GEG – Note – [HOLD] – Outlook remains stable

For 2026F, we project GEG’s revenue and GP at VND2,784bn (-10% yoy) and VND1,631bn (-6% yoy), respectively. Growth will primarily be driven by the hydropower and solar segments, with total production projected at 1,404mn kWh (+4% yoy). As a result, NPAT is projected at VND921bn (-1% yoy), mainly due to (i) the factors mentioned below; (ii) GEG no longer records extraordinary profits from the Tan Phu Dong 1 project. (iii) Although GP improved from 56.2% to 58.5% (up 2.3% yoy).