Trailing net profit reached 233.4bn, fell 2.1bn compared with the same period last year. Key positives came from higher financial income, lower administrative expenses, lower selling expenses, and lower tax. Offsetting pressure came mainly from higher finance costs and lower gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 34.7% year on year — not from a single spike: quarterly growth stepped up from −19% to −6%.

2 of the last 4 quarters grew year on year.

Net margin fell to 35.02%, losing 12.6pp. The main pressure is Gross margin fell 16.5pp, outweighing the improvement in SG&A / Revenue fell 3.5pp (with lingering pressure from Net financial result / Revenue fell 3.1pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Is profit converting into cash?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -242.3bn against investing cash flow of 379.9bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +137.6bn. Financing cash flow was negative +82.3bn.

CFO / net income was 3,69 lần.

After spending +2.2bn on fixed-asset investment, the business generated trailing free cash flow of +859.9bn.

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

How much income is non-core?

About 92% of pre-tax profit comes from core operations.

Within that, net financial result at +8.4% of PBT.

Track how much operating profit the business generates on invested capital.

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 138.6 days versus the same period last year. The main moves came from DIO fell 107.4 days, DSO fell 1.9 days, and DPO rose 29.4 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

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 −0.03x and interest coverage at 15.06x.

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 3.54x equity, with a net cash position equivalent to 0.03x equity.

Unearned revenue 3,788.4bn (as of 2026Q2, 74.23% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 5.7 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 862.0bn vs net profit 233.4bn — 3.69x. Up 16.86% YoY — the future-amortisation reserve is thickening.

Unearned revenue (ST + LT): 3,788.4bn

Share of total assets: 74.23%

Years of revenue banked: 5.7

CFO / NPAT (TTM): 3.69x

None

Over the last 12 months, working capital released 1,237.4bn of cash, mainly thanks to lower receivables and lower inventories.