Trailing net profit reached 1,467.3bn, rose 187.8bn compared with the same period last year. Key positives came from higher gross profit, better other profit, lower minority interests, and higher associates income. Offsetting pressure came mainly from higher finance costs, higher selling expenses, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 12.2% year on year, with the quarterly pace steady around +13%.

4 of the last 4 quarters grew year on year.

Net margin stands at 17.42%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Is profit converting into cash?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 2,439.8bn against investing cash flow of -3,049.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +609.9bn. Financing cash flow was positive +808.9bn.

CFO / net income was 1,78 lần.

After spending +693.2bn on fixed-asset investment, the business generated trailing free cash flow of +1,913.8bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

How much income is non-core?

Non-core income reaches 30.9% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +25.2%, other profit at +5.7% of PBT.

ROIC narrowed to 15.63%, falling 1.3pp. That translates to 15.63 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.5pp, outweighing the movement in capital turnover; while invested capital rose by 1,414bn.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.3 days versus the same period last year. The main moves came from DIO fell 5.9 days, DSO rose 2.4 days, and DPO fell 0.2 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Leverage is balanced for now, with net debt / equity at 0.75x and interest coverage at 7.07x.

At present, short-term debt accounts for 82.7% of total debt, cash equals 26.7% of debt, and total debt stands at 5,506.6bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

ROIC should be read with industry context. Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 3.93x equity, net debt at 0.75x equity.

Unearned revenue 14,023.0bn (as of 2026Q2, 46.63% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 1.5 years of current revenue already banked. For a collect-upfront park amortising over 30-50 years, accounting profit typically UNDERSTATES true cash health — the cash arrived long ago; accounting recognises it gradually. Over the last four quarters, operating cash flow was 2,607.1bn vs net profit 1,585.6bn — 1.64x.

Unearned revenue (ST + LT): 14,023.0bn

Share of total assets: 46.63%

Years of revenue banked: 1.5

CFO / NPAT (TTM): 1.64x

None

Over the last 12 months, working capital released 1,220.2bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.