Trailing net profit reached 4,187.8bn, rose 3,558.9bn compared with the same period last year. Key positives came from higher financial income, lower deferred tax, and higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Net margin expanded to 25.87%, rising 19.2pp. Core operating signals are improving as Gross margin rose 0.3pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (in addition, Net financial result / Revenue rose 19.9pp added support while Other profit / Revenue fell 0.3pp 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.

ROIC expanded to 24.08%, rising 19.7pp. That translates to 24.08 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 19.5pp and capital turnover rose 0.24x, 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.

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is relatively light for construction contractors — liabilities at 1.51x equity, net debt at 0.39x equity.

Owner advances stand at 3,509.6bn (as of 2026Q1) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.

Owner advances: 3,509.6bn · YoY +154.9bn

Advances / receivables: 98.57% — funded vs stuck

The contractor's survival axis: site receivables 3,560.7bn vs equity 12,850.6bn — 27.71% of the capital base is sitting on job sites.

Receivables / equity: 27.71% · receivables YoY 51.93% · equity YoY 14.06%

DSO: 77 days

Sector note: contractor gross margins are THIN (12.67% 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 1,713.1bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 80.9 days versus the same period last year. The main moves came from DIO fell 73.0 days, DSO fell 0.5 days, and DPO rose 7.4 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

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 0.39x and interest coverage at 11.25x.

At present, short-term debt accounts for 74.0% of total debt, cash equals 30.1% of debt, and total debt stands at 7,085.9bn.

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 2,838.6bn in 2025, against investing cash flow of -2,710.0bn.

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

CFO / net income was 0,56 lần.

After spending +619.3bn on fixed-asset investment, the business generated trailing free cash flow of +1,725.0bn.

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