Bangkok – WHA Corporation Public Company Limited (WHA Group) reported a strong Q1/2026 land sales surging to nearly 1,000 rai, driven by the global relocation megatrend to WHA Industrial Estate. Most recently, a major data center player secured over 900 rai, and negotiations continue with several clients in the data center, automotive and auto parts, electronics and electrical appliance sectors. The Group reaffirms its 2026 land sales target of 2,500 rai. The logistics business had an outstanding growth. Meanwhile the utilities and power sectors have shown a strong recovery, aligned with the rebound in the petrochemical, power plant, and automotive industries. For the first quarter, WHA Group reported normalized total revenue and share of profits at THB 3,294 million, with a normalized net profit of THB 1,445 million.
WHA Corporation Public Company Limited (WHA Group) reported its Q1/2026 performance, with total revenue and share of profits reaching THB 3,242 million and a net profit of THB 1,508 million. The Group’s normalized total revenue and share of profits stood at THB 3,294 million, a decline of 38%, while normalized profit recorded at THB 1,445 million, a decrease of 30% compared to the same period last year, which marked the highest quarterly profit record. The industrial estate business continued to grow in the first quarter, driven by investments from industrial clients, particularly in the data center sector. Meanwhile, the logistics business expanded significantly, supported by rising demand for short-term lease contracts. Also, the utilities business experienced a strong recovery, following increased water consumption from the power and petrochemical sectors.
Miss Jareeporn Jarukornsakul, the Chairman of the Executive Committee and Group Chief Executive Officer of WHA Corporation PCL or “WHA Group”, disclosed that for the Q1 performance, the industrial estate business highlighted by industrial land sales surging to 951 rai, the outstanding growth of the logistics business, and the continuous expansion of the utilities and power sectors, clearly reflects WHA Group’s potential for solid and sustainable growth.
Logistics Business: During the first quarter of 2026, the company secured new lease agreements for Built-to-Suit projects and ready-built factories/warehouses totaling 43,840 sq.m. Additionally, short-term lease contracts with high returns accounted for 63,385 sq.m. Currently, WHA Group owns and manages a total warehouse space of 3,221,676 sq.m. Recently, the company has also been awarded a contract by a leading chemical manufacturer and distributor to lease warehouse and factory space for the storage of dangerous goods, totaling more than 4,700 sq.m. In addition, the company is in ongoing negotiations with several major clients and expects to finalize agreements in the near future.
WHA Group continues to expand its logistics centers, with the WHA Mega Logistics Center Bangna-Trad KM. 23 (Inbound) and WHA Mega Logistics Center Theparak KM. 21 projects receiving positive feedback and achieving near-full occupancy. To meet rising customer demand, the company is accelerating the development of new projects, including WHA Mega Logistics Center Chonlaharnpichit KM. 4, Phase 2, which commenced construction in October, and WHA Mega Logistics Center Theparak KM. 21, Phase 3, now more than 50% complete. In addition, the Group is preparing to launch WHA Manufacturing Park 331 in a strategic logistics location to serve the continuous growth of industrial clients.
In Vietnam, the Group’s first logistics center within the Minh Quang Industrial Park, Hung Yen Province, has received an excellent response. As of the end of Q1/2026, the company secured additional lease agreements with several logistics service providers, driving the occupancy rate to surpass 80%.
Regarding the plan to sell assets and/or leasehold rights to WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust (WHART) and WHA Industrial Leasehold Real Estate Investment Trust (WHAIR), WHART unitholders recently passed a resolution approving an additional investment in assets covering over 99,390 sq.m., valued at THB 2,508 million. Meanwhile, the company is preparing to propose an investment in assets and related properties, totaling 45,000 sq.m. with an estimated value of THB 1,100 million for consideration at the WHAIR unitholders' meeting within Q2/2026.
Industrial Development Business: During Q1/2026, the company recorded total land sales of 951 rai against the full-year target of 2,500 rai, with 296 rai of land transferred. The Group also maintains a robust backlog of 1,426 rai, reflecting the strong demand for industrial land driven by the global relocation of investment and production bases to Southeast Asia. Global geopolitical uncertainties, particularly the U.S.-China trade war and the situation in the Middle East, have prompted foreign investors to seek countries offering stability and safety. Thailand has benefited significantly from these factors due to its strong fundamentals: well-developed infrastructure, efficient supply chains, a skilled workforce, and its potential as a strategic hub for the ASEAN connectivity. This trend is in line with the investment promotion applications in Q1/2026, which surpassed THB 1 trillion, a 2.4-fold increase year-on-year. The digital industry led the surge with the highest investment value of THB 873,741 million, accounting for 86% of the total. Meanwhile, Foreign Direct Investment (FDI) totaled THB 965,869 million, representing a remarkable 261% growth year-on-year.
