PV Power (POW) 9M Profit Tops Annual Plan 6x on Gas-Fired Output Surge

Overview

Tổng Công ty Điện lực Dầu khí Việt Nam (PV Power, HOSE: POW) reported 9M 2026 after-tax profit of nearly VND 6,900 billion, more than 3x the prior-year period and over 6x the annual plan, according to a Q3/2026 business update compiled by Chứng khoán BETA. The result was driven by a 53% rise in commercial electricity output and a 39% increase in average selling price, with gas-fired plants led by Nhơn Trạch 3 and 4 doing most of the work.

Key Facts

• 9M 2026 after-tax profit: nearly VND 6,900 billion, up more than 3x year-on-year and over 6x the 2026 annual plan.
• Q3 2026 net revenue: VND 16,772 billion, +114% YoY but -17% versus Q2 2026.
• Q3 2026 after-tax profit: VND 2,073 billion, +119% YoY and -41% QoQ; attributable to parent shareholders VND 1,860 billion, +130% YoY.
• Commercial output: 6,265 million kWh, +53% YoY; average selling price VND 2,677/kWh, +39%.
• Gas-fired output: 4,321 million kWh, +74% YoY, including about 1,283 million kWh from Nhơn Trạch 3 and 4 after commercial operation.
• Q3 gross margin: 13.8%, down from 16.4% a year earlier and 22.6% in Q2 2026; gross profit still VND 2,311 billion, +79% YoY.
• Interest expense rose roughly fourfold; financial income reached VND 549 billion, +147%, including about VND 187 billion of net foreign-exchange gains.

What Happened

PV Power’s Q3 figures, cited from the BETA update rather than a company filing in the source, show revenue more than doubling year-on-year as the fleet generated and sold substantially more electricity at higher prices. Gas-fired plants were the main engine: Nhơn Trạch 3 and 4 contributed about 1,283 million kWh following commercial operation, Nhơn Trạch 2 reached 1,161 million kWh (+48%) and Cà Mau 1 and 2 produced 1,522 million kWh (+23%). Vũng Áng 1 coal plant added 1,555 million kWh (+46%), while hydropower fell 27% to 389 million kWh as Hủa Na and Đắkđrinh were dispatched less.

The profit picture is more mixed below the top line. Gross margin compressed to 13.8% as LNG-linked volumes from Nhơn Trạch 3 and 4 carried higher fuel costs and market electricity prices cooled versus Q2. Selling and administrative expenses came in negative VND 78 billion, mainly reflecting a roughly VND 325 billion reversal of receivables provisions tied to operations and maintenance at Cà Mau 1 and 2. Interest expense rose about fourfold, partly offsetting gains from higher deposit interest and FX.

Market Context

POW trades on HOSE and closed at VND 12,350 on 7 November 2026. The stock sits in the utilities and energy segment, where earnings are sensitive to dispatch volumes, fuel costs and the market electricity price. The 9M beat is large in absolute terms, but the sequential slowdown in Q3 revenue and profit, together with margin compression, frames the result as a peak-output story rather than a steady-state earnings reset.

Strategic Significance

The strategic question for long-term holders is whether Nhơn Trạch 3 and 4 lift PV Power’s earnings base or merely add low-margin LNG volume. The 9M beat was amplified by non-recurring items, including the VND 325 billion provision reversal and FX gains, so the durability of the result depends on gas-fired dispatch, fuel cost pass-through and the market price regime. Hydropower’s 27% decline also shows how much of the portfolio’s earnings now hinge on thermal availability.

What to Watch

• The official Q3 2026 financial statements filed with HOSE, to confirm the BETA-derived figures and the size of non-recurring items.
• Disclosure of the 2026 annual plan revision, given profit has already exceeded it more than sixfold.
• Nhơn Trạch 3 and 4 dispatch volumes and LNG input costs in Q4 2026.
• Interest expense trajectory as the fourfold increase feeds through to full-year results.
• Market electricity price movements and any change to the dispatch mechanism for gas-fired plants.