At its annual shareholders' meeting on Tuesday, the company (HoSE: PGV) - a subsidiary of state-owned Vietnam Electricity (EVN), said it was targeting revenue of VND47.86 trillion ($1.82 billion) and pre-tax profit of nearly VND2.25 trillion ($85.33 million) for 2026.

General director Le Van Danh said the firm generated more than VND19.9 trillion ($756 million) in revenue through the end of May, achieving 41.6% of the year's target. Profit reached nearly VND1.33 trillion ($50.38 million), or 54.9% of the full-year goal.

"We are reviewing our first-half results, but based on performance through May, we are confident of achieving the 2026 pre-tax profit target of nearly VND2.25 trillion ($85.33 million) approved by shareholders," Danh said.

Management said electricity demand remains robust and that continued optimization of plant operations should support the company's business objectives for the year.

LNG, battery storage key to energy transition

Alongside its financial performance, EVNGENCO3 outlined plans to expand into liquefied natural gas (LNG) and battery energy storage as part of its long-term growth strategy.

The company said domestic gas supplies, particularly from Block 06.1 in the Nam Con Son Basin, are declining significantly. Current production in southeastern Vietnam can supply no more than about 10 million cubic metres of gas per day, increasing the importance of LNG imports for gas-fired power generation.

To bridge the supply gap, LNG from PV Gas's Thi Vai LNG terminal is currently serving the Phu My and Nhon Trach power plants, while the Cai Mep LNG terminal is expected to begin trial operations in early July.

EVNGENCO3 said it plans to hold competitive tenders among LNG suppliers to optimize procurement costs rather than relying on a single source. Delivered LNG prices during May and June have been around $20 per million British thermal units (mmBtu).

The company is also advancing battery energy storage projects after EVN assigned subsidiaries to develop BESS facilities to enhance grid reliability and meet peak demand, particularly in northern Vietnam. Around 700-800 megawatts of battery storage capacity is expected to be commissioned nationwide this year.

EVNGENCO3 aims to develop approximately 300 MW of battery storage by 2030, prioritizing installations at existing power plants to leverage available land and grid connections.

The company said such systems would improve energy shifting capabilities, increase electricity supply during peak hours and enhance overall grid flexibility.

Expanding LNG and renewable investments

Chairman Dinh Quoc Lam said several large LNG projects are awaiting final government mechanisms, including guaranteed offtake arrangements covering around 75% of output and power purchase agreements with terms of 15 to 20 years, both of which are considered essential for securing project financing.

EVNGENCO3 continues to pursue the Long Son LNG project with partner Nebula. Rather than investing directly in LNG import terminals, the company intends to procure gas through competitive tenders, reducing investment risks while utilizing existing supplier infrastructure, Lam said.

In renewable energy, the firm is developing four floating solar projects at the Serepok 3 hydropower reservoir in Dak Lak province and at the Dong Nai 2 and Ninh Gia reservoirs in Lam Dong province, with combined planned capacity of about 287 MW.

Management said planning and land-related issues have largely been resolved, with investment approvals expected by late June or July under the framework of Resolution 284. The projects are targeted to begin operations during 2027-2028, with all electricity output expected to be sold to Vietnam Electricity.

Capital increase planned to support growth

Shareholders also sought clarification on EVNGENCO3's capital raising plans and the future ownership structure of parent company EVN.

According to chairman Lam, the company plans to issue additional shares between 2026 and 2028 to increase charter capital by approximately 20% to 25%, providing funding for new investment projects.

Beyond 2028 and toward 2030, EVN is expected to retain a controlling stake of more than 51% in the company in line with government policy.

In addition to conventional power generation projects, EVNGENCO3 is working with Nebula to study investments in power supply infrastructure for data centers. The company said investment documentation is being finalized and that it may convene an extraordinary shareholders' meeting later this year to disclose further details.

Backed by strong earnings momentum and plans to expand into LNG, battery storage, floating solar power and data center infrastructure, EVNGENCO3 is positioning itself for a new phase of growth. However, the pace of major projects will depend heavily on the completion of Vietnam's policy framework for LNG-fired power and the company's ability to secure financing.