Trailing net profit reached 11.5bn, rose 9.7bn compared with the same period last year. Key positives came from higher associates income, lower minority interests, and higher financial income. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, and higher finance costs. Detailed impact is shown below:

Net margin expanded to 16.23%, rising 8.4pp. Despite pressure from SG&A / Revenue rose 8.1pp and Gross margin fell 3.5pp, the offset came from Other profit / Revenue rose 0.7pp (pressure remains from Net financial result / Revenue fell 3.8pp).

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.

2024Q3: 22.4bn

2025Q1: 20.3bn

2025Q2: 22.1bn

2025Q3: 21.5bn

2025Q4: 17.1bn

2026Q1: 20.3bn

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

Customer advances 0.2bn (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 rose 280.00% YoY — strong sales locking in future revenue. Advances cover only 26.42% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 0.2bn · YoY +0.2bn · QoQ +0.2bn

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

Inventory pre-sold: 26.42%

Project inventory splits in two at 2026Q1: 0.9bn near-delivery stock (short-term) and 2.9bn construction-in-progress (long-term). Weighted toward construction-in-progress — more investment is needed before revenue arrives.

Near-delivery (ST): 0.9bn (23.95%)

Construction-in-progress (LT): 2.9bn (76.05%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 34.1bn vs project value 3.8bn — ratio −894.64%; the company is in a net-cash position.

Net debt / project value: −894.64%

None

Over the last 12 months, working capital absorbed 20.6bn of cash, mainly because of higher receivables and higher inventories.

Leverage warrants monitoring, with net debt / equity at −0.04x and interest coverage only at 1.77x.

At present, cash equals 1551.1% of debt and total debt stands at 2.4bn.

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

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 10.6bn in 2025, against investing cash flow of 0.3bn.

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

CFO / net income was 0,21 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.