Trailing net profit reached 48.3bn, rose 26.6bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher minority interests, higher selling expenses, higher finance costs, and higher tax. Detailed impact is shown below:

Net margin expanded to 9.04%, rising 3.9pp. The main driver is Gross margin rose 3.9pp and SG&A / Revenue fell 0.9pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 1.5pp added support while Net financial result / Revenue fell 1.1pp 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.

2024Q4: 164.3bn

2025Q1: 100.5bn

2025Q2: 249.6bn

2025Q3: 215.4bn

2025Q4: 329.1bn

2026Q1: 81.5bn

ROIC expanded to 6.80%, rising 3.5pp. That translates to 6.80 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.8pp and capital turnover rose 0.23x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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 relatively light for the real estate sector — liabilities at 1.29x equity, net debt at 0.21x equity.

Customer advances 291.0bn (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 17.40% YoY — strong sales locking in future revenue. Advances cover only 19.94% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 291.0bn · YoY +43.1bn · QoQ +87.3bn

Locked-in revenue: ~1.33x quarters of revenue (TTM)

Inventory pre-sold: 19.94%

Project inventory splits in two at 2026Q1: 1,459.4bn 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): 1,459.4bn (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 2026Q1, net debt 197.7bn vs project value 1,459.6bn — ratio 13.55%; the project pipeline backs net debt 7.38x over.

Net debt / project value: 13.55%

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 released 69.4bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Leverage is balanced for now, with net debt / equity at 0.21x and interest coverage at 3.36x.

At present, short-term debt accounts for 29.2% of total debt, cash equals 60.9% of debt, and total debt stands at 505.2bn.

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 164.3bn in 2025, against investing cash flow of 16.5bn.

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

CFO / net income was 2,78 lần.

After spending +5.1bn on fixed-asset investment, the business generated trailing free cash flow of +129.2bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.