“In February, the company signed a land purchase agreement for over 900 rai with a major data center operator, underscoring confidence in Thailand’s infrastructure and ecosystem to support digital and advanced technology. The Company is also in negotiations with several major clients across diverse sectors, including data center, automotive and auto parts, electronics, and electrical appliance sectors."
As of Q1/2026, the Group operates 17 industrial estates across Thailand and Vietnam. In Thailand, more than 10,230 rai is under construction or development, particularly the new WHA Eastern Seaboard Industrial Estate 5 (WHA ESIE 5) project, covering 7,250 rai, which has attracted strong interest, with first land transfers expected in Q2/2026. In Vietnam, the company has developed 4,241 rai (678.5 hectares), comprising WHA Industrial Zone 1 --Nghe An, in Nghe An province and WHA Smart Technology Industrial Zone 1 -- Thanh Hoa, in Thanh Hoa province, to meet steadily surging demand from international clients.
Utilities (Water) Business: In Q1/2026, total water sales and management volume reached 42.6 million cubic meters, up from the previous year. In Thailand, water sales rose 9% to 33.7 million cubic meters, mainly driven by higher demand for raw and industrial water from power plant and petrochemical customers, which increased 12% and 10%, respectively. Value-added water products also continued to expand, supported by new clients. In addition, the Company recorded THB 326 million in Capacity Charge revenue from major customers. In Vietnam, proportional water sales stood at 8.9 million cubic meters, a slight decrease due to lower demand from key clients in the Duong River project.
Power Business: In Q1/2026, solar power sales reached 76 GWh, a 55% year-on-year increase and maintaining strong growth momentum. The company signed 6 new solar power agreements totaling 22 MW, expanding its portfolio of Private PPA to 372 MW. Total proportional generating capacity now stands at 1,058 MW, consisting of 735 MW in operation (including 206 MW of renewable energy) and 323 MW under development, all of which are renewable energy projects.
WHAUP recently signed an MOU with Apex Circuit (Thailand) Co.,Ltd. to develop a 17 MW solar project, aiming to implement “Direct PPA” and Third-Party Access (TPA) models to enhance smart infrastructure. Although share of profits from the power business slightly declined this quarter due to maintenance at the Gheco-One Power Plant, performance is expected to recover in Q2-Q3/2026 following upgrades to enhance efficiency.
Digital Business: Building on last year’s successful transition into a technology-driven organization, WHA Digital is advancing its Digital & AI Transformation initiatives through key platforms. These include Mobilix Software Solution, an intelligent digital platform, and WHASApp, which features CO2ZERO for real-time carbon footprint management and WeCYCLE for recycling management. These initiatives significantly enhance operational efficiency across the Group.
At the same time, WHA Digital has unveiled a 3-year roadmap under the “Flight of the Future” project, aiming to establish an Intelligent Enterprise Ecosystem by 2028. This ecosystem is designed to integrate data, systems, people, and decision-making processes, while enhancing efficiency, enabling scenario forecasting, proactive planning, and agile adaptation to future growth. In parallel, the company is also focusing on talent development and fostering an AI-driven culture through the AI Playground project—a dedicated space to transform winning prototypes from the “WHA Hackathon 2025” into commercial products.
Mobility Business: The Group is accelerating its entry into the green logistics market under the Mobilix brand, positioning itself as Thailand’s first fully integrated green logistics solution provider. The business comprises three core services: comprehensive EV Rental Service, EV Charging Solutions for both corporate and public use, and Mobilix Software Solution, an intelligent digital platform for EV and battery management. As of the end of Q1/2026, the Company’s cumulative EV rental fleet reached 413 vehicles, reflecting the strong growth of the business and the rising demand for sustainable logistics solutions.
Beyond its Q1/2026 performance, WHA Group successfully completed its first debenture issuance of the year (No. 1/2026) in March, raising THB 3,500 million. The offering was oversubscribed by more than two times, reflecting strong investor confidence in the company’s growth and solid financial strength. In addition, the Annual General Meeting approved a total dividend payment for 2025 of THB 0.2107 per share. Following the interim dividend of THB 0.0669 per share already paid, the remaining THB 0.1438 per share will be distributed on 28 May 2026, underscoring the robust growth potential across all five business hubs.
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