Trailing net profit reached 20.1bn, fell 160.9bn 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:

Net margin fell to −12.47%, losing 302.1pp. The main pressure is Gross margin fell 0.0pp, outweighing the improvement in SG&A / Revenue fell 148.8pp (with lingering pressure from Net financial result / Revenue fell 513.7pp and Other profit / Revenue fell 0.1pp).

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.

2024Q4: 12.3bn

2025Q1: 9.2bn

2025Q2: 33.7bn

2025Q3: 38.6bn

2025Q4: 53.2bn

2026Q1: 35.4bn

ROIC fell to −1.69%, losing 12.5pp. That translates to −1.69 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.08x, NOPAT margin narrowed 360.7pp still pulled ROIC lower, with invested capital easing slightly by 124bn.

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

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.91x equity, net debt at 0.57x equity.

Customer advances 137.3bn (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.

Customer advances: 137.3bn · YoY +2.7bn · QoQ −1.7bn

Locked-in revenue: ~3.41x quarters of revenue (TTM)

Inventory pre-sold: 69.58%

Project inventory splits in two at 2026Q1: 197.3bn near-delivery stock (short-term) and 5.8bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 197.3bn (97.13%)

Construction-in-progress (LT): 5.8bn (2.87%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 576.5bn vs project value 203.1bn — ratio 283.84% — net debt is 2.84x 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: 283.84%

None

Over the last 12 months, working capital absorbed 465.7bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Leverage warrants monitoring, with net debt / equity at 0.57x and interest coverage only at −0.75x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 10.3% of debt, and total debt stands at 643.0bn.

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

Operating cash flow reached -430.5bn in 2025, against investing cash flow of 188.8bn.

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

CFO / net income was 24,83 lần.

After spending +4.8bn on fixed-asset investment, the business generated trailing free cash flow of −502.9bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.