Trailing net profit reached 15.1bn, fell 6.5bn compared with the same period last year. Key positives came from lower finance costs, lower selling expenses, lower tax, and lower administrative expenses. Offsetting pressure came mainly from lower gross profit and lower financial income. Detailed impact is shown below:

Net margin expanded to 16.62%, rising 1.8pp. Despite pressure from Gross margin fell 14.9pp and SG&A / Revenue rose 2.7pp, the offset came from Net financial result / Revenue rose 20.1pp.

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: 71.5bn

2025Q1: 31.7bn

2025Q2: 15.9bn

2025Q3: 1.1bn

2025Q4: 46.0bn

2026Q1: 28.2bn

ROIC fell to 4.08%, losing 1.6pp. That translates to 4.08 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.17x — capital is being absorbed faster than revenue is being generated; with invested capital holding roughly steady.

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 0.43x equity, with a net cash position equivalent to 0.11x equity.

Customer advances 45.9bn (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 20.01% without a matching rise in TTM revenue — sales pace to watch. Advances cover only 23.95% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 45.9bn · YoY −11.5bn · QoQ −16.5bn

Locked-in revenue: ~2.02x quarters of revenue (TTM)

Inventory pre-sold: 23.95%

Project inventory splits in two at 2026Q1: 191.9bn near-delivery stock (short-term) and 5.7bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 191.9bn (97.14%)

Construction-in-progress (LT): 5.7bn (2.86%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 50.0bn vs project value 197.5bn — ratio −25.31%; the company is in a net-cash position.

Net debt / project value: −25.31%

Development inventory ended the period at 199.3bn, about 31.2% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 0.0bn of cash.

Leverage looks fairly comfortable, with net debt / equity at −0.11x and interest coverage at 8.24x.

At present, short-term debt accounts for 95.5% of total debt, cash equals 610.2% of debt, and total debt stands at 9.8bn.

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

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.5bn in 2025, against investing cash flow of -18.0bn.

Post-investment cash flow was negative +17.5bn. Financing cash flow was negative +3.0bn.

CFO / net income was −1,61 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.