Trailing net profit reached 10.0bn, rose 7.9bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 46.2% year on year — but the quarterly pace is slowing (+5% → −50%).

2 of the last 4 quarters grew year on year.

Net margin expanded to 46.69%, rising 32.2pp. The main driver is SG&A / Revenue fell 14.9pp and Gross margin rose 12.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 11.4pp).

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: 2.5bn

2025Q2: 4.8bn

2025Q3: 2.7bn

2025Q4: 13.8bn

2026Q1: 2.5bn

2026Q2: 2.4bn

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 1.9bn against investing cash flow of 0.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +2.5bn. Financing cash flow was negative +1.6bn.

CFO / net income was 1,15 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 32.2% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +32.2% of PBT.

ROIC expanded to 3.39%, rising 2.7pp. That translates to 3.39 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 32.2pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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

Leverage looks fairly comfortable, with net debt / equity at 0.01x and interest coverage at 5.20x.

At present, short-term debt accounts for 12.5% of total debt, cash equals 81.7% of debt, and total debt stands at 12.5bn.

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 notably light for the real estate sector — liabilities at 0.70x equity, net debt at 0.01x equity.

Customer advances 0.0bn (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 0.03% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 0.0bn · YoY −0.0bn · QoQ −0.0bn

Locked-in revenue: ~0.01x quarters of revenue (TTM)

Inventory pre-sold: 0.03%

Project inventory splits in two at 2026Q2: 111.1bn near-delivery stock (short-term) and 5.1bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 111.1bn (95.58%)

Construction-in-progress (LT): 5.1bn (4.42%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 2.3bn vs project value 116.2bn — ratio 1.97%; the project pipeline backs net debt 50.65x over.

Net debt / project value: 1.97%

Development inventory ended the period at 111.1bn, about 22.3% of total assets — reflecting projects in progress awaiting handover.

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