REE – Earnings review – [HOLD] – 3Q25: M&E segment drives solid profit expansion

In 3Q25, REE recorded revenue of VND2,552bn (+26% yoy and +2% qoq), mainly driven by the M&E and power segments. Besides, gross profit (GP) reached VND932bn (+36% yoy), equivalent to a gross margin (GM) of 36.5% (+2.6%p yoy). Consequently, NPAT came in at VND825bn (+47% yoy), supported by (i) GM improvement; (ii) financial income rising 63% yoy to VND102bn; and (iii) despite G&A expenses increasing 14% yoy to VND125bn.