NT2 – Q2/2025 wholesale improvement of business result
• In Q2/2025, NT2's revenue decreased slightly (-5% YoY), while the company's NPAT-MI increased sharply by 167% YoY.• NT2's quarterly gross profit margin reached 17.6% (+11.7 pps YoY) thanks to high contracted volume (Qc) (+21% YoY) exceeding actual production and stable gas fuel prices.
• In 2025, NT2 benefits from an unusually high alpha rate and Qc output exceeding actual production, but this trend is unlikely to last and may return to 85–90% from 1Q2026.
• In Q3, we expect the company's output to improve, thanks to hydrological conditions that limit the level of hydropower output mobilized in the quarter, creating room for growth for the gas-fired group.
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