Trailing net profit reached 612.3bn, rose 361.4bn compared with the same period last year. Key positives came from better other profit and higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 5.5% year on year — not from a single spike: quarterly growth stepped up from +4% to +8%.

4 of the last 4 quarters grew year on year.

Net margin expanded to 40.82%, rising 23.2pp. The main driver is Gross margin rose 4.7pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 23.7pp and Net financial result / Revenue rose 0.5pp).

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 253.7bn against investing cash flow of -82.3bn (annual cash-flow figures for 2025).

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

CFO / net income was 0,52 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.

How much income is non-core?

Non-core income reaches 51.2% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +4.1%, other profit at +47.1% of PBT.

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.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.8 days versus the same period last year. The main moves came from DIO fell 1.9 days, DSO fell 4.1 days, and DPO rose 1.8 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.

Balance sheet is exceptionally sound — liabilities at 0.66x equity, with a net cash position equivalent to 0.22x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 4.7pp YoY to 31.47% (TTM).

Gross margin (TTM): 31.47% · YoY +4.7pp

Inventory 24.2bn — 1.56% of total assets, below the materials-group median (13.00%); ≈ 9 days of sales. Inventory is growing faster than revenue (14.44% vs 5.54% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.

Inventory / assets: 1.56% (group median 13.00%)

Days inventory outstanding: 9

None

Over the last 12 months, working capital absorbed 273.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.