Trailing net profit reached 23.9bn, rose 4.1bn compared with the same period last year. Key positives came from lower selling expenses, lower administrative expenses, and lower finance costs. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 42.6% year on year — not from a single spike: quarterly growth stepped up from −51% to −38%.

0 of the last 4 quarters grew year on year.

Net margin fell to −22.80%, losing 7.5pp. The main pressure comes from Gross margin fell 6.1pp and SG&A / Revenue rose 0.8pp (with lingering pressure from Net financial result / Revenue fell 0.5pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Is profit converting into cash?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 9.9bn against investing cash flow of 8.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +18.2bn. Financing cash flow was negative +22.7bn.

CFO / net income was −0,51 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 makes up 11.3% of pre-tax profit — worth monitoring.

Within that, net financial result at +10.8%, other profit at +0.6% of PBT.

ROIC fell to −27.09%, losing 2.6pp. That translates to −27.09 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 7.5pp and capital turnover fell 0.42x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 26.6 days versus the same period last year. The main moves came from DIO rose 72.4 days, DSO rose 7.0 days, and DPO rose 52.8 days.

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

Leverage warrants monitoring, with net debt / equity at 1.92x and interest coverage only at −8.53x.

At present, short-term debt accounts for 96.2% of total debt, cash equals 0.7% of debt, and total debt stands at 49.1bn.

The balance sheet shows capital-allocation efficiency slipping. Leverage is elevated, requiring monitoring — liabilities at -5.17x equity, net debt at 1.92x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 6.1pp YoY to −10.68% (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): −10.68% · YoY -6.1pp

Inventory 78.0bn — 51.25% of total assets, above the materials-group median (13.00%); ≈ 245 days of sales.

Inventory / assets: 51.25% (group median 13.00%)

Days inventory outstanding: 245

None

Over the last 12 months, working capital released 36.0bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.