NT2 – Earnings review – [HOLD] – 2Q25: Strong bottom-line expansion

In 2Q25, NT2’s revenue was recorded at VND2,081bn, down 5% yoy. The key growth drivers were: (1) A significant improvement in output, And (2) the average electricity price in 2Q25 is estimated to increase by 2% yoy. Gross profit reached VND367bn (+183% yoy), driven by an estimated improvement in the plant’s heat rate efficiency in 2Q25. As a result, the gross margin expanded to 17.6% (+11.7%p yoy). NPAT recorded strong growth of 167% yoy, amounting to VND326bn.