Trailing net profit reached 1,762.9bn, rose 974.4bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, better other profit, and lower finance costs. Offsetting pressure came mainly from higher minority interests and higher deferred tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 17.3% year on year — but the quarterly pace is slowing (+335% → −85%).

1 of the last 4 quarters grew year on year.

Net margin expanded to 71.98%, rising 52.9pp. Core operating signals are improving as Gross margin rose 25.6pp are enough to offset pressure from SG&A / Revenue rose 5.4pp (with additional support from Net financial result / Revenue rose 30.1pp and Other profit / Revenue rose 8.8pp).

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: 709.9bn

2025Q2: 1,046.8bn

2025Q3: 1,098.2bn

2025Q4: 1,816.3bn

2026Q1: 281.4bn

2026Q2: 160.6bn

Is profit converting into cash?

Operating cash flow reached -2,024.2bn against investing cash flow of -1,722.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +3,746.8bn. Financing cash flow was positive +3,195.4bn.

CFO / net income was −0,52 lần.

After spending +801.5bn on fixed-asset investment, the business generated trailing free cash flow of −1,724.0bn.

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?

Non-core income reaches 38.7% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +28.8%, other profit at +9.9% of PBT.

ROIC expanded to 7.21%, rising 3.9pp. That translates to 7.21 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 45.3pp, with capital turnover fell 0.06x; while invested capital expanded strongly by 6,516bn.

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

Leverage is balanced for now, with net debt / equity at 0.70x and interest coverage at 20.10x.

At present, short-term debt accounts for 13.3% of total debt, cash equals 15.6% of debt, and total debt stands at 16,659.0bn.

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 0.70x equity, net debt at 0.70x equity.

Customer advances 398.9bn (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 cover only 1.35% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 398.9bn · YoY +14.6bn · QoQ −289.7bn

Locked-in revenue: ~0.48x quarters of revenue (TTM)

Inventory pre-sold: 1.35%

Project inventory splits in two at 2026Q2: 29,488.1bn near-delivery stock (short-term) and 1,932.8bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 29,488.1bn (93.85%)

Construction-in-progress (LT): 1,932.8bn (6.15%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 14,053.7bn vs project value 31,420.9bn — ratio 44.73%; the project pipeline backs net debt 2.24x over.

Net debt / project value: 44.73%

Development inventory ended the period at 23,260.0bn, about 68.3% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 1,179.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.