EVNGENCO3 completes 31% of 2026 power output target in first 4 months

EVNGENCO3 reported electricity output of 9.77 billion kilowatt-hours in the first four months of 2026, up 2.06% from a year earlier and equivalent to 30.67% of its full-year target, according to an investor report released by the company.

In its April 2026 investor bulletin, EVNGENCO3 (HoSE: PGV) said April power generation reached 2.91 billion kWh, an increase of 5.24% compared with the same month last year.

Among its subsidiaries, Phu My Thermal Power Plant, with installed capacity of 2,540 megawatts, contributed the largest share of output, generating 2.92 billion kWh in the first four months and completing 25.87% of the year's target.

Meanwhile, Mong Duong Thermal Power Plant recorded the highest completion ratio at 37.79%, with output reaching 2.65 billion kWh, followed by Vinh Tan 2 Thermal Power Plant at 32.09%.

Revenue from electricity production at the parent company reached VND4.79 trillion ($181.9 million) in April. Cumulative revenue for the first four months totaled VND14.88 trillion ($565.03 million), fulfilling 30.88% of the company’s 2026 plan.

Earlier, in its Q1 consolidated financial statements, EVNGENCO3 reported pre-tax profit of VND913 billion ($34.67 million), nearly nine times higher than the same period last year.

The sharp increase was driven partly by improved profitability, with gross profit margin rising to 11.1% from 8.5% a year earlier.

The company’s ongoing balance sheet restructuring also contributed to earnings growth.

As of the end of the first quarter, EVNGENCO3’s short- and long-term bank borrowings had fallen to around VND25.2 trillion ($956.98 million), down 57% from nearly VND59 trillion about seven years ago. Over the past year alone, total loans and bank debt declined by nearly VND5 trillion, equivalent to a 16.3% reduction.

Lower borrowing levels significantly reduced financial expenses, supporting profitability. The ratio of loans and bank debt to total capital fell from 75.3% at the end of the first quarter of 2019 to 47.4% currently.

Total assets stood at approximately VND53.1 trillion ($2.02 billion) as of March 31, 2026. The combination of large-scale assets and declining leverage suggests the company is strengthening its financial position ahead of future investments.

Expanding into renewable and LNG projects

On project development, EVNGENCO3 said the expanded Buon Kuop and Srepok 3 hydropower projects had been included in Vietnam’s revised Power Development Plan VIII and its implementation roadmap. The company is currently completing procedures for investment approval and investor selection.

Floating solar projects on the reservoirs of Srepok 3 and Buon Kuop hydropower plants have also been added to the revised power plan, with investment approval procedures underway.

Meanwhile, the Ninh Binh flexible power plant project has received approval under the revised Power Development Plan VIII framework. The Long Son LNG power plant project received investment policy approval from the Ho Chi Minh City People’s Committee in March 2026 under Decision No. 1702.

For May 2026, EVNGENCO3 targets electricity output of 2.9 billion kWh.

The company said its priorities include ensuring safe and reliable operation of generating units during the 2026 dry-season peak, securing sufficient coal and gas supplies amid ongoing Middle East tensions, organizing its 2026 annual shareholders’ meeting on June 11, and accelerating investment procedures and partnerships for new energy projects, including hydropower expansion, solar power, LNG and flexible power generation.