Trailing net profit reached 1,859.1bn, rose 214.6bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, and lower selling expenses. Offsetting pressure came mainly from higher tax, higher minority interests, and higher finance costs. Detailed impact is shown below:

Net margin expanded to 27.48%, rising 2.8pp. The main driver is Gross margin rose 0.8pp and SG&A / Revenue fell 0.6pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 1.9pp added support while Other profit / Revenue fell 0.1pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

ROIC fell to 20.18%, losing 3.3pp. That translates to 20.18 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.23x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 2,685bn.

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

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.81x equity, net debt at 0.56x equity.

Unearned revenue 6,199.9bn (as of 2026Q1, 26.34% 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 3,518.3bn vs net profit 2,275.0bn — 1.55x.

Unearned revenue (ST + LT): 6,199.9bn

Share of total assets: 26.34%

Years of revenue banked: 0.7

CFO / NPAT (TTM): 1.55x

None

Over the last 12 months, working capital released 826.0bn of cash, mainly thanks to lower receivables and lower inventories.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 17.6 days versus the same period last year. The main moves came from DIO fell 17.6 days, DSO rose 0.3 days, and DPO rose 0.3 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

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 0.56x and interest coverage at 16.64x.

At present, short-term debt accounts for 45.0% of total debt, cash equals 13.9% of debt, and total debt stands at 5,743.6bn.

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

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 3,913.9bn in 2025, against investing cash flow of -7,009.9bn.

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

CFO / net income was 1,89 lần.

After spending +3,212.6bn on fixed-asset investment, the business generated trailing free cash flow of +305.7bn.

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