--- title: "EVNGENCO3 PGV Q3 2026: Profit Surged 632% and Lower Debt" description: EVNGENCO3 PGV Q3 2026 financial results show net profit surging 632% to VND 1,220 billion on higher generation, accounting changes, and debt cut by VND 5,087B. url: https://ginity.vn/en/blog/evngenco3-pgv-q3-2026-profit-surge-and-debt-dynamics canonical: https://ginity.vn/en/blog/evngenco3-pgv-q3-2026-profit-surge-and-debt-dynamics markdown: https://ginity.vn/en/blog/evngenco3-pgv-q3-2026-profit-surge-and-debt-dynamics.md language: en datePublished: 2026-11-02T00:00:00+07:00 dateModified: 2026-11-02T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: equity name: Companies & sectors url: https://ginity.vn/en/topics/equity tickers: - PGV sources: - name: Government Gazette Portal url: https://congbao.chinhphu.vn/van-ban/thong-tu-so-99-2025-tt-btc-46529.htm title: Circular No. 99/2025/TT-BTC Guiding Enterprise Accounting Regime - name: Government Portal url: https://vanban.chinhphu.vn/?docid=209976&pageid=27160 title: Decision No. 262/QD-TTg Approving National Power Development Plan VIII Implementation Plan - name: EVNGENCO3 url: https://www.genco3.com/data/files/20261031/639290442132677869_0.pdf title: Q3 2026 Financial Results Explanation Document No. 3703/GENCO3-TC-KT - name: EVNGENCO3 url: https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf title: Q3 2026 Consolidated Financial Statements - name: Doisongphapluat url: https://doisongphapluat.com.vn/evngenco3-bao-dam-san-xuat-dien-thuc-day-chuan-bi-dau-tu-cac-nguon-dien-moi-a737126.html title: "EVNGENCO3: Ensuring Power Production and Accelerating New Capacity Investments" - name: Báo Đầu tư url: https://baodautu.vn/evngenco3-chuan-bi-trien-khai-nhieu-du-an-dien-moi-d485950.html title: EVNGENCO3 Prepares to Deploy Several New Power Projects - name: Báo Đầu tư url: https://baodautu.vn/evngenco3-sap-chi-hon-1123-ty-dong-tra-co-tuc-nam-2025-d645621.html title: EVNGENCO3 Disburses Over VND 1,123 Billion in Cash Dividends - name: VietnamBiz url: https://vietnambiz.vn/dhdcd-evngenco3-pgv-muc-tieu-san-luong-tang-19-loi-nhuan-5-thang-tren-1300-ty-dong-2026617155524922.htm title: "EVNGENCO3 AGM: Targeting 19% Output Growth and Expanding Pipelines" publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # EVNGENCO3 PGV Q3 2026: Profit Surged 632% and Lower Debt > EVNGENCO3 PGV Q3 2026 financial results show net profit surging 632% to VND 1,220 billion on higher generation, accounting changes, and debt cut by VND 5,087B. Gini · Companies & sectors · 2026-11-02 · https://ginity.vn/en/blog/evngenco3-pgv-q3-2026-profit-surge-and-debt-dynamics _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - EVNGENCO3 recorded consolidated net profit of VND 1,220.23 billion in Q3 2026, advancing 632.3% from VND 166.63 billion in Q3 2025. - Financial income expanded to VND 380.47 billion in Q3 2026 following VND 219 billion in foreign exchange gains under Circular 99/2025/TT-BTC. - Total financial debt on September 30, 2026 decreased by VND 5,087.21 billion (-18.58%) from the start of 2026 to VND 22,291.41 billion, cutting debt-to-equity to 1.12 times. - In the first 9 months of 2026, total electricity generation reached 22.105 billion kWh, completing 72.09% of the annual plan and generating VND 3,394.79 billion in net profit. ## What drove the profit surge in Q3 2026? Operating results for the third quarter of 2026 at Power Generation Joint Stock Corporation 3 (stock ticker PGV) demonstrated a substantial business turnaround, with consolidated net revenue reaching VND 11,962.63 billion, expanding 43.3% from VND 8,345.56 billion in Q3 2025 according to the [Q3 2026 consolidated financial statements](https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf). The growth rate of cost of goods sold during the quarter remained controlled at 36.4% to VND 10,385.20 billion, rising slower than top-line revenues and lifting consolidated gross profit to VND 1,577.42 billion, up 115.6% from VND 731.75 billion in Q3 2025 as documented in [explanation document 3703/GENCO3-TC-KT](https://www.genco3.com/data/files/20261031/639290442132677869_0.pdf). The gross profit margin measures the proportion of net revenue retained after accounting for the direct costs of power generation: $$\text{Gross Profit Margin} = \frac{\text{Gross Profit}}{\text{Net Revenue}} \times 100\%$$ Applying the reported figures from the [consolidated financial statements](https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf) for