Trailing net profit reached 1.1bn, rose 6.5bn compared with the same period last year. Key positives came from better other profit and lower administrative expenses. Detailed impact is shown below:

Net margin expanded to 21.97%, rising 2019.2pp. Core operating signals are improving as SG&A / Revenue fell 1881.7pp are enough to offset pressure from Gross margin fell 50.1pp (with additional support from Other profit / Revenue rose 101.3pp and Net financial result / Revenue rose 86.2pp).

The improvement comes from core operations — this is a high-quality margin expansion.

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: 0.0bn

2025Q1: 0.0bn

2025Q2: 0.1bn

2025Q3: 0.1bn

2025Q4: 2.1bn

2026Q1: 2.6bn

Capital structure is notably light for the real estate sector — liabilities at 0.38x equity, net debt at 0.00x equity.

Customer advances 1.8bn (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 50.40% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown. Advances cover only 7.68% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 1.8bn · YoY −1.8bn · QoQ −0.3bn

Locked-in revenue: ~1.46x quarters of revenue (TTM)

Inventory pre-sold: 7.68%

Project inventory splits in two at 2026Q1: 23.0bn near-delivery stock (short-term) and 0.0bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 23.0bn (100.00%)

Construction-in-progress (LT): 0.0bn (0.00%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 0.7bn vs project value 23.0bn — ratio 2.85%; the project pipeline backs net debt 35.03x over.

Net debt / project value: 2.85%

Development inventory ended the period at 23.3bn, about 11.7% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 2.5bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 100.0% of total debt, cash equals 66.9% of debt, and total debt stands at 2.0bn.

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

Operating cash flow reached -3.3bn in 2025, against investing cash flow of -0.7bn.

Post-investment cash flow was negative +3.9bn. Financing cash flow was positive +1.2bn.

CFO / net income was −1,67 lần.

Track how much investment can be funded internally from operating cash flow.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.