Trailing net profit reached 177.2bn, fell 556.0bn compared with the same period last year. Key positives came from better other profit and lower tax. Offsetting pressure came mainly from higher finance costs, lower financial income, and lower gross profit. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 9.4% year on year — but the quarterly pace is slowing (+18% → +3%).

2 of the last 4 quarters grew year on year.

Net margin fell to 2.37%, losing 3.9pp. The main pressure comes from Gross margin fell 0.7pp and SG&A / Revenue rose 0.2pp (in addition, Other profit / Revenue rose 1.4pp added support while Net financial result / Revenue fell 5.1pp remained a drag).

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

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 2,668.4bn against investing cash flow of 362.8bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +3,031.2bn. Financing cash flow was negative +765.0bn.

CFO / net income was 9,75 lần.

After spending +342.3bn on fixed-asset investment, the business generated trailing free cash flow of +1,386.2bn.

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 12.7% of pre-tax profit — worth monitoring.

Within that, net financial result at −30.1%, other profit at +12.7% of PBT.

ROIC fell to 3.52%, losing 9.1pp. That translates to 3.52 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 5.0pp and capital turnover fell 0.10x, with invested capital easing slightly by 332bn — pressure came from both operational efficiency and asset efficiency.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 17.4 days versus the same period last year. The main moves came from DIO fell 0.3 days, DSO rose 18.3 days, and DPO rose 0.6 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

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 warrants monitoring, with net debt / equity at 0.52x and interest coverage only at 0.58x.

At present, short-term debt accounts for 74.6% of total debt, cash equals 33.5% of debt, and total debt stands at 3,780.3bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

ROIC should be read with industry context. Capital structure is balanced — liabilities at 2.79x equity, net debt at 0.52x equity.

Unearned revenue 7,258.7bn (as of 2026Q2, 39.01% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 0.6 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 1,728.4bn vs net profit 296.3bn — 5.83x. Up 24.56% YoY — the future-amortisation reserve is thickening.

Unearned revenue (ST + LT): 7,258.7bn

Share of total assets: 39.01%

Years of revenue banked: 0.6

CFO / NPAT (TTM): 5.83x

None

Over the last 12 months, working capital released 1,513.9bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.