Dear Valued Shareholders, Partners, Customers, and all members,

In 2025, Power Generation Joint Stock Corporation – JSC (EVNGENCO3) remained steadfast in pursuing its sustainable development objectives, leveraging internal strengths as the foundation for continuous growth. Building on its core competencies in the operation and maintenance of large-scale power plants, EVNGENCO3 effectively utilized existing resources while progressively enhancing and expanding its energy value chain, including power project investment and development, electricity trading, operation and maintenance services, and energy services (EPC, DPPA, etc.). These efforts have contributed to strengthening the Corporation’s competitiveness, diversifying revenue streams, and creating sustainable value for shareholders.

With close direction and timely support from the Vietnam Electricity, as well as strong coordination from ministries, agencies, and local authorities, EVNGENCO3 demonstrated unity and adaptability in the face of various challenges, successfully navigating a difficult year and achieving encouraging results.

In 2025, EVNGENCO3’s total power generation reached 26.754 billion kWh; consolidated total revenue amounted to VND 44,130 billion; and profit before tax reached VND 4,297 billion.

In 2025, construction investment activities have made significant progress. New power source projects being researched and developed by the Corporation have been approved in the adjusted National Power Development Plan and Implementation Plan for the 2021–2030 period, with a vision to 2050. These projects are currently proposing investment policies while simultaneously granting approval to investors.

In addition, the Corporation has completed the organizational restructuring, continuing to innovate and enhance corporate governance capacity in an open and flexible manner, promoting decentralization and delegation of authority; focusing on digital transformation, AI application, data-driven management based on centralized data platforms, training high-quality human resources, ensuring transparency in operations, and disclosing information to the governance of publicly listed joint-stock companies, gradually aligning with international best practices (OECD). The year 2025 marks the second consecutive year that EVNGENCO3 has been honoured in the Top 20 Best Annual Reports – Non-Financial sector. This serves as a well-deserved recognition of the Corporation’s tireless efforts to cultivate a professional and transparent image as a listed entity, whilst evolving into a modern and sustainably developed power utility model

Ladies and gentlemen,

Entering 2026, the global economic and geopolitical landscape continues to evolve in a complex and unpredictable manner. Geopolitical tensions across various regions, the rising trend of trade protectionism, new tariff policies introduced by major economies. In addition, significant volatility in fuel prices, exchange rates, and global interest rates continue to exert considerable pressure on energy supply chains, input costs to the power generation corporations. Domestically, Vietnam is entering a new phase of development, targeting double-digit economic growth, promoting science and technology, developing strategic infrastructure, and attracting high-quality investment capital. This is expected to drive robust growth in electricity demand, requiring the power sector in general, and EVNGENCO3 in particular, to continuously enhance supply capacity and ensure the safe, stable, and uninterrupted operation of the power system, thereby contributing to the safeguarding of national energy security.

Accordingly, EVNGENCO3 identifies 2026 as a pivotal year in the 2026 – 2030 five-year plan through optimizing operations, improving unit availability, enhancing condition-based maintenance, and applying digital transformation in technical management.

The Corporation focused on ensuring electricity output meets the plan (expected to increase by 15% compared with 2025), while accelerating investment in new power sources, with emphasis on hydropower expansion projects, floating solar power, flexible power sources, and LNG-fired power plants. To mobilize resources for the development of power projects in line with the revised Power Development Plan VIII, EVNGENCO3 is formulating and submitting to EVN a restructuring plan for the 2026–2030 period, including a proposal to increase charter capital through share issuance.

Building on its internal strengths, spirit of innovation, and strong commitment to contribution, EVNGENCO3 enters 2026 with firm confidence in a new phase of development. On behalf of the Management of EVNGENCO3, we would like to express our sincere appreciation to our shareholders for their continued trust and support, and to our customers and partners for their effective cooperation throughout 2025 and over the years. We also extend our deepest gratitude to all employees for their responsibility, dedication, and significant contributions to the Corporation’s growth and the strengthening of the EVNGENCO3 brand.