PC1 – Brief – [NONRATED] – Growth supported by the Real estate

In 1Q26, revenue reached VND2,168bn (+17% yoy, figure 1), mainly driven by strong growth from the real estate and construction segments. Gross profit came in at approximately VND468bn (+2% yoy, figure 2), corresponding to a gross margin of 21.6% (-3.1%p yoy, +0.3%p qoq). Details are as follows:

• Power segment: Revenue and gross profit were estimated at VND405bn (-6% yoy, figure 1) and VND236bn (-14% yoy figure 2), respectively. This was mainly due to the estimated 4% yoy decline in the CF factor under the impact of the increasingly severe El Niño phase (figure 5), which is expected to persist through the end of 2026, while average electricity selling prices remained flat yoy.
• Nickel segment: Revenue and gross profit reached VND242bn (+6% yoy, figure 1) and VND91bn (+11% yoy, figure 2), respectively, supported by expectations of simultaneous improvements in both selling prices and sales volume.
• Real estate segment: Revenue and gross profit in 1Q26 recorded strong growth, reaching VND320bn (+2.3x yoy, figure 1) and VND53bn (+1.7x yoy, figure 2), respectively, mainly thanks to the continued recognition of revenue and earnings from the Thap Vang project during the quarter.
• Construction segment: Revenue and gross profit from this segment reached VND957bn (+31% yoy, figure 1) and VND49bn (+3% yoy, figure 2), respectively. Growth was driven by new backlog in 2025 estimated at around VND8,000bn, which is expected to continue contributing to revenue and earnings in the coming quarters.