Trailing net profit reached 73.1bn, rose 32.1bn compared with the same period last year. Key positives came from better other profit, higher gross profit, higher financial income, and lower finance costs. Offsetting pressure came mainly from higher administrative expenses, higher minority interests, higher tax, and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 21.5% year on year — but the quarterly pace is slowing (+45% → +1%).

4 of the last 4 quarters grew year on year.

Net margin expanded to 13.08%, rising 7.2pp. Despite pressure from SG&A / Revenue rose 3.2pp and Gross margin fell 1.1pp, the offset came from Other profit / Revenue rose 8.9pp and Net financial result / Revenue rose 4.1pp.

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

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: 160.6bn

2025Q2: 187.7bn

2025Q3: 194.9bn

2025Q4: 194.4bn

2026Q1: 213.0bn

2026Q2: 188.8bn

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 411.0bn against investing cash flow of -316.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +94.9bn. Financing cash flow was negative +93.8bn.

CFO / net income was 0,23 lần.

After spending +83.8bn on fixed-asset investment, the business generated trailing free cash flow of −66.8bn.

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?

Non-core income reaches 57.8% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at −47.1%, other profit at +57.8% of PBT.

ROIC stands at 1.38%, broadly flat versus the same period. That translates to 1.38 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.3pp, but capital turnover broadly stable, while invested capital rose by 232bn — 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 warrants monitoring, with net debt / equity at 0.16x and interest coverage only at 0.74x.

At present, short-term debt accounts for 89.7% of total debt, cash equals 17.3% of debt, and total debt stands at 541.6bn.

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 0.53x equity, net debt at 0.16x equity.

Customer advances 346.2bn (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 fell 21.60% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown. Advances cover only 20.21% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 346.2bn · YoY −95.4bn · QoQ −57.8bn

Locked-in revenue: ~1.75x quarters of revenue (TTM)

Inventory pre-sold: 20.21%

Project inventory splits in two at 2026Q2: 1,713.5bn near-delivery stock (short-term) and 0.9bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 1,713.5bn (99.95%)

Construction-in-progress (LT): 0.9bn (0.05%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 447.9bn vs project value 1,714.5bn — ratio 26.13%; the project pipeline backs net debt 3.83x over.

Net debt / project value: 26.13%

Development inventory ended the period at 1,683.5bn, about 40.1% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 162.5bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.