External broker reports(aggregated public sources), Rong Viet Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Petrovietnam Technical Servi / Equity Bottom-Up

<ul><li>In 2025, we expect PVS to achieve revenue of VND33,317 billion (+39.5% YoY) and NPATMI of VND1,193 billion (+1% YoY).</li><li>The main growth driver is the M&amp;C segment, while other businesses segments are expected to maintain stable momentum.</li><li>We estimate that PVS will record revenue ofUSD937 million from M&amp;C projects, with offshore projects contributing over 96% of the revenue, including key projects such as Block B - O Mon, Yellow Camel, and offshore wind projects (Greater Changhua and Bantical Phase 2).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

In 2025, we expect PVS to achieve revenue of VND33,317 billion (+39.5% YoY) and NPATMI of VND1,193 billion (+1% YoY).The main growth driver is the M&amp;C segment, while other businesses segments are expected to maintain stable momentum.We estimate that PVS will record revenue ofUSD937 million from M&amp;C projects, with offshore projects contributing over 96% of the revenue, including key projects such as Block B - O Mon, Yellow Camel, and offshore wind projects (Greater Changhua and Bantical Phase 2).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PVS - Growth Potential from the M&C Backlog of Key Projects