Q3 2026 yields: $$\text{Gross Profit Margin Q3 2026} = \frac{1,577.42}{11,962.63} \times 100\% \approx 13.19\%$$ This consolidated gross profit margin widened by 4.42 percentage points compared to 8.77% recorded in Q3 2025. Supported by this margin expansion and positive financial net income, total pre-tax profit in Q3 2026 climbed to VND 1,480.24 billion, gaining 778.4% from VND 168.52 billion in Q3 2025 according to [EVNGENCO3](https://www.genco3.com/data/files/20261031/639290442132677869_0.pdf). After corporate income tax expenses of VND 259.95 billion, consolidated net profit after tax reached VND 1,220.23 billion in Q3 2026, rising 632.3% from VND 166.63 billion in the third quarter of 2025. Cumulatively for the first 9 months of 2026, PGV recorded net revenue of VND 37,289.50 billion, climbing 20.7% compared with VND 30,884.49 billion over the first 9 months of 2025 as reported in the [consolidated financial statements](https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf). Total consolidated net profit after tax for the 9-month period reached VND 3,394.79 billion, advancing 196.6% from VND 1,144.75 billion during the corresponding period of 2025. Basic earnings per share over the first 9 months of 2026 reached VND 2,801 per share, climbing from VND 1,012 per share in the prior-year period. ## Foreign exchange turnaround and accounting standards Elevated generation volumes served as the operational foundation for this revenue performance. In Q3 2026, total power generation output across the entire system reached 6.80 billion kWh according to data published by [Doisongphapluat](https://doisongphapluat.com.vn/evngenco3-bao-dam-san-xuat-dien-thuc-day-chuan-bi-dau-tu-cac-nguon-dien-moi-a737126.html). In terms of commercial volume, EVNGENCO3 delivered 1,252.76 million kWh more power than in Q3 2025, expanding quarterly power sales revenues by approximately VND 3,617 billion in Q3 2026 as outlined in [explanation document 3703/GENCO3-TC-KT](https://www.genco3.com/data/files/20261031/639290442132677869_0.pdf). A second structural catalyst stemmed from the implementation of [Circular No. 99/2025/TT-BTC](https://congbao.chinhphu.vn/van-ban/thong-tu-so-99-2025-tt-btc-46529.htm) issued on October 27, 2025 by the Ministry of Finance regarding corporate accounting standards. Under these new guidelines, major periodic overhaul expenditures on fixed production assets are recognized under long-term prepaid expenses and amortized over useful operational cycles, rather than being charged directly into cost of goods sold within a single quarter. During Q3 2026, PGV carried out major overhauls on turbine GT21 at Phu My 2.1 Thermal Power Plant costing VND 403 billion and unit S2 at Mong Duong 1 Thermal Power Plant costing VND 352 billion according to the [consolidated financial report](https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf). By amortizing these costs progressively, long-term prepaid expenses on September 30, 2026 increased to VND 1,167.7 billion from VND 272 billion on January 1, 2026, preventing quarterly production margins from absorbing sudden lump-sum accounting shocks. Review our guide on [production cost structure](/en/blog/margins-cost-structure) for deeper insights into cost allocation mechanisms. The third contributor was a decisive reversal in financial activities. Consolidated financial income for Q3 2026 stood at VND 380.47 billion, rising 213.5% from VND 121.38 billion in Q3 2025 according to the [Q3 2026 financial report](https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf). Within this category, foreign exchange revaluation gains on foreign currency liabilities reached VND 219 billion in Q3 2026, reversing completely from a foreign exchange loss of VND 99 billion in Q3 2025 as confirmed by [EVNGENCO3](https://www.genco3.com/data/files/20261031/639290442132677869_0.pdf). This transition was driven by easing exchange rates during the quarter and the revaluation methodology under [Circular No. 99/2025/TT-BTC](https://congbao.chinhphu.vn/van-ban/thong-tu-so-99-2025-tt-btc-46529.htm), which uses the average transfer exchange rate of commercial banks instead of the selling rate. ## Debt reduction and financial leverage dynamics On the balance sheet, PGV's total assets on September 30, 2026 stood at VND 51,421.19 billion, contracting by VND 3,610.6 billion (down 6.56%) from VND 55,031.80 billion on January 1, 2026 according to the [consolidated balance