Trailing net profit reached 612.5bn, rose 76.6bn compared with the same period last year. Key positives came from higher financial income and lower selling expenses. Offsetting pressure came mainly from higher finance costs, higher tax, higher administrative expenses, and lower gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 55.5% year on year — but the quarterly pace is slowing (+19,176% → +169%).

2 of the last 4 quarters grew year on year.

Net margin expanded to 60.22%, rising 37.0pp. Core operating signals are improving as Gross margin rose 24.8pp are enough to offset pressure from SG&A / Revenue rose 39.4pp (in addition, Net financial result / Revenue rose 96.3pp added support while Other profit / Revenue fell 13.0pp remained a drag).

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.

2025Q1: 437.9bn

2025Q2: 19.9bn

2025Q3: 506.5bn

2025Q4: 360.6bn

2026Q1: 104.3bn

2026Q2: 53.5bn

Is profit converting into cash?

Operating cash flow reached -2,975.4bn against investing cash flow of 1,572.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +1,403.2bn. Financing cash flow was positive +1,435.4bn.

CFO / net income was −5,98 lần.

After spending +29.3bn on fixed-asset investment, the business generated trailing free cash flow of −3,690.5bn.

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?

Non-core income reaches 118.0% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +104.7%, other profit at +13.3% of PBT.

ROIC edged up to 4.27%, rising 0.9pp. That translates to 4.27 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 44.8pp was enough to offset the decline from capital turnover fell 0.08x, with invested capital easing up by 549bn.

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

Leverage warrants monitoring, with net debt / equity at 0.20x and interest coverage only at 1.49x.

At present, short-term debt accounts for 23.8% of total debt, cash equals 40.1% of debt, and total debt stands at 4,151.3bn.

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

ROIC for residential developers swings with project cycles and handover timing. Capital structure is relatively light for the real estate sector — liabilities at 1.19x equity, net debt at 0.20x equity.

Customer advances 123.8bn (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 143.47% YoY — strong sales locking in future revenue. Advances cover only 0.91% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 123.8bn · YoY +72.9bn · QoQ +100.6bn

Locked-in revenue: ~0.48x quarters of revenue (TTM)

Inventory pre-sold: 0.91%

Project inventory splits in two at 2026Q2: 13,555.8bn near-delivery stock (short-term) and 200.2bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 13,555.8bn (98.54%)

Construction-in-progress (LT): 200.2bn (1.46%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 2,485.5bn vs project value 13,755.9bn — ratio 18.07%; the project pipeline backs net debt 5.53x over.

Net debt / project value: 18.07%

Development inventory ended the period at 16,714.7bn, about 61.3% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 3,219.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.