PV Power (POW) 9M2026 Profit Jumps 216% as Borrowings Near VND 37,505B

Overview

PV Power (HoSE: POW), the listed arm of Tổng công ty Điện lực Dầu khí Việt Nam, reported 9M2026 net revenue of more than VND 49,405 billion, up 94.5% year on year, and net profit after tax of nearly VND 6,899 billion, up about 216%. The consolidated Q3/2026 financial statements also show total borrowings rising nearly 30% to roughly VND 37,505 billion, with interest expense climbing sharply.

Key Facts

• 9M2026 net revenue: over VND 49,405 billion, up 94.5% from VND 25,404 billion a year earlier.
• Cost of goods sold rose to VND 40,704 billion from VND 22,129 billion; gross profit reached VND 8,701 billion, about 2.7x the prior-year level.
• 9M2026 pre-tax profit: over VND 7,743 billion (+232%); net profit after tax: nearly VND 6,899 billion (+216%).
• Q3/2026 standalone: net revenue over VND 16,772 billion (+113.5%), net profit after tax over VND 2,073 billion versus VND 948 billion in Q3/2025.
• Total borrowings and finance lease liabilities at 30 September 2026: about VND 37,505 billion, up more than VND 8,600 billion (nearly 30%) since the start of the year.
• Short-term borrowings: over VND 19,418 billion (+72.6% from VND 11,250 billion); long-term borrowings: over VND 18,087 billion versus nearly VND 17,638 billion.
• 9M2026 borrowing costs: about VND 1,569 billion, versus more than VND 411 billion a year earlier.

What Happened

According to the consolidated Q3/2026 financial statements, PV Power’s revenue growth outpaced the rise in cost of goods sold, expanding gross profit to VND 8,701 billion. Financial activity revenue also increased to more than VND 1,200 billion from about VND 617 billion, of which deposit and lending interest excluding PVcomBank contributed roughly VND 947 billion. Pre-tax profit reached more than VND 7,743 billion and net profit after tax nearly VND 6,899 billion. In Q3 alone, net revenue exceeded VND 16,772 billion, up about 113.5%, and net profit after tax more than doubled to over VND 2,073 billion.

The balance sheet tells a different story. Total borrowings and finance lease liabilities reached about VND 37,505 billion at 30 September 2026, with the increase concentrated in short-term debt, which rose 72.6% to more than VND 19,418 billion. Short-term facilities include Vietcombank at about VND 4,518 billion, MB at about VND 3,049 billion, Citibank at nearly VND 1,999 billion and HSBC Việt Nam at VND 1,500 billion. Long-term debt includes more than VND 11,261 billion at Citibank and ING, over VND 4,035 billion at HSBC Singapore and about VND 3,405 billion at Vietcombank. Borrowing costs for the nine months reached about VND 1,569 billion, of which interest expense excluding PVcomBank was about VND 1,509.7 billion.

Market Context

POW trades on the HoSE and closed at VND 12,450 on 4 November 2026. The result places PV Power among the stronger earnings performers in the Vietnamese utilities and energy sector for the year to date, though the profit surge coincides with a heavier debt load and a shift toward short-term maturities. The filing does not break out the revenue drivers by plant or fuel type, so the mix behind the 94.5% top-line increase is not yet disclosed.

Strategic Significance

The core question for long-term holders is durability rather than the headline growth rate. Gross margin expansion of this scale in a regulated power generator typically reflects favorable input costs, hydrology or dispatch, and the filing does not isolate which. Meanwhile, the 72.6% increase in short-term borrowings raises refinancing frequency and exposes earnings to interest-rate resets; nine-month borrowing costs of VND 1,569 billion already exceed the prior year’s figure by more than VND 1,150 billion. Financial income of over VND 1,200 billion partly offsets this, but that line is itself sensitive to rates. The thesis therefore rests on whether PV Power can convert the earnings windfall into debt reduction before short-term facilities roll over.

What to Watch

• Full-year 2026 audited financial statements and any year-end provisioning or impairment adjustments.
• Disclosure of revenue and output by plant, which would clarify whether the margin gain is structural or cyclical.
• Short-term debt rollover and any refinancing into longer tenors through 2027.
• Interest-rate trajectory and its effect on both borrowing costs and the VND 1,200 billion financial income line.
• Any dividend or capital-allocation announcement following the profit surge.