Trailing net profit reached 221.4bn, fell 48.2bn compared with the same period last year. Key positives came from lower deferred tax, lower finance costs, higher gross profit, and higher financial income. Offsetting pressure came mainly from higher minority interests, higher selling expenses, higher administrative expenses, and higher tax. Detailed impact is shown below:

Net margin expanded to 14.65%, rising 4.7pp. Core operating signals are improving as Gross margin rose 1.4pp are enough to offset pressure from SG&A / Revenue rose 9.5pp (in addition, Net financial result / Revenue rose 8.0pp added support while Other profit / Revenue fell 0.5pp remained a drag).

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: 1,529.5bn

2025Q1: 924.9bn

2025Q2: 1,045.7bn

2025Q3: 1,068.3bn

2025Q4: 1,437.1bn

2026Q1: 1,352.6bn

ROIC edged up to 3.24%, rising 0.8pp. That translates to 3.24 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 5.0pp, with capital turnover broadly stable; while invested capital expanded strongly by 3,803bn.

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 0.82x equity, net debt at 0.14x equity.

Customer advances 6,933.5bn (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 rose 293.11% YoY — strong sales locking in future revenue.

Customer advances: 6,933.5bn · YoY +5,169.8bn · QoQ +714.1bn

Locked-in revenue: ~5.66x quarters of revenue (TTM)

Inventory pre-sold: 43.88%

Project inventory splits in two at 2026Q1: 15,800.7bn near-delivery stock (short-term) and 773.1bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 15,800.7bn (95.34%)

Construction-in-progress (LT): 773.1bn (4.66%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 3,023.0bn vs project value 16,573.8bn — ratio 18.24%; the project pipeline backs net debt 5.48x over.

Net debt / project value: 18.24%

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 1,809.8bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Leverage is balanced for now, with net debt / equity at 0.14x and interest coverage at 3.15x.

At present, short-term debt accounts for 45.7% of total debt, cash equals 37.3% of debt, and total debt stands at 4,820.4bn.

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 1,389.9bn in 2025, against investing cash flow of -1,062.4bn.

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

CFO / net income was 3,45 lần.

After spending +117.7bn on fixed-asset investment, the business generated trailing free cash flow of +646.8bn.

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