NT2 – Earnings review – [HOLD] – 4Q25: Net profit expansion persists

4Q25 revenue reached VND2,367bn (+33% yoy and +23% qoq; figure 1), driven by:

• A 17% yoy increase in production amid stable nationwide electricity consumption in 4Q25 (figure 2);
• An estimated 13% yoy increase in the average electricity selling price (figure 3);
• The completion of the recognition of approximately VND80bn from forest environmental service fees.

Gross profit reached VND477bn (+444% yoy), translating into a gross margin of 20.2%, up 15.1%p yoy, supported by (a) improved operating efficiency; (b) a stronger increase in the average electricity selling price relative to gas prices (around USD9.2/mmBTU, -3% yoy; figure 4); and (c) the completion of machinery depreciation in 4Q25.

As a result, NPAT reached VND422bn (+462% yoy; figure 6), mainly attributable to (i) the improvement in GM as discussed above (figure 5); and (ii) financial income of VND52bn (up VND18bn, equivalent to +51% yoy), despite (iii) higher G&A expenses of VND35bn (+52% yoy).