NT2 Update – BUY

• NT2 reported Q2/2026 results with revenue of VND2,825 bn, +36% YoY, and NPAT of VND403 bn, +24% YoY.
• For 1H2026, NPAT reached VND583 bn, +61% YoY, equivalent to 136% of the company’s target and 79% of ACBS’s forecast for 2026.
• The strong earnings were primarily driven by +57% YoY in output, with the majority of the increase coming from Qc, as well as -78% YoY in depreciation.
• We raise 2026 target price for NT2 from VND25,600/share to VND26,700/share, implying a total expected return of 32.4%, up-rating OUTPERFORM to BUY, following a 12.3% decline in the share price since our latest update.

Q2/2026:

• NT2’s output reached 1.2 bn kWh, +54% YoY, while the Average Selling Price (ASP) -12% YoY to VND2,364/kWh, mainly due to a higher proportion of electricity sold into the market. As a result, revenue increased by only 36% YoY to VND2,825 bn.
• Fuel costs amounted to VND2,280 bn, +62% YoY. Specifically, the average gas price increased by more than 7% YoY to US$10.3/MMBtu. Consequently, gross profit reached VND477 bn, +30% YoY, while NPAT increased 24% YoY to VND403 bn, as higher financial expenses partially offset the improvement in operating performance.

6M2026:

Output reached 2.1 bn kWh, +57% YoY. Revenue totaled VND4,997 bn, +42% YoY, while gross profit rose 69% YoY to VND695 bn. NPAT reached VND583 bn, up 61% YoY, driven by the same factors as in Q2/2026.

NT2’s 1H2026 earnings exceeded our previous expectations, primarily because Qc was significantly higher than our earlier forecast. Accordingly, we raise our projected output dispatch for 2026 to 3.5 bn kWh, +10% from previous forecast. Based on this revision, we forecast 2026 NPAT of VND839 bn, +14% our previous estimate. As a result, we increase our 2026 target price to VND26,700/share, implying a total expected return of 32.4%, rating Buy.