Trailing net profit reached 45.1bn, fell 40.3bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:

Net margin fell to 21.21%, losing 17.1pp. The main pressure comes from Gross margin fell 17.1pp and SG&A / Revenue rose 1.5pp (with lingering pressure from Other profit / Revenue fell 1.6pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

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: 40.6bn

2025Q1: 96.6bn

2025Q2: 75.3bn

2025Q3: 97.3bn

2025Q4: 25.5bn

2026Q1: 14.3bn

ROIC fell to 5.37%, losing 8.6pp. That translates to 5.37 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 15.9pp and capital turnover fell 0.12x, while invested capital expanded strongly by 261bn — pressure came from both operational efficiency and asset efficiency.

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 0.73x equity, net debt at 0.40x equity.

Customer advances 42.6bn (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 rose 20.24% YoY — strong sales locking in future revenue.

Customer advances: 42.6bn · YoY +7.2bn · QoQ −0.3bn

Locked-in revenue: ~0.80x quarters of revenue (TTM)

Inventory pre-sold: 85.15%

Project inventory splits in two at 2026Q1: 50.1bn near-delivery stock (short-term) and 876.7bn construction-in-progress (long-term). Weighted toward construction-in-progress — more investment is needed before revenue arrives.

Near-delivery (ST): 50.1bn (5.40%)

Construction-in-progress (LT): 876.7bn (94.60%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 299.9bn vs project value 926.7bn — ratio 32.36%; the project pipeline backs net debt 3.09x over.

Net debt / project value: 32.36%

None

Over the last 12 months, working capital released 49.8bn of cash, mainly thanks to lower receivables and lower inventories.

Leverage looks fairly comfortable, with net debt / equity at 0.40x and interest coverage at 9.40x.

At present, short-term debt accounts for 51.7% of total debt, cash equals 12.0% of debt, and total debt stands at 340.7bn.

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 158.6bn in 2025, against investing cash flow of -263.2bn.

Post-investment cash flow was negative +104.5bn. Financing cash flow was positive +144.6bn.

CFO / net income was 2,03 lần.

After spending +312.4bn on fixed-asset investment, the business generated trailing free cash flow of −220.9bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.