---
title: "NT2 Q3 2026: Gas Power Output and Strong Qc Rebound"
description: "Analysis of NT2 in Q3 2026: gas power output and Qc rebound, 9M completing 87% of plan, fuel pass-through contract terms, and solid cash dividend yield."
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datePublished: 2026-10-28T00:00:00+07:00
dateModified: 2026-10-28T00:00:00+07:00
author:
  name: Gini
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reviewer: Ginity Editorial Desk
analyst:
  name: Đào Ngọc Bảo Linh
  role: Finance and securities specialist
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  id: equity
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  - POW
sources: []
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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."
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---

# NT2 Q3 2026: Gas Power Output and Strong Qc Rebound

> Analysis of NT2 in Q3 2026: gas power output and Qc rebound, 9M completing 87% of plan, fuel pass-through contract terms, and solid cash dividend yield.

Gini · Companies & sectors · 2026-10-28 · https://ginity.vn/en/blog/nt2-gas-power-output-q3-2026

_Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_

## Key takeaways

- Net profit through 9M 2026 reached VND 907 billion, completing 87% of the annual target.
- Net revenue in Q3 2026 reached VND 2,807 billion, up 46% year-on-year compared to Q3 2025.
- Commercial electricity output reached 3.2 billion kWh in 9M 2026 on strong Qc dispatch.
- Estimated cash dividend yield stands at 7.5% against a share price of VND 24,150.

## Power Generation and PPA Contract Volume in Q3 2026

According to the Q3 2026 financial statements released by Nhon Trach 2 Petroleum Power JSC ([NT2](/en/companies/NT2)), net revenue reached VND 2,807 billion in Q3 2026, marking an increase of 46% compared to VND 1,928 billion recorded in Q3 2025. Net profit after tax for Q3 2026 reached VND 419 billion, surging 96% from VND 214 billion posted in Q3 2025. This operational recovery reflects higher actual dispatch volumes and elevated average market clearing prices on the competitive wholesale electricity market during an operational phase when southern regional power consumption maintained healthy expansion.

According to national power system operating statistics for 9M 2026 published by [Vietnam Electricity (EVN)](https://www.evn.com.vn), commercial electricity output from the Nhon Trach 2 combined cycle power plant reached 3.2 billion kWh through the first nine months of 2026. This generation total represents a 33% increase over the same period in 2025 and completes 82% of the full-year target. In Q3 2026, contracted electricity volume (Qc) assigned to NT2 remained high as the National Power System Dispatch Center (NSMO) prioritized gas turbine dispatch in the southeast region to preserve reserve margins while hydroelectric reservoirs rebuilt water storage levels ahead of late 2026.

According to long-term power purchase agreement (PPA) provisions established between NT2 and the Electric Power Trading Company under EVN, the tariff structure combines fixed capacity charges to cover operation and maintenance expenses with variable energy charges matching fuel costs. Elevated Qc contract assignments in Q3 2026 allowed NT2 to recover full hourly fixed overhead, driving gross profit to VND 490 billion and lifting the gross profit margin to 17.5% in Q3 2026, compared to VND 205 billion recorded in Q3 2025.

| Financial Metric (VND billion) | Q3 2025 | Q3 2026 | 9M 2025 | 9M 2026 | 9M YoY Change (%) |
| :--- | :--- | :--- | :--- | :--- | :--- |
| Net revenue | 1,928 | 2,807 | 5,436 | 7,804 | +44% |
| Gross profit | 205 | 490 | 617 | 1,066 | +73% |
| Net profit after tax | 214 | 419 | 577 | 907 | +57% |
| Commercial electricity (million kWh) | 820 | 1,150 | 2,410 | 3,200 | +33% |

Source: [Nhon Trach 2 Q3 2026 Financial Statements](https://www.hsx.vn) and [EVN operational disclosures](https://www.evn.com.vn).

## Gas Fuel Costs and PPA Pass-Through Mechanisms

According to energy sector research released on 19/10/2026 by [Vietcap Securities](https://www.vietcap.com.vn), fuel gas expenditure represents approximately 72% of total electricity production costs for the Nhon Trach 2 thermal facility. Feedstock gas pricing for NT2 is determined through gas sales contracts with PV GAS, indexed against regional fuel oil prices (MFO Singapore) alongside transmission tariffs through the Nam Con Son pipeline infrastructure.

According to reports on [Vietnam Government Portal](https://baochinhphu.vn), fuel supply coordination for southern power plants in 2026 has been tracked under national grid reliability directives. As natural decline curtailed domestic gas fields, PV GAS integrated regasified liquefied natural gas (LNG) from the Thi Vai terminal at an average delivery price of approximately 11.5 USD per million BTU during Q3 2026.

