Trailing net profit reached 576.0bn, rose 413.4bn compared with the same period last year. Key positives came from lower finance costs, better other profit, and higher gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 25.9% year on year — but the quarterly pace is slowing (−37% → −51%).

1 of the last 4 quarters grew year on year.

Net margin expanded to 95.06%, rising 78.5pp. Core operating signals are improving as Gross margin rose 23.5pp are enough to offset pressure from SG&A / Revenue rose 3.6pp (with additional support from Net financial result / Revenue rose 26.9pp and Other profit / Revenue rose 25.7pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

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: 191.8bn

2025Q2: 193.9bn

2025Q3: 170.4bn

2025Q4: 273.0bn

2026Q1: 67.3bn

2026Q2: 95.2bn

Is profit converting into cash?

Operating cash flow reached -243.7bn against investing cash flow of 600.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +357.2bn. Financing cash flow was negative +433.7bn.

CFO / net income was 1,30 lần.

After spending +1.1bn on fixed-asset investment, the business generated trailing free cash flow of +746.3bn.

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?

Non-core income reaches 55.2% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +25.9%, other profit at +29.3% of PBT.

ROIC expanded to 7.30%, rising 5.0pp. That translates to 7.30 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 43.3pp, with capital turnover fell 0.06x; while invested capital rose by 331bn.

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 0.31x and interest coverage at 2.98x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 42.2% of debt, and total debt stands at 1,676.8bn.

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

ROIC for residential developers swings with project cycles and handover timing. Capital structure is notably light for the real estate sector — liabilities at 0.56x equity, net debt at 0.31x equity.

Customer advances 3,417.5bn (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. Advances rose 941.61% YoY — strong sales locking in future revenue.

Customer advances: 3,417.5bn · YoY +3,089.4bn · QoQ +3,340.2bn

Locked-in revenue: ~22.56x quarters of revenue (TTM)

Inventory pre-sold: 99.03%

Project inventory splits in two at 2026Q2: 3,450.8bn near-delivery stock (short-term) and 1.1bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 3,450.8bn (99.97%)

Construction-in-progress (LT): 1.1bn (0.03%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 1,161.5bn vs project value 3,451.9bn — ratio 33.65%; the project pipeline backs net debt 2.97x over.

Net debt / project value: 33.65%

None

Over the last 12 months, working capital released 748.5bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.