Trailing net profit reached 17.3bn, fell 10.2bn compared with the same period last year. Key positives came from lower finance costs, lower administrative expenses, lower tax, and higher financial income. Offsetting pressure came mainly from higher selling expenses and lower gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 15.4% year on year — but the quarterly pace is slowing (+151% → −73%).

3 of the last 4 quarters grew year on year.

Net margin fell to 4.83%, losing 4.0pp. The main pressure is Gross margin fell 11.4pp, outweighing the improvement in SG&A / Revenue fell 0.2pp (with additional support from Net financial result / Revenue rose 5.5pp and Other profit / Revenue rose 0.2pp).

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.

2025Q1: 40.5bn

2025Q2: 185.1bn

2025Q3: 255.8bn

2025Q4: 9.9bn

2026Q1: 42.8bn

2026Q2: 49.7bn

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 379.3bn against investing cash flow of -0.7bn (annual cash-flow figures for 2025).

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

CFO / net income was 11,84 lần.

After spending +1.8bn on fixed-asset investment, the business generated trailing free cash flow of +203.3bn.

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 98% of pre-tax profit comes from core operations.

Within that, net financial result at −92.3%, other profit at +2.0% of PBT.

ROIC narrowed to 4.68%, falling 1.1pp. That translates to 4.68 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.32x, NOPAT margin narrowed 4.2pp still pulled ROIC lower, while invested capital contracted by 116bn.

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 0.41x and interest coverage only at 1.02x.

At present, short-term debt accounts for 65.8% of total debt, cash equals 29.4% of debt, and total debt stands at 121.4bn.

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 1.61x equity, net debt at 0.41x equity.

Customer advances 33.1bn (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 cover only 8.70% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 33.1bn · YoY −0.8bn · QoQ +15.6bn

Locked-in revenue: ~0.37x quarters of revenue (TTM)

Inventory pre-sold: 8.70%

Project inventory splits in two at 2026Q2: 380.8bn 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): 380.8bn (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 2026Q2, net debt 85.7bn vs project value 380.8bn — ratio 22.51%; the project pipeline backs net debt 4.44x over.

Net debt / project value: 22.51%

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 69.6bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.