Trailing net profit reached 128.6bn, rose 22.3bn 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 71.0% year on year — not from a single spike: quarterly growth stepped up from +1% to +15%.

4 of the last 4 quarters grew year on year.

Net margin fell to 68.35%, losing 28.3pp. SG&A / Revenue fell 7.2pp and Gross margin rose 6.7pp improved but not enough to offset the weakness in Net financial result / Revenue fell 18.6pp and Other profit / Revenue fell 3.3pp.

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

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 2,50 lần.

After spending +322.7bn on fixed-asset investment, the business generated trailing free cash flow of −1.3bn.

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 makes up 18.9% of pre-tax profit — worth monitoring.

Within that, net financial result at +16.2%, other profit at +2.7% of PBT.

ROIC expanded to 13.05%, rising 1.6pp. That translates to 13.05 in after-tax operating profit for every 100 units of operating capital. capital turnover rose 0.07x was enough to offset the contraction in NOPAT margin narrowed 25.2pp, while invested capital rose by 78bn.

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 197.1 days versus the same period last year. The main moves came from DIO fell 9.4 days, DSO fell 2.2 days, and DPO rose 185.5 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 0.05x and interest coverage at 8.73x.

At present, short-term debt accounts for 50.6% of total debt, cash equals 29.2% of debt, and total debt stands at 67.7bn.

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, net debt at 0.05x equity.

Unearned revenue 880.3bn (as of 2026Q2, 41.53% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 4.7 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 321.4bn vs net profit 128.7bn — 2.50x.

Unearned revenue (ST + LT): 880.3bn

Share of total assets: 41.53%

Years of revenue banked: 4.7

CFO / NPAT (TTM): 2.50x

None

Over the last 12 months, working capital released 248.6bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.