Trailing net profit reached 4,064.0bn, rose 3,243.0bn compared with the same period last year. Key positives came from higher financial income and lower deferred tax. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 13.4% year on year — but the quarterly pace is slowing (+66% → −13%).

2 of the last 4 quarters grew year on year.

Net margin expanded to 25.98%, rising 18.7pp. Despite pressure from SG&A / Revenue rose 1.3pp and Gross margin fell 0.7pp, the offset came from Net financial result / Revenue rose 21.3pp (pressure remains from Other profit / Revenue fell 0.3pp).

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 2,838.6bn against investing cash flow of -2,710.0bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +128.6bn. Financing cash flow was negative +269.2bn.

CFO / net income was 0,49 lần.

After spending +883.3bn on fixed-asset investment, the business generated trailing free cash flow of +1,113.7bn.

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 75.8% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +75.6%, other profit at +0.3% of PBT.

ROIC expanded to 24.24%, rising 18.7pp. That translates to 24.24 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 18.9pp and capital turnover rose 0.15x, with invested capital easing slightly by 891bn — 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 61.4 days versus the same period last year. The main moves came from DIO fell 58.6 days, DSO rose 3.5 days, and DPO rose 6.3 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 looks fairly comfortable, with net debt / equity at 0.32x and interest coverage at 9.83x.

At present, short-term debt accounts for 72.2% of total debt, cash equals 30.3% of debt, and total debt stands at 5,699.7bn.

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 1.51x equity, net debt at 0.32x equity.

Owner advances stand at 2,824.4bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.

Owner advances: 2,824.4bn · YoY −51.4bn

Advances / receivables: 92.43% — funded vs stuck

The contractor's survival axis: site receivables 3,055.8bn vs equity 12,426.2bn — 24.59% of the capital base is sitting on job sites.

Receivables / equity: 24.59% · receivables YoY 26.11% · equity YoY 11.77%

DSO: 68 days

Sector note: contractor gross margins are THIN (11.82% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.

Inventory ended the period at 5,656.6bn, roughly 18.1% of total assets.

Over the last 12 months, working capital released 1,652.1bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.