Trailing net profit reached 317.1bn, rose 92.3bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and higher financial income. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Net margin expanded to 21.59%, rising 5.0pp. The main driver is Gross margin rose 3.7pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 1.6pp and Net financial result / Revenue rose 0.6pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.66x equity, with a net cash position equivalent to 0.03x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 3.7pp YoY to 30.34% (TTM).

Gross margin (TTM): 30.34% · YoY +3.7pp

Inventory 24.6bn — 2.25% of total assets, below the materials-group median (13.00%); ≈ 9 days of sales.

Inventory / assets: 2.25% (group median 13.00%)

Days inventory outstanding: 9

None

Over the last 12 months, working capital released 151.2bn of cash, mainly thanks to lower receivables and lower inventories.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.9 days versus the same period last year. The main moves came from DIO fell 3.2 days, DSO fell 4.3 days, and DPO rose 2.4 days.

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

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 253.7bn in 2025, against investing cash flow of -82.3bn.

Post-investment cash flow was positive +171.3bn. Financing cash flow was negative +163.5bn.

CFO / net income was 1,12 lần.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.