PV Power (HoSE: POW), formally the Petrovietnam Power Corporation, has had a strong 2026 so far: consolidated post-tax profit for the first nine months reached VND 6,899 billion, up 216% year on year.Vietstock On November 10, its board approved a full-year consolidated post-tax profit plan of VND 4,973 billion.Vietstock That is about 4.4 times the VND 1,124 billion target shareholders approved in May, yet still about VND 1,926 billion below what the company has already earned.CafeF
In other words, three sets of numbers now exist for PV Power's 2026. From November 10, the yardstick for fourth-quarter and full-year results is the new plan. This post lines the three sets up metric by metric, so holders of POW, or of subsidiaries such as Nhon Trach 2 Power (NT2), can see where the new yardstick sits.
Three sets of numbers for one year
The first is the plan approved at the annual shareholders' meeting in May. The second is the plan the board adjusted on November 10. The third is the nine-month result from the consolidated Q3/2026 financial statements.
| Metric (consolidated) | May plan | Nov 10 plan | 9M result |
|---|---|---|---|
| Pre-tax profit | VND 1,328 bn | VND 5,568 bn | VND 7,744 bn |
| Post-tax profit | VND 1,124 bn | VND 4,973 bn | VND 6,899 bn |
| Revenue | VND 49,887 bn (total revenue) | VND 53,308 bn (total revenue) | VND 49,406 bn (net revenue) |
Post-tax profit: the middle bar sits below the right one
The new post-tax profit plan is about 4.4 times the May figure.Vietstock Set against the VND 6,899 billion earned in nine months, VND 4,973 billion is only about 72% of the realised figure. Put the other way, nine-month profit already exceeds the new plan by about 39%.CafeF Of that VND 6,899 billion, more than VND 6,434 billion belongs to PV Power's shareholders; the rest goes to minority shareholders in its subsidiaries.Doanh nhân trẻ
Pre-tax profit: the same gap
The pre-tax profit plan was raised from VND 1,328 billion to VND 5,568 billion, roughly 4.2 times.CafeF Nine-month pre-tax profit is VND 7,744 billion, up 232% year on year.Vietstock So the new pre-tax plan is also below the realised figure, by about VND 2,176 billion, and again equals roughly 72% of the nine-month result. Both profit lines show the same picture: the new plan bar sits between the old plan and the actual result, closer to the actual result but still under it.
Revenue: two figures that cannot be subtracted
Revenue is the only line where the new plan sits above the nine-month figure. The group's total revenue plan was raised from VND 49,887 billion to VND 53,308 billion, up almost 7%.CafeF Consolidated net revenue for nine months was VND 49,406 billion, up 95% year on year.Vietstock
"Total revenue" in the plan and "net revenue" in the financial statements may be defined differently. This post therefore does not subtract VND 49,406 billion from VND 53,308 billion to infer Q4 revenue. The two figures show one thing only: on revenue the new plan leaves room for Q4, while on both profit lines it does not.
The board also adjusted the plan on PV Power's standalone accounts: revenue of VND 44,437 billion, pre-tax profit of VND 4,695 billion and post-tax profit of VND 4,317 billion.Vietstock These belong to the PV Power entity alone, without its subsidiaries, so they cannot be set beside the VND 6,434 billion attributable to shareholders on the consolidated accounts.
The Q4 arithmetic and the output target
If full-year 2026 post-tax profit came in at exactly VND 4,973 billion, Q4 would have to lose about VND 1,926 billion.CafeF That is subtraction on paper, not a company forecast. For scale, Q3 alone brought post-tax profit of more than VND 2,073 billion.Doanh nhân trẻ
Alongside the profit plan, PV Power set targets for the fourth quarter: output of about 5.7 billion kWh, while tracking the power market, negotiating contracted volumes, securing coal for Vung Ang 1, arranging additional gas for plants in the southwest and LNG for plants in the southeast.Vietstock
On the afternoon of November 12, at a meeting with analysts held at PV Power's Ca Mau power company, company representatives said commercial electricity output for nine months reached 19.329 billion kWh, up 44% year on year and 89% of the annual plan. The company also aims to exceed its 2026 business targets.Người Quan Sát
Across the nine months, PV Power sold an average of about 6.44 billion kWh per quarter (19.329 billion kWh divided by three). The Q4 target of about 5.7 billion kWh is roughly 11% below that average. The output plan for Q4 is therefore lower than the nine-month pace, but still a quarter generating billions of kWh. The profit plan, meanwhile, sets a full-year level at which, if matched exactly, Q4 would be a loss.
The two figures do not conflict if the new profit plan is read as a floor: the minimum management formally committed to after seeing the nine-month result, not an estimate of Q4 profit. That is this post's reading, not an explanation from the company.
Part of nine-month profit did not come from selling power this year
According to CafeF, citing PV Power's first-half disclosure, the company booked about VND 2,476 billion from settling lingering financial items. These include exchange-rate differences at Vung Ang 1, settlement of electricity payments and gas prices at Ca Mau 1 and 2, and adjustments to operation and maintenance provisions.CafeF CafeF classes these as non-recurring income. When comparing 2026 profit with 2027, the VND 2,476 billion therefore needs to be set aside.
Investment plan funded by extra equity
The investment plan was also raised. Realised investment on PV Power's standalone accounts rises to VND 2,545 billion, up more than 46% from the old plan. Of this, VND 1,883 billion goes to capital contributions to member units, VND 375 billion to capital construction and VND 287 billion to fixed assets and equipment.CafeF
Total disbursement under the new plan is VND 6,477 billion, up VND 806 billion, made up of VND 5,049 billion in equity and VND 1,428 billion in borrowings and other sources. Borrowings and other sources are unchanged, so the entire extra VND 806 billion comes from equity.Báo Pháp luật Việt Nam For scale, on September 30 PV Power's consolidated cash, cash equivalents and short-term deposits stood at more than VND 30,127 billion, against total borrowings and finance lease liabilities of about VND 39,525 billion.Doanh nhân trẻ
The market
On November 13, POW rose 3.57% to VND 13,050, with about 18.5 million shares traded. On November 10, the day the board approved the plan, it closed at VND 12,500. Those two marks show where the price has gone, but they are not enough to say the market is reacting to the new plan alone.
Which yardstick for the Q4 report
The post's conclusion is simple: the VND 4,973 billion plan is the official yardstick from November 10, but it is a yardstick set below what has already been earned. The "full-year plan completion" ratio will therefore exceed 100% when the Q4 report arrives, unless Q4 loses more than VND 1,926 billion. That ratio tells us little.
Two measures tell more, and both can be checked when the Q4 report is published. The first is Q4 output against the target of about 5.7 billion kWh: at or above it, power sales are keeping the pace the company set; clearly below, they are not. The second is Q4/2026 post-tax profit on its own in the consolidated accounts: a profitable Q4 means the full year beats the new plan by at least VND 1,926 billion.
To see how much profit can repeat, the most useful comparison is the 2027 plan PV Power will put to shareholders, set against 2026 profit after removing the VND 2,476 billion from settling lingering items.