Trailing net profit reached 71.4bn, rose 38.8bn compared with the same period last year. Key positives came from higher gross profit, lower minority interests, lower deferred tax, and lower tax. Offsetting pressure came mainly from lower financial income, higher administrative expenses, higher finance costs, and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 12.1% year on year — but the quarterly pace is slowing (+134% → −55%).

2 of the last 4 quarters grew year on year.

Net margin expanded to 5.70%, rising 2.7pp. Core operating signals are improving as Gross margin rose 42.2pp are enough to offset pressure from SG&A / Revenue rose 15.1pp (with lingering pressure from Net financial result / Revenue fell 20.1pp and Other profit / Revenue fell 4.4pp).

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: 109.9bn

2025Q2: 409.0bn

2025Q3: 431.6bn

2025Q4: 264.3bn

2026Q1: 150.4bn

2026Q2: 186.0bn

Is profit converting into cash?

Operating cash flow reached -1,074.9bn against investing cash flow of 920.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +154.6bn. Financing cash flow was positive +339.5bn.

CFO / net income was −30,67 lần.

After spending +3.2bn on fixed-asset investment, the business generated trailing free cash flow of −2,194.3bn.

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 55.0% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at −46.6%, other profit at +55.0% of PBT.

ROIC edged up to 0.95%, rising 0.6pp. That translates to 0.95 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 6.1pp, with capital turnover broadly stable; while invested capital rose by 1,029bn.

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 0.88x and interest coverage only at 0.31x.

At present, short-term debt accounts for 39.6% of total debt, cash equals 0.9% of debt, and total debt stands at 4,759.9bn.

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 1.41x equity, net debt at 0.88x equity.

Customer advances 634.8bn (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 5.92% YoY — strong sales locking in future revenue. Advances cover only 17.88% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 634.8bn · YoY +35.5bn · QoQ −11.8bn

Locked-in revenue: ~2.46x quarters of revenue (TTM)

Inventory pre-sold: 17.88%

Project inventory splits in two at 2026Q2: 3,549.3bn 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): 3,549.3bn (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 4,716.4bn vs project value 3,549.3bn — ratio 132.88% — net debt now EXCEEDS the project pipeline (each unit of debt backed by only 0.75x of project value). Leverage pressure to watch.

Net debt / project value: 132.88%

Development inventory ended the period at 3,493.1bn, about 27.1% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 2,324.2bn of cash, mainly because of higher receivables and higher inventories.