WHAUP Reports First-Half Revenue of THB 1,898 Million and Normalized Net Profit of THB 460 Million Continues Business Expansion to Capture Surging Data Center Demand

Bangkok – WHA Utilities and Power Public Company Limited (“WHAUP”) announced its financial results for the first half of 2025, reporting a total revenue and normalized share of profit of 1,898 million Baht and normalized net profit of 460 million Baht. Meanwhile, CEO Somkiat Masunthasuwun affirmed the company’s proactive strategy to expand utilities services within WHA Group’s industrial estates, particularly high water-demand customers such as data centers.

WHA Utilities and Power Public Company Limited “WHAUP” has reported the Stock Exchange of Thailand about its H1/2025 financial performance with the total revenue and normalized share of profit of 1,898 million Baht and a normalized net profit of 460 million Baht, declined by 33%. With foreign exchange impacts, the company posted a net profit of 365 million Baht, down 54% year-on-year. The decline in normalized net profit was mainly due to the lower normalized share of profits from the power business, particularly from the Small Power Producer (SPP) segment which increase in natural gas costs was recorded due to compensation for the cost difference arising from the government’s past gas price fixing policy. Additionally, in the first half of last year, the company recognized special income from insurance claims. Nonetheless, revenue from the solar rooftop power business continued to grow steadily, supported by increasing installed capacity. Additionally, the normalized share of profit from the water business in Vietnam also posted a solid growth.

Mr. Somkiat Masunthasuwun, Chief Executive Officer of WHAUP, stated that the company remains committed to expanding its utilities and power businesses to support the growing needs of its customers, particularly those in the rapidly expanding tech and digital sectors. For the utilities business (water), WHAUP recorded the revenue from utilities business for the first half of 2025, revenue totaled 1,216 million Baht, largely unchanged YoY. Positive drivers included recognition of excessive charges from data center clients and growing sales of value-added water products, despite a decline in raw water and industrial water sales.

Internationally, water sales continued to grow, driven primarily by strong demand from the Duong River project. In the first half of 2025, WHAUP recognized 48 million Baht in profit share from its water business in Vietnam, grew by 21% YoY.

Looking ahead to the second half of 2025, WHAUP expects its water business to maintain strong momentum. The company continues to invest in expanding utility services within WHA industrial estates, particularly for data center clients, whose water demand is substantial. Revenue from this customer segment is expected to increase progressively in the second half.

In the power business, the solar rooftop segment for the first half of the year, revenue from the solar rooftop Private PPA totaled 241 million Baht, up 22% YoY. During the six-month period, the company signed 21 new solar rooftop project contracts, with a combined capacity of approximately 26 MW. As of the end of Q2/2025, the company had signed private PPA solar project contracts totaling 315 MW. The total equity-based power purchase agreements (PPAs) from all types of power plants reached around 991 MW, comprising 706 megawatts in operation and 285 MW under construction and development.

In terms of profit sharing from power investments, for the first half of 2025, the total normalized share of profit from the power business was 347 million Baht, a decrease of 31%. The main factor was the decline in the share of profit from SPP power plants, due to the recognition of a one-time expense related to the settlement of the gas price fixing mechanism borne by Government in the past, which resulted in higher natural gas costs. Additionally, in the first half of 2025, the company recognized none of income from insurance claims unlike last year.

For the latter half of 2025, WHAUP will continue to invest in renewable energy projects both within and outside WHA industrial estates. The company focuses on solar rooftop initiatives, direct PPA projects, and renewable energy projects under the Feed-in-Tariff (FiT) scheme.

Mr. Somkiat added that in May, WHAUP successfully issued its first tranche of debentures for 2025, worth 3.5 billion Baht. The offerings received overwhelming demand, reflecting confidence in the company’s solid business fundamentals from investors despite ongoing global economic uncertainties. Additionally, WHAUP was selected for inclusion in the ESG100 list by Thaipat Institute for the second consecutive year, highlighting the company’s strong commitment to environmental, social, and governance (ESG) principles in pursuit of sustainable growth.