Trailing net profit reached 87.7bn, fell 102.3bn compared with the previous quarter. Offsetting pressure came mainly from lower gross profit, lower financial income, higher tax, and higher administrative expenses. Detailed impact is shown below:

Track net margin changes and the operating components against the same period last year.

None

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.

2021Q4: 161.5bn

2025Q1: 163.2bn

2025Q2: 73.5bn

2025Q3: 25.5bn

2026Q1: 57.0bn

Is profit converting into cash?

Operating cash flow reached 0.0bn against investing cash flow of 0.0bn (annual cash-flow figures for 2021).

Post-investment cash flow was positive 0.0bn. Financing cash flow was positive 0.0bn.

CFO / net income was 5,37 lần.

After spending +57.8bn on fixed-asset investment, the business generated trailing free cash flow of +413.4bn.

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?

Non-core income reaches 60.0% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +57.4%, other profit at +2.6% of PBT.

ROIC currently stands at 1.14%. Track NOPAT margin and capital turnover to assess capital efficiency.

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 20.65x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 314.9% of debt, and total debt stands at 30.0bn.

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 conservative with low leverage — liabilities at 0.09x equity, net debt at 0.04x equity.

Customer advances 4,180.0bn (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 2941.84% YoY — strong sales locking in future revenue.

Customer advances: 4,180.0bn · YoY +4,042.5bn · QoQ +656.2bn

Locked-in revenue: ~52.39x quarters of revenue (TTM)

Inventory pre-sold: 43.75%

Project inventory splits in two at 2026Q1: 9,553.3bn near-delivery stock (short-term) and 243.2bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 9,553.3bn (97.52%)

Construction-in-progress (LT): 243.2bn (2.48%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 325.5bn vs project value 9,796.5bn — ratio 3.32%; the project pipeline backs net debt 30.09x over.

Net debt / project value: 3.32%

Inventory ended the period at 909.6bn, roughly 11.4% of total assets.

Over the last 12 months, working capital released 634.9bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.