Trailing net profit reached 1,362.8bn, rose 94.2bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and lower minority interests. Offsetting pressure came mainly from higher finance costs, higher selling expenses, lower financial income, and higher tax. Detailed impact is shown below:

Net margin narrowed to 16.77%, falling 1.2pp. The main pressure is SG&A / Revenue rose 0.7pp, outweighing the improvement in Gross margin rose 1.5pp (in addition, Other profit / Revenue rose 1.0pp added support while Net financial result / Revenue fell 2.8pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

ROIC fell to 14.64%, losing 5.3pp. That translates to 14.64 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 2.0pp and capital turnover fell 0.19x, while invested capital expanded strongly by 2,474bn — pressure came from both operational efficiency and asset efficiency.

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

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 3.93x equity, net debt at 0.65x equity.

Unearned revenue 13,881.1bn (as of 2026Q1, 47.29% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 1.6 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 2,366.8bn vs net profit 1,480.3bn — 1.60x. Up 11.81% YoY — the future-amortisation reserve is thickening.

Unearned revenue (ST + LT): 13,881.1bn

Share of total assets: 47.29%

Years of revenue banked: 1.6

CFO / NPAT (TTM): 1.60x

None

Over the last 12 months, working capital released 1,555.1bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.0 days versus the same period last year. The main moves came from DIO fell 6.1 days, DSO fell 1.0 days, and DPO fell 0.1 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 0.65x and interest coverage at 7.12x.

At present, short-term debt accounts for 78.3% of total debt, cash equals 13.3% of debt, and total debt stands at 4,659.2bn.

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

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2,439.8bn in 2025, against investing cash flow of -3,049.7bn.

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

CFO / net income was 1,74 lần.

After spending +604.6bn on fixed-asset investment, the business generated trailing free cash flow of +1,762.2bn.

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