Trailing net profit reached 33.8bn, fell 274.7bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 76.2% year on year — but the quarterly pace is slowing (+279% → −92%).

1 of the last 4 quarters grew year on year.

Net margin fell to 15.14%, losing 17.8pp. The main pressure comes from SG&A / Revenue rose 19.2pp and Gross margin fell 4.4pp (with additional support from Other profit / Revenue rose 0.9pp and Net financial result / Revenue rose 0.5pp).

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: 92.0bn

2025Q2: 551.5bn

2025Q3: 101.6bn

2025Q4: 35.8bn

2026Q1: 44.1bn

2026Q2: 41.6bn

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 562.4bn against investing cash flow of -311.8bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +250.6bn. Financing cash flow was negative +253.7bn.

CFO / net income was 3,59 lần.

After spending +168.9bn on fixed-asset investment, the business generated trailing free cash flow of −47.6bn.

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 makes up 11.4% of pre-tax profit — worth monitoring.

Within that, net financial result at +8.6%, other profit at +2.8% of PBT.

Track how much operating profit the business generates on invested capital.

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

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Capital structure is notably light for the real estate sector — liabilities at 0.95x equity, with a net cash position equivalent to 0.05x equity.

Customer advances 56.7bn (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 19.50% without a matching rise in TTM revenue — sales pace to watch.

Customer advances: 56.7bn · YoY −13.7bn · QoQ +27.1bn

Locked-in revenue: ~1.02x quarters of revenue (TTM)

Inventory pre-sold: 40.14%

Project inventory splits in two at 2026Q2: 141.1bn near-delivery stock (short-term) and 127.5bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 141.1bn (52.53%)

Construction-in-progress (LT): 127.5bn (47.47%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 37.0bn vs project value 268.7bn — ratio −13.79%; the company is in a net-cash position.

Net debt / project value: −13.79%

None

Over the last 12 months, working capital released 79.3bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.