Trailing net profit reached 220.0bn, rose 41.9bn compared with the same period last year. Key positives came from higher financial income, better other profit, and lower finance costs. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue declined 5.1% year on year — not from a single spike: quarterly growth stepped up from −5% to +7%.

1 of the last 4 quarters grew year on year.

Net margin expanded to 148.15%, rising 33.4pp. Core operating signals are improving as Gross margin rose 2.9pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (with additional support from Net financial result / Revenue rose 29.6pp and Other profit / Revenue rose 6.8pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 40.3bn against investing cash flow of 1,249.5bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +1,289.8bn. Financing cash flow was negative +191.0bn.

CFO / net income was 0,15 lần.

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

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 reaches 71.5% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +71.0%, other profit at +0.5% of PBT.

Track how much operating profit the business generates on invested capital.

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 43.4 days versus the same period last year. The main moves came from DIO rose 54.7 days, DSO fell 13.9 days, and DPO fell 2.7 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

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 looks fairly comfortable, with net debt / equity at −0.10x and interest coverage at 468.52x.

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Capital structure is notably light for the real estate sector — liabilities at 0.13x equity, with a net cash position equivalent to 0.10x equity.

Unearned revenue 174.7bn (as of 2026Q2, 7.90% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 1.2 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 32.1bn vs net profit 222.4bn — 0.14x.

Unearned revenue (ST + LT): 174.7bn

Share of total assets: 7.90%

Years of revenue banked: 1.2

CFO / NPAT (TTM): 0.14x

None

Over the last 12 months, working capital released 15.4bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.