Trailing net profit reached 16.5bn, rose 234.7bn compared with the same period last year. Key positives came from higher financial income and lower finance costs. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Net margin expanded to 304.22%, rising 8229.3pp. Core operating signals are improving as SG&A / Revenue fell 386.5pp are enough to offset pressure from Gross margin fell 29.4pp (with additional support from Net financial result / Revenue rose 7915.8pp and Other profit / Revenue rose 59.9pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

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: 0.5bn

2025Q1: 0.9bn

2025Q2: 0.8bn

2025Q3: 1.2bn

2025Q4: 3.0bn

2026Q1: 0.9bn

ROIC expanded to 0.54%, rising 10.0pp. That translates to 0.54 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 7586.5pp, with capital turnover broadly stable; with invested capital easing slightly by 118bn.

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 typical for the real estate sector — liabilities at 2.24x equity, net debt at 0.59x equity.

Customer advances 716.8bn (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 678.83% YoY — strong sales locking in future revenue.

Customer advances: 716.8bn · YoY +624.7bn · QoQ +50.5bn

Locked-in revenue: ~494.28x quarters of revenue (TTM)

Inventory pre-sold: 50.53%

Project inventory splits in two at 2026Q1: 1,418.4bn near-delivery stock (short-term) and 0.0bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 1,418.4bn (100.00%)

Construction-in-progress (LT): 0.0bn (0.00%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 765.2bn vs project value 1,418.4bn — ratio 53.95%; the project pipeline backs net debt 1.85x over.

Net debt / project value: 53.95%

Development inventory ended the period at 1,390.0bn, about 32.4% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 75.4bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Leverage warrants monitoring, with net debt / equity at 0.59x and interest coverage only at 0.32x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 0.5% of debt, and total debt stands at 768.9bn.

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 109.6bn in 2025, against investing cash flow of -0.2bn.

Post-investment cash flow was positive +109.4bn. Financing cash flow was negative +13.2bn.

CFO / net income was 4,76 lần.

Track how much investment can be funded internally from operating cash flow.

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