REE – Earnings review – [BUY] – 1Q25: Power segment remains key driver in 1Q25

REE recorded a revenue of VND2,068bn (+13% yoy). The gross margin record increased to 46% yoy (+6%p yoy), leading to the gross profit going up to VND950bn (+28% yoy). Additionally, driven by (i) a 57% yoy surge in financial revenue to VND110bn, (ii) a 15% yoy decline in financial expenses to VND191bn. Hence, NPAT skyrocketed to VND816bn, up 49% yoy.