Trailing net profit reached 158.5bn, rose 66.2bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher finance costs and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 73.1% year on year — but the quarterly pace is slowing (+216% → +10%).

4 of the last 4 quarters grew year on year.

Net margin narrowed to 83.08%, falling 0.6pp. SG&A / Revenue fell 10.5pp and Gross margin rose 3.6pp improved but not enough to offset the weakness in Net financial result / Revenue fell 6.1pp and Other profit / Revenue fell 0.5pp.

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

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 230.9bn against investing cash flow of -238.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +7.7bn. Financing cash flow was negative +27.4bn.

CFO / net income was 2,52 lần.

After spending +425.0bn on fixed-asset investment, the business generated trailing free cash flow of −25.5bn.

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

How much income is non-core?

Non-core income reaches 31.1% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +28.9%, other profit at +2.2% of PBT.

ROIC expanded to 16.50%, rising 6.7pp. That translates to 16.50 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.08x — the business is generating more revenue per unit of capital, with NOPAT margin steady; with invested capital holding roughly steady.

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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 74.8 days versus the same period last year. The main moves came from DIO fell 17.0 days, DSO fell 8.1 days, and DPO rose 49.7 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

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 looks fairly comfortable, with net debt / equity at −0.06x and interest coverage at 10.14x.

At present, short-term debt accounts for −483.1% of total debt, cash equals 491.7% of debt, and total debt stands at 15.1bn.

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 1.13x equity, with a net cash position equivalent to 0.06x equity.

Unearned revenue 865.5bn (as of 2026Q3, 41.41% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 4.5 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 399.5bn vs net profit 158.6bn — 2.52x.

Unearned revenue (ST + LT): 865.5bn

Share of total assets: 41.41%

Years of revenue banked: 4.5

CFO / NPAT (TTM): 2.52x

None

Over the last 12 months, working capital released 333.1bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.