PV Power Raises 2026 Business Targets: Revenue to Grow by 7% and Net Profit Expected to Surge Nearly 4.4 Times

Petrovietnam Power Corporation (PV Power, HoSE: POW), one of Vietnam’s leading independent power producers, has officially announced a significant upward revision of its production and business targets for the year 2026. The aggressive adjustment reflects strong operational momentum, an impressive financial performance over the first three quarters of the year, and an optimistic outlook for the nation’s energy sector.

According to the revised plan approved by corporate leadership, both top-line revenue and bottom-line profit indicators have been substantially elevated compared to the initial projections set at the beginning of the fiscal year. This strategic recalibration underscores the company’s resilience, improved generation efficiencies, and a favorable macroeconomic environment impacting electricity demand across Vietnam.

Revised Financial Targets for 2026

Under the newly released consolidated financial roadmap, PV Power has established a total revenue target of VND 53,308 billion for the full year 2026. This represents an increase of nearly 7% compared to the original baseline plan.

The adjustments to profitability metrics are even more pronounced, illustrating a sharp inflection point in operational efficiency and cost management. The consolidated profit before tax has been revised upward to VND 5,568 billion, marking a dramatic leap of nearly 4.2 times the initial target. Meanwhile, consolidated profit after tax is projected to reach VND 4,973 billion—approximately 4.4 times higher than the original corporate plan.

At the parent company level, the ambitions are scaled similarly. PV Power has raised its parent company revenue target to VND 44,437 billion, representing a 6.5% increase from the pre-adjusted forecast. Parent company profit before tax is anticipated to touch VND 4,695 billion (nearly a fourfold increase), while profit after tax is projected at VND 4,317 billion, or roughly 3.9 times the initial target.

Accelerated Capital Expenditure and Disbursal Plans

Alongside revenue and profit expansions, PV Power is scaling up its investment activities to support long-term infrastructural growth and asset development. The realized investment value for the parent company has been revised upward to VND 2,545 billion, registering a substantial growth of over 46% compared to the original plan.

A detailed breakdown of the capital expenditure framework reveals a strategic focus on diverse operational fronts:

• Construction and Basic Infrastructure: Projected at VND 375 billion.
• Procurement of Fixed Assets and Equipment: Allocated at VND 287 billion.
• Capital Contributions to Subsidiary and Affiliated Units: Slated for VND 1,883 billion, highlighting the corporation’s commitment to expanding and reinforcing its subsidiary network within the broader energy ecosystem.

Total projected disbursement value is expected to hit VND 6,477 billion, marking an increase of VND 806 billion compared to the pre-adjustment scheme. Within the capital structure supporting these outlays, owner’s equity constitutes the dominant share at VND 5,049 billion, while debt financing and alternative funding sources are maintained conservatively

at VND 1,428 billion, ensuring a healthy and balanced financial leverage profile.

Strong Nine-Month Performance as the Catalyst

The decision to aggressively revise annual targets does not stem from speculative optimism but is firmly anchored in concrete financial outcomes delivered during the first nine months of 2026. PV Power recorded robust growth trajectories across multiple quarters, culminating in a stellar financial report for the third quarter.

During the third quarter alone, PV Power registered net revenue of approximately VND 16,772 billion, representing a remarkable 114% surge compared to the same period in the previous year. Net profit during the same timeframe reached nearly VND 2,073 billion, soaring by approximately 119% year-on-year.

Accumulated over the first nine months of 2026, the corporation’s net revenue reached approximately VND 49,406 billion, reflecting a 95% expansion compared to the corresponding period of 2025. More impressively, net profit after tax for the nine-month period touched nearly VND 6,899 billion. This figure is roughly 3.2 times higher than the total recorded in the first nine months of 2025 and has already surpassed the newly adjusted full-year profit target by an impressive 39%.

Market Context and Stock Performance

The announcement of upwardly revised targets and stellar earnings reports arrives at a dynamic period for Vietnam’s capital markets and the energy utility sector. As the nation accelerates its industrialization and faces rising electricity consumption driven by both domestic demand and foreign direct investment (FDI) manufacturing expansions, power generators like PV Power occupy a critical strategic position.

On the stock market, investor sentiment toward POW shares has reflected cautious optimism amid broader macroeconomic shifts. Closing the trading session on November 10, POW shares were traded at VND 12,500 per share, as the total market capitalization of the corporation hovered around VND 38,348 billion. Analysts note that while utility stocks are traditionally viewed as defensive assets due to stable cash flows and regulated pricing mechanisms, PV Power’s aggressive profit expansions and robust capital disbursement strategies could serve as positive catalysts for institutional and retail investor interest moving forward.

Broader Industry Implications and Future Outlook

PV Power’s strategic recalibration highlights several broader trends within Vietnam’s energy landscape. First, it demonstrates the improving operational health of state-linked energy enterprises as they navigate fuel supply challenges, including gas availability and coal pricing fluctuations. Second, the heavy allocation toward capital contributions and subsidiary investments signals an ongoing pipeline of power plant developments and grid integration initiatives necessary to meet future energy security demands.

As the corporation heads into the final stretch of 2026 and prepares for strategic horizons such as the upcoming Vietnam Investment Forum 2027—where industry experts, financial analysts, and corporate leaders will congregate to discuss macroeconomic trajectories, capital allocation strategies, and sectoral opportunities—market participants will closely monitor whether PV Power can maintain its current earnings momentum and successfully execute its expanded investment roadmap.