sheet](https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf). This asset contraction accompanied systematic debt amortization on long-term plant construction loans, trimming total liabilities on September 30, 2026 by 15.2% to VND 31,471.00 billion compared with VND 37,128.43 billion at the beginning of 2026. As of September 30, 2026, outstanding financial debt comprised VND 5,311.52 billion in short-term borrowings and VND 16,979.89 billion in long-term debt, establishing total interest-bearing debt at VND 22,291.41 billion as reported in the [Q3 2026 balance sheet](https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf). Compared to VND 27,378.62 billion on January 1, 2026 (comprising VND 5,452.17 billion in short-term borrowings and VND 21,926.46 billion in long-term debt), PGV's financial borrowings declined by VND 5,087.21 billion, representing a net repayment reduction of 18.58%. The financial debt-to-equity ratio evaluates the balance of borrowed funds relative to shareholder capital: $$\text{Financial Debt-to-Equity Ratio} = \frac{\text{Total Financial Debt}}{\text{Total Equity}}$$ Applying figures as of September 30, 2026 from the [consolidated financial statements](https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf): $$\text{Financial Debt-to-Equity Ratio on September 30, 2026} = \frac{22,291.41}{19,950.19} \approx 1.12\text{ times}$$ Driven by an 11.4% expansion in total equity to VND 19,950.19 billion and the net repayment of debt, this leverage ratio improved from 1.53 times on January 1, 2026 (VND 27,378.62 billion debt against VND 17,903.37 billion equity) to 1.12 times on September 30, 2026 according to [EVNGENCO3](https://www.genco3.com/data/files/20261031/639290442132677869_0.pdf), marking a 0.41-time decrease. Relative to total liabilities, overall debt-to-equity declined from 2.07 times to 1.58 times. Lower borrowing balances reduced quarterly interest expenses in Q3 2026 by 26.5% to VND 300.58 billion from VND 409.15 billion in Q3 2025 as reported by [EVNGENCO3](https://www.genco3.com/data/files/20261031/639290442132677869_0.pdf). Cumulatively for the first 9 months of 2026, interest costs fell by VND 329.57 billion to VND 955.68 billion compared with VND 1,285.25 billion in the first 9 months of 2025. > Chart: Financial Debt and Shareholder Equity Trajectory in 2026. VND billion. Debt Jan 1, 2026: 27.379; Debt Sep 30, 2026: 22.291; Equity Sep 30, 2026: 19.950. ## Operating cash flow and liquidity position in 2026 Evaluating actual cash generation requires separating accounting earnings from cash receipts. Over the first 9 months of 2026, net cash flows from operating activities reached positive VND 923.88 billion according to the [consolidated cash flow statement](https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf). While remaining positive, this operating cash balance was lower than VND 2,109.13 billion generated across the first 9 months of 2025. The primary factor dampening operating cash receipts was a VND 4,846.2 billion increase in trade receivables over the first 9 months of 2026. On September 30, 2026, short-term customer receivables stood at VND 10,546.70 billion, with receivables from the state power off-taker accounting for VND 10,335 billion, or approximately 98% of total customer receivables according to [Note V.03 of the financial statements](https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf). Prolonged collection periods from the single power buyer remain a structural feature across Vietnamese grid generators. Readers can examine our framework for interpreting [cash flow statements](/en/blog/reading-cash-flow-statement-vietnam) to analyze the divergence between accrued profits and realized liquidity. Regarding liquid reserves, on September 30, 2026, PGV held VND 1,099.89 billion in cash and cash equivalents alongside VND 4,098.13 billion in short-term bank term deposits as reported in the [consolidated balance sheet](https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf). Total liquid deposits reached VND 5,198.02 billion on September 30, 2026, decreasing slightly by 3.76% (down VND 202.88 billion) compared with VND 5,400.90 billion held on January 1, 2026 (which included VND 2,143.90 billion in cash and cash equivalents alongside VND 3,257.00 billion in short-term bank deposits). This deposit base generated VND 24.7 billion in quarterly deposit interest income during Q3 2026, maintaining adequate financial flexibility