Trailing net profit reached 1,678.5bn, rose 1,436.6bn compared with the same period last year. Key positives came from higher associates income. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 65.0% year on year — but the quarterly pace is slowing (+241% → −94%).

2 of the last 4 quarters grew year on year.

Net margin expanded to 197.62%, rising 188.0pp. Core operating signals are improving as Gross margin rose 27.3pp are enough to offset pressure from SG&A / Revenue rose 10.0pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 4.0pp 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.

2025Q1: 186.9bn

2025Q2: 138.1bn

2025Q3: 221.5bn

2025Q4: 52.6bn

2026Q1: 562.7bn

2026Q2: 7.6bn

Is profit converting into cash?

Operating cash flow reached -1,057.4bn against investing cash flow of 1,065.8bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +8.4bn. Financing cash flow was positive +196.2bn.

CFO / net income was −0,40 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 98% of pre-tax profit comes from core operations.

Within that, net financial result at −0.8%, other profit at +2.3% of PBT.

ROIC expanded to 17.22%, rising 14.7pp. That translates to 17.22 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 192.3pp, with capital turnover fell 0.16x; with invested capital holding roughly steady.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

Leverage is balanced for now, with net debt / equity at 0.24x and interest coverage at 3.64x.

At present, short-term debt accounts for 49.5% of total debt, cash equals 4.8% of debt, and total debt stands at 1,980.7bn.

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 notably light for the real estate sector — liabilities at 0.99x equity, net debt at 0.24x equity.

Customer advances 5.5bn (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 97.51% without a matching rise in TTM revenue — sales pace to watch. Advances cover only 1.86% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 5.5bn · YoY −214.6bn · QoQ 0.0bn

Locked-in revenue: ~0.03x quarters of revenue (TTM)

Inventory pre-sold: 1.86%

Project inventory splits in two at 2026Q2: 294.6bn near-delivery stock (short-term) and 128.8bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 294.6bn (69.59%)

Construction-in-progress (LT): 128.8bn (30.41%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 1,884.9bn vs project value 423.4bn — ratio 445.22% — net debt is 4.45x the project pipeline, far beyond the asset layer that should back it. Leverage sits in high-risk territory; repayment depends on sources outside the current pipeline.

Net debt / project value: 445.22%

None

Over the last 12 months, working capital absorbed 892.8bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.