Shareholders on the register of PetroVietnam Nhơn Trạch 2 Power Joint Stock Company (NT2) on October 30 will receive VND 1,000 per share on November 16.Tin nhanh Chứng khoán That money is the dividend for fiscal 2025. The more than VND 906 billion in net profit the company booked in the first nine months of 2026, 2.1 times its full-year plan, is not part of this payout.Báo Pháp luật
Keeping the two profits apart lets NT2 holders read two different questions correctly: what happens to their account over the next three weeks, and where this year's profit is coming from.
Key dates for current holders
NT2 is paying its 2025 cash dividend at 10% of par value, or VND 1,000 per share. With just over 287 million shares outstanding, the total payout is a little over VND 287 billion.Tin nhanh Chứng khoán
October 29 (Thursday) is the ex-dividend date. Shares settle on a T+2 cycle, so the last session in which a buyer makes it onto the register is October 28. Anyone buying from October 29 onward misses this payout. On the same day, NT2's reference price is adjusted down by the dividend amount, so the board shows a lower price without the holder's wealth actually falling.
October 30 (Friday) is the record date. The shareholder list is fixed on settled share balances as of that day.
November 16 is the payment date. Personal income tax on the dividend is withheld before the money lands, so the net amount is slightly below VND 1,000 per share.
Against the October 23 close of VND 24,100, the VND 1,000 equals about 4.15% of the share price before tax. That is a simple division to size the payment. The price falls by the same amount on the ex-dividend date, so the ratio is not extra gain for someone buying just before the cutoff.
Q3 profit grew faster than revenue
The Q3 2026 financial statements show net revenue of just over VND 2,807 billion, up 46% year on year. Pre-tax profit reached VND 524 billion, up 119%. Net profit was nearly VND 419 billion, up 95%, or about twice the pace of revenue.CafeF
In its explanation, the company attributes most of the increase to power generation. Electricity revenue in Q3 rose by almost VND 879 billion while cost of goods sold rose by only about VND 594 billion. That gap lifted gross profit to nearly VND 490 billion, up 139%.CafeF Two factors sit behind a gross profit jump of that size, and they work together.
The plant sold more electricity. Ahead of the report, SSI Research forecast that Nhơn Trạch 2's Q3 output would rise roughly 40-50% year on year, because hydrology was less favorable than last year and the grid leaned harder on thermal plants.CafeF That is a brokerage forecast. Coverage of the Q3 report has not published the actual output for the quarter.
Depreciation has nearly vanished from the books. According to the cash flow statement as relayed by CafeF, depreciation of fixed assets in the first nine months of 2026 was only about VND 115 billion, against almost VND 516 billion a year earlier. That is roughly VND 401 billion less in expense, a 77.7% drop. The reason is that most of the plant's machinery and equipment was fully depreciated by the end of 2025.CafeF
The mechanism behind the second factor deserves a closer look. Depreciation spreads the cost of machinery evenly over many years. It is not cash spent in the current year, but it lowers accounting profit. Once a machine has been written down to zero and keeps running, each kWh sold no longer carries that charge. For a power plant, depreciation of equipment usually sits in cost of goods sold, so most of any revenue gain flows straight to gross profit.
For scale, the VND 401 billion reduction equals about 44% of nine-month net profit. Even so, the published statements do not split how much of the extra profit comes from output and how much from depreciation, because input gas prices and the sales mix also shifted at the same time. Both clearly contributed in a big way, and neither can be assigned the whole gain.
Beyond power sales, Q3 financial revenue came to more than VND 92 billion, almost double a year earlier. It helps, but far less than gross profit does.CafeF On the other side, Q3 administrative expenses rose to nearly VND 29 billion from just over VND 930 million a year earlier.Fili
A VND 430 billion plan built for a hard year
For the first nine months, NT2 booked net revenue of just over VND 7,803 billion, up 44%, and net profit of more than VND 906 billion, up 57% year on year. The 2026 shareholder meeting approved targets of VND 8,200 billion in revenue and VND 430 billion in net profit. After three quarters the company has hit 95% of its revenue plan and 2.1 times its profit plan.Báo Pháp luật
The VND 430 billion target is about 62% below 2025 profit. According to meeting documents reported by Báo Pháp luật on May 8, 2026, the company earned VND 1,130 billion in net profit in 2025. When it set the plan, management listed difficulties expected to run through 2026: allocated contract output, declining gas supply, higher input gas prices and pressure from renewable energy.Báo Pháp luật
The nine-month results show 2026 is turning out better than the original assumptions, mainly in how hard the plant is dispatched. But the risks in the plan have not gone away. Gas prices and supply still drive cost of goods sold, and Q3's heavy dispatch is tied to hydrology, which shifts by season and by year. So the 2.1x overshoot mostly says the plan was set conservatively. It is not enough to draw conclusions about profit in later years.
Plenty of cash against the payout
At September 30, 2026, NT2 held about VND 5,374 billion in cash, cash equivalents and short-term financial investments, mostly term bank deposits.CafeF Short-term financial investments alone exceeded VND 5,362 billion, mostly placed at SHB.Báo Pháp luật That is roughly 19 times the VND 287 billion dividend.
Net operating cash flow for the nine months was about VND 1,256 billion, up from VND 1,033 billion a year earlier.CafeF Higher accounting profit came with cash actually collected, so this year's earnings are not just paper.
The funding side matters too. Total assets at the end of Q3 were VND 11,107 billion, while liabilities were more than VND 5,686 billion, up nearly 29% from the start of the year.Báo Pháp luật Not all of the deposits are idle cash available for distribution, since the company still has payment obligations to meet.
Where this year's profit will be decided
This VND 1,000 payout comes from undistributed 2025 profit, based on the shareholder meeting resolution of May 2026. The more than VND 906 billion earned in the first nine months of 2026 is a separate pool. The published figures do not say how much of it will be distributed, or when.
Two documents will answer that. The Q4 2026 financial statements, due early next year, will show full-year profit as the plant enters the start of the dry season. The 2026 profit distribution plan put to the 2027 annual shareholder meeting will show how that profit is divided.
For current NT2 holders, the simplest way to read it is this. Being on the register on October 30 earns VND 1,000 per share, before tax, on November 16. To judge whether this year's profit is durable, the number to watch is quarterly gross profit. If Q4 gross profit holds at a high level with depreciation already low, dispatch is keeping its pace. If gross profit falls sharply, much of Q3's profit came from one season's hydrology.