to service scheduled principal amortization and working capital demands. ## Generation capacity and power project pipeline Regarding operational assets, EVNGENCO3 oversees an installed power capacity exceeding 6,560 MW across the national grid, with parent company plants accounting for 5,492 MW as compiled by [Báo Đầu tư](https://baodautu.vn/evngenco3-chuan-bi-trien-khai-nhieu-du-an-dien-moi-d485950.html). Its generation portfolio incorporates the gas-fired Phu My complex (2,540 MW), Mong Duong 1 coal-fired plant (1,080 MW), Vinh Tan 2 coal-fired plant (1,244 MW), Buon Kuop hydroelectric cascade (586 MW), and grid-scale solar installations. Across the first 9 months of 2026, cumulative generation output reached 22.105 billion kWh, achieving 72.09% of the full-year target according to [Doisongphapluat](https://doisongphapluat.com.vn/evngenco3-bao-dam-san-xuat-dien-thuc-day-chuan-bi-dau-tu-cac-nguon-dien-moi-a737126.html). During this timeframe, the corporation completed 13 periodic maintenance packages, including 7 major overhaul programs across Phu My 2.1, Buon Kuop hydro facilities, and Mong Duong 1, while advancing maintenance work at Vinh Tan 2. In line with national capacity allocations under [Decision No. 262/QD-TTg](https://vanban.chinhphu.vn/?docid=209976&pageid=27160) issued on April 01, 2024 by the Prime Minister approving the implementation plan for National Power Development Plan VIII, EVNGENCO3 is preparing a development pipeline totaling 5,827 MW in prospective capacity according to [VietnamBiz](https://vietnambiz.vn/dhdcd-evngenco3-pgv-muc-tieu-san-luong-tang-19-loi-nhuan-5-thang-tren-1300-ty-dong-2026617155524922.htm). On September 30, 2026, Ninh Binh Provincial People's Committee designated the joint venture between EVNGENCO3 and Thuan Hai as the official investor for the 300 MW Ninh Binh Flexible Power Project. Earlier, on July 13, 2026, Lam Dong Provincial People's Committee granted in-principle investment approval for a floating solar project on the Buon Kuop reservoir. Additional long-term initiatives include hydroelectric expansion schemes, the 1,500 MW Long Son LNG project, and battery energy storage facilities targeting 300 MW through 2030 as reported by [Báo Đầu tư](https://baodautu.vn/evngenco3-chuan-bi-trien-khai-nhieu-du-an-dien-moi-d485950.html). ## Share capital increase and 2026 dividend policy Alongside plant operations, 2026 marked substantial adjustments to EVNGENCO3's equity structure. On August 20, 2026, PGV distributed cash dividends for fiscal year 2025 at a rate of 10% of par value (equivalent to VND 1,000 per share), disbursing a total of VND 1,123.47 billion to registered shareholders as reported by [Báo Đầu tư](https://baodautu.vn/evngenco3-sap-chi-hon-1123-ty-dong-tra-co-tuc-nam-2025-d645621.html). Following this cash distribution, PGV issued 89,876,835 common shares to increase share capital from equity reserves (Development Investment Fund) at a ratio of 100:8 in accordance with its annual general meeting resolutions reported by [VietnamBiz](https://vietnambiz.vn/dhdcd-evngenco3-pgv-muc-tieu-san-luong-tang-19-loi-nhuan-5-thang-tren-1300-ty-dong-2026617155524922.htm). This issuance increased PGV's charter capital by VND 898.77 billion from VND 11,234.68 billion to VND 12,133.45 billion. The additional shares were listed and commenced trading on the Ho Chi Minh Stock Exchange (HOSE) on September 30, 2026. As of September 30, 2026, total equity expanded to VND 19,950.19 billion, gaining 11.43% from VND 17,903.37 billion on January 1, 2026 according to the [Q3 2026 financial report](https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf). The capital structure now consists of VND 12,133.45 billion in contributed charter capital, VND 1,256.41 billion in development reserves, and VND 6,166.36 billion in undistributed net earnings, providing a stronger equity base for future capital deployment into flexible gas and renewable power generation. ## Summary of key financial indicators in 2026 The table below summarizes the key financial metrics for EVNGENCO3 in the third quarter of 2026 and across the first 9 months of 2026, sourced from its consolidated financial reports and disclosure filings: | Financial Indicator | Unit | Q3 2026 | Q3 2025 | Change (%) | 9M 2026 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Revenue | VND billion | 11,962.63 | 8,345.56 | +43.34% | 37,289.50 | | Cost of Goods Sold | VND billion | 10,385.20 | 7,613.81 | +36.40% | 32,440.23 | | Gross Profit | VND billion | 1,577.42 | 731.75 | +115.57% | 4,849.27 | | Gross Profit Margin | % | 13.19% | 8.77% | +4.42% | 13.00% | | Financial Income | VND billion | 380.47 | 121.38 | +213.46% | 616.26 | | Financial Expenses | VND billion | 316.40 | 508.01 | -37.72% | 975.26 | | Interest Expense | VND billion | 300.58 | 409.15 | -26.53% | 955.68 | | Pre-tax Profit | VND billion | 1,480.24 | 168.52 | +778.39% | 4,157.38 | | Net Profit After Tax | VND billion | 1,220.23 | 166.63 | +632.28% | 3,394.79 | | Financial Debt | VND billion | 22,291.41 | 27,378.62* | -18.58% | 22,291.41 | | Shareholder Equity | VND billion | 19,950.19 | 17,903.37* | +11.43% | 19,950.19 | | Debt-to-Equity Ratio | Times | 1.12 | 1.53* | -0.41 times | 1.12 | | Net Operating Cash Flow | VND billion | - | - | - | 923.88 | Source: EVNGENCO3 Q3 2026 Consolidated Financial Statements and Explanation Document 3703/GENCO3-TC-KT. An asterisk (*) indicates balances as of January 1, 2026. EVNGENCO3's financial trajectory across Q3 and the first 9 months of 2026 demonstrates effective utilization of rising electricity demand, combined with cost-accounting adjustments and favorable foreign currency movements. However, power producers remain subject to external variables including fuel market prices, foreign exchange volatility, and settlement timelines from the transmission off-taker. The information presented herein provides objective factual disclosures and does not constitute investment advice. ## Sources - Government Gazette Portal: [Circular No. 99/2025/TT-BTC Guiding Enterprise Accounting Regime](https://congbao.chinhphu.vn/van-ban/thong-tu-so-99-2025-tt-btc-46529.htm) (October 27, 2025) - Government Portal: [Decision No. 262/QD-TTg Approving National Power Development Plan VIII Implementation Plan](https://vanban.chinhphu.vn/?docid=209976&pageid=27160) (April 01, 2024) - EVNGENCO3: [Q3 2026 Financial Results Explanation Document No. 3703/GENCO3-TC-KT](https://www.genco3.com/data/files/20261031/639290442132677869_0.pdf) (October 30, 2026) - EVNGENCO3: [Q3 2026 Consolidated Financial Statements](https://www.genco3.com/data/files/20261031/639290440255717920_0.pdf) (October 30, 2026) - Doisongphapluat: [EVNGENCO3: Ensuring Power Production and Accelerating New Capacity Investments](https://doisongphapluat.com.vn/evngenco3-bao-dam-san-xuat-dien-thuc-day-chuan-bi-dau-tu-cac-nguon-dien-moi-a737126.html) (October 31, 2026) - Báo Đầu tư: [EVNGENCO3 Prepares to Deploy Several New Power Projects](https://baodautu.vn/evngenco3-chuan-bi-trien-khai-nhieu-du-an-dien-moi-d485950.html) (May 28, 2026) - Báo Đầu tư: [EVNGENCO3 Disburses Over VND 1,123 Billion in Cash Dividends](https://baodautu.vn/evngenco3-sap-chi-hon-1123-ty-dong-tra-co-tuc-nam-2025-d645621.html) (July 22, 2026) - VietnamBiz: [EVNGENCO3 AGM: Targeting 19% Output Growth and Expanding Pipelines](https://vietnambiz.vn/dhdcd-evngenco3-pgv-muc-tieu-san-luong-tang-19-loi-nhuan-5-thang-tren-1300-ty-dong-2026617155524922.htm) (June 17, 2026) ## Frequently asked questions ### What drove EVNGENCO3's 632% net profit increase in Q3 2026? According to explanation document 3703/GENCO3-TC-KT, net earnings expanded primarily due to a 1,252.76 million kWh increase in electricity sales volume, capitalising overhaul expenses under Circular 99/2025/TT-BTC into long-term prepayments, and VND 219 billion in foreign exchange gains. ### How did PGV's debt structure evolve as of September 30, 2026? As of September 30, 2026, total financial debt dropped 18.58% (down VND 5,087.21 billion) from the beginning of 2026 to VND 22,291.41 billion (comprising VND 5,311.52 billion in short-term debt and VND 16,979.89 billion in long-term borrowings), cutting Q3 2026 interest expense down to VND 300.58 billion. ### Did 9-month operating cash flow mirror accounting profitability? In the first 9 months of 2026, net operating cash flow reached positive VND 923.88 billion, trailing net accounting profit of VND 3,394.79 billion because power receivables from the off-taker remained elevated at VND 10,335 billion. ### What are the major new generation projects for EVNGENCO3 in 2026? The company was approved as developer for the 300 MW Ninh Binh Flexible Power Project on September 30, 2026, received investment approval for the Buon Kuop floating solar plant on July 13, 2026, and is advancing a 5,827 MW project development pipeline under national energy planning. --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._