Trailing net profit reached 124.4bn, rose 61.7bn compared with the same period last year. Key positives came from lower finance costs, lower administrative expenses, lower selling expenses, and higher financial income. Offsetting pressure came mainly from lower gross profit and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 21.7% year on year — not from a single spike: quarterly growth stepped up from −70% to +10%.

2 of the last 4 quarters grew year on year.

Net margin expanded to 10.33%, rising 5.9pp. Core operating signals are improving as SG&A / Revenue fell 6.6pp are enough to offset pressure from Gross margin fell 7.6pp (in addition, Net financial result / Revenue rose 11.2pp added support while Other profit / Revenue fell 1.6pp 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.

2025Q1: 98.7bn

2025Q2: 488.7bn

2025Q3: 126.6bn

2025Q4: 428.8bn

2026Q1: 120.4bn

2026Q2: 536.8bn

Is profit converting into cash?

Operating cash flow reached -454.6bn against investing cash flow of 318.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +136.2bn. Financing cash flow was positive +447.0bn.

CFO / net income was −5,05 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.

How much income is non-core?

Non-core income makes up 10.0% of pre-tax profit — worth monitoring.

Within that, net financial result at −27.2%, other profit at +10.0% of PBT.

ROIC edged up to 2.67%, rising 1.4pp. That translates to 2.67 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 6.9pp, with capital turnover broadly stable; with invested capital easing slightly by 388bn.

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

Leverage warrants monitoring, with net debt / equity at 0.37x and interest coverage only at 1.31x.

At present, short-term debt accounts for 55.8% of total debt, cash equals 19.9% of debt, and total debt stands at 1,723.1bn.

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 relatively light for the real estate sector — liabilities at 1.39x equity, net debt at 0.37x equity.

Customer advances 729.3bn (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 5.46% YoY — strong sales locking in future revenue. Advances cover only 28.99% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 729.3bn · YoY +37.8bn · QoQ −77.9bn

Locked-in revenue: ~2.41x quarters of revenue (TTM)

Inventory pre-sold: 28.99%

Project inventory splits in two at 2026Q2: 2,515.4bn near-delivery stock (short-term) and 5.9bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 2,515.4bn (99.76%)

Construction-in-progress (LT): 5.9bn (0.24%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 1,380.0bn vs project value 2,521.3bn — ratio 54.73%; the project pipeline backs net debt 1.83x over.

Net debt / project value: 54.73%

Development inventory ended the period at 2,404.5bn, about 28.4% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 456.3bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.