Trailing net profit reached 0.6bn, rose 6.9bn compared with the same period last year. Key positives came from better other profit and lower administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 4,700.9% year on year — not from a single spike: quarterly growth stepped up from +166% to +4,033%.

4 of the last 4 quarters grew year on year.

Net margin expanded to 7.23%, rising 3853.9pp. Core operating signals are improving as SG&A / Revenue fell 3623.5pp are enough to offset pressure from Gross margin fell 37.1pp (with additional support from Net financial result / Revenue rose 205.3pp and Other profit / Revenue rose 62.1pp).

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.

2025Q1: 0.0bn

2025Q2: 0.1bn

2025Q3: 0.1bn

2025Q4: 2.1bn

2026Q1: 2.6bn

2026Q2: 3.2bn

Is profit converting into cash?

Operating cash flow reached -3.3bn against investing cash flow of -0.7bn (annual cash-flow figures for 2025).

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

CFO / net income was −8,03 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.

How much income is non-core?

Non-core income reaches 758.0% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +0.0%, other profit at +757.9% of PBT.

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 10.9% of debt, and total debt stands at 3.1bn.

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

Capital structure is notably light for the real estate sector — liabilities at 0.38x equity, net debt at 0.02x equity.

Customer advances 3.3bn (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 cover only 14.48% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 3.3bn · YoY −0.2bn · QoQ +1.6bn

Locked-in revenue: ~1.68x quarters of revenue (TTM)

Inventory pre-sold: 14.48%

Project inventory splits in two at 2026Q2: 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 2026Q2, net debt 2.8bn vs project value 23.0bn — ratio 12.11%; the project pipeline backs net debt 8.26x over.

Net debt / project value: 12.11%

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 5.1bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.