POW – Earning Review – [HOLD] – 4Q25 – Profit growth mainly reflects a low base

In 4Q25, revenue reached VND8,747bn (+1% yoy, equivalent to 95% of KIS’s forecast, figure 1), supported by a 25% yoy increase in total power production (Qc). Growth was mainly driven by hydropower and gas-fired power generation.

As a result, gross profit reached VND1,053bn (+79% yoy, figure 3), with the gross margin (GM) improving to 12% (+6.0%p yoy, figure 3), supported by the positive factors above. Hence, NPAT reached VND688bn (+585% yoy, equivalent to 110% of KIS’s forecast; figure 4), driven by (1) margin improvement, (2) a low base in 4Q24, and (3) financial income of VND403bn (4Q24: -VND51bn), mainly from interest income and dividends, despite a 34% yoy increase in G&A expenses to VND530bn.