GELEX Electric (GEE) Beats 2026 Profit Plan as Core Earnings Rise 32%

Overview

GELEX Electric (HOSE: GEE) reported consolidated 9M2026 revenue of VND26,293 billion, up 44.2% year on year, and pre-tax profit of VND2,718 billion, equal to 100.5% of its full-year 2026 profit plan. Core pre-tax profit from the electrical equipment business reached VND2,717 billion, up 32% over the same period of 2025, according to the company’s Q3/2026 consolidated financial statements.

Key Facts

• 9M2026 net revenue: VND26,293 billion, up 44.2% year on year, meeting 96.5% of the 2026 revenue plan.
• 9M2026 pre-tax profit: VND2,718 billion, equal to 100.5% of the full-year 2026 pre-tax profit target.
• Q3/2026 net revenue: approximately VND9,672 billion, up 50% year on year; Q3 pre-tax profit exceeded VND1,013 billion.
• Core electrical equipment pre-tax profit: more than VND2,717 billion, up 32% versus 9M2025.
• Consolidated pre-tax profit fell 23% year on year, reflecting a high base: 9M2025 included nearly VND1,473 billion in gains from divesting investments, with no comparable income booked in 9M2026.
• Member company CADIVI reports its cable products are present in more than 14 countries and territories.

What Happened

Công ty cổ phần Điện lực GELEX (GELEX Electric, ticker GEE) released its Q3/2026 consolidated financial statements, disclosing third-quarter net revenue of nearly VND9,672 billion, up 50% year on year, and pre-tax profit of more than VND1,013 billion. For the nine months to September, net revenue reached VND26,293 billion and pre-tax profit VND2,718 billion, completing 96.5% of the revenue plan and 100.5% of the profit plan set for 2026.

The company attributed core growth to proactive measures at member units: strengthening production capacity, securing raw material supply, optimising operations and managing risk flexibly. GELEX Electric also cited product research and development toward higher technology content and added value, alongside supply-chain optimisation, inventory management and market expansion. The filing notes that the 23% decline in consolidated pre-tax profit stems from the absence of the roughly VND1,473 billion in divestment gains recorded in 9M2025, not from a deterioration in the underlying business.

Market Context

GEE trades on HOSE and closed at VND69,200 on 28 October 2026. The results place GELEX Electric among industrial names benefiting from Vietnam’s power-sector build-out, where grid investment, industrial park construction and FDI manufacturing expansion drive demand for cables, transformers and related equipment. The company’s core profit growth contrasts with the headline decline, a distinction relevant to a market that has rewarded earnings visibility in the electrical equipment segment.

Strategic Significance

The investment case rests on whether GELEX Electric can sustain double-digit core growth without relying on one-off divestment gains. The 32% increase in electrical equipment pre-tax profit, achieved while revenue rose 44.2%, indicates volume-led expansion rather than margin expansion alone, and the early completion of the annual profit plan gives management room to invest in capacity and product development through the remainder of 2026. Export momentum at CADIVI, with products in more than 14 countries, offers a second growth vector beyond the domestic grid and industrial construction cycle.

What to Watch

• Q4/2026 and full-year 2026 results, to confirm whether core electrical equipment profit growth holds above 30%.
• Gross margin disclosure in the Q3 filing, to assess whether the 44.2% revenue growth is margin-accretive or volume-driven.
• CADIVI export revenue breakdown and any new country certifications beyond the current 14 markets.
• Order flow tied to national power transmission and distribution upgrades, and to FDI industrial park construction.
• Any new divestment or investment gains, which would distort year-on-year comparability in future periods.