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In 2025, PVS achieved revenue of VND 32,556 billion (+36% yoy, 145% of annual plan), and net profit of VND 1,899 billion (+51% yoy, 242% of annual plan). Revenue growth mainly came from the Mechanical and Construction (M&C) segment .
The key points regarding PVS ‘s business prospects in 2026 include: (1) Decree No. 79-NQ/TW dated January 6, 2026, emphasizing the importance of energy security, (2) PVN being granted additional authority to shorten legal procedures when implementing projects, and (3) the revised National Energy Master Plan for the period 2021-2030 . Specifically, PVS’s growth prospects in 2026 stem from: (1) the progress of implementing large-scale oil and gas projects such as Block B, Lac Da Vang & Su Tu Trang Phase 2B, (2) offshore wind power projects entering the peak construction phase, and (3) the legal framework for offshore wind power is expected to become clearer in 2026.
2026 is expected to mark profit growth for PVS. We project revenue to reach VND 36,664 billion (+12.6% yoy) and net profit to reach VND 1,929 billion (+1.6% yoy). Using the discounted cash flow (DCF) method, we value PVS with a target price of VND 47,800 per share by the end of 2026. Potential for a 10% price increase from the current price. Rating OUTPERFORM.
