PVD – Earnings Review – [HOLD] – 2Q26: NPAT shrank, against expectation

PVD reported 2Q26 revenue of VND3,028bn (+24% yoy, ~73% of KIS forecast). Gross profit increased modestly by 5% yoy to VND544bn (~53% of KIS forecast). The weaker-than-expected earnings were mainly attributable to significantly lower profitability from the Drilling segment. 2Q26 NPAT declined to VND178bn (-29% yoy, -41% qoq), significantly below our expectations.