Trailing net profit reached 190.0bn, fell 131.2bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, higher financial income, and lower deferred tax. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, weaker other profit, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 2.9% year on year — but the quarterly pace is slowing (+5% → −25%).

2 of the last 4 quarters grew year on year.

Net margin fell to 10.25%, losing 3.9pp. The main pressure is SG&A / Revenue rose 14.8pp, outweighing the improvement in Gross margin rose 2.3pp (in addition, Net financial result / Revenue rose 6.2pp added support while Other profit / Revenue fell 0.7pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

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: 924.9bn

2025Q2: 1,045.7bn

2025Q3: 1,068.3bn

2025Q4: 1,437.1bn

2026Q1: 1,352.6bn

2026Q2: 787.6bn

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 1,389.9bn against investing cash flow of -1,062.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +327.5bn. Financing cash flow was positive +1,814.5bn.

CFO / net income was 3,86 lần.

After spending +141.4bn on fixed-asset investment, the business generated trailing free cash flow of +591.4bn.

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

How much income is non-core?

About 97% of pre-tax profit comes from core operations.

Within that, net financial result at −9.9%, other profit at +2.7% of PBT.

ROIC narrowed to 2.02%, falling 0.9pp. That translates to 2.02 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 3.4pp, outweighing the movement in capital turnover; while invested capital rose by 2,414bn.

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

Leverage is balanced for now, with net debt / equity at 0.16x and interest coverage at 2.03x.

At present, short-term debt accounts for 44.6% of total debt, cash equals 36.2% of debt, and total debt stands at 5,166.8bn.

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

ROIC for residential developers swings with project cycles and handover timing. Capital structure is notably light for the real estate sector — liabilities at 0.82x equity, net debt at 0.16x equity.

Customer advances 8,077.5bn (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 rose 382.10% YoY — strong sales locking in future revenue.

Customer advances: 8,077.5bn · YoY +6,402.0bn · QoQ +1,143.9bn

Locked-in revenue: ~6.95x quarters of revenue (TTM)

Inventory pre-sold: 50.53%

Project inventory splits in two at 2026Q2: 15,985.4bn near-delivery stock (short-term) and 777.3bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 15,985.4bn (95.36%)

Construction-in-progress (LT): 777.3bn (4.64%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 3,294.9bn vs project value 16,762.7bn — ratio 19.66%; the project pipeline backs net debt 5.09x over.

Net debt / project value: 19.66%

Development inventory ended the period at 15,657.6bn, about 41.2% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 2,037.5bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.