Trailing net profit reached 26.9bn, rose 11.2bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher finance costs, and higher tax. Detailed impact is shown below:

Net margin fell to 5.45%, losing 3.2pp. The main pressure is Gross margin fell 15.2pp, outweighing the improvement in SG&A / Revenue fell 3.6pp (with additional support from Net financial result / Revenue rose 7.2pp and Other profit / Revenue rose 0.7pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

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: 17.0bn

2025Q1: 40.5bn

2025Q2: 185.1bn

2025Q3: 255.8bn

2025Q4: 9.9bn

2026Q1: 42.8bn

ROIC expanded to 6.90%, rising 3.8pp. That translates to 6.90 in after-tax operating profit for every 100 units of operating capital. capital turnover rose 0.94x was enough to offset the contraction in NOPAT margin narrowed 3.8pp, while invested capital contracted by 148bn.

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 1.61x equity, net debt at 0.09x equity.

Customer advances 17.5bn (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 fell 81.90% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown. Advances cover only 4.68% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 17.5bn · YoY −79.3bn · QoQ −0.3bn

Locked-in revenue: ~0.14x quarters of revenue (TTM)

Inventory pre-sold: 4.68%

Project inventory splits in two at 2026Q1: 374.8bn near-delivery stock (short-term) and 0.0bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 374.8bn (100.00%)

Construction-in-progress (LT): 0.0bn (0.00%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 20.7bn vs project value 374.8bn — ratio 5.54%; the project pipeline backs net debt 18.06x over.

Net debt / project value: 5.54%

Development inventory ended the period at 385.5bn, about 67.1% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 183.0bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.

Leverage warrants monitoring, with net debt / equity at 0.09x and interest coverage only at 0.94x.

At present, short-term debt accounts for 52.2% of total debt, cash equals 77.0% of debt, and total debt stands at 90.1bn.

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 379.3bn in 2025, against investing cash flow of -0.7bn.

Post-investment cash flow was positive +378.6bn. Financing cash flow was negative +294.7bn.

CFO / net income was 12,37 lần.

After spending +2.1bn on fixed-asset investment, the business generated trailing free cash flow of +330.4bn.

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