PV Power (POW) Q1 2026 Net Profit Surges 175%, Proposes No Dividend for 2025
This Aveluro analysis covers POW (Điện lực Dầu khí Việt Nam) in the Electricity Generation & Distribution sector. The classified event type is earnings beat, with positive sentiment and a deterministic market-impact score of 9.8/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from CafeF - Doanh nghiệp, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
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Overview
PV Power (POW) reported consolidated Q1 2026 net profit of VND 1,300 billion, a 175% year-on-year increase, driven by a 51% revenue rise to VND 12,627.6 billion. The company also proposed no dividend for 2025 and set a conservative 2026 full-year net profit target of VND 1,124 billion, down 63% from 2025. The annual general meeting is scheduled for May 20.
Key Facts
- Q1 2026 consolidated net profit: VND 1,300 billion, up 175% YoY.
- Q1 2026 consolidated revenue: VND 12,627.6 billion, up 51% YoY.
- 2026 full-year targets: revenue VND 49,887 billion (+41% YoY), net profit VND 1,124 billion (-63% YoY).
- 2026 production target: 21,615 million kWh (+16% YoY).
- No dividend proposed for 2025; retained earnings at end-2025: ~VND 1,270 billion.
- Plans to study new SPVs for LNG Vung Ang 3, LNG Quynh Lap, and an EV charging equipment JV with EN and V-green.
- Stock closed at VND 14,300 (+1.42%) on May 18, 2026, with volume of 24.6 million shares.
What Happened
PV Power announced its Q1 2026 business results and 2026 annual general meeting agenda. The company reported a strong first quarter, with net profit surging 175% to VND 1,300 billion on revenue of VND 12,627.6 billion, representing a 51% increase. Despite a 43% rise in total costs to VND 11,220 billion, the profit growth was robust.
For 2026, management set a conservative net profit target of VND 1,124 billion, down 63% from 2025, while revenue is targeted at VND 49,887 billion (+41%). The company also proposed no dividend for 2025, allocating VND 842 billion to development funds and VND 252.9 billion to bonus and welfare funds from parent company net profit of VND 1,684 billion. The retained earnings at end-2025 stood at nearly VND 1,270 billion.
Market Context
POW shares closed at VND 14,300 on May 18, up 1.42% on volume of 24.6 million shares. The stock trades on HOSE. The Q1 profit beat comes amid a broader recovery in the energy sector, but the conservative full-year guidance may temper near-term sentiment. The company’s plan to invest in LNG power projects and an EV charging equipment venture signals a strategic shift toward cleaner energy and new growth areas.
Strategic Significance
The Q1 earnings beat underscores PV Power’s operational leverage to higher electricity output and favorable fuel costs. However, the sharp drop in the 2026 profit target suggests management expects normalization or higher costs. The no-dividend policy for 2025 preserves cash for capital-intensive LNG projects and the EV charging JV, which could diversify revenue streams. The partnership with EN and V-green in EV charging infrastructure positions POW in Vietnam’s growing electric vehicle ecosystem, though execution risks remain.
What to Watch
- Shareholder approval of the 2026 business plan and dividend policy at the AGM on May 20.
- Progress on LNG Vung Ang 3 and LNG Quynh Lap projects, including financing and construction milestones.
- Updates on the EV charging equipment joint venture with EN and V-green.
- Q2 2026 earnings release to see if Q1 momentum continues.
- Any changes in the SBV’s exchange rate policy or fuel price movements affecting cost assumptions.