NT2 – Earnings review – [HOLD] – 3Q25: Net profit expansion persists

Revenue in 3Q25 reached VND1,928bn (+13% yoy, -7% qoq). Gross profit in 3Q25 reached VND205bn (+244% yoy), equivalent to a gross margin of 10.6%, up 7.1 %p yoy thanks to the business improving operating efficiency and the recorded selling price increasing better than the gas price (~9.2 USD/mmBTU, -3% yoy). As a result, NPAT in 3Q25 came in at VND214bn (+384% yoy). The sharp increase was attributable to: (i) gross margin expansion as noted above; (ii) a sharp decline in SG&A expenses to just VND1bn (-96% yoy) as the company reversed VND24bn of forest-environmental-fee provisions; and (iii) financial income of VND49bn (+83% yoy).