WHAUP Reports Strong Q3/2025 Performance

WHA Utilities and Power Public Company Limited (WHAUP) announced robust financial results for the third quarter of 2025. The company recorded a normalized net profit of 500 million THB, up 82% year-on-year driven by increased capacity charge revenue from Data Center customers. WHAUP also declared an interim dividend of 0.060 THB per share, with an XD date on 27 November 2025 and a payment date scheduled for 11 December 2025. The company will move forward to expanding investment in the utilities and renewable energy businesses both inside and outside WHA Group's industrial estates, serving new growth potential customers.

WHA Utilities and Power Public Company Limited (WHAUP) informed the Stock Exchange of Thailand about its Q3/2025 performance, which realized total revenue and normalized share of profits of 1,288 million THB, resulting in a normalized net profit of 500 million THB, up 82% YoY. With foreign exchange impacts, net profit amounted to 487 million THB, up 502% YoY. For the first nine months of 2025, the company achieved revenue and normalized share of profits of 3,186 million THB, with normalized net profit of 960 million THB, up 0.3% YoY. Net profit including FX effects totaled 852 million THB, down 4% YoY. The company's water and solar power businesses continued to show strong growth, particularly water business revenue, which rose significantly in quarter 3 due to higher capacity charges from new customers, especially Data Centers.

Mr. Akarin Prathuangsit, Deputy Chief Executive Officer and Chief Operating Officer of WHAUP, revealed that its strategic investments in utility infrastructure are designed to meet growing demand from new customers in WHA Group's industrial estates, particularly Data Centers, which require high levels consumption. As a result, in Q3/2025, its utilities business (water) generated total revenue of 830 million THB, growing 29% YoY, primarily driven by 272 million THB in capacity charges from newly signed Data Center contracts. For the first nine months of 2025, total water revenue reached 2,047 million THB, up 10% YoY. WHAUP expects continued recognition of capacity charge income next year and additional water sales as new Data Center customers commence future operations.

In the power business, Q3/2025 saw a normalized share of profits of 275 million THB, increasing 26% YoY, mainly from improved margins at the Gheco-One Power Plant due to the decline in average coal prices from previously high levels, the energy margin has improved. For the 9M/2025, normalized share of profits from the power business stood at 597 million THB, down 13% YoY, The decrease was mainly due to lower share of profit from the SPP power plants, following the recognition of a one-time expense related to the settlement of past gas price subsidies, which resulted in higher natural gas costs in Q2/2025. In addition, in 9M/2024, the SPP recorded insurance compensation income, which did not recur this year.

The solar power business posted revenue of 352 million THB from Private PPA contracts in the first nine months of 2025, rising 18% YoY, supported by additional commercial solar capacity. By the end of Q3/2025, WHAUP signed a cumulative 322 MW of Solar Private PPA contracts and held total equity-based power purchase agreements of approximately 998 MW across all plants, including 709 MW in operation and 289 MW under construction or development.

Mr. Akarin added that the company continues to expand its investments in utilities and clean energy businesses through the development of new innovations and solutions to meet the growing needs of customers both inside and outside WHA Industrial Estates. This includes large data center operators, whose demand for water and clean energy is expected to increase significantly in the coming years. Recently, the company has signed Memorandum of Understanding (MOU) with several data center clients to provide clean electricity. This includes the Direct PPA model through Third-Party Access (TPA), which is promoted by the government. Moreover, the company also signed a MOU with the Provincial Electricity Authority (PEA) and PEA ENCOM International Co., Ltd. to jointly study the development of a reliable power system and an appropriate electricity distribution model for data center operations.

At the same board meeting, WHAUP's board approved an interim dividend of 0.060 THB per share for the first nine months of 2025, reflecting the company's strong operation and financial status. The XD date is set for 27 November 2025, with payment on 11 December 2025.

Meanwhile, TRIS Rating affirmed WHAUP's corporate and bond credit ratings at "A-" with a stable outlook, highlighting the company's strength as the sole utility provider in WHA's leading industrial estates in Thailand and Vietnam, continued growth in the solar power business, solid financial position, strong revenue and profit base, and sufficient liquidity.

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