--- title: "REE Q3 2026: Office and Engineering Anchor Group Earnings" description: "Analysis of REE Corporation Q3 2026 earnings: office leasing and engineering balance hydropower lull, alongside balance sheet strength and peer valuations." url: https://ginity.vn/en/blog/ree-power-and-real-estate-q3-2026 canonical: https://ginity.vn/en/blog/ree-power-and-real-estate-q3-2026 markdown: https://ginity.vn/en/blog/ree-power-and-real-estate-q3-2026.md language: en datePublished: 2026-10-28T00:00:00+07:00 dateModified: 2026-10-28T00:00:00+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: - REE - NT2 - POW - PC1 - HDG - GEG - VSH sources: - name: Vietnam Government Portal url: https://baochinhphu.vn/thao-go-kho-khan-day-nhanh-tien-do-cac-cong-trinh-du-an-trong-diem-nganh-nang-luong-102260828120002463.htm - name: Vietnam Government Portal url: https://baochinhphu.vn/pho-thu-tuong-thuong-truc-pham-gia-tuc-dieu-chinh-quy-hoach-dien-viii-phai-dap-ung-yeu-cau-phat-trien-moi-102260707190511532.htm - name: Vietstock url: https://vietstock.vn/2026/03/ree-len-ke-hoach-lai-rong-2026-vuot-28-ngan-ty-dong-luc-chinh-tu-mang-bat-dong-san-737-1413891.htm - name: CafeF url: https://cafef.vn/ree-phat-hanh-co-phieu-esop-voi-gia-hoi-188260806142357061.chn - name: Algolab Research url: https://algolab.vn/report/ticker/REE/REE-20260918-AlgolabX.md - name: Legal and Business News url: https://doanhnhan.baophapluat.vn/nganh-dien-quy-iii-pow-nt2-but-pha-manh-ree-duy-tri-da-tang-truong.html 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 --- # REE Q3 2026: Office and Engineering Anchor Group Earnings > Analysis of REE Corporation Q3 2026 earnings: office leasing and engineering balance hydropower lull, alongside balance sheet strength and peer valuations. Gini · Companies & sectors · 2026-10-28 · https://ginity.vn/en/blog/ree-power-and-real-estate-q3-2026 _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - Consolidated Q3 2026 revenue reached VND 2,858 billion, up 12% compared to Q3 2025. - The mechanical engineering order backlog expanded to VND 10,000 billion, supporting a 25% revenue rise. - E.town 6 added nearly 37,000 square meters of commercial office space, keeping occupancy at 95%. - Debt to equity stood low at 0.40 times, with trailing P/E trading around 10.8 times. ## Q3 2026 Operating Results and Consolidated Revenue According to the consolidated financial statements of Refrigeration Electrical Engineering Corporation ([REE](/en/companies/REE)), net revenue in Q3 2026 reached VND 2,858 billion, up 12% from VND 2,552 billion recorded in Q3 2025. This expansion reflects accelerating construction handovers and steady rental contributions from newly opened office towers in 2026. According to cumulative 9-month disclosures in 2026, consolidated revenue stood at VND 7,767 billion and profit after tax reached VND 2,180 billion, achieving more than 77% of the full-year 2026 target of VND 2,814 billion. For parent company shareholders, net profit in Q3 2026 reached VND 685 billion, defending solid earnings against a high comparison base in 2025. According to utility sector data across [equities](/en/topics/equity), multi-segment conglomerates absorb cyclical shocks more effectively than pure-play power producers. REE divides its operational base across four complementary business arms: clean energy generation, mechanical and electrical engineering, premium office leasing alongside residential development, and municipal water supply. ## Mechanical Engineering Accelerates on Infrastructure According to segment financial reports for Q3 2026, mechanical and electrical engineering recorded a 25% revenue increase compared to Q3 2025. Delivery momentum across major national transport and technology infrastructure sites accelerated project billing. According to construction sector research, REE recorded continuous installation progress across Terminal 3 at Tan Son Nhat Airport, Long Thanh International Airport, Cat Bi Airport, and the An Khanh technology data center in 2026. Complex engineering packages require stringent compliance standards, granting established tier-one contractors with strong liquidity a sustained operational edge. According to company backlog disclosures, new contracts secured during the first six months of 2026 reached VND 5,865 billion, equal to 3.2 times the volume logged in the same period of 2025. The mechanical and electrical division entered Q4 2026 with a contracted order backlog of approximately VND 10,000 billion, securing steady revenue visibility across 2026 and 2027. ## Power Portfolio Balances Hydrology and New Wind Capacity According to independent equity research published on 18/09/2026, energy generation remains the largest contributor to consolidated gross profit, with run-of-river and reservoir hydropower assets contributing 60% of total generation volume. The group holds key operating stakes across regional power producers, including VSH, Thac Ba Hydropower, and Song Ba Ha Hydropower. According to reservoir monitoring data during