Trailing net profit reached 14.0bn, rose 17.0bn compared with the same period last year. Key positives came from higher associates income and lower finance costs. Offsetting pressure came mainly from lower gross profit and higher minority interests. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 15.8% year on year — but the quarterly pace is slowing (−4% → −9%).

0 of the last 3 quarters grew year on year.

Net margin expanded to 24.44%, rising 25.2pp. Despite pressure from Gross margin fell 5.2pp and SG&A / Revenue rose 4.4pp, the offset came from Net financial result / Revenue rose 12.7pp and Other profit / Revenue rose 0.1pp.

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.

2025Q1: 20.3bn

2025Q2: 22.1bn

2025Q3: 21.5bn

2025Q4: 17.1bn

2026Q1: 20.3bn

2026Q2: 20.0bn

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 10.6bn against investing cash flow of 0.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +10.9bn. Financing cash flow was negative +1.4bn.

CFO / net income was 0,13 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 97% of pre-tax profit comes from core operations.

Within that, net financial result at +2.4%, other profit at +0.4% 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 looks fairly comfortable, with net debt / equity at −0.04x and interest coverage at 14.41x.

At present, cash equals 1148.6% of debt and total debt stands at 3.5bn.

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 0.14x equity, with a net cash position equivalent to 0.04x equity.

Customer advances 0.2bn (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 fell 26.55% without a matching rise in TTM revenue — sales pace to watch. Advances cover only 24.99% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 0.2bn · YoY −0.1bn · QoQ −0.0bn

Locked-in revenue: ~0.01x quarters of revenue (TTM)

Inventory pre-sold: 24.99%

Project inventory splits in two at 2026Q2: 0.9bn near-delivery stock (short-term) and 3.1bn construction-in-progress (long-term). Weighted toward construction-in-progress — more investment is needed before revenue arrives.

Near-delivery (ST): 0.9bn (23.43%)

Construction-in-progress (LT): 3.1bn (76.57%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 37.2bn vs project value 4.0bn — ratio −932.40%; the company is in a net-cash position.

Net debt / project value: −932.40%

None

Over the last 12 months, working capital absorbed 18.0bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.