Trailing net profit reached 52.4bn, fell 15.8bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, better other profit, and lower selling expenses. Offsetting pressure came mainly from higher administrative expenses and lower financial income. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 44.2% year on year — not from a single spike: quarterly growth stepped up from +2% to +29%.

4 of the last 4 quarters grew year on year.

Net margin fell to 3.02%, losing 2.8pp. The main pressure comes from Gross margin fell 4.8pp and SG&A / Revenue rose 1.4pp (with additional support from Net financial result / Revenue rose 1.9pp and Other profit / Revenue rose 1.0pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

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: 154.3bn

2025Q2: 348.8bn

2025Q3: 334.2bn

2025Q4: 517.9bn

2026Q1: 450.2bn

2026Q2: 450.1bn

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 296.6bn against investing cash flow of -101.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +195.5bn. Financing cash flow was negative +111.9bn.

CFO / net income was 4,86 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 −79.3%, other profit at +3.3% of PBT.

ROIC narrowed to 0.81%, falling 0.4pp. That translates to 0.81 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.07x, NOPAT margin narrowed 3.6pp still pulled ROIC lower, with invested capital easing up by 226bn.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

Leverage warrants monitoring, with net debt / equity at 0.13x and interest coverage only at 1.14x.

At present, short-term debt accounts for 94.8% of total debt, cash equals 4.9% of debt, and total debt stands at 837.2bn.

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 notably light for the real estate sector — liabilities at 0.27x equity, net debt at 0.13x equity.

Customer advances 5.6bn (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 45.35% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown. Advances cover only 0.77% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 5.6bn · YoY −4.6bn · QoQ −19.5bn

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

Inventory pre-sold: 0.77%

Project inventory splits in two at 2026Q2: 731.0bn near-delivery stock (short-term) and 5.4bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 731.0bn (99.27%)

Construction-in-progress (LT): 5.4bn (0.73%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 796.0bn vs project value 736.3bn — ratio 108.10% — net debt now EXCEEDS the project pipeline (each unit of debt backed by only 0.93x of project value). Leverage pressure to watch.

Net debt / project value: 108.10%

None

Over the last 12 months, working capital released 218.7bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.