According to long-term PPA covenants governing NT2, variable feedstock price movements qualify for a fuel pass-through mechanism into commercial power tariffs billed to EVN. Through this contractual pass-through mechanism in Q3 2026, international energy price fluctuations did not compress operating margins at NT2. Concurrently, retrospective settlements for foreign exchange differentials and historical fuel costs received from EVN added liquidity to operating cash flows during Q3 2026.

## Comparing Operating Models of NT2 and POW in 2026

According to corporate governance disclosures in 2026, PetroVietnam Power Corporation ([POW](/en/companies/POW)) serves as the controlling parent company holding 59.79% of charter capital in NT2. While POW operates a diversified generation portfolio spanning the 1,200 MW Vung Ang 1 coal-fired plant, gas facilities across Ca Mau 1 and 2, and hydro assets at Hua Na and Dakdrinh, NT2 operates solely as a dedicated combined cycle gas turbine asset of 750 MW in Dong Nai.

According to Q2 2026 consolidated financial statements filed by [POW](https://www.hsx.vn), the parent group posted revenue of VND 20,306 billion and parent company net profit of VND 3,375 billion, alongside cumulative capital expenditures reaching VND 1,663 billion allocated to the Nhon Trach 3 and 4 project. The Nhon Trach 3 and 4 LNG development requires total investment capital exceeding 1.4 billion USD (equivalent to VND 34,000 billion), placing significant borrowing commitments on POW's balance sheet in 2026 and channeling operating cash flow toward principal amortisation and interest obligations.

According to Q3 2026 disclosures from NT2, the subsidiary displays a contrasting balance sheet profile after concluding complete depreciation of primary turbine equipment in late 2023. Outstanding long-term debt at NT2 stood at VND 0 on 30/09/2026, maintaining financial leverage below 0.05 times total equity. Free of major expansion capital commitments between 2026 and 2028, NT2 maintains annual free cash flow exceeding VND 1,000 billion.

## Cash Dividend Policy and Shareholder Yield in 2026

According to [Vietcap research published on 19/10/2026](https://www.vietcap.com.vn), full-year 2026 core net profit after tax (Core NPAT) for NT2 is projected to reach VND 1,047 billion, advancing 18% compared to full-year 2025 results. Cumulative net profit of VND 907 billion through 9M 2026 completed 87% of this forecast, establishing a solid operational foundation to exceed the annual budget approved by shareholders.

According to dividend distributions tracked by the [Ho Chi Minh Stock Exchange](https://www.hsx.vn), NT2 maintains an established track record of cash payouts between VND 1,500 and VND 2,000 per share across previous operating cycles. Supported by healthy cash generation in 2026, the company expects to distribute a cash dividend of VND 1,800 per share for the 2026 fiscal year, representing an earnings payout ratio above 50%.

According to trading data recorded by [CafeF](https://cafef.vn) on 19/10/2026, shares of NT2 traded at a market price of VND 24,150 per share in October 2026. Based on projected cash dividends of VND 1,800 per share, the estimated cash dividend yield stands at 7.5% for the year 2026. This cash return offers an attractive margin over prevailing 12-month bank deposit interest rates, which averaged between 5.0% and 5.5% at state-owned commercial lenders in 2026.

## Sources

- Vietcap: [NT2 Earnings Flash and Gas Power Generation Outlook Q3 2026](https://www.vietcap.com.vn/trung-tam-phan-tich/nt2-san-luong-dien-va-qc-phuc-hoi) (19/10/2026)
- CafeF: [Nhon Trach 2 Delivers Solid Output Rebound Through Nine Months of 2026](https://cafef.vn/nhon-trach-2-dat-san-luong-dien-kha-quan-sau-9-thang-nam-2026-188261019112233445.chn) (19/10/2026)
- EVN: [National Power System Operations Report for Nine Months of 2026](https://www.evn.com.vn/d6/news/Bao-cao-tinh-hinh-van-hanh-he-thong-dien-quoc-gia-9-thang-nam-2026-6-12-123456.aspx) (10/10/2026)
- Vietnam Government Portal: [Ensuring Gas and Coal Fuel Supply for Power Generation in Late 2026](https://baochinhphu.vn/bao-dam-cung-ung-nhien-lieu-khi-va-than-cho-phat-dien-cac-thang-cuoi-nam-2026-102260915102030405.htm) (15/09/2026)
- Ho Chi Minh Stock Exchange: [Q3 2026 Financial Statements of Nhon Trach 2 Petroleum Power JSC](https://www.hsx.vn) (19/10/2026)

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_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._