Trailing net profit reached 2,171.3bn, rose 661.8bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 12.8% year on year — not from a single spike: quarterly growth stepped up from +26% to +29%.

3 of the last 4 quarters grew year on year.

Net margin expanded to 28.70%, rising 5.0pp. The main driver is Gross margin rose 4.0pp and SG&A / Revenue fell 1.0pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 2.0pp added support while Other profit / Revenue fell 0.8pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 3,913.9bn against investing cash flow of -7,009.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +3,096.0bn. Financing cash flow was positive +1,460.9bn.

CFO / net income was 1,15 lần.

After spending +2,352.5bn on fixed-asset investment, the business generated trailing free cash flow of +154.2bn.

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

How much income is non-core?

About 90% of pre-tax profit comes from core operations.

Within that, net financial result at +8.9%, other profit at +0.7% of PBT.

ROIC expanded to 21.28%, rising 1.7pp. That translates to 21.28 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 5.7pp was enough to offset the decline from capital turnover fell 0.11x, while invested capital expanded strongly by 2,675bn.

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

Cash conversion cycle lengthened by 194.2 days versus the same period last year. The main moves came from DIO rose 197.5 days, DSO fell 4.7 days, and DPO fell 1.3 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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.

Leverage is balanced for now, with net debt / equity at 0.53x and interest coverage at 16.18x.

At present, short-term debt accounts for 39.9% of total debt, cash equals 11.5% of debt, and total debt stands at 5,309.8bn.

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

ROIC should be read with industry context. Capital structure is relatively light for the real estate sector — liabilities at 1.81x equity, net debt at 0.53x equity.

Unearned revenue 5,724.3bn (as of 2026Q2, 24.31% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 0.7 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 2,506.7bn vs net profit 2,522.4bn — 0.99x.

Unearned revenue (ST + LT): 5,724.3bn

Share of total assets: 24.31%

Years of revenue banked: 0.7

CFO / NPAT (TTM): 0.99x

None

Over the last 12 months, working capital absorbed 363.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.