Trailing net profit reached 45.3bn, rose 21.0bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and lower deferred tax. Offsetting pressure came mainly from higher minority interests, higher finance costs, higher tax, and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 1.8% year on year — but the quarterly pace is slowing (−13% → −51%).

1 of the last 4 quarters grew year on year.

Net margin expanded to 9.78%, rising 5.0pp. Core operating signals are improving as Gross margin rose 8.7pp are enough to offset pressure from SG&A / Revenue rose 1.2pp (in addition, Other profit / Revenue rose 0.8pp added support while Net financial result / Revenue fell 1.8pp remained a drag).

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.

2025Q1: 100.5bn

2025Q2: 249.6bn

2025Q3: 215.4bn

2025Q4: 329.1bn

2026Q1: 81.5bn

2026Q2: 121.2bn

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 164.3bn against investing cash flow of 16.5bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +180.8bn. Financing cash flow was positive +35.8bn.

CFO / net income was 0,96 lần.

After spending +5.1bn on fixed-asset investment, the business generated trailing free cash flow of +38.5bn.

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 99% of pre-tax profit comes from core operations.

Within that, net financial result at −31.2%, other profit at +0.6% of PBT.

ROIC expanded to 6.36%, rising 2.8pp. That translates to 6.36 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.4pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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 0.29x and interest coverage at 2.85x.

At present, short-term debt accounts for 52.9% of total debt, cash equals 44.8% of debt, and total debt stands at 478.7bn.

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 1.29x equity, net debt at 0.29x equity.

Customer advances 331.2bn (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 rose 57.87% YoY — strong sales locking in future revenue. Advances cover only 21.41% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 331.2bn · YoY +121.4bn · QoQ +40.2bn

Locked-in revenue: ~1.77x quarters of revenue (TTM)

Inventory pre-sold: 21.41%

Project inventory splits in two at 2026Q2: 1,546.9bn near-delivery stock (short-term) and 0.2bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 1,546.9bn (99.99%)

Construction-in-progress (LT): 0.2bn (0.01%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 264.4bn vs project value 1,547.1bn — ratio 17.09%; the project pipeline backs net debt 5.85x over.

Net debt / project value: 17.09%

Development inventory ended the period at 1,386.0bn, about 64.9% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 9.2bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.