GAS – Earnings Review – [BUY] – 2Q25: One-off provision reversal boosted bottom line

GAS’s 2Q25 revenue flatted at VND30.1tn, fulfilling 96% of KIS’s forecast. Gross profit (GP) reached VND4.95tn (-14% yoy), reaching 99% our forecast. Gross profit margin (GPM) remained stable at 16.5% (+0.5 %p qoq, -2.6%p yoy). Notably, GAS recorded a VND1.6tn provision reversal. Ultimately, 2Q25 NPAT surged by a staggering 41% yoy to VND4.8tn (137% of KIS forecast). Adjusted for provisions, 2Q25 NPAT declined 25% yoy, and fulfilled 90% of our forecast.