NT2 Q3/2026 Profit Up 95%, 9-Month Earnings Hit 211% of Plan

Overview

Nhon Trach 2 Power Joint Stock Company (HOSE: NT2) reported Q3/2026 after-tax profit of nearly VND 419 billion, up 95% year-on-year, on net revenue of more than VND 2,807 billion (+46%). Nine-month after-tax profit of over VND 906 billion already exceeds 211% of the company’s full-year target of roughly VND 430 billion, and the stock has gained about 21% in just over a month.

Key Facts

• Q3/2026 net revenue: more than VND 2,807 billion, up 46% year-on-year.
• Q3/2026 pre-tax profit: VND 524 billion, up 119%; after-tax profit: nearly VND 419 billion, up 95%.
• Gross profit: nearly VND 490 billion, up 139%; electricity sales revenue rose nearly VND 879 billion while cost of goods sold rose only about VND 594 billion.
• Nine-month depreciation of fixed assets: about VND 115 billion, down roughly VND 401 billion (77.7%) from nearly VND 516 billion a year earlier.
• Nine-month 2026 after-tax profit: more than VND 906 billion, up about 57% year-on-year, equal to over 211% of the VND 430 billion annual plan.
• Cash, cash equivalents and short-term financial investments at 30 September 2026: about VND 5,374 billion, mostly term bank deposits.
• Nine-month operating cash flow: about VND 1,256 billion, versus VND 1,033 billion a year earlier.
• Share price rose from about VND 20,000 in mid-September to VND 24,200 on 19 October, a gain of roughly 21%.

What Happened

According to the Q3/2026 financial statements filed by Điện lực Dầu khí Nhơn Trạch 2, the profit increase was driven mainly by power generation. Electricity sales revenue rose nearly VND 879 billion while cost of goods sold increased only about VND 594 billion, lifting gross profit to nearly VND 490 billion, up 139% year-on-year. The company also cited a sharp reduction in depreciation: fixed-asset depreciation for the first nine months of 2026 fell to about VND 115 billion from nearly VND 516 billion a year earlier, a decline of roughly VND 401 billion, or 77.7%, after most machinery and equipment was fully depreciated from the end of 2025.

SSI Research had forecast Nhon Trach 2’s Q3/2026 output to rise about 40-50% year-on-year, citing weaker hydrological conditions that forced the power system to dispatch more thermal generation, a long-term gas supply arrangement with PV GAS, and the lower depreciation base. Financial revenue in Q3 reached more than VND 92 billion, nearly double the prior-year period, though the company said the core power business remained the main driver. Nine-month after-tax profit reached more than VND 906 billion, up about 57% year-on-year, against a full-year plan of roughly VND 430 billion.

Market Context

NT2 trades on HOSE and closed at VND 23,350 on 19 October 2026, according to the price context, after rising from about VND 20,000 in mid-September. The article notes the stock reached VND 24,200 during the 19 October session, a gain of roughly 21% in just over a month, with liquidity improving and several sessions trading more than 1 million shares; on 19 October the stock rose 3.64% on volume of about 1.68 million shares. The move places NT2 among Vietnamese thermal power names benefiting from weaker hydropower output and higher dispatch of gas-fired generation.

Strategic Significance

The investment case rests on a structural cost shift rather than a one-off revenue spike. With most equipment fully depreciated, NT2’s fixed-cost base is materially lower, so each additional dispatched kilowatt-hour converts to gross profit more efficiently than in prior cycles. The long-term gas supply arrangement with PV GAS underpins availability, while the VND 5,374 billion deposit balance, mostly term deposits, provides interest income and balance-sheet flexibility. The main risk is that earnings now depend heavily on hydrological conditions and system dispatch; a normal or wet year would compress output and test whether the lower depreciation base alone can sustain margins.

What to Watch

• Q4/2026 and full-year 2026 results, to confirm whether nine-month earnings momentum holds through the final quarter.
• Hydrological conditions and EVN dispatch data for gas-fired plants in the fourth quarter and 2027 dry season.
• Any update to the VND 430 billion annual profit plan, given nine-month results already exceed it by more than twofold.
• Deployment of the VND 5,374 billion cash and deposit balance, including interest income disclosed in the next quarterly filing.
• Liquidity and foreign-ownership data for NT2 on HOSE following the recent price run.