AsemconnectVietnam - EVNGENCO3's Q1/2026 business results showed strong growth, partly due to improved operational efficiency and significantly reduced financial costs. After the first quarter, the Corporation had completed nearly 21% of its revenue plan. This positive development also partly reflects investors' expectations for the share price.

Improved gross profit margin, share price surpasses VN-Index
According to the consolidated financial report for Q1/2026, Power Generation Corporation 3 – JSC (EVNGENCO3, ticker PGV - HoSE) recorded net revenue from business operations of VND10,368 billion. Specifically, the parent company EVNGENCO3's electricity production revenue reached VND10,090 billion, completing 20.94% of the 2026 plan. Pre-tax profit reached VND913 billion, compared to VND103 billion in the same period last year. A notable point is the significant improvement in the profit margin on revenue, with the gross profit margin increasing from 8.5% to 11.1%.
Regarding core business activities, EVNGENCO3's electricity output in the first quarter reached 6.86 billion kWh, completing over 21% of the 2026 plan. In April 2026, the Corporation planned an electricity output of 2.814 billion kWh, of which the parent company accounted for 2.579 billion kWh. This is also the highest monthly target set so far this year. Widespread heatwaves are causing a surge in electricity consumption. On April 8th, the power system recorded a new operating record with a peak system capacity of 52,225 MW, and electricity consumption reaching 1.092 billion kWh.
The positive developments in business operations have been partly reflected in the stock price. Since the beginning of the year, PGV shares have increased by more than 23%, surpassing the increase of the VN-Index. At the current price, PGV's market capitalization remains above $1 billion, consolidating its position as one of the large-scale power generation companies on the stock exchange.
In addition, financial activities have also improved significantly thanks to stable exchange rates and a substantial reduction in debt. Financial revenue in the first quarter of 2026 reached VND235 billion, a strong increase compared to the same period last year due to the recognition of exchange rate gains. Conversely, financial expenses decreased sharply to VND330 billion, a reduction of more than 50%. Besides the stable exchange rate in the first quarter, the more than 26% reduction in interest expenses also shows the clear effectiveness of the financial restructuring and delevuring process of the enterprise in recent years.
Continuing to narrow debt, consolidating the foundation for a new investment cycle
The improved business performance is contributed by the restructuring of capital sources in recent years at EVNGENCO3. As of the end of Q1/2026, the scale of short-term and long-term bank loans and debt of the enterprise was approximately VND25,200 billion, a decrease of 57% compared to nearly VND59,000 billion about 7 years ago. In the past year alone, the value of bank loans and debt has decreased by nearly VND5,000 billion, corresponding to a reduction of 16.3%.
This trend has led to a sharp decrease in financial costs, thereby directly improving profits. At the same time, the debt-to-equity ratio has decreased to below 65%. The ratio of bank loans and debt to total capital also decreased significantly from 75.3% at the end of Q1/2029 to 47.4% at present.
As of March 31, 2026, EVNGENCO3's total assets reached approximately VND53,100 billion. The large asset size combined with reduced leverage indicates that the company is strengthening its financial foundation, creating room for investment plans in the coming period.
Entering 2026, EVNGENCO3 continues to focus on expanding power sources and energy transition. The company plans to implement investment procedures for the Ninh Binh Flexible Power Plant, the Long Son LNG Power Plant, along with floating solar power projects on the Srêpốk 3 and Buôn Kuốp hydroelectric reservoirs, and the Srêpốk 3 Hydroelectric Expansion project.
Simultaneously, the Corporation is developing a restructuring plan for the period 2026–2030, which includes a plan to issue shares to increase charter capital in order to enhance financial capacity for large-scale power generation projects.
N.Nga
Source: VITIC/Tinnhanhchungkhoan