Q3 2026, river discharge into reservoirs across Central and Southern Vietnam declined by approximately 11% compared to Q3 2025 due to weather variability. However, competitive power generation market prices provided compensation, preventing deeper margin erosion across generation subsidiaries. According to management disclosures, the 48 MW Duyen Hai 1 wind power facility operated commercially throughout 2026. The adjacent Duyen Hai 2 and Duyen Hai 3 wind cluster, carrying a combined capacity of 128 MW and total capex of VND 6,121 billion, is completing technical acceptance before grid integration. Over a longer horizon, aligned with Power Development Plan VIII guidelines reported by the Government Portal, REE continues offshore wind resource assessments with floating measurement systems for the 500 MW Nam Bo 3 project across 7,091 sea hectares targeting 2030. ## Office Leasing Expands Recurring Cash Flow with E.town 6 According to commercial leasing updates in Q3 2026, rental revenue advanced 15% year-on-year compared to Q3 2025. Commercial real estate assets serve as a defensive cash generator, insulated from weather and water flow shifts that affect dam reservoirs. According to corporate filings from REE, the newly finished E.town 6 building commenced commercial operations in 2026, introducing nearly 37,000 square meters of grade-A commercial office space. This addition expanded total commercial floor space across the E.town network to approximately 190,000 square meters. According to Ho Chi Minh City commercial property data in Q3 2026, average occupancy across all REE office complexes remained steady at 95%. In residential development, The Light Square project in Thai Binh province delivered remaining low-rise residential units in 2026, contributing incremental gross margin to property earnings. ## Conservative Balance Sheet and Peer Power Valuations According to consolidated balance sheet disclosures on 30/09/2026, REE maintained a conservative capital structure with a debt-to-equity ratio of 0.40 times. This leverage ratio sits well below capital-intensive infrastructure peers such as PC1 at 1.34 times and GEG at 1.24 times during Q3 2026. According to margin calculations from 9-month 2026 results, consolidated gross profit margin reached 38.12%, supported by depreciated hydropower assets and lucrative leasing contracts across prime business locations. According to HOSE closing data on 27/10/2026, REE shares traded around VND 45,550 per share. Based on this market price on 27/10/2026, trailing [P/E](/en/glossary/pe) stood at 10.8 times, [P/B](/en/glossary/pb) stood at 1.31 times, and [ROE](/en/glossary/roe) reached 12.76%. Foreign investors hold the maximum allowed statutory limit of 49% of voting shares. The table below presents comparative valuation and balance sheet metrics across listed Vietnamese power infrastructure companies: | Company | Ticker | P/E (x) | P/B (x) | ROE (%) | D/E (x) | Gross margin (%) | | --- | --- | --- | --- | --- | --- | --- | | NT2 | NT2 | 4.76 | 1.28 | 29.39 | 0.33 | 16.43 | | POW | POW | 6.39 | 0.92 | 16.07 | 0.86 | 17.99 | | HDG | HDG | 5.95 | 0.80 | 14.16 | 0.51 | 72.08 | | PC1 | PC1 | 6.82 | 1.18 | 18.71 | 1.34 | 21.49 | | REE | REE | 10.8 | 1.31 | 12.76 | 0.40 | 38.12 | | GEG | GEG | 12.95 | 1.00 | 7.89 | 1.24 | 51.35 | Source: Compiled from HOSE trading data on 27/10/2026 and Q3 2026 corporate financial statements. According to comparative financial metrics in October 2026, REE's trailing P/E of 10.8 times trades at a premium over pure-play thermal generators such as NT2 and POW, reflecting diversified cash streams, minimal refinancing risk, and recurring rental income. ## Sources - Vietnam Government Portal: [Accelerating Priority Energy Projects and Grid Infrastructure](https://baochinhphu.vn/thao-go-kho-khan-day-nhanh-tien-do-cac-cong-trinh-du-an-trong-diem-nganh-nang-luong-102260828120002463.htm) (28/08/2026) - Vietnam Government Portal: [Deputy Prime Minister Reviews Power Development Plan VIII Adjustments](https://baochinhphu.vn/pho-thu-tuong-thuong-truc-pham-gia-tuc-dieu-chinh-quy-hoach-dien-viii-phai-dap-ung-yeu-cau-phat-trien-moi-102260707190511532.htm) (07/07/2026) - Vietstock: [REE Targets 2026 Net Profit of VND 2.8 Trillion on Real Estate and Energy Assets](https://vietstock.vn/2026/03/ree-len-ke-hoach-lai-rong-2026-vuot-28-ngan-ty-dong-luc-chinh-tu-mang-bat-dong-san-737-1413891.htm) (19/03/2026) - CafeF: [Consolidated Financial Information and Equity Strategy at REE](https://cafef.vn/ree-phat-hanh-co-phieu-esop-voi-gia-hoi-188260806142357061.chn) (06/08/2026) - Algolab Research: [Operational Review on REE Hydropower and Wind Energy Pipeline](https://algolab.vn/report/ticker/REE/REE-20260918-AlgolabX.md) (18/09/2026) - Legal and Business News: [Power Sector in Q3: Utilities Advance While REE Maintains Growth Trajectory](https://doanhnhan.baophapluat.vn/nganh-dien-quy-iii-pow-nt2-but-pha-manh-ree-duy-tri-da-tang-truong.html) (29/09/2026) --- _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._