Trailing net profit reached 0.7bn, rose 8.5bn compared with the same period last year. Key positives came from lower selling expenses, lower deferred tax, higher financial income, and lower minority interests. Offsetting pressure came mainly from higher administrative expenses, weaker other profit, and lower gross profit. Detailed impact is shown below:

Net margin expanded to −1.26%, rising 2.6pp. The main driver is Gross margin rose 4.6pp and SG&A / Revenue fell 0.8pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 1.6pp 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: 73.5bn

2025Q1: 61.9bn

2025Q2: 83.7bn

2025Q3: 27.9bn

2025Q4: 93.5bn

2026Q1: 1.8bn

ROIC narrowed to 0.16%, falling 0.4pp. That translates to 0.16 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 2.3pp, outweighing the movement in capital turnover; 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 relatively light for the real estate sector — liabilities at 1.38x equity, net debt at 0.83x equity.

Customer advances 67.6bn (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 37.40% without a matching rise in TTM revenue — sales pace to watch. Advances cover only 8.31% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 67.6bn · YoY −40.4bn · QoQ +13.5bn

Locked-in revenue: ~1.31x quarters of revenue (TTM)

Inventory pre-sold: 8.31%

Project inventory splits in two at 2026Q1: 814.3bn near-delivery stock (short-term) and 62.7bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 814.3bn (92.85%)

Construction-in-progress (LT): 62.7bn (7.15%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 743.1bn vs project value 877.0bn — ratio 84.74%; the project pipeline backs net debt 1.18x over.

Net debt / project value: 84.74%

Development inventory ended the period at 794.2bn, about 35.7% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 118.5bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Leverage warrants monitoring, with net debt / equity at 0.83x and interest coverage only at 0.07x.

At present, short-term debt accounts for 87.9% of total debt, cash equals 4.1% of debt, and total debt stands at 774.7bn.

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

Operating cash flow reached -28.4bn in 2025, against investing cash flow of -98.6bn.

Post-investment cash flow was negative +127.0bn. Financing cash flow was positive +70.5bn.

CFO / net income was 137,55 lần.

After spending +3.6bn on fixed-asset investment, the business generated trailing free cash flow of −100.2bn.

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