Trailing net profit reached 223.7bn, rose 101.4bn 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 38.6% year on year — not from a single spike: quarterly growth stepped up from +11% to +24%.

4 of the last 4 quarters grew year on year.

Net margin expanded to 38.75%, rising 9.4pp. The main driver is Gross margin rose 9.9pp and SG&A / Revenue fell 1.1pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.1pp).

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

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 222.9bn against investing cash flow of -236.2bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +13.3bn. Financing cash flow was negative +26.2bn.

CFO / net income was 0,92 lần.

After spending +129.6bn on fixed-asset investment, the business generated trailing free cash flow of +75.3bn.

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

How much income is non-core?

About 93% of pre-tax profit comes from core operations.

Within that, net financial result at +6.3%, other profit at +0.8% of PBT.

ROIC expanded to 29.76%, rising 8.3pp. That translates to 29.76 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 9.4pp, with capital turnover broadly stable; while invested capital expanded strongly by 182bn.

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 8.6 days versus the same period last year. The main moves came from DIO fell 5.0 days, DSO fell 5.4 days, and DPO fell 1.7 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

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 looks fairly comfortable, with net debt / equity at 0.01x and interest coverage at 54.32x.

At present, short-term debt accounts for 16.8% of total debt, cash equals 95.0% of debt, and total debt stands at 188.1bn.

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

ROIC should be read with industry context. Capital structure is relatively light for the real estate sector — liabilities at 1.38x equity, net debt at 0.01x equity.

Unearned revenue 838.6bn (as of 2026Q2, 40.73% 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 204.8bn vs net profit 223.7bn — 0.92x. Up 16.60% YoY — the future-amortisation reserve is thickening.

Unearned revenue (ST + LT): 838.6bn

Share of total assets: 40.73%

Years of revenue banked: 1.5

CFO / NPAT (TTM): 0.92x

None

Over the last 12 months, working capital released 84.4bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.