Trailing net profit reached 373.9bn, rose 266.5bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from lower financial income, higher minority interests, and higher deferred tax. Detailed impact is shown below:

Net margin expanded to 53.31%, rising 46.4pp. The main driver is Gross margin rose 48.6pp and SG&A / Revenue fell 1.3pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 1.4pp added support while Net financial result / Revenue fell 3.4pp remained a drag).

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

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: 163.2bn

2025Q1: 191.8bn

2025Q2: 193.9bn

2025Q3: 170.4bn

2025Q4: 273.0bn

2026Q1: 67.3bn

ROIC expanded to 7.15%, rising 8.0pp. That translates to 7.15 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 49.7pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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 0.56x equity, net debt at 0.33x equity.

Customer advances 77.3bn (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. Advances fell 80.37% without a matching rise in TTM revenue — sales pace to watch. Advances cover only 23.51% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 77.3bn · YoY −316.5bn · QoQ −36.4bn

Locked-in revenue: ~0.44x quarters of revenue (TTM)

Inventory pre-sold: 23.51%

Project inventory splits in two at 2026Q1: 328.7bn near-delivery stock (short-term) and 1.0bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 328.7bn (99.69%)

Construction-in-progress (LT): 1.0bn (0.31%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 1,152.9bn vs project value 329.7bn — ratio 349.63% — net debt is 3.50x the project pipeline, far beyond the asset layer that should back it. Leverage sits in high-risk territory; repayment depends on sources outside the current pipeline.

Net debt / project value: 349.63%

None

Over the last 12 months, working capital absorbed 318.2bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Leverage is balanced for now, with net debt / equity at 0.33x and interest coverage at 2.70x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 4.6% of debt, and total debt stands at 1,006.6bn.

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

Operating cash flow reached -243.7bn in 2025, against investing cash flow of 600.9bn.

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

CFO / net income was −0,48 lần.

After spending +0.5bn on fixed-asset investment, the business generated trailing free cash flow of −179.5bn.

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