Trailing net profit reached 11.3bn, rose 10.1bn compared with the same period last year. Key positives came from lower finance costs, better other profit, and lower administrative expenses. Offsetting pressure came mainly from lower financial income, lower gross profit, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 114.5% year on year — but the quarterly pace is slowing (−41% → −290%).

0 of the last 4 quarters grew year on year.

Net margin fell to −146.75%, losing 148.4pp. The main pressure is Gross margin fell 7.5pp, outweighing the improvement in SG&A / Revenue fell 175.4pp (in addition, Other profit / Revenue rose 1060.5pp added support while Net financial result / Revenue fell 1683.7pp 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.

2025Q1: 13.6bn

2025Q2: 12.5bn

2025Q3: 6.7bn

2025Q4: 5.9bn

2026Q1: 3.8bn

2026Q2: 23.8bn

Is profit converting into cash?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -759.1bn against investing cash flow of 672.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +86.8bn. Financing cash flow was positive +57.8bn.

CFO / net income was −98,83 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.

How much income is non-core?

Non-core income reaches 576.0% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +358.0%, other profit at +217.9% of PBT.

ROIC edged up to 0.45%, rising 0.4pp. That translates to 0.45 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin narrowed 407.4pp, with capital turnover broadly stable; while invested capital rose by 942bn.

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 2.71x and interest coverage only at 0.51x.

At present, short-term debt accounts for 31.4% of total debt, cash equals 0.1% of debt, and total debt stands at 4,935.7bn.

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. Capital structure is typical for the real estate sector — liabilities at 3.27x equity, net debt at 2.71x equity.

Customer advances 28.5bn (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 fell 43.85% without a matching rise in TTM revenue — sales pace to watch. Advances cover only 0.62% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 28.5bn · YoY −22.3bn · QoQ 0.0bn

Inventory pre-sold: 0.62%

Project inventory splits in two at 2026Q2: 4,639.2bn near-delivery stock (short-term) and 5.8bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 4,639.2bn (99.88%)

Construction-in-progress (LT): 5.8bn (0.12%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 4,932.7bn vs project value 4,645.0bn — ratio 106.19% — net debt now EXCEEDS the project pipeline (each unit of debt backed by only 0.94x of project value). Leverage pressure to watch.

Net debt / project value: 106.19%

Development inventory ended the period at 4,093.7bn, about 52.6% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 841.9bn of cash, mainly because of higher receivables and higher inventories.