Trailing net profit reached 104.4bn, rose 340.3bn compared with the same period last year. Key positives came from lower administrative expenses and better other profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 393.4% year on year — but the quarterly pace is slowing (+440% → +290%).

4 of the last 4 quarters grew year on year.

Net margin expanded to 47.33%, rising 577.9pp. Core operating signals are improving as SG&A / Revenue fell 709.6pp are enough to offset pressure from Gross margin fell 38.1pp (with lingering pressure from Other profit / Revenue fell 85.5pp and Net financial result / Revenue fell 8.5pp).

The improvement comes from core operations — this is a high-quality margin expansion.

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: 8.0bn

2025Q2: 17.8bn

2025Q3: 35.5bn

2025Q4: 67.0bn

2026Q1: 47.4bn

2026Q2: 69.5bn

Is profit converting into cash?

Operating cash flow reached -23.8bn against investing cash flow of -8.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +32.1bn. Financing cash flow was positive +3.3bn.

CFO / net income was −0,19 lần.

Track how much investment can be funded internally from operating cash flow.

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 reaches 91.1% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +3.9%, other profit at +87.2% of PBT.

ROIC currently stands at 10.07%. Track NOPAT margin and capital turnover to assess capital efficiency.

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 −0.06x and interest coverage at 3.53x.

At present, short-term debt accounts for 26.7% of total debt, cash equals 1706.7% of debt, and total debt stands at 0.7bn.

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 typical for the real estate sector — liabilities at 2.78x equity, with a net cash position equivalent to 0.06x equity.

Customer advances 208.8bn (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 17.48% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown.

Customer advances: 208.8bn · YoY −44.2bn · QoQ −5.5bn

Locked-in revenue: ~3.81x quarters of revenue (TTM)

Inventory pre-sold: 76.79%

Project inventory splits in two at 2026Q2: 271.9bn near-delivery stock (short-term) and 1.2bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 271.9bn (99.58%)

Construction-in-progress (LT): 1.2bn (0.42%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 12.0bn vs project value 273.0bn — ratio −4.41%; the company is in a net-cash position.

Net debt / project value: −4.41%

Development inventory ended the period at 274.4bn, about 40.0% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 115.0bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.