GEG – Earnings Review – [HOLD] – 1Q26: Profit remains subdued

Revenue reached VND767bn (-30% yoy, figure 1), mainly weighed down by the wind power segment despite strong growth from hydropower (+46% yoy, figure 1). Total production amounted to 380mn kWh (+15% yoy, figure 2). Segment details are as follows:

• Hydropower: Revenue reached VND89bn (+46% yoy, figure 1), supported by production rising to 51mn kWh (+59% yoy, figure 2), driven by stable water inflows alongside improving average selling prices.
• Solar power: Revenue reached VND236bn (+12% yoy, figure 1), mainly thanks to a 30% yoy increase in production to 120mn kWh (figure 2), while average selling prices improved amid elevated exchange rate volatility.
• Wind power: Revenue reached VND440bn (-46% yoy, figure 1) as GEG no longer recorded extraordinary revenue contributions from the Tan Phu Dong 1 wind power project during the quarter. Nevertheless, both average selling prices and production (+1% yoy, figure 2) remained broadly stable in 1Q26.

As a result, gross profit and NPAT came in at VND487bn (-41% yoy, figure 5) and VND264bn (-57% yoy, figure 6), respectively, mainly due to the absence of extraordinary income during the quarter.