NT2 – earnings review – [HOLD] – 2Q26: Earnings remained on an uptrend

In 2Q26, revenue reached VND2,825bn (+36% yoy), driven by (1) a 54% yoy increase in production, and (2) a 9% yoy increase in the average selling price. Gross profit reached VND477bn (+30% yoy). As a result, NPAT reached VND403bn (+24% yoy), mainly driven by (1) higher gross profit and (2) financial income rising to VND76bn (+100% yoy; up VND38bn yoy), supported by higher interest income from bank deposits.