REE – Earnings review – [HOLD] – 2Q25: Steady surge in utilities

REE recorded a revenue of VND2,516bn (+15% yoy,). The main reason comes from an improvement in utilities and real estate segments. The gross margin record increased to 33.9% (+2.7% yoy), leading to the gross profit going up to VND853bn (+25% yoy). Additionally, driven by (i) a 35% yoy surge in financial revenue to VND120n, (ii) a 22% yoy decline in G&A expenses to VND137bn; (iii) a 10% yoy decreasing in selling expenses to VND31bn. As a result, NPAT skyrocketed to VND739bn, up 83% yoy.