QTP – earnings review – [BUY] – 2Q26: Earnings remain stable

2Q26 revenue reached VND3,624bn (+27% yoy), driven by an estimated 5% yoy increase in production amid robust electricity demand (+13% yoy) and a 21% yoy increase in the average selling price. Gross profit rose to VND419bn (+57% yoy), with the gross margin improving to 11.6% (+2.3%p yoy), supported by lower depreciation expenses (-24% yoy) and an improvement in the heat rate. As a result, NPAT reached VND326bn (+70% yoy, ~108% of our forecast, figure 4), driven by (i) stronger gross margins and (ii) the completion of debt repayment.