Trailing net profit reached 219.2bn, fell 214.5bn compared with the same period last year. Key positives came from lower finance costs. Offsetting pressure came mainly from lower financial income, lower gross profit, weaker other profit, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 67.5% year on year — but the quarterly pace is slowing (+298% → +9%).

4 of the last 4 quarters grew year on year.

Net margin fell to 8.49%, losing 19.3pp. The main pressure is Gross margin fell 19.0pp, outweighing the improvement in SG&A / Revenue fell 2.7pp (with lingering pressure from Other profit / Revenue fell 1.6pp and Net financial result / Revenue fell 1.1pp).

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

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.

2025Q1: 126.2bn

2025Q2: 508.1bn

2025Q3: 684.0bn

2025Q4: 1,162.5bn

2026Q1: 231.1bn

2026Q2: 552.5bn

Is profit converting into cash?

Operating cash flow reached -185.7bn against investing cash flow of 276.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +90.7bn. Financing cash flow was negative +8.9bn.

CFO / net income was 1,17 lần.

After spending +23.1bn on fixed-asset investment, the business generated trailing free cash flow of +234.2bn.

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

How much income is non-core?

Non-core income makes up 13.9% of pre-tax profit — worth monitoring.

Within that, net financial result at −28.9%, other profit at +13.9% of PBT.

ROIC fell to 8.13%, losing 7.7pp. That translates to 8.13 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 18.1pp, outweighing the movement in capital turnover; while invested capital rose by 348bn.

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

Leverage is balanced for now, with net debt / equity at 0.74x and interest coverage at 2.45x.

At present, short-term debt accounts for 91.1% of total debt, cash equals 4.5% of debt, and total debt stands at 1,368.5bn.

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

ROIC for residential developers swings with project cycles and handover timing. Capital structure is relatively light for the real estate sector — liabilities at 1.65x equity, net debt at 0.74x equity.

Customer advances 210.4bn (as of 2026Q2) — 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 fell 32.03% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown.

Customer advances: 210.4bn · YoY −99.2bn · QoQ −183.6bn

Locked-in revenue: ~0.32x quarters of revenue (TTM)

Inventory pre-sold: 70.19%

Project inventory splits in two at 2026Q2: 299.7bn near-delivery stock (short-term) and 15.3bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 299.7bn (95.14%)

Construction-in-progress (LT): 15.3bn (4.86%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 1,307.2bn vs project value 315.1bn — ratio 414.91% — net debt is 4.15x the project pipeline, far beyond the asset layer that should back it. Leverage sits in high-risk territory; repayment depends on sources outside the current pipeline.

Net debt / project value: 414.91%

None

Over the last 12 months, working capital released 0.0bn of cash.