PVB – Brief – [NONRATED] – 4Q25: Conservative NPAT recognition, exceeding full-year plan

4Q25 is another busy quarter, NPAT recognition remained conservative in our view

• 4Q25 revenue reached VND222bn (+294% yoy, -16% qoq), driven by full-capacity operations amid a sizable backlog from previously signed contracts.
• Gross profit in 4Q25 amounted to VND29bn (vs. a gross loss of VND6.3bn in 4Q24), translating into a gross margin of 13.2%.
• NPAT reached VND10bn (vs. a net loss of VND5.8bn in 4Q24). We believe PVB has adopted a conservative approach to profit recognition by booking higher costs.
• For full-year 2025, PVB recorded revenue of VND831.6bn (+214% yoy, 154% of the annual plan), while NPAT reached VND62bn (+325% yoy, 154% of the annual plan).

2026F growth prospect

• By end-Sep 2025, PVB officially secured two additional pipe-coating contracts for Block B with a total contract value of VND2,153bn (equivalent to 2.6x FY25 revenue).
• We expect this backlog to be recognized during 2026 and 1H27, enabling PVB to sustain strong growth momentum in 2026. Accordingly, NPAT is projected to maintain strong growth of 40–100% in 2026.

PVB is currently trading at a PB multiple of 1.7-1.8x, hovering around the +2 standard deviation level based on the past 10-year historical average (~1.7x). Therefore, we believe the current stock price has largely priced in the company’s NPAT and ROE growth prospects for 2026.