QTP – Earnings review – [BUY] – 2Q25: NPAT boosted as operational efficiency

In 2Q25, QTP posted revenue of VND2,863bn, down 21% yoy. This decline was mainly attributable to: The average electricity price is estimated to fall 23% yoy to 1,366 VND/kWh. Although electricity output in 2Q25 was estimated at 2,095mn kWh (+3% yoy), in the context of nationwide electricity consumption rising by only 2.3% yoy in 2Q25. As a result, NPAT advanced 17% yoy to VND190bn as the gross margin expansion to 9.3%, improving 3.4%p yoy.