Trailing net profit reached 11.3bn, rose 9.9bn compared with the same period last year. Key positives came from lower finance costs, higher financial income, and lower administrative expenses. Offsetting pressure came mainly from weaker other profit, lower gross profit, and higher tax. Detailed impact is shown below:

Net margin expanded to 37.32%, rising 35.3pp. Despite pressure from Gross margin fell 26.1pp and SG&A / Revenue rose 16.6pp, the offset came from Net financial result / Revenue rose 316.4pp (pressure remains from Other profit / Revenue fell 212.3pp).

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: 12.7bn

2025Q1: 13.6bn

2025Q2: 12.5bn

2025Q3: 6.7bn

2025Q4: 5.9bn

2026Q1: 3.8bn

ROIC edged up to 0.66%, rising 0.6pp. That translates to 0.66 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 138.0pp, with capital turnover broadly stable; while invested capital rose by 800bn.

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 typical for the real estate sector — liabilities at 3.27x equity, net debt at 2.56x equity.

Customer advances 28.5bn (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 42.83% without a matching rise in TTM revenue — sales pace to watch. Advances cover only 0.66% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 28.5bn · YoY −21.4bn · QoQ 0.0bn

Locked-in revenue: ~3.93x quarters of revenue (TTM)

Inventory pre-sold: 0.66%

Project inventory splits in two at 2026Q1: 4,341.9bn 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): 4,341.9bn (99.87%)

Construction-in-progress (LT): 5.8bn (0.13%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 4,665.8bn vs project value 4,347.7bn — ratio 107.32% — net debt now EXCEEDS the project pipeline (each unit of debt backed by only 0.93x of project value). Leverage pressure to watch.

Net debt / project value: 107.32%

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 482.4bn of cash, mainly because of higher receivables and higher inventories.

Leverage warrants monitoring, with net debt / equity at 2.56x and interest coverage only at 0.55x.

At present, short-term debt accounts for 30.2% of total debt, cash equals 0.1% of debt, and total debt stands at 4,669.6bn.

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

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -759.1bn in 2025, against investing cash flow of 672.3bn.

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

CFO / net income was −76,41 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.