Trailing net profit reached 1,422.7bn, fell 76.3bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, higher associates income, and better other profit. Offsetting pressure came mainly from higher minority interests, higher tax, and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 18.3% year on year — not from a single spike: quarterly growth stepped up from +15% to +38%.

4 of the last 4 quarters grew year on year.

Net margin stands at 12.75%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 3,339.1bn against investing cash flow of -4,594.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +1,255.3bn. Financing cash flow was positive +816.7bn.

CFO / net income was 1,95 lần.

After spending +1,369.1bn on fixed-asset investment, the business generated trailing free cash flow of +1,400.4bn.

How much income is non-core?

About 96% of pre-tax profit comes from core operations.

Within that, net financial result at −4.5%, other profit at +3.9% of PBT.

ROIC edged up to 12.60%, rising 1.2pp. That translates to 12.60 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.11x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 0.2pp; while invested capital rose by 715bn.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 67.7 days versus the same period last year. The main moves came from DIO rose 46.5 days, DSO fell 1.6 days, and DPO fell 22.8 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Leverage looks fairly comfortable, with net debt / equity at 0.29x and interest coverage at 7.82x.

At present, short-term debt accounts for 52.5% of total debt, cash equals 37.9% of debt, and total debt stands at 5,538.9bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 1.28x equity, net debt at 0.29x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 4.1pp YoY to 28.34% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.

Gross margin (TTM): 28.34% · YoY -4.1pp

Inventory 9,850.6bn — 35.60% of total assets, above the materials-group median (13.00%); ≈ 335 days of sales. Inventory is growing faster than revenue (109.18% vs 18.27% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.

Inventory / assets: 35.60% (group median 13.00%)

Days inventory outstanding: 335

Inventory ended the period at 4,019.4bn, roughly 15.2% of total assets.

Over the last 12 months, working capital released 315.0bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.