Trailing net profit reached 90.4bn, fell 12.6bn compared with the same period last year. Key positives came from better other profit and lower tax. Offsetting pressure came mainly from lower gross profit, higher selling expenses, and higher finance costs. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 19.4% year on year — not from a single spike: quarterly growth stepped up from −56% to +50%.

1 of the last 4 quarters grew year on year.

Net margin edged up to 10.95%, rising 0.9pp. Core operating signals are improving as Gross margin rose 5.2pp are enough to offset pressure from SG&A / Revenue rose 4.6pp (in addition, Other profit / Revenue rose 1.5pp added support while Net financial result / Revenue fell 1.0pp remained a drag).

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: 138.6bn

2025Q2: 156.0bn

2025Q3: 132.7bn

2025Q4: 425.6bn

2026Q1: 82.8bn

2026Q2: 234.4bn

Is profit converting into cash?

Operating cash flow reached -122.3bn against investing cash flow of -5.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +127.5bn. Financing cash flow was positive +175.0bn.

CFO / net income was −2,90 lần.

After spending +72.6bn on fixed-asset investment, the business generated trailing free cash flow of −334.8bn.

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 98% of pre-tax profit comes from core operations.

Within that, net financial result at −18.5%, other profit at +2.3% of PBT.

ROIC narrowed to 2.53%, falling 1.0pp. That translates to 2.53 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.3pp and capital turnover fell 0.08x, while invested capital rose by 283bn — pressure came from both operational efficiency and asset efficiency.

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 0.90x and interest coverage at 3.92x.

At present, short-term debt accounts for 60.5% of total debt, cash equals 5.3% of debt, and total debt stands at 1,937.5bn.

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 relatively light for the real estate sector — liabilities at 1.42x equity, net debt at 0.90x equity.

Customer advances 289.9bn (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 36.39% without a matching rise in TTM revenue — sales pace to watch. Advances cover only 8.52% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 289.9bn · YoY −165.9bn · QoQ −78.4bn

Locked-in revenue: ~1.32x quarters of revenue (TTM)

Inventory pre-sold: 8.52%

Project inventory splits in two at 2026Q2: 3,404.9bn near-delivery stock (short-term) and 379.3bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 3,404.9bn (89.98%)

Construction-in-progress (LT): 379.3bn (10.02%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 1,834.7bn vs project value 3,784.2bn — ratio 48.48%; the project pipeline backs net debt 2.06x over.

Net debt / project value: 48.48%

Development inventory ended the period at 3,360.8bn, about 68.3% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 325.7bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.