Trailing net profit reached 4.7bn, rose 3.5bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, lower tax, and lower selling expenses. Offsetting pressure came mainly from weaker other profit and higher administrative expenses. Detailed impact is shown below:

Net margin expanded to 4.93%, rising 4.0pp. Core operating signals are improving as Gross margin rose 10.2pp are enough to offset pressure from SG&A / Revenue rose 4.6pp (with lingering pressure from Net financial result / Revenue fell 0.8pp and Other profit / Revenue fell 0.7pp).

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: 23.4bn

2025Q1: 30.0bn

2025Q2: 44.7bn

2025Q3: 31.1bn

2025Q4: 7.3bn

2026Q1: 12.4bn

ROIC edged up to 0.83%, rising 1.0pp. That translates to 0.83 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.4pp, with capital turnover fell 0.14x; with invested capital holding roughly steady.

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 2.07x equity, net debt at 0.67x equity.

Customer advances 8.0bn (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 442.36% YoY — strong sales locking in future revenue. Advances cover only 11.14% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 8.0bn · YoY +6.5bn · QoQ +0.7bn

Locked-in revenue: ~0.33x quarters of revenue (TTM)

Inventory pre-sold: 11.14%

Project inventory splits in two at 2026Q1: 71.8bn 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): 71.8bn (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 138.7bn vs project value 71.8bn — ratio 193.01% — net debt is 1.93x the project pipeline, far beyond the asset layer that should back it. Leverage sits in high-risk territory; repayment depends on sources outside the current pipeline.

Net debt / project value: 193.01%

Development inventory ended the period at 79.0bn, about 12.5% of total assets — reflecting projects in progress awaiting handover.

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

Leverage warrants monitoring, with net debt / equity at 0.67x and interest coverage only at 0.46x.

At present, short-term debt accounts for 52.3% of total debt, cash equals 4.2% of debt, and total debt stands at 144.7bn.

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

Operating cash flow reached -12.9bn in 2024, against investing cash flow of 1.9bn.

Post-investment cash flow was negative +11.1bn. Financing cash flow was positive +5.8bn.

CFO / net income was −5,07 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.