Trailing net profit reached 238.1bn, rose 142.8bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:

Net margin expanded to 32.48%, rising 9.4pp. The main driver is Gross margin rose 9.2pp and SG&A / Revenue fell 1.5pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 0.5pp).

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: 266.3bn

2025Q1: 92.0bn

2025Q2: 551.5bn

2025Q3: 101.6bn

2025Q4: 35.8bn

2026Q1: 44.1bn

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.

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.95x equity, with a net cash position equivalent to 0.02x equity.

Customer advances 29.5bn (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 fell 81.11% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown. Advances cover only 21.58% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 29.5bn · YoY −126.9bn · QoQ +22.7bn

Locked-in revenue: ~0.16x quarters of revenue (TTM)

Inventory pre-sold: 21.58%

Project inventory splits in two at 2026Q1: 136.9bn near-delivery stock (short-term) and 72.9bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 136.9bn (65.25%)

Construction-in-progress (LT): 72.9bn (34.75%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 17.5bn vs project value 209.8bn — ratio −8.34%; the company is in a net-cash position.

Net debt / project value: −8.34%

None

Over the last 12 months, working capital absorbed 187.9bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

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.

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 562.4bn in 2025, against investing cash flow of -311.8bn.

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

CFO / net income was 1,44 lần.

After spending +110.0bn on fixed-asset investment, the business generated trailing free cash flow of +232.4bn.

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