Trailing net profit reached 21.9bn, fell 15.4bn compared with the same period last year. Key positives came from higher financial income and higher gross profit. Offsetting pressure came mainly from weaker other profit, higher administrative expenses, higher selling expenses, and higher minority interests. Detailed impact is shown below:

Net margin expanded to −5.67%, rising 2.0pp. The main driver is SG&A / Revenue fell 8.4pp and Gross margin rose 0.5pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 5.2pp added support while Other profit / Revenue fell 12.1pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

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.

2024Q4: 35.0bn

2025Q1: 59.9bn

2025Q2: 75.3bn

2025Q3: 69.5bn

2025Q4: 113.7bn

2026Q1: 112.0bn

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.

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.91x equity, net debt at 0.52x equity.

Customer advances 38.3bn (as of 2026Q1) — 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: 38.3bn · YoY +0.5bn · QoQ +3.3bn

Locked-in revenue: ~0.41x quarters of revenue (TTM)

Inventory pre-sold: 375.39%

Project inventory splits in two at 2026Q1: 10.2bn 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): 10.2bn (1.39%)

Construction-in-progress (LT): 724.8bn (98.61%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 385.7bn vs project value 735.0bn — ratio 52.49%; the project pipeline backs net debt 1.91x over.

Net debt / project value: 52.49%

None

Over the last 12 months, working capital absorbed 392.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Leverage is balanced for now, with net debt / equity at 0.52x and interest coverage at 13.75x.

At present, short-term debt accounts for 28.2% of total debt, cash equals 3.1% of debt, and total debt stands at 398.1bn.

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

Operating cash flow reached -525.2bn in 2025, against investing cash flow of 244.9bn.

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

CFO / net income was 20,12 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.