Trailing net profit reached 6,874.8bn, rose 2,684.2bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from higher deferred tax. Detailed impact is shown below:

Net margin expanded to 76.39%, rising 28.9pp. Core operating signals are improving as SG&A / Revenue fell 1.7pp are enough to offset pressure from Gross margin fell 0.2pp (with additional support from Net financial result / Revenue rose 32.0pp and Other profit / Revenue rose 0.6pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

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: 2,128.2bn

2025Q1: 2,131.4bn

2025Q2: 2,142.6bn

2025Q3: 2,251.0bn

2025Q4: 2,312.3bn

2026Q1: 2,293.6bn

ROIC expanded to 13.28%, rising 4.2pp. That translates to 13.28 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 28.3pp, with capital turnover broadly stable; while invested capital rose by 6,315bn.

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 0.27x equity, net debt at 0.05x equity.

Customer advances 82.3bn (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. Advances fell 47.24% while TTM revenue rose — a sign of recent handover (advances converting into revenue), positive rather than a sales slowdown.

Customer advances: 82.3bn · YoY −73.7bn · QoQ −226.8bn

Locked-in revenue: ~0.04x quarters of revenue (TTM)

Inventory pre-sold: 37.07%

Project inventory splits in two at 2026Q1: 222.1bn near-delivery stock (short-term) and 231.2bn construction-in-progress (long-term). Weighted toward construction-in-progress — more investment is needed before revenue arrives.

Near-delivery (ST): 222.1bn (49.01%)

Construction-in-progress (LT): 231.2bn (50.99%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q1, net debt 2,600.3bn vs project value 453.3bn — ratio 573.66% — net debt is 5.74x 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: 573.66%

None

Over the last 12 months, working capital absorbed 7,018.3bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 7.87x.

At present, short-term debt accounts for 0.3% of total debt, cash equals 59.3% of debt, and total debt stands at 6,389.0bn.

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

Operating cash flow reached -3,262.2bn in 2025, against investing cash flow of 3,007.8bn.

Post-investment cash flow was negative +254.4bn. Financing cash flow was positive +1,804.4bn.

CFO / net income was −0,53 lần.

After spending +3,031.4bn on fixed-asset investment, the business generated trailing free cash flow of −6,709.0bn.

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