Trailing net profit reached 545.0bn, rose 204.9bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 43.3% year on year — not from a single spike: quarterly growth stepped up from −79% to +129%.

2 of the last 4 quarters grew year on year.

Net margin expanded to 51.19%, rising 5.3pp. The main driver is Gross margin rose 5.9pp and SG&A / Revenue fell 1.0pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 1.4pp).

The improvement comes from core operations — this is a high-quality margin expansion.

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: 143.3bn

2025Q2: 193.9bn

2025Q3: 26.7bn

2025Q4: 278.3bn

2026Q1: 316.8bn

2026Q2: 443.4bn

Is profit converting into cash?

Operating cash flow reached -74.2bn against investing cash flow of 75.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +1.1bn. Financing cash flow was negative +21.0bn.

CFO / net income was −0,86 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?

About 100% of pre-tax profit comes from core operations.

Within that, net financial result at −1.3%, other profit at +0.0% of PBT.

ROIC expanded to 12.20%, rising 3.2pp. That translates to 12.20 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 5.4pp, with capital turnover broadly stable; while invested capital rose by 703bn.

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 0.33x and interest coverage at 61.07x.

At present, short-term debt accounts for 25.9% of total debt, cash equals 2.0% of debt, and total debt stands at 1,297.9bn.

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 1.29x equity, net debt at 0.33x equity.

Customer advances 211.1bn (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 fell 75.96% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown. Advances cover only 4.82% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 211.1bn · YoY −667.0bn · QoQ −461.1bn

Locked-in revenue: ~0.79x quarters of revenue (TTM)

Inventory pre-sold: 4.82%

Project inventory splits in two at 2026Q2: 4,379.5bn near-delivery stock (short-term) and 13.8bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 4,379.5bn (99.68%)

Construction-in-progress (LT): 13.8bn (0.32%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 1,272.4bn vs project value 4,393.4bn — ratio 28.96%; the project pipeline backs net debt 3.45x over.

Net debt / project value: 28.96%

Development inventory ended the period at 4,241.9bn, about 53.8% of total assets — reflecting projects in progress awaiting handover.

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