Trailing net profit reached 31.9bn, fell 195.0bn compared with the same period last year. Key positives came from lower finance costs. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 94.0% year on year — but the quarterly pace is slowing (+110% → −54%).

3 of the last 4 quarters grew year on year.

Net margin fell to −22.38%, losing 244.2pp. The main pressure is Gross margin fell 11.5pp, outweighing the improvement in SG&A / Revenue fell 89.4pp (with lingering pressure from Net financial result / Revenue fell 363.1pp and Other profit / 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: 9.2bn

2025Q2: 33.7bn

2025Q3: 38.6bn

2025Q4: 53.2bn

2026Q1: 35.4bn

2026Q2: 15.5bn

Is profit converting into cash?

Operating cash flow reached -430.5bn against investing cash flow of 188.8bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +241.7bn. Financing cash flow was positive +91.9bn.

CFO / net income was 5,33 lần.

After spending +3.2bn on fixed-asset investment, the business generated trailing free cash flow of −173.3bn.

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 reaches 48.4% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +35.4%, other profit at +13.0% of PBT.

ROIC fell to −2.23%, losing 13.6pp. That translates to −2.23 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 282.4pp, outweighing the movement in capital turnover; with invested capital easing slightly by 94bn.

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

Leverage warrants monitoring, with net debt / equity at 0.63x and interest coverage only at −0.94x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 5.3% of debt, and total debt stands at 663.6bn.

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 notably light for the real estate sector — liabilities at 0.91x equity, net debt at 0.63x equity.

Customer advances 139.2bn (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.

Customer advances: 139.2bn · YoY −6.4bn · QoQ +1.9bn

Locked-in revenue: ~3.90x quarters of revenue (TTM)

Inventory pre-sold: 605.44%

Project inventory splits in two at 2026Q2: 23.0bn near-delivery stock (short-term) and 0.3bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 23.0bn (98.73%)

Construction-in-progress (LT): 0.3bn (1.27%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 628.8bn vs project value 23.3bn — ratio 2700.47% — net debt is 27.00x the project pipeline, far beyond the asset layer that should back it. Leverage sits in high-risk territory; repayment depends on sources outside the current pipeline.

Net debt / project value: 2700.47%

None

Over the last 12 months, working capital absorbed 112.3bn of cash, mainly because of higher receivables and higher inventories.