Trailing net profit reached 128.8bn, rose 2.5bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower deferred tax. Offsetting pressure came mainly from higher finance costs, higher tax, weaker other profit, and higher administrative expenses. Detailed impact is shown below:

Net margin fell to 69.85%, losing 31.6pp. Gross margin rose 4.5pp and SG&A / Revenue fell 4.5pp improved but not enough to offset the weakness in Net financial result / Revenue fell 16.8pp and Other profit / Revenue fell 3.5pp.

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

ROIC stands at 13.31%, broadly flat versus the same period. That translates to 13.31 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 28.4pp, but capital turnover rose 0.06x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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 1.13x equity, net debt at 0.06x equity.

Unearned revenue 856.6bn (as of 2026Q1, 41.12% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 4.6 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 295.1bn vs net profit 128.8bn — 2.29x.

Unearned revenue (ST + LT): 856.6bn

Share of total assets: 41.12%

Years of revenue banked: 4.6

CFO / NPAT (TTM): 2.29x

None

Over the last 12 months, working capital released 185.9bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 66.8 days versus the same period last year. The main moves came from DIO fell 40.6 days, DSO fell 1.9 days, and DPO rose 24.3 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 10.21x.

At present, short-term debt accounts for 64.1% of total debt, cash equals 44.6% of debt, and total debt stands at 105.3bn.

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 230.9bn in 2025, against investing cash flow of -238.6bn.

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

CFO / net income was 2,29 lần.

After spending +345.7bn on fixed-asset investment, the business generated trailing free cash flow of −50.6bn.

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