Trailing net profit reached 5.0bn, rose 0.5bn compared with the same period last year. Key positives came from higher financial income and higher gross profit. Detailed impact is shown below:

Net margin fell to 8.89%, losing 1.9pp. The main pressure is Gross margin fell 6.6pp, outweighing the improvement in SG&A / Revenue fell 3.0pp (with additional support from Net financial result / Revenue rose 1.2pp).

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.

2024Q4: 22.9bn

2025Q1: 4.2bn

2025Q2: 22.2bn

2025Q3: 17.0bn

2025Q4: 17.3bn

2026Q1: 0.0bn

Capital structure is notably light for the real estate sector — liabilities at 0.80x equity, with a net cash position equivalent to 0.04x equity.

Customer advances 10.4bn (as of 2026Q1) — 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 70.37% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown. Advances cover only 9.56% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 10.4bn · YoY −24.6bn · QoQ 0.0bn

Locked-in revenue: ~0.73x quarters of revenue (TTM)

Inventory pre-sold: 9.56%

Project inventory splits in two at 2026Q1: 108.3bn near-delivery stock (short-term) and 0.0bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 108.3bn (100.00%)

Construction-in-progress (LT): 0.0bn (0.00%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 9.9bn vs project value 108.3bn — ratio −9.15%; the company is in a net-cash position.

Net debt / project value: −9.15%

Development inventory ended the period at 108.3bn, about 26.5% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 20.8bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

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

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

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 38.6bn in 2025, against investing cash flow of -11.7bn.

Post-investment cash flow was positive +26.9bn. Financing cash flow was negative +13.4bn.

CFO / net income was 6,69 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.