Trailing net profit reached 79,045.3bn, rose 49,400.0bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax, higher finance costs, and lower financial income. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 134.5% year on year — not from a single spike: quarterly growth stepped up from −51% to +177%.

3 of the last 4 quarters grew year on year.

Net margin edged up to 35.12%, rising 1.4pp. The main driver is Gross margin rose 12.0pp and SG&A / Revenue fell 7.0pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 15.1pp and Other profit / Revenue fell 0.3pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

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: 15,697.9bn

2025Q2: 19,022.2bn

2025Q3: 16,420.0bn

2025Q4: 103,009.5bn

2026Q1: 65,114.2bn

2026Q2: 52,721.6bn

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 41,189.1bn against investing cash flow of -78,088.0bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +36,898.8bn. Financing cash flow was positive +58,080.6bn.

CFO / net income was 1,13 lần.

After spending +22,953.7bn on fixed-asset investment, the business generated trailing free cash flow of +66,609.6bn.

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?

About 93% of pre-tax profit comes from core operations.

Within that, net financial result at +6.3%, other profit at +0.2% of PBT.

ROIC expanded to 23.57%, rising 10.8pp. That translates to 23.57 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.7pp and capital turnover rose 0.29x, while invested capital expanded strongly by 88,069bn — capital-return quality improved from both sides.

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

Leverage is balanced for now, with net debt / equity at 0.59x and interest coverage at 5.56x.

At present, short-term debt accounts for 29.3% of total debt, cash equals 24.7% of debt, and total debt stands at 215,453.5bn.

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. Capital structure is typical for the real estate sector — liabilities at 2.16x equity, net debt at 0.59x equity.

Customer advances 150,896.4bn (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 155.58% YoY — strong sales locking in future revenue.

Customer advances: 150,896.4bn · YoY +91,855.2bn · QoQ +35,639.2bn

Locked-in revenue: ~2.54x quarters of revenue (TTM)

Inventory pre-sold: 72.99%

Project inventory splits in two at 2026Q2: 206,728.4bn near-delivery stock (short-term) and 105,390.3bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 206,728.4bn (66.23%)

Construction-in-progress (LT): 105,390.3bn (33.77%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 162,274.5bn vs project value 312,118.6bn — ratio 51.99%; the project pipeline backs net debt 1.92x over.

Net debt / project value: 51.99%

Development inventory ended the period at 131,414.6bn, about 16.7% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 19,150.4bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.