Trailing net profit reached 26.7bn, rose 7.2bn compared with the same period last year. Key positives came from higher gross profit and lower administrative expenses. Offsetting pressure came mainly from higher finance costs, higher tax, weaker other profit, and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 15.1% year on year — but the quarterly pace is slowing (+15% → +7%).

4 of the last 4 quarters grew year on year.

Net margin stands at 1.66%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

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: 226.7bn

2025Q2: 436.1bn

2025Q3: 351.8bn

2025Q4: 540.7bn

2026Q1: 257.0bn

2026Q2: 465.7bn

Is profit converting into cash?

Operating cash flow reached -22.1bn against investing cash flow of -13.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +35.3bn. Financing cash flow was negative +5.0bn.

CFO / net income was 1,79 lần.

After spending +49.6bn on fixed-asset investment, the business generated trailing free cash flow of −1.8bn.

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 makes up 26.4% of pre-tax profit — worth monitoring.

Within that, net financial result at −231.4%, other profit at +26.4% of PBT.

ROIC stands at 0.78%, broadly flat versus the same period. That translates to 0.78 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.4pp, but capital turnover broadly stable, with invested capital holding roughly steady — 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 0.84x and interest coverage only at 0.50x.

At present, short-term debt accounts for 44.0% of total debt, cash equals 0.6% of debt, and total debt stands at 1,997.7bn.

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 relatively light for the real estate sector — liabilities at 1.08x equity, net debt at 0.84x equity.

Customer advances 31.3bn (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 19.41% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown. Advances cover only 1.13% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 31.3bn · YoY −7.5bn · QoQ −55.7bn

Locked-in revenue: ~0.08x quarters of revenue (TTM)

Inventory pre-sold: 1.13%

Project inventory splits in two at 2026Q2: 2,778.5bn near-delivery stock (short-term) and 47.2bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 2,778.5bn (98.33%)

Construction-in-progress (LT): 47.2bn (1.67%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 1,985.1bn vs project value 2,825.7bn — ratio 70.25%; the project pipeline backs net debt 1.42x over.

Net debt / project value: 70.25%

Development inventory ended the period at 2,582.6bn, about 53.1% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 80.4bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.