Trailing net profit reached 1.8bn, fell 44.4bn compared with the same period last year. Key positives came from lower administrative expenses and higher financial income. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 49.2% year on year — not from a single spike: quarterly growth stepped up from −80% to −31%.

0 of the last 4 quarters grew year on year.

Net margin fell to −4.14%, losing 54.4pp. The main pressure comes from Gross margin fell 66.8pp and SG&A / Revenue rose 22.9pp (with additional support from Net financial result / Revenue rose 38.2pp and Other profit / Revenue rose 0.2pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Is profit converting into cash?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -29.1bn against investing cash flow of 63.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +34.3bn. Financing cash flow was negative +6.2bn.

CFO / net income was −76,21 lần.

After spending +2.5bn on fixed-asset investment, the business generated trailing free cash flow of +133.5bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

How much income is non-core?

Non-core income reaches 3,336.1% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +3,277.6%, other profit at +58.5% of PBT.

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

Cash conversion cycle lengthened by 3603.4 days versus the same period last year. The main moves came from DIO rose 3051.5 days, DSO rose 532.9 days, and DPO fell 19.0 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 41.3% of total debt, cash equals 306.7% of debt, and total debt stands at 15.0bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 4.40x equity, with a net cash position equivalent to 0.07x equity.

Unearned revenue 178.0bn (as of 2026Q2, 6.95% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 4.1 years of current revenue already banked. For a collect-upfront park amortising over 30-50 years, accounting profit typically UNDERSTATES true cash health — the cash arrived long ago; accounting recognises it gradually. Over the last four quarters, operating cash flow was 136.1bn vs net profit 1.8bn. Up 95.04% YoY — the future-amortisation reserve is thickening.

Unearned revenue (ST + LT): 178.0bn

Share of total assets: 6.95%

Years of revenue banked: 4.1

Development inventory ended the period at 1,021.4bn, about 43.0% of total assets — reflecting projects in progress awaiting handover.

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