Trailing net profit reached 669.0bn, rose 247.7bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher administrative expenses and higher minority interests. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 10.5% year on year — but the quarterly pace is slowing (+26% → −17%).

3 of the last 4 quarters grew year on year.

Net margin expanded to 33.16%, rising 8.0pp. Core operating signals are improving as Gross margin rose 4.3pp are enough to offset pressure from SG&A / Revenue rose 1.6pp (with additional support from Net financial result / Revenue rose 4.6pp and Other profit / Revenue rose 0.5pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 1,243.5bn against investing cash flow of -587.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +655.6bn. Financing cash flow was negative +714.8bn.

CFO / net income was 1,53 lần.

After spending +123.3bn on fixed-asset investment, the business generated trailing free cash flow of +900.4bn.

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 94% of pre-tax profit comes from core operations.

Within that, net financial result at −26.8%, other profit at +5.9% of PBT.

ROIC expanded to 7.81%, rising 2.2pp. That translates to 7.81 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 7.6pp, with capital turnover broadly stable; 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.

Leverage is balanced for now, with net debt / equity at 0.50x and interest coverage at 2.94x.

At present, short-term debt accounts for 12.7% of total debt, cash equals 5.6% of debt, and total debt stands at 4,372.8bn.

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 0.75x equity, net debt at 0.50x equity.

None

Over the last 12 months, working capital absorbed 80.5bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.