Trailing net profit reached 468.1bn, fell 116.0bn compared with the same period last year. Key positives came from higher gross profit and lower deferred tax. Offsetting pressure came mainly from lower financial income, higher tax, higher administrative expenses, and weaker other profit. Detailed impact is shown below:

Net margin narrowed to 4.87%, falling 0.5pp. The main pressure is SG&A / Revenue rose 0.6pp, outweighing the improvement in Gross margin rose 1.8pp (with lingering pressure from Net financial result / Revenue fell 1.6pp and Other profit / Revenue fell 0.3pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

ROIC narrowed to 9.19%, falling 0.6pp. That translates to 9.19 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.2pp, outweighing the movement in capital turnover; with invested capital easing slightly by 328bn.

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 balanced — liabilities at 2.79x equity, net debt at 0.61x equity.

Unearned revenue 7,186.8bn (as of 2026Q1, 39.16% 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 1,744.1bn vs net profit 604.5bn — 2.89x. Up 31.41% YoY — the future-amortisation reserve is thickening.

Unearned revenue (ST + LT): 7,186.8bn

Share of total assets: 39.16%

Years of revenue banked: 0.6

CFO / NPAT (TTM): 2.89x

None

Over the last 12 months, working capital released 1,776.7bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 25.4 days versus the same period last year. The main moves came from DIO fell 7.6 days, DSO rose 33.7 days, and DPO rose 0.8 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 is balanced for now, with net debt / equity at 0.61x and interest coverage at 4.59x.

At present, short-term debt accounts for 75.7% of total debt, cash equals 28.8% of debt, and total debt stands at 4,155.2bn.

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 2,668.4bn in 2025, against investing cash flow of 362.8bn.

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

CFO / net income was 3,73 lần.

After spending +207.4bn on fixed-asset investment, the business generated trailing free cash flow of +1,536.7bn.

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