Trailing net profit reached 47.7bn, rose 9.3bn compared with the same period last year. Key positives came from higher financial income and lower administrative expenses. Offsetting pressure came mainly from higher tax, lower gross profit, and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 4.5% year on year — but the quarterly pace is slowing (+12% → +4%).

3 of the last 4 quarters grew year on year.

Net margin expanded to 47.21%, rising 7.4pp. Core operating signals are improving as SG&A / Revenue fell 8.4pp are enough to offset pressure from Gross margin fell 3.9pp (in addition, Net financial result / Revenue rose 7.2pp added support while Other profit / Revenue fell 2.0pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 8.1bn against investing cash flow of 38.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +46.8bn. Financing cash flow was negative +38.7bn.

CFO / net income was −0,30 lần.

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

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 68.4% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +68.3%, other profit at +0.2% of PBT.

Track how much operating profit the business generates on invested capital.

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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 21.9 days versus the same period last year. The main moves came from DIO rose 0.3 days, DSO fell 20.2 days, and DPO rose 2.0 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

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.

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Capital structure is relatively light for the real estate sector — liabilities at 1.03x equity, with a net cash position equivalent to 0.00x equity.

Unearned revenue 563.6bn (as of 2026Q2, 46.63% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 5.6 years of current revenue already banked. For a collect-upfront park amortising over 30-50 years, accounting profit typically UNDERSTATES true cash health — the cash arrived long ago; accounting recognises it gradually. Over the last four quarters, operating cash flow was 14.2bn vs net profit 47.7bn.

Unearned revenue (ST + LT): 563.6bn

Share of total assets: 46.63%

Years of revenue banked: 5.6

None

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