Trailing net profit reached 18.5bn, fell 7.2bn compared with the same period last year. Key positives came from higher gross profit and lower selling expenses. Offsetting pressure came mainly from higher finance costs, weaker other profit, and higher tax. Detailed impact is shown below:

Net margin narrowed to 1.17%, falling 0.6pp. The main pressure is Gross margin fell 0.7pp, outweighing the improvement in SG&A / Revenue fell 0.5pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.5pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

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: 435.6bn

2025Q1: 226.7bn

2025Q2: 436.1bn

2025Q3: 351.8bn

2025Q4: 540.7bn

2026Q1: 257.0bn

ROIC stands at 0.56%, broadly flat versus the same period. That translates to 0.56 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 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.

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.08x equity, net debt at 0.90x equity.

Customer advances 87.0bn (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 rose 9.76% YoY — strong sales locking in future revenue. Advances cover only 3.27% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 87.0bn · YoY +7.7bn · QoQ +67.1bn

Locked-in revenue: ~0.22x quarters of revenue (TTM)

Inventory pre-sold: 3.27%

Project inventory splits in two at 2026Q1: 2,664.8bn 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): 2,664.8bn (98.26%)

Construction-in-progress (LT): 47.2bn (1.74%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 2,113.2bn vs project value 2,712.0bn — ratio 77.92%; the project pipeline backs net debt 1.28x over.

Net debt / project value: 77.92%

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 134.4bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Leverage warrants monitoring, with net debt / equity at 0.90x and interest coverage only at 0.36x.

At present, short-term debt accounts for 51.7% of total debt, cash equals 0.1% of debt, and total debt stands at 2,115.6bn.

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

Operating cash flow reached -22.1bn in 2025, against investing cash flow of -13.2bn.

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

CFO / net income was −3,19 lần.

Track how much investment can be funded internally from operating cash flow.

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