Trailing net profit reached 60.8bn, rose 19.3bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher minority interests, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 54.0% year on year — but the quarterly pace is slowing (+46% → +32%).

4 of the last 4 quarters grew year on year.

Net margin narrowed to 5.64%, falling 0.3pp. The main pressure is Gross margin fell 0.9pp, outweighing the improvement in SG&A / Revenue fell 0.7pp (with lingering pressure from Net financial result / Revenue fell 0.3pp).

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

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: 177.4bn

2025Q2: 245.8bn

2025Q3: 248.6bn

2025Q4: 437.1bn

2026Q1: 357.2bn

2026Q2: 324.7bn

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 152.1bn against investing cash flow of -53.5bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +98.7bn. Financing cash flow was negative +41.3bn.

CFO / net income was 2,59 lần.

After spending +3.6bn on fixed-asset investment, the business generated trailing free cash flow of +154.1bn.

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 makes up 29.3% of pre-tax profit — worth monitoring.

Within that, net financial result at +28.2%, other profit at +1.0% of PBT.

ROIC expanded to 19.79%, rising 6.4pp. That translates to 19.79 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 1.24x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 0.3pp; with invested capital holding roughly steady.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

Leverage looks fairly comfortable, with net debt / equity at −0.26x and interest coverage at 126.49x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 452.7% of debt, and total debt stands at 38.3bn.

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. Balance sheet is exceptionally sound — liabilities at 1.78x equity, with a net cash position equivalent to 0.26x equity.

Customer advances 490.4bn (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 rose 36.40% YoY — strong sales locking in future revenue.

Customer advances: 490.4bn · YoY +130.9bn · QoQ +26.3bn

Locked-in revenue: ~1.43x quarters of revenue (TTM)

Inventory pre-sold: 158.50%

Project inventory splits in two at 2026Q2: 309.4bn near-delivery stock (short-term) and 1.4bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 309.4bn (99.54%)

Construction-in-progress (LT): 1.4bn (0.46%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 135.2bn vs project value 310.8bn — ratio −43.50%; the company is in a net-cash position.

Net debt / project value: −43.50%

Inventory ended the period at 263.6bn, roughly 19.3% of total assets.

Over the last 12 months, working capital released 158.3bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.