Trailing net profit reached 146.7bn, rose 38.8bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and higher financial income. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:

Net margin expanded to 26.94%, rising 5.3pp. Core operating signals are improving as Gross margin rose 5.2pp are enough to offset pressure from SG&A / Revenue rose 1.0pp (with additional support from Other profit / Revenue rose 2.0pp and Net financial result / Revenue rose 0.4pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

ROIC expanded to 18.29%, rising 3.2pp. That translates to 18.29 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.6pp, with capital turnover broadly stable; with invested capital holding roughly steady.

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 1.97x equity, net debt at 0.16x equity.

Unearned revenue 801.2bn (as of 2026Q1, 36.75% 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 324.3bn vs net profit 146.7bn — 2.21x. Up 19.33% YoY — the future-amortisation reserve is thickening.

Unearned revenue (ST + LT): 801.2bn

Share of total assets: 36.75%

Years of revenue banked: 1.5

CFO / NPAT (TTM): 2.21x

None

Over the last 12 months, working capital released 215.4bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.2 days versus the same period last year. The main moves came from DIO fell 0.4 days, DSO rose 0.3 days, and DPO rose 5.1 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 0.16x and interest coverage at 39.16x.

At present, short-term debt accounts for 37.1% of total debt, cash equals 51.0% of debt, and total debt stands at 234.9bn.

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 247.7bn in 2025, against investing cash flow of -179.6bn.

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

CFO / net income was 2,21 lần.

After spending +282.9bn on fixed-asset investment, the business generated trailing free cash flow of +41.4bn.

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