Trailing net profit reached 676.5bn, rose 489.7bn compared with the same period last year. Key positives came from higher gross profit and higher associates income. Offsetting pressure came mainly from higher tax and lower financial income. Detailed impact is shown below:

Net margin expanded to 13.98%, rising 1.8pp. Core operating signals are improving as SG&A / Revenue fell 8.2pp are enough to offset pressure from Gross margin fell 4.2pp (with lingering pressure from Net financial result / Revenue fell 5.2pp and Other profit / Revenue fell 0.1pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

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: 445.5bn

2025Q1: 152.8bn

2025Q2: 274.3bn

2025Q3: 1,339.3bn

2025Q4: 2,959.7bn

2026Q1: 144.6bn

ROIC expanded to 6.50%, rising 4.8pp. That translates to 6.50 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.9pp and capital turnover rose 0.33x, with invested capital easing slightly by 316bn — 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 notably light for the real estate sector — liabilities at 0.89x equity, with a net cash position equivalent to 0.07x equity.

Customer advances 3,037.6bn (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 17.32% YoY — strong sales locking in future revenue.

Customer advances: 3,037.6bn · YoY +448.5bn · QoQ +2.2bn

Locked-in revenue: ~2.58x quarters of revenue (TTM)

Inventory pre-sold: 44.64%

Project inventory splits in two at 2026Q1: 6,804.9bn near-delivery stock (short-term) and 79.6bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 6,804.9bn (98.84%)

Construction-in-progress (LT): 79.6bn (1.16%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 715.9bn vs project value 6,884.5bn — ratio −10.40%; the company is in a net-cash position.

Net debt / project value: −10.40%

Development inventory ended the period at 6,627.4bn, about 35.0% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 0.0bn of cash.

Leverage looks fairly comfortable, with net debt / equity at −0.07x and interest coverage at 8.20x.

At present, short-term debt accounts for 49.3% of total debt, cash equals 150.3% of debt, and total debt stands at 1,424.5bn.

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 2,167.8bn in 2025, against investing cash flow of 171.9bn.

Post-investment cash flow was positive +2,339.7bn. Financing cash flow was positive +154.3bn.

CFO / net income was 2,56 lần.

After spending +594.3bn on fixed-asset investment, the business generated trailing free cash flow of +1,136.9bn.

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