Trailing net profit reached 789.2bn, rose 119.9bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and better other profit. Offsetting pressure came mainly from lower financial income, higher selling expenses, higher tax, and higher deferred tax. Detailed impact is shown below:

Net margin fell to 19.98%, losing 20.1pp. Gross margin rose 11.1pp and SG&A / Revenue fell 6.7pp improved but not enough to offset the weakness in Net financial result / Revenue fell 37.8pp (Other profit / Revenue rose 1.3pp still added support).

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

Developer revenue is recognised at handover — large swings between quarters are a property-sector feature, not a business trend. Read on a TTM basis and against the delivery schedule.

2024Q4: 435.3bn

2025Q1: 375.9bn

2025Q2: 556.9bn

2025Q3: 1,238.2bn

2025Q4: 1,559.2bn

2026Q1: 692.8bn

ROIC narrowed to 9.04%, falling 0.5pp. That translates to 9.04 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.23x, NOPAT margin narrowed 21.2pp still pulled ROIC lower, while invested capital rose by 1,368bn.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.35x equity, net debt at 0.48x equity.

Customer advances 3,304.1bn (as of 2026Q1) — deposits on units/projects not yet handed over: revenue already sold but not yet recognised, a lead indicator of profit in upcoming delivery quarters. Advances rose 1558.10% YoY — strong sales locking in future revenue.

Customer advances: 3,304.1bn · YoY +3,104.8bn · QoQ +857.9bn

Locked-in revenue: ~3.27x quarters of revenue (TTM)

Inventory pre-sold: 41.08%

Project inventory splits in two at 2026Q1: 8,043.6bn near-delivery stock (short-term) and 1,070.2bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 8,043.6bn (88.26%)

Construction-in-progress (LT): 1,070.2bn (11.74%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 3,206.0bn vs project value 9,113.8bn — ratio 35.18%; the project pipeline backs net debt 2.84x over.

Net debt / project value: 35.18%

Development inventory ended the period at 7,305.5bn, about 47.7% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 2,145.3bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Leverage looks fairly comfortable, with net debt / equity at 0.48x and interest coverage at 6.02x.

At present, short-term debt accounts for 22.7% of total debt, cash equals 30.3% of debt, and total debt stands at 4,600.1bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Operating cash flow reached -1,654.2bn in 2025, against investing cash flow of 47.0bn.

Post-investment cash flow was negative +1,607.2bn. Financing cash flow was positive +2,409.0bn.

CFO / net income was −1,97 lần.

After spending +120.0bn on fixed-asset investment, the business generated trailing free cash flow of −1,675.4bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.