Revenue accelerated as the construction-machinery cycle turned up: 9-month 2025 revenue rose about 12.3%, then Q1 2026 revenue rose about 32.5% on downstream demand recovery and rising sentiment. But margins compress: Q1 earnings rose only about 6.5% on that revenue jump; full-year net profit up 9.0% lagged revenue up 16.5%; operating cash flow fell about 27% as the ramp absorbed working capital. Earnings track the excavator cycle — currently a tailwind, but the swing factor. Honest read: genuine cyclical volume recovery with a margin-and-mix headwind to watch.