Trailing net profit reached 23.2bn, fell 15.6bn compared with the same period last year. Key positives came from higher financial income and higher gross profit. Offsetting pressure came mainly from higher administrative expenses and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 123.4% year on year — but the quarterly pace is slowing (+11,567% → +15%).

4 of the last 4 quarters grew year on year.

Net margin narrowed to −6.01%, falling 1.3pp. The weakness is mainly from non-core drags (Net financial result / Revenue rose 7.5pp, SG&A / Revenue fell 3.6pp, and Gross margin rose 0.2pp still provides some support).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Developer revenue is recognised at handover — large swings between quarters are a property-sector feature, not a business trend. Read on a TTM basis and against the delivery schedule.

2025Q1: 59.9bn

2025Q2: 75.3bn

2025Q3: 69.5bn

2025Q4: 113.7bn

2026Q1: 112.0bn

2026Q2: 86.6bn

Is profit converting into cash?

Operating cash flow reached -525.2bn against investing cash flow of 244.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +280.4bn. Financing cash flow was positive +285.2bn.

CFO / net income was 18,70 lần.

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

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

How much income is non-core?

About 100% of pre-tax profit comes from core operations.

Within that, net financial result at −148.0% of PBT.

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

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

Leverage is balanced for now, with net debt / equity at 0.51x and interest coverage at 10.97x.

At present, short-term debt accounts for 24.8% of total debt, cash equals 0.7% of debt, and total debt stands at 379.9bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Capital structure is notably light for the real estate sector — liabilities at 0.91x equity, net debt at 0.51x equity.

Customer advances 37.7bn (as of 2026Q2) — deposits on units/projects not yet handed over: revenue already sold but not yet recognised, a lead indicator of profit in upcoming delivery quarters.

Customer advances: 37.7bn · YoY −1.5bn · QoQ −0.6bn

Locked-in revenue: ~0.40x quarters of revenue (TTM)

Inventory pre-sold: 424.49%

Project inventory splits in two at 2026Q2: 8.9bn near-delivery stock (short-term) and 724.8bn construction-in-progress (long-term). Weighted toward construction-in-progress — more investment is needed before revenue arrives.

Near-delivery (ST): 8.9bn (1.21%)

Construction-in-progress (LT): 724.8bn (98.79%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 377.3bn vs project value 733.6bn — ratio 51.43%; the project pipeline backs net debt 1.94x over.

Net debt / project value: 51.43%

None

Over the last 12 months, working capital absorbed 383.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.