Trailing net profit reached 596.8bn, rose 76.1bn compared with the same period last year. Key positives came from higher financial income, lower selling expenses, and higher associates income. Offsetting pressure came mainly from higher finance costs, higher tax, lower gross profit, and weaker other profit. Detailed impact is shown below:

Net margin expanded to 60.69%, rising 38.0pp. Core operating signals are improving as Gross margin rose 27.1pp are enough to offset pressure from SG&A / Revenue rose 21.3pp (in addition, Net financial result / Revenue rose 80.1pp added support while Other profit / Revenue fell 15.4pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

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: 1,844.0bn

2025Q1: 437.9bn

2025Q2: 19.9bn

2025Q3: 506.5bn

2025Q4: 360.6bn

2026Q1: 104.3bn

ROIC edged up to 4.16%, rising 0.8pp. That translates to 4.16 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 47.7pp was enough to offset the decline from capital turnover fell 0.10x, while invested capital rose by 1,811bn.

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 relatively light for the real estate sector — liabilities at 1.19x equity, net debt at 0.34x equity.

Customer advances 23.2bn (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 fell 13.27% without a matching rise in TTM revenue — sales pace to watch. Advances cover only 0.15% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 23.2bn · YoY −3.5bn · QoQ −214.5bn

Locked-in revenue: ~0.09x quarters of revenue (TTM)

Inventory pre-sold: 0.15%

Project inventory splits in two at 2026Q1: 15,061.7bn near-delivery stock (short-term) and 150.6bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 15,061.7bn (99.01%)

Construction-in-progress (LT): 150.6bn (0.99%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 4,220.5bn vs project value 15,212.3bn — ratio 27.74%; the project pipeline backs net debt 3.60x over.

Net debt / project value: 27.74%

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.

Leverage warrants monitoring, with net debt / equity at 0.34x and interest coverage only at 1.57x.

At present, short-term debt accounts for 25.1% of total debt, cash equals 4.2% of debt, and total debt stands at 4,405.7bn.

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

Operating cash flow reached -2,975.4bn in 2025, against investing cash flow of 1,572.3bn.

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

CFO / net income was −6,13 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.