Trailing net profit reached 404.3bn, rose 116.8bn 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:

Net margin expanded to 49.62%, rising 6.6pp. The main driver is Gross margin rose 5.0pp and SG&A / Revenue fell 2.0pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 0.9pp remained a drag).

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.

2024Q4: 278.3bn

2025Q1: 143.3bn

2025Q2: 193.9bn

2025Q3: 26.7bn

2025Q4: 278.3bn

2026Q1: 316.8bn

ROIC expanded to 9.79%, rising 2.3pp. That translates to 9.79 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 6.4pp, with capital turnover broadly stable; while invested capital rose by 281bn.

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 1.29x equity, net debt at 0.31x equity.

Customer advances 672.2bn (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 35.33% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown. Advances cover only 15.59% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 672.2bn · YoY −367.2bn · QoQ −175.8bn

Locked-in revenue: ~3.30x quarters of revenue (TTM)

Inventory pre-sold: 15.59%

Project inventory splits in two at 2026Q1: 4,311.7bn 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): 4,311.7bn (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 2026Q1, net debt 1,120.8bn vs project value 4,325.5bn — ratio 25.91%; the project pipeline backs net debt 3.86x over.

Net debt / project value: 25.91%

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.

Leverage looks fairly comfortable, with net debt / equity at 0.31x and interest coverage at 133.72x.

At present, short-term debt accounts for 28.7% of total debt, cash equals 4.2% of debt, and total debt stands at 1,170.0bn.

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

Operating cash flow reached -74.2bn in 2025, against investing cash flow of 75.3bn.

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

CFO / net income was −0,86 lần.

After spending +4.7bn on fixed-asset investment, the business generated trailing free cash flow of −354.4bn.

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