NT2 – Earnings review – [HOLD] – 1Q25: Profit recovery from low base

In 1Q25, NT2’s revenue was recorded at VND1,426bn, up 444% yoy. Due to the production record of 628mn kWh, which skyrocketed by 483x yoy. Additionally, the average gas price in 1Q25 remained high at USD9.53/mmBTU (+4% yoy). However, the sharp increase in electricity output boosted NT2, driving the gross margin up to 3.1% (1Q24: -86.1%). As a result, the gross profit is VND44bn (1Q24: -VND225bn) and NPAT is VND37bn (1Q24: -VND158bn), respectively.