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For 2025, PVD achieved revenue of VND 10,892 billion (+17.3% yoy, completing 151% annual plan), and net profit after tax of VND 1,050 billion (+50.4% yoy, completing 198% annual plan, and 118% of ACBS’s forecast). Growth came from the new drilling rig PVD VIII, and the sale of the drilling rig PVD11 .
In 2025, the growth in revenue and profit was primarily driven by the contribution from the PVD VIII drilling rig, which officially started operation on September 1, 2025. In addition, the workload of the Well service segment increased. Profits from subsidiaries increased sharply to VND 142 billion (+196% yoy). This profit mainly came from PVD Baker Hughes. Other income also contributed significantly (increasing more than ten times to VND 185 billion). This includes tax refunds, and the divestment of PVD11 drilling rig.
We estimate 2026 revenue to reach VND 11,954 billion (+10% yoy) and net profit to reach VND 1,115 billion (+6% yoy) thanks to the operation of two new drilling rigs, PVD VIII & PVD IX, with improved day rates. Using the DCF cash flow discount method, we estimate PVD target price by the end of 2026 of VND 37,900/share. The upside potential is 13%. Rating: OUTPERFORM.
