Trailing net profit reached 565.1bn, rose 149.9bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from lower associates income, higher selling expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 114.6% year on year — but the quarterly pace is slowing (+255% → +35%).

4 of the last 4 quarters grew year on year.

Net margin fell to 32.15%, losing 18.5pp. The main pressure is Gross margin fell 12.2pp, outweighing the improvement in SG&A / Revenue fell 2.5pp (with additional support from Net financial result / Revenue rose 6.0pp and Other profit / Revenue rose 0.7pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

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.

2025Q1: 149.6bn

2025Q2: 174.1bn

2025Q3: 671.6bn

2025Q4: 597.5bn

2026Q1: 253.5bn

2026Q2: 235.3bn

Is profit converting into cash?

Operating cash flow reached -232.3bn against investing cash flow of -1,334.5bn (annual cash-flow figures for 2025).

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

CFO / net income was −1,53 lần.

After spending +11.0bn on fixed-asset investment, the business generated trailing free cash flow of −874.0bn.

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

How much income is non-core?

About 99% of pre-tax profit comes from core operations.

Within that, net financial result at −1.9%, other profit at +0.8% of PBT.

ROIC stands at 7.42%, broadly flat versus the same period. That translates to 7.42 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 19.2pp, but capital turnover rose 0.09x, while invested capital expanded strongly by 1,841bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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

Leverage looks fairly comfortable, with net debt / equity at 0.14x and interest coverage at 9.81x.

At present, short-term debt accounts for 34.3% of total debt, cash equals 33.7% of debt, and total debt stands at 1,687.0bn.

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

ROIC for residential developers swings with project cycles and handover timing. Capital structure is notably light for the real estate sector — liabilities at 0.28x equity, net debt at 0.14x equity.

Customer advances 60.1bn (as of 2026Q2) — 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 274.06% YoY — strong sales locking in future revenue. Advances cover only 1.22% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 60.1bn · YoY +44.0bn · QoQ +49.6bn

Locked-in revenue: ~0.14x quarters of revenue (TTM)

Inventory pre-sold: 1.22%

Project inventory splits in two at 2026Q2: 4,903.2bn 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): 4,903.2bn (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 2026Q2, net debt 1,118.4bn vs project value 4,903.3bn — ratio 22.81%; the project pipeline backs net debt 4.38x over.

Net debt / project value: 22.81%

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 1,378.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.