Trailing net profit reached 362.4bn, rose 10.5bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, lower tax, and lower finance costs. Offsetting pressure came mainly from higher administrative expenses and higher selling expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 15.4% year on year — but the quarterly pace is slowing (+348% → −43%).

2 of the last 4 quarters grew year on year.

Net margin fell to 60.21%, losing 7.3pp. The main pressure comes from SG&A / Revenue rose 9.1pp and Gross margin fell 4.0pp (with additional support from Net financial result / Revenue rose 1.3pp and Other profit / Revenue rose 0.8pp).

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

Is profit converting into cash?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 1,357.3bn against investing cash flow of 1,491.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +2,848.9bn. Financing cash flow was negative +2,719.8bn.

CFO / net income was 5,11 lần.

After spending +186.8bn on fixed-asset investment, the business generated trailing free cash flow of +1,665.9bn.

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 48.7% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +45.4%, other profit at +3.4% 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.

Cash conversion cycle lengthened by 12.6 days versus the same period last year. The main moves came from DIO fell 0.2 days, DSO rose 12.9 days, and DPO rose 0.2 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

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.

Leverage looks fairly comfortable, with net debt / equity at 0.01x and interest coverage at 50.92x.

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.

Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 3.65x equity, net debt at 0.01x equity.

Unearned revenue 5,084.5bn (as of 2026Q2, 74.61% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 8.4 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 1,852.7bn vs net profit 362.4bn — 5.11x. Up 36.49% YoY — the future-amortisation reserve is thickening.

Unearned revenue (ST + LT): 5,084.5bn

Share of total assets: 74.61%

Years of revenue banked: 8.4

CFO / NPAT (TTM): 5.11x

None

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