Trailing net profit reached 279.9bn, fell 6.8bn compared with the same period last year. Key positives came from better other profit, lower deferred tax, lower finance costs, and higher financial income. Offsetting pressure came mainly from lower gross profit and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 6.7% year on year — but the quarterly pace is slowing (+24% → −15%).

2 of the last 4 quarters grew year on year.

Net margin expanded to 46.72%, rising 2.1pp. Despite pressure from Gross margin fell 5.8pp, the offset came from Other profit / Revenue rose 4.6pp and Net financial result / Revenue rose 3.5pp.

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 212.4bn against investing cash flow of -195.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +17.2bn. Financing cash flow was negative +44.1bn.

CFO / net income was 0,49 lần.

After spending +261.0bn on fixed-asset investment, the business generated trailing free cash flow of −125.0bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

How much income is non-core?

Non-core income reaches 33.5% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +13.7%, other profit at +19.7% of PBT.

ROIC fell to 12.01%, losing 3.2pp. That translates to 12.01 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.7pp and capital turnover fell 0.07x, while invested capital rose by 220bn — pressure came from both operational efficiency and asset efficiency.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

Cash conversion cycle lengthened by 65.7 days versus the same period last year. The main moves came from DIO rose 49.4 days, DSO rose 4.8 days, and DPO fell 11.6 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 21.62x.

At present, short-term debt accounts for 10.6% of total debt, cash equals 62.1% of debt, and total debt stands at 237.8bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

ROIC should be read with industry context. Capital structure is notably light for the real estate sector — liabilities at 0.78x equity, net debt at 0.05x equity.

This park does not accumulate meaningful unearned revenue — recognition happens at land/contract handover. Large swings between periods are a property of the one-off model; read results across multiple periods rather than a single quarter.

Development inventory ended the period at 831.0bn, about 25.4% of total assets — reflecting projects in progress awaiting handover.

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