POW – Earnings Review – [HOLD] – 3Q26 Earnings surged beyond expectations

In 3Q26, revenue and GP reached VND16,772bn (+114% yoy, equivalent to ~108% of KIS’s forecast, figure 1) and VND2,311bn (+79% yoy, equivalent to 121% of KIS’s forecast, figure 3), respectively, mainly driven by the recognition of revenue from NT3 & NT4 and the plants’ commercial operation. Growth was primarily supported by the thermal power segment.