Bangkok, 13 May 2026 – WHA Utilities and Power Public Company Limited (WHAUP) reported strong Q1/2026 performance, recording total revenue and normalized share of profit of THB 1,003 million and net profit of THB 303 million, representing year-on-year growth of 7% and 35%, respectively. The strong results was driven by rising demand across all water products, while the solar rooftop business continued to expand significantly, with cumulative signed Private PPA capacity reaching 372 megawatts in response to growing decarbonization trends. Mr. Akarin Prathuangsit, Chief Executive Officer of WHA Utilities and Power PCL (WHAUP), signaled a continued growth momentum, positioning itself to capitalize on the government’s Power Development Plan (PDP) and Direct PPA policy initiatives, both of which are expected to further support business expansion and strengthen the company’s recurring income base.
WHAUP informed the Stock Exchange of Thailand about its Q1/2026 performance, reporting total revenue and normalized share of profit of THB 1,003 million, up 7% y-o-y, and net profit of THB 303 million, an increase of 35% y-o-y. Meanwhile, normalized net profit, excluding foreign exchange impacts, totaled THB 201 million, decreasing by 12% y-o-y. Its domestic water business recorded strong growth, supported by the recognition of Capacity Charge revenue from Data Center customers and increased water sales volumes, particularly from power plant and petrochemical customers. In addition, strong growth in solar power business revenue further contributed to the company’s robust overall performance.
Mr. Akarin stated that in Q1/2026, the utilities (water) business generated total revenue of THB 945 million in Q1/2026, representing a 64% growth y-o-y. The increase was mainly attributable to higher capacity charge revenue recognized from new customers, particularly Data Center operators that signed agreements last year. Meanwhile, total water sales and management volumes increased by 9% y-o-y, primarily driven by recovering demand from power plant and petrochemical customers.
In the power business, revenue from the solar rooftop business continued to grow during the first quarter of the year. The company recognized THB 163 million in revenue from Private PPA contracts, representing growth of 30% y-o-y, supported by an increase in commercially operational power generation capacity. As of the end of Q1/2026, the company had signed cumulative Private PPA project agreements totaling 372 MW.
In addition, during Q1/2026, the company signed an additional Feed-in Tariff (FiT) renewable energy power purchase agreement with the Provincial Electricity Authority (PEA) for one project with a capacity of 9.9 MW. As a result, the company has now completed the signing of all six renewable energy FiT projects, representing an equity capacity of 136 MW. Consequently, as of the end of Q1/2026, WHAUP’s total power generation capacity across all power plants, based on equity ownership, stood at 1,058 MW, comprising 735 MW in operation and 323 MW under development.
However, during the first quarter of this year, the company recognized a share of loss from investments in the power business amounting to THB 140 million, mainly due to the near-quarter-long maintenance shutdown of the GHECO-One power plant. However, the maintenance has now been completed, and the plant resumed operations at the end of March.
Mr. Akarin added that the company continues to closely monitor developments regarding the government’s Power Development Plan (PDP) and the liberalization of electricity trading through the Direct PPA framework, both of which are expected to become clearer during the third and fourth quarters of the year. These developments are anticipated to create significant growth opportunities for the company going forward.
Furthermore, on 22 April 2026, the shareholders’ meeting approved a dividend payment for the 2025 operating results at a rate of THB 0.2525 per share. This includes an interim dividend of THB 0.0600 per share already paid on 11 December 2025, and an additional dividend payment of THB 0.1925 per share scheduled for payment on 18 May 2026.
Most recently, WHAUP successfully completed its first bond issuance for 2026, with a total value of THB 4 billion offered to institutional and high-net-worth investors. The issuance included THB 1 billion in Green Bonds. The offerings received overwhelming investor interest and was oversubscribed, reflecting confidence in the company’s strong financial position and stable operating cash flow, as well as its commitment to ESG principles through environmentally friendly projects that meet the needs of industrial customers. This aligns with the company’s goal of becoming a leading utilities and power provider contributing to Thailand’s sustainable economic development.
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