Trailing net profit reached 327.8bn, rose 7.3bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from lower financial income, higher administrative expenses, higher tax, and higher selling expenses. Detailed impact is shown below:

Net margin fell to 49.41%, losing 22.6pp. The main pressure comes from SG&A / Revenue rose 4.1pp and Gross margin fell 2.4pp (in addition, Other profit / Revenue rose 1.2pp added support while Net financial result / Revenue fell 21.2pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

ROIC stands at 13.69%, broadly flat versus the same period. That translates to 13.69 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 23.6pp, but capital turnover rose 0.10x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 3.65x equity, with a net cash position equivalent to 0.00x equity.

Unearned revenue 4,718.2bn (as of 2026Q1, 73.89% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 7.1 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 1,652.8bn vs net profit 327.8bn — 5.04x. Up 34.21% YoY — the future-amortisation reserve is thickening.

Unearned revenue (ST + LT): 4,718.2bn

Share of total assets: 73.89%

Years of revenue banked: 7.1

CFO / NPAT (TTM): 5.04x

None

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

Cash conversion cycle lengthened by 15.5 days versus the same period last year. The main moves came from DIO rose 0.2 days, DSO rose 16.8 days, and DPO rose 1.5 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 −0.00x and interest coverage at 29.41x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 402.0% of debt, and total debt stands at 46.0bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,357.3bn in 2025, against investing cash flow of 1,491.6bn.

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

CFO / net income was 5,04 lần.

After spending +97.9bn on fixed-asset investment, the business generated trailing free cash flow of +1,554.9bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.