Trailing net profit reached 281.6bn, fell 96.6bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from lower financial income, higher finance costs, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:

Net margin fell to 13.91%, losing 4.9pp. The main pressure is SG&A / Revenue rose 8.7pp, outweighing the improvement in Gross margin rose 22.4pp (in addition, Other profit / Revenue rose 0.4pp added support while Net financial result / Revenue fell 14.6pp 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.

2024Q4: 749.9bn

2025Q1: 248.7bn

2025Q2: 180.2bn

2025Q3: 395.6bn

2025Q4: 1,180.4bn

2026Q1: 287.4bn

ROIC narrowed to 2.46%, falling 1.3pp. That translates to 2.46 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 5.2pp, outweighing the movement in capital turnover; while invested capital rose by 1,176bn.

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 relatively light for the real estate sector — liabilities at 1.69x equity, net debt at 1.22x equity.

Customer advances 1,072.0bn (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. Advances rose 1304.24% YoY — strong sales locking in future revenue. Advances cover only 18.00% of current inventory — most of the pipeline is not yet pre-sold.

Customer advances: 1,072.0bn · YoY +995.6bn · QoQ +27.3bn

Locked-in revenue: ~2.10x quarters of revenue (TTM)

Inventory pre-sold: 18.00%

Project inventory splits in two at 2026Q1: 5,954.4bn near-delivery stock (short-term) and 736.9bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 5,954.4bn (88.99%)

Construction-in-progress (LT): 736.9bn (11.01%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 6,765.7bn vs project value 6,691.4bn — ratio 101.11% — net debt now EXCEEDS the project pipeline (each unit of debt backed by only 0.99x of project value). Leverage pressure to watch.

Net debt / project value: 101.11%

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 1,313.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Leverage warrants monitoring, with net debt / equity at 1.22x and interest coverage only at 1.93x.

At present, short-term debt accounts for 27.8% of total debt, cash equals 2.1% of debt, and total debt stands at 6,908.9bn.

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

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 156.8bn in 2025, against investing cash flow of -806.4bn.

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

CFO / net income was −3,83 lần.

Track how much investment can be funded internally from operating cash flow.

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