Trailing net profit reached 30.1bn, rose 14.3bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher finance costs, higher administrative expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 21.7% year on year — but the quarterly pace is slowing (+38% → −3%).

3 of the last 4 quarters grew year on year.

Net margin edged up to 3.13%, rising 1.1pp. Core operating signals are improving as SG&A / Revenue fell 3.1pp are enough to offset pressure from Gross margin fell 1.7pp (with lingering pressure from Other profit / Revenue fell 0.1pp and Net financial result / Revenue fell 0.1pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 36.1bn against investing cash flow of -37.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +1.7bn. Financing cash flow was positive +15.0bn.

CFO / net income was −1,49 lần.

After spending +24.3bn on fixed-asset investment, the business generated trailing free cash flow of −69.3bn.

How much income is non-core?

About 95% of pre-tax profit comes from core operations.

Within that, net financial result at −49.6%, other profit at +5.0% of PBT.

ROIC expanded to 5.69%, rising 2.6pp. That translates to 5.69 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.3pp and capital turnover rose 0.19x, with invested capital holding roughly steady — capital-return quality improved from both sides.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 8.0 days versus the same period last year. The main moves came from DIO fell 8.3 days, DSO fell 11.5 days, and DPO fell 11.8 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Leverage warrants monitoring, with net debt / equity at 0.65x and interest coverage only at 1.53x.

At present, short-term debt accounts for 67.4% of total debt, cash equals 15.2% of debt, and total debt stands at 288.5bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is balanced — liabilities at 2.31x equity, net debt at 0.65x equity.

Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 1.7pp YoY to 32.44% (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): 32.44% · YoY -1.7pp

Inventory 105.2bn — 14.29% of total assets, above the materials-group median (13.00%); ≈ 58 days of sales.

Inventory / assets: 14.29% (group median 13.00%)

Days inventory outstanding: 58

Inventory ended the period at 104.1bn, roughly 14.6% of total assets.

Over the last 12 months, working capital absorbed 114.6bn of cash, mainly because of higher receivables and higher inventories.