Trailing net profit reached 1,298.4bn, rose 79.1bn 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 selling expenses, higher tax, and higher deferred tax. Detailed impact is shown below:

Net margin edged up to 11.77%, rising 1.5pp. Core operating signals are improving as SG&A / Revenue fell 1.0pp are enough to offset pressure from Gross margin fell 0.7pp (with additional support from Net financial result / Revenue rose 0.9pp and Other profit / Revenue rose 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.

ROIC expanded to 10.76%, rising 1.5pp. That translates to 10.76 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.2pp, with capital turnover broadly stable; while invested capital rose by 1,216bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.28x equity, net debt at 0.34x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 0.7pp YoY to 29.12% (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): 29.12% · YoY -0.7pp

Inventory 9,451.1bn — 35.18% of total assets, above the materials-group median (13.00%); ≈ 354 days of sales. Inventory is growing faster than revenue (105.47% vs 13.34% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.

Inventory / assets: 35.18% (group median 13.00%)

Days inventory outstanding: 354

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

Over the last 12 months, working capital released 1,342.6bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

The inventory build-up noted above is reflected 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 62.4 days, DSO fell 4.3 days, and DPO fell 9.6 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 0.34x and interest coverage at 6.73x.

At present, short-term debt accounts for 47.1% of total debt, cash equals 29.2% of debt, and total debt stands at 5,767.4bn.

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3,339.1bn in 2025, against investing cash flow of -4,594.4bn.

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

CFO / net income was 2,64 lần.

After spending +2,119.6bn on fixed-asset investment, the business generated trailing free cash flow of +1,312.8bn.