Trailing net profit reached 86.2bn, rose 40.9bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher minority interests, higher finance costs, and higher tax. Detailed impact is shown below:

Net margin expanded to 9.00%, rising 5.1pp. Core operating signals are improving as Gross margin rose 10.3pp are enough to offset pressure from SG&A / Revenue rose 4.6pp (with additional support from Other profit / Revenue rose 0.3pp and Net financial result / Revenue rose 0.2pp).

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: 230.1bn

2025Q1: 191.8bn

2025Q2: 195.7bn

2025Q3: 187.4bn

2025Q4: 544.6bn

2026Q1: 323.1bn

ROIC edged up to 3.04%, rising 1.5pp. That translates to 3.04 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.9pp, with capital turnover broadly stable; while invested capital rose by 414bn.

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 relatively light for the real estate sector — liabilities at 1.19x equity, net debt at 0.36x equity.

Customer advances 969.9bn (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 23.22% YoY — strong sales locking in future revenue. Advances cover only 29.31% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 969.9bn · YoY +182.8bn · QoQ −48.0bn

Locked-in revenue: ~3.10x quarters of revenue (TTM)

Inventory pre-sold: 29.31%

Project inventory splits in two at 2026Q1: 3,309.5bn near-delivery stock (short-term) and 16.1bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 3,309.5bn (99.52%)

Construction-in-progress (LT): 16.1bn (0.48%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 1,048.0bn vs project value 3,325.6bn — ratio 31.51%; the project pipeline backs net debt 3.17x over.

Net debt / project value: 31.51%

Development inventory ended the period at 3,256.9bn, about 51.0% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 170.1bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Leverage looks fairly comfortable, with net debt / equity at 0.36x and interest coverage at 5.75x.

At present, short-term debt accounts for 17.5% of total debt, cash equals 19.4% of debt, and total debt stands at 1,300.0bn.

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 174.2bn in 2025, against investing cash flow of -86.6bn.

Post-investment cash flow was positive +87.7bn. Financing cash flow was negative +34.2bn.

CFO / net income was −1,60 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.