Trailing net profit reached 1,211.8bn, rose 343.6bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and lower finance costs. Offsetting pressure came mainly from higher minority interests, higher deferred tax, and higher selling expenses. Detailed impact is shown below:

Net margin expanded to 43.41%, rising 19.9pp. Core operating signals are improving as Gross margin rose 11.0pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (with additional support from Other profit / Revenue rose 9.2pp and Net financial result / Revenue rose 2.5pp).

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: 2,047.5bn

2025Q1: 709.9bn

2025Q2: 1,046.8bn

2025Q3: 1,098.2bn

2025Q4: 1,816.3bn

2026Q1: 281.4bn

ROIC edged up to 5.48%, rising 1.5pp. That translates to 5.48 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 12.5pp, with capital turnover broadly stable; while invested capital expanded strongly by 6,266bn.

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 0.70x equity, net debt at 0.55x equity.

Customer advances 688.6bn (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 fell 47.64% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown. Advances cover only 2.36% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 688.6bn · YoY −626.5bn · QoQ +40.3bn

Locked-in revenue: ~0.65x quarters of revenue (TTM)

Inventory pre-sold: 2.36%

Project inventory splits in two at 2026Q1: 29,125.9bn near-delivery stock (short-term) and 1,844.0bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 29,125.9bn (94.05%)

Construction-in-progress (LT): 1,844.0bn (5.95%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 11,734.4bn vs project value 30,969.9bn — ratio 37.89%; the project pipeline backs net debt 2.64x over.

Net debt / project value: 37.89%

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 2,147.9bn of cash, mainly because of higher receivables and higher inventories.

Leverage is balanced for now, with net debt / equity at 0.55x and interest coverage at 12.96x.

At present, short-term debt accounts for 12.7% of total debt, cash equals 23.5% of debt, and total debt stands at 15,348.2bn.

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

Operating cash flow reached -2,024.2bn in 2025, against investing cash flow of -1,722.6bn.

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

CFO / net income was −1,11 lần.

After spending +761.0bn on fixed-asset investment, the business generated trailing free cash flow of −2,102.8bn.

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