Trailing net profit reached 87.8bn, rose 83.2bn compared with the same period last year. Key positives came from higher gross profit and lower minority interests. Offsetting pressure came mainly from higher administrative expenses, lower financial income, higher finance costs, and weaker other profit. Detailed impact is shown below:

Net margin expanded to 6.15%, rising 5.4pp. Core operating signals are improving as Gross margin rose 35.9pp are enough to offset pressure from SG&A / Revenue rose 7.6pp (with lingering pressure from Net financial result / Revenue fell 18.2pp and Other profit / Revenue fell 4.3pp).

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.

2024Q4: 470.5bn

2025Q1: 109.9bn

2025Q2: 409.0bn

2025Q3: 431.6bn

2025Q4: 264.3bn

2026Q1: 150.4bn

ROIC edged up to 1.19%, rising 1.1pp. That translates to 1.19 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 8.3pp, with capital turnover broadly stable; while invested capital rose by 826bn.

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 1.41x equity, net debt at 0.83x equity.

Customer advances 646.5bn (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 18.12% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown. Advances cover only 19.06% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 646.5bn · YoY −143.0bn · QoQ −30.8bn

Locked-in revenue: ~2.06x quarters of revenue (TTM)

Inventory pre-sold: 19.06%

Project inventory splits in two at 2026Q1: 3,391.6bn 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): 3,391.6bn (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 4,443.1bn vs project value 3,391.6bn — ratio 131.00% — net debt now EXCEEDS the project pipeline (each unit of debt backed by only 0.76x of project value). Leverage pressure to watch.

Net debt / project value: 131.00%

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 1,446.8bn 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 0.83x and interest coverage only at 0.42x.

At present, short-term debt accounts for 34.7% of total debt, cash equals 3.6% of debt, and total debt stands at 4,609.2bn.

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

Operating cash flow reached -1,074.9bn in 2025, against investing cash flow of 920.3bn.

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

CFO / net income was −16,84 lần.

After spending +657.9bn on fixed-asset investment, the business generated trailing free cash flow of −2,136.5bn.

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