POW – Earning Review – [HOLD] – 3Q25 – Gross margin widens, profits advance

In 3Q25, revenue recorded VND7,855bn (+30% yoy, -16% qoq) with total electricity production rising 30% yoy, with key drivers coming from the gas-fired and hydropower segments. As a result, gross profit (GP) reached VND1,290bn (+336% yoy), lifting the gross margin (GM) to 16.4% (+11.5%p yoy) thanks to the above positive factors. Consequently, NPAT reached VND948bn (+109% yoy) despite (i) SG&A rising 25% yoy to VND212bn; (ii) financial income falling to VND223bn (-46% yoy); and (iii) financial expenses increasing to VND295bn (3Q24: -VND3bn).