity: 86.48% · receivables YoY −30.55% · equity YoY 2.26%

DSO: 119 days

Sector note: contractor gross margins are THIN (6.57% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 203.2bn, roughly 27.9% of total assets.

Over the last 12 months, working capital absorbed 36.0bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.