Trailing net profit reached 21.8bn, fell 48.5bn compared with the same period last year. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 40.2% year on year — but the quarterly pace is slowing (+294% → −94%).

1 of the last 4 quarters grew year on year.

Net margin fell to 15.35%, losing 14.3pp. The main pressure comes from Gross margin fell 8.4pp and SG&A / Revenue rose 3.5pp (with lingering pressure from Net financial result / Revenue fell 2.9pp).

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.

2025Q1: 96.6bn

2025Q2: 75.3bn

2025Q3: 97.3bn

2025Q4: 25.5bn

2026Q1: 14.3bn

2026Q2: 4.8bn

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 158.6bn against investing cash flow of -263.2bn (annual cash-flow figures for 2025).

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

CFO / net income was 3,62 lần.

After spending +372.9bn on fixed-asset investment, the business generated trailing free cash flow of −294.0bn.

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?

About 95% of pre-tax profit comes from core operations.

Within that, net financial result at −22.3%, other profit at +4.6% of PBT.

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

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

Leverage is balanced for now, with net debt / equity at 0.46x and interest coverage at 3.48x.

At present, short-term debt accounts for 44.8% of total debt, cash equals 7.8% of debt, and total debt stands at 375.6bn.

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

Capital structure is notably light for the real estate sector — liabilities at 0.73x equity, net debt at 0.46x equity.

Customer advances 39.0bn (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 rose 516.71% YoY — strong sales locking in future revenue.

Customer advances: 39.0bn · YoY +32.6bn · QoQ −3.7bn

Locked-in revenue: ~1.10x quarters of revenue (TTM)

Inventory pre-sold: 75.43%

Project inventory splits in two at 2026Q2: 51.7bn near-delivery stock (short-term) and 948.6bn construction-in-progress (long-term). Weighted toward construction-in-progress — more investment is needed before revenue arrives.

Near-delivery (ST): 51.7bn (5.16%)

Construction-in-progress (LT): 948.6bn (94.84%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 346.2bn vs project value 1,000.3bn — ratio 34.62%; the project pipeline backs net debt 2.89x over.

Net debt / project value: 34.62%

None

Over the last 12 months, working capital released 59.2bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.