Trailing net profit reached 159.9bn, fell 196.1bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit and weaker other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 31.8% year on year — not from a single spike: quarterly growth stepped up from −48% to −39%.

1 of the last 4 quarters grew year on year.

Net margin fell to 22.84%, losing 11.8pp. The main pressure comes from Gross margin fell 3.4pp (with lingering pressure from Other profit / Revenue fell 5.7pp and Net financial result / Revenue fell 1.8pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 236.0bn against investing cash flow of -488.8bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +252.8bn. Financing cash flow was negative +35.3bn.

CFO / net income was 3,34 lần.

After spending +500.8bn on fixed-asset investment, the business generated trailing free cash flow of +33.5bn.

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

How much income is non-core?

Non-core income makes up 19.1% of pre-tax profit — worth monitoring.

Within that, net financial result at +0.8%, other profit at +18.3% of PBT.

ROIC fell to 3.65%, losing 4.1pp. That translates to 3.65 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 8.5pp and capital turnover fell 0.08x, while invested capital rose by 439bn — 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.

Cash conversion cycle lengthened by 512.1 days versus the same period last year. The main moves came from DIO rose 552.4 days, DSO rose 12.1 days, and DPO rose 52.4 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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 0.67x and interest coverage at 8.85x.

At present, short-term debt accounts for 22.3% of total debt, cash equals 18.9% of debt, and total debt stands at 2,508.6bn.

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 1.55x equity, net debt at 0.67x equity.

Unearned revenue 827.0bn (as of 2026Q2, 9.77% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 1.2 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 534.2bn vs net profit 159.9bn — 3.34x. Up 153.76% YoY — the future-amortisation reserve is thickening.

Unearned revenue (ST + LT): 827.0bn

Share of total assets: 9.77%

Years of revenue banked: 1.2

CFO / NPAT (TTM): 3.34x

Development inventory ended the period at 1,892.7bn, about 23.2% of total assets — reflecting projects in progress awaiting handover.

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