OIL_Flash note 23.04.2026

PV OIL held analyst meeting on April 21, 2026, with the following main agenda items:

Q1 2026 Business Results:

Q1 2026 Profit Before Tax (PBT) spiked to nearly VND 600 billion (up 14.5 times compared to Q1 2025) due to previously imported low-cost inventory. However, April is experiencing a negative impact as petroleum prices decline. Consequently, accumulated PBT for the first 4 months of 2026 is only about VND 196 billion, with a revenue of VND 70.7 trillion.

For 2026, PV OIL targets revenue of VND 150 trillion (equivalent to 2025), and PBT of VND 820 billion (+25.4% yoy, excluding provisions for the Phu Tho Biofuel Plant project – estimated provision expense is about VND 150 billion).

Quick Assessment: Petrochemical and petroleum retail enterprises achieved very high profit growth in Q1 2026 by benefiting from low-cost inventory as retail prices increased. However, these enterprises could suffer profit loss if oil prices continue to experience volatile downward fluctuations. Therefore, the strong Q1 2026 business results are not a suitable baseline for the full-year performance. We expect the profit outlook for petroleum retail enterprises like PV OIL to become stable and positive only when geopolitical tensions de-escalate and crude oil prices stabilize.