Trailing net profit reached 143.9bn, rose 36.1bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 10.7% year on year — not from a single spike: quarterly growth stepped up from +9% to +15%.

4 of the last 4 quarters grew year on year.

Net margin expanded to 25.46%, rising 4.4pp. Core operating signals are improving as Gross margin rose 2.8pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (in addition, Other profit / Revenue rose 3.4pp added support while Net financial result / Revenue fell 0.4pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 247.7bn against investing cash flow of -179.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +68.2bn. Financing cash flow was negative +81.8bn.

CFO / net income was 2,20 lần.

After spending +280.0bn on fixed-asset investment, the business generated trailing free cash flow of +37.0bn.

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 11.9% of pre-tax profit — worth monitoring.

Within that, net financial result at +8.7%, other profit at +3.1% of PBT.

ROIC edged up to 16.85%, rising 1.0pp. That translates to 16.85 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.6pp, with capital turnover broadly stable; while invested capital rose by 83bn.

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 15.7 days versus the same period last year. The main moves came from DIO fell 6.2 days, DSO rose 0.9 days, and DPO rose 10.3 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

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 0.19x and interest coverage at 33.51x.

At present, short-term debt accounts for 35.0% of total debt, cash equals 42.1% of debt, and total debt stands at 258.7bn.

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 1.97x equity, net debt at 0.19x equity.

Unearned revenue 781.5bn (as of 2026Q2, 34.64% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 1.4 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 317.0bn vs net profit 143.9bn — 2.20x. Up 18.53% YoY — the future-amortisation reserve is thickening.

Unearned revenue (ST + LT): 781.5bn

Share of total assets: 34.64%

Years of revenue banked: 1.4

CFO / NPAT (TTM): 2.20x

None

Over the last 12 months, working capital released 205.3bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.