REE – Business results Q4/2025: Profit slips despite improved revenue
• In Q4/2025, REE achieved revenue of VND 2,881 billion (+23.2% YoY) thanks to a breakthrough in the refrigeration M&E revenue segment (+78% YoY). However, Net Profit After Tax – Interest of Minority (NPAT-MI) decreased by 8.7% YoY to VND 619 billion due to pressure on management costs.• Gross profit margin decreased to 36.1% due to the increase in operating costs of E-town 6. Despite the breakthrough in M&E revenue, the value of newly signed contracts in 2025 decreased by 14% YoY, reflecting the challenge of maintaining long-term workloads.
• In 2025, NPAT-MI reach VND 2,528 billion (+26.8% YoY). This positive result is thanks to the 30% YoY growth in hydropower production and the strong profit recovery from the Water business.
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