NT2– Q3/2025 business performance maintains growth momentum
• In Q3/2025, NT2's revenue increased by 13% YoY (-7% YoY), while profit after tax – minority interest increased sharply (+384% YoY).• NT2's quarterly gross profit margin reached 10.6% (+7.1 pps YoY) thanks to a high contractual output (Qc) exceeding actual production and a 4% YoY decline in 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 Q4/2025, we expect the company's Qm and Qc output to improve by 20%/58% YoY, thanks to high mobilization demand in the year-end period.
• NT2's business performance in 2026 is expected to continue to improve thanks to (1) the ENSO cycle moving to the neutral phase, boosting gas-fired power mobilization, and (2) gross profit margin supported by stable fuel prices and a sharp decline in depreciation costs.
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