Trailing net profit reached 605.9bn, rose 244.2bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses and higher tax. Detailed impact is shown below:

Net margin edged up to 35.71%, rising 0.7pp. Core operating signals are improving as Gross margin rose 5.0pp are enough to offset pressure from SG&A / Revenue rose 1.7pp (with additional support from Net financial result / Revenue rose 2.6pp and Other profit / Revenue rose 1.4pp).

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

Developer revenue is recognised at handover — large swings between quarters are a property-sector feature, not a business trend. Read on a TTM basis and against the delivery schedule.

2024Q4: 306.3bn

2025Q1: 149.6bn

2025Q2: 174.1bn

2025Q3: 671.6bn

2025Q4: 597.5bn

2026Q1: 253.5bn

ROIC edged up to 8.08%, rising 1.3pp. That translates to 8.08 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin narrowed 0.5pp, with capital turnover broadly stable; while invested capital expanded strongly by 2,006bn.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.28x equity, net debt at 0.07x equity.

Customer advances 10.4bn (as of 2026Q1) — deposits on units/projects not yet handed over: revenue already sold but not yet recognised, a lead indicator of profit in upcoming delivery quarters. Advances rose 27.71% YoY — strong sales locking in future revenue. Advances cover only 0.27% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 10.4bn · YoY +2.3bn · QoQ +0.9bn

Locked-in revenue: ~0.02x quarters of revenue (TTM)

Inventory pre-sold: 0.27%

Project inventory splits in two at 2026Q1: 3,794.1bn near-delivery stock (short-term) and 0.2bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 3,794.1bn (100.00%)

Construction-in-progress (LT): 0.2bn (0.00%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 568.6bn vs project value 3,794.2bn — ratio 14.99%; the project pipeline backs net debt 6.67x over.

Net debt / project value: 14.99%

Development inventory ended the period at 3,686.5bn, about 35.7% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 917.1bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Leverage looks fairly comfortable, with net debt / equity at 0.07x and interest coverage at 9.55x.

At present, short-term debt accounts for 23.7% of total debt, cash equals 59.2% of debt, and total debt stands at 1,394.9bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Operating cash flow reached -232.3bn in 2025, against investing cash flow of -1,334.5bn.

Post-investment cash flow was negative +1,566.7bn. Financing cash flow was positive +2,410.0bn.

CFO / net income was −0,65 lần.

After spending +20.9bn on fixed-asset investment, the business generated trailing free cash flow of −416.7bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.