NT2 – earnings review – [HOLD] – 3Q26: Profit continues to remain stable

In 3Q26, revenue reached VND2,807bn (+46% yoy), driven by a 48% yoy increase in power generation. Gross profit reached VND490bn (+140% yoy, equivalent to ~105% of KIS’s forecast, figure 5), with gross margin expanding to 17.5% (+6.9ppts yoy, figure 5).