Trailing net profit reached 12,920.6bn, rose 12,683.6bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax and higher finance costs. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 2,718.8% year on year — not from a single spike: quarterly growth stepped up from +2,470% to +4,537%.

4 of the last 4 quarters grew year on year.

Net margin expanded to 43.49%, rising 18.3pp. The main driver is Gross margin rose 19.8pp and SG&A / Revenue fell 15.0pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.7pp added support while Net financial result / Revenue fell 14.7pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

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: 413.7bn

2025Q2: 235.0bn

2025Q3: 4,233.5bn

2025Q4: 15,364.4bn

2026Q1: 766.8bn

2026Q2: 10,896.9bn

Is profit converting into cash?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 23,315.0bn against investing cash flow of -15,267.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +8,047.6bn. Financing cash flow was negative +3,632.8bn.

CFO / net income was 2,13 lần.

After spending +3,599.1bn on fixed-asset investment, the business generated trailing free cash flow of +23,970.1bn.

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?

About 99% of pre-tax profit comes from core operations.

Within that, net financial result at −4.0%, other profit at +1.5% of PBT.

ROIC expanded to 36.58%, rising 34.4pp. That translates to 36.58 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 17.7pp and capital turnover rose 0.75x, while invested capital expanded strongly by 24,109bn — capital-return quality improved from both sides.

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 1.46x and interest coverage only at 5.69x.

At present, short-term debt accounts for 42.8% of total debt, cash equals 2.7% of debt, and total debt stands at 35,153.9bn.

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. Leverage is well above the real estate sector norm — liquidity risk becomes material if handover slips — liabilities at 5.05x equity, net debt at 1.46x equity.

Customer advances 29,989.3bn (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 rose 393.57% YoY — strong sales locking in future revenue.

Customer advances: 29,989.3bn · YoY +23,913.3bn · QoQ +2,402.2bn

Locked-in revenue: ~3.84x quarters of revenue (TTM)

Inventory pre-sold: 294.45%

Project inventory splits in two at 2026Q2: 10,184.8bn near-delivery stock (short-term) and 22,156.5bn construction-in-progress (long-term). Weighted toward construction-in-progress — more investment is needed before revenue arrives.

Near-delivery (ST): 10,184.8bn (31.49%)

Construction-in-progress (LT): 22,156.5bn (68.51%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 34,199.6bn vs project value 32,341.3bn — ratio 105.75% — net debt now EXCEEDS the project pipeline (each unit of debt backed by only 0.95x of project value). Leverage pressure to watch.

Net debt / project value: 105.75%

Development inventory ended the period at 14,687.1bn, about 12.2% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 2,732.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.