PVB – Brief – [NONRATED] – 3Q25: Beating annual plan

PVB’s revenue stood at VND269bn in 3Q25 (+1,144% yoy, +16% qoq), as PVB is operating at full capacity. Thus, 9M25 revenue reached VND609bn (+192% yoy) fulfilled 113% of BOD’s annual plan. Gross profit came in at VND46bn (vs 3Q24: -VND6.7bn), translating to a gross margin of 17%. Administrative expenses continued to rise to VND11bn (+141% yoy, -5% qoq). NPAT reached VND27bn (vs 3Q24: -VND7bn, +389% qoq). 9M25 NPAT accordingly hit VND51.7bn (+154% yoy), fulfilling 129% of full-year plan.