X-Stock | PVS 45,000 +22%: Q2/2026 earnings update - Discounted valuation, profit inflection from 2H2026

EARNINGS UPDATE

Q2/2026 results: Net revenue reached VND8,589bn (+17% YoY, -1% QoQ); NPAT-parent reached VND525bn (+47% YoY, +26% QoQ). Excluding a ~VND460bn one-off gain, core NPAT-parent came in at ~VND182bn (-48% YoY, -56% QoQ).

Revenue by segment: M&C reached VND4,580bn (-5% YoY, ~53% of net revenue); vessel leasing services at VND892bn (+101% YoY) and oil & gas port services at VND710bn (+20% YoY) were the two fastest-growing segments.

• Gross margin reached 7.0% (-1.8ppt YoY, -2.8ppt QoQ), reflecting an accounting change under Circular 99/2025: PVS reclassified VND132bn of warranty provision expense from COGS to selling expenses, which lifted the reported gross margin. Under the previous accounting standard (Circular 200), Q2/2026 gross profit would have been VND468bn (+5% YoY), for a gross margin of 5.0% (-0.6ppt YoY, -1.1ppt QoQ).

• SG&A expenses reached VND684bn (+11% YoY, +10% QoQ), or 8.0% of net revenue (-0.4ppt YoY, +0.8ppt QoQ), due to (i) the VND132bn warranty provision reclassified from COGS, and (ii) a sharp +163% YoY rise in Q2 administrative staff costs, to VND327bn.

Under the previous accounting standard (Circular 200), the SG&A-to-net-revenue ratio was only 6.0% (+0.7ppt YoY, +2.5ppt QoQ).

• Net finance expense came in at -VND104bn (vs. -VND50bn a year earlier) as interest expense rose +139% YoY to VND111bn. This was the main drag on pre-tax and net profit even as gross profit kept growing (+5% YoY).

• Q2/2026 profit from joint ventures/associates reached VND183bn (-20% YoY, +17% QoQ), reflecting lower revenue at FPSO Lam Son. We expect JV/associate profit to improve from late Q3/2026, supported by FSO Lac Da Vang (expected to begin operations in September 2026) and the FPSO/FSO projects in the Block B - O Mon chain from 2027.

Key highlights: Earnings update & BSC's view (cont'd) (page 2) and 2026 business outlook (page 3).