AsemconnectVietnam - EVNGENCO3's (PGV) 2025 profit sets a new record. Improved cash flow and continuously decreasing debt ratio over many years are important foundations for EVNGENCO3 in the upcoming investment expansion phase.

Exceeding business targets
According to the Q4/2025 financial report, Power Generation Corporation 3 (EVNGENCO3, ticker PGV - HOSE) recorded a dramatic increase in business results compared to the same period last year.
According to the consolidated financial report, after-tax profit in Q4/2025 reached VND2,558 billion. This is also the highest quarterly profit the Corporation has achieved since its equitization. Along with the positive developments in business and financial activities, profits from joint ventures and associated companies also increased by VND38 billion last year.
Specifically at the parent company EVNGENCO3, in a report to shareholders, company leaders stated that electricity sales revenue in the last quarter increased by VND1,574 billion. Conversely, the cost of electricity production decreased by VND792 billion. Improved production efficiency and reduced input costs resulted in a gross profit 3.39 times higher than the same period last year.
In addition, financial expenses in Q4/2025 decreased sharply by more than VND1 trillion compared to the same period last year. This was partly due to a reduction in exchange rate losses of VND907 billion, and partly due to a further VND136 billion reduction in interest expenses as EVNGENCO3 proactively restructured its loans. As a result, the parent company's pre-tax profit increased significantly, exceeding VND2,540 billion.
According to the consolidated financial report, Q4 revenue reached over VND43,573 billion. The significantly improved gross profit margin helped the after-tax profit in Q4/2025 reach VND2,558 billion. This is also the highest quarterly profit the Corporation has achieved since its equitization.
Along with the positive developments in business and financial activities, profits from joint ventures and associated companies also increased by VND38 billion last year.
For the whole year 2025, EVNGENCO3 generated VND43,573 billion in net revenue, VND4,259 billion in pre-tax profit, and VND3,702 billion in after-tax profit. Net earnings per share reached VND3,285.
The positive business results have attracted investment capital to PGV shares, with a sudden surge in liquidity in the last two trading sessions.
At the close of trading on February 2nd, PGV shares closed at VND25,100, corresponding to a P/E ratio of 7.64 times, significantly lower than the average P/E ratio of the VN-Index.
A solid financial foundation for high growth targets
In 2025, EVNGENCO3's business results far exceeded the initial plan. Previously, the Corporation planned to achieve electricity production of 25.374 billion kWh, revenue of VND42.852 billion, and planned profit (excluding exchange rate differences from revaluation) of VND612 billion.
At the conference summarizing the work of 2025 and implementing tasks for 2026 held in early January 2026, EVNGENCO3 leaders stated that they aim for electricity production of over 31 billion kWh, corresponding to a growth rate of 15.9%.
In addition, EVNGENCO3 will focus on implementing new power generation projects, including the Ninh Binh flexible power plant project, the Long Son LNG power plant, and floating solar power projects on the Srêpốk 3, Buôn Kuốp, and Srêpốk 3 Expansion hydropower reservoirs.
At the same time, the Corporation is developing a restructuring plan for the period 2026-2030, which includes a plan to issue shares to increase charter capital, aiming to strengthen its financial capacity. Meanwhile, thanks to a strong increase in undistributed after-tax profits, EVNGENCO3's equity increased from VND14,570 billion to VND17,873 billion.
As a result, the debt-to-equity ratio decreased significantly from approximately 2.18 times at the beginning of the year to approximately 1.53 times at the end of the year. The reduced financial pressure also partly contributed to the decrease in interest expenses last year.
Besides the bright picture of increased profits, EVNGENCO3's financial situation in 2025 shows a clear improvement. Regarding capital structure, the debt ratio continues to maintain a downward trend, reaching only 67.5% by the end of 2025.
Given the nature of electricity businesses requiring capital for investment, the financial leverage ratio at EVNGENCO3 10 years ago was approximately 90%.
Last year, EVNGENCO3 continued to accelerate the reduction of debt. Total short-term and long-term financial debt decreased by more than VND4,515 billion, down to VND27,378.6 billion.
By the end of 2025, the total assets of this electricity enterprise reached VND54,989 billion. Of which, cash and cash equivalents reached VND2,143.9 billion, nearly 3.5 times higher than at the beginning of the year. In addition, short-term financial investments, entirely consisting of time deposits at banks, increased by VND377 billion compared to the beginning of the year.
EVNGENCO3 possesses abundant cash (over VND5,400 billion), accounting for nearly 10% of its total assets. Along with additional mobilized capital, this will be a crucial resource for EVNGENCO3 in its upcoming investment expansion phase.
N.Nga
Source: VITIC/Tinnhanhchungkhoan