Trailing net profit reached 401.9bn, rose 40.5bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from lower financial income, higher finance costs, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 33.4% year on year — not from a single spike: quarterly growth stepped up from −54% to +371%.

3 of the last 4 quarters grew year on year.

Net margin narrowed to 16.52%, falling 1.2pp. The main pressure is SG&A / Revenue rose 5.1pp, outweighing the improvement in Gross margin rose 22.7pp (in addition, Other profit / Revenue rose 0.6pp added support while Net financial result / Revenue fell 14.4pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

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: 248.7bn

2025Q2: 180.2bn

2025Q3: 395.6bn

2025Q4: 1,180.4bn

2026Q1: 287.4bn

2026Q2: 849.5bn

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 156.8bn against investing cash flow of -806.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +649.5bn. Financing cash flow was positive +858.2bn.

CFO / net income was −0,15 lần.

After spending +119.5bn on fixed-asset investment, the business generated trailing free cash flow of −179.5bn.

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 98% of pre-tax profit comes from core operations.

Within that, net financial result at −22.2%, other profit at +1.7% of PBT.

ROIC stands at 3.66%, broadly flat versus the same period. That translates to 3.66 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 1.7pp, but capital turnover broadly stable, while invested capital rose by 1,440bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

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 1.25x and interest coverage only at 2.77x.

At present, short-term debt accounts for 31.4% of total debt, cash equals 3.6% of debt, and total debt stands at 7,398.8bn.

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 relatively light for the real estate sector — liabilities at 1.69x equity, net debt at 1.25x equity.

Customer advances 526.3bn (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 195.57% YoY — strong sales locking in future revenue. Advances cover only 7.97% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 526.3bn · YoY +348.2bn · QoQ −545.7bn

Locked-in revenue: ~0.78x quarters of revenue (TTM)

Inventory pre-sold: 7.97%

Project inventory splits in two at 2026Q2: 6,600.4bn near-delivery stock (short-term) and 552.7bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 6,600.4bn (92.27%)

Construction-in-progress (LT): 552.7bn (7.73%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 7,133.9bn vs project value 7,153.0bn — ratio 99.73%; the project pipeline backs net debt 1.00x over.

Net debt / project value: 99.73%

Development inventory ended the period at 5,245.3bn, about 35.6% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 665.0bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.