Trailing net profit reached 235.9bn, fell 127.4bn compared with the same period last year. Key positives came from lower selling expenses. Offsetting pressure came mainly from lower gross profit, weaker other profit, and lower financial income. Detailed impact is shown below:

Net margin fell to 30.03%, losing 3.9pp. The main pressure is SG&A / Revenue rose 0.2pp, outweighing the improvement in Gross margin rose 3.3pp (with lingering pressure from Other profit / Revenue fell 5.1pp and Net financial result / Revenue fell 0.6pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

ROIC fell to 5.07%, losing 2.8pp. That translates to 5.07 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.6pp and capital turnover fell 0.08x, while invested capital rose by 518bn — 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.

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.55x equity, net debt at 0.67x equity.

Unearned revenue 546.4bn (as of 2026Q1, 6.56% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 0.7 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 324.6bn vs net profit 235.9bn — 1.38x. Up 67.35% YoY — the future-amortisation reserve is thickening.

Unearned revenue (ST + LT): 546.4bn

Share of total assets: 6.56%

Years of revenue banked: 0.7

CFO / NPAT (TTM): 1.38x

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.

Cash conversion cycle lengthened by 597.1 days versus the same period last year. The main moves came from DIO rose 644.8 days, DSO rose 9.5 days, and DPO rose 57.2 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 13.49x.

At present, short-term debt accounts for 16.8% of total debt, cash equals 15.9% of debt, and total debt stands at 2,577.8bn.

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

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 236.0bn in 2025, against investing cash flow of -488.8bn.

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

CFO / net income was 1,38 lần.

After spending +807.6bn on fixed-asset investment, the business generated trailing free cash flow of −483.0bn.

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