Mitihoon – WHA Utilities and Power Public Company Limited (WHAUP) reported its solid 2025 performance, with total revenue and normalized share of profit amounting to THB 4,153 million, and normalized net profit of THB 1,173 million, representing increases of 5% YoY and 5% YoY, respectively. The strong results underscore the success of the company’s diversified business portfolio, supported by significant growth in capacity charge revenue from Data Center customers and solar power business. The Board of Directors has endorsed a dividend payment of THB 0.2525 per share, with the XD date scheduled for April 28, 2026, and payment date set for May 18, 2026. The company also signals continued business expansion into 2026, focusing on water management solutions and clean energy to meet rising demand—particularly from Data Center clients.
WHA Utilities and Power Public Company Limited (WHAUP) informed the Stock Exchange of Thailand about its 2025 performance that the company recorded total revenue and normalized share of profit of THB 4,153 million, with normalized net profit of THB 1,173 million, surging 5% YoY. Net profit, including foreign exchange impacts, stood at THB 1,016 million, decreasing 9% YoY. Key growth-drivers included the recognition of capacity charge revenue from Data Center customers, as well as strong growth in solar power business revenue.
Mr. Akarin Prathuangsit Chief Executive Officer of WHAUP, stated that the company’s water utilities business delivered total revenue of THB 2,647 million in 2025, growing 9% YoY. This was mainly driven by capacity charge revenue from new customers, particularly Data Center clients that signed contracts during the past year. The company expects to continue recognizing capacity charge revenue from Data Center customers in 2026, both from existing agreements and new contracts anticipated this year. Additional revenue from water sales will also be realized once these Data Center projects become operational. Meanwhile, the company’s share of profit from its water business investments in Vietnam continued to grow strongly. In 2025, WHAUP recognized a share of profit from the Duong River project of THB 92 million, increasing 19% compared to 2024.
For its utilities business, the company will continue expanding its integrated water solutions to support industrial growth, aligned with the expansion of WHA industrial estates particularly in technology industries and Data Centers, which are expected to be key growth drivers going forward. This will be complemented by the development of a Smart Water Platform and advanced environmental solutions, as well as strengthening ESG standards through the “Water Positive” concept to support tangible Net Zero goals.
For the power business, WHAUP’s solar rooftop segment continued to grow steadily in 2025. Revenue from Private PPA contracts totaled THB 507 million, rising 24%YoY, driven by additional commercial operation of solar capacity. By the end of 2025, the company had signed cumulative Solar Private PPA agreements totaling 350 MW. The total power generation capacity under equity-based Power Purchase Agreements across all power plants reached approximately 1,026 MW, comprising 715 MW in operation and 311 MW under construction and development. The company also signed multiple Memorandums of Understanding (MoUs) in 2025 to supply clean electricity to Data Center clients.
Normalized share of profit from the power business in 2025 amounted to THB 762 million, lowering 11%YoY. This was primarily due to lower profit contributions from SPP power plants, impacted by special expenses related to settlements from past natural gas price caps, resulting in higher gas costs in Q2 2025. Additionally, SPP plants recorded higher tax expenses in 2025, while in 2024 they benefited from insurance compensation income.
Looking ahead, WHAUP will continue expanding its clean energy portfolio, supported by the Direct PPA scheme and electricity market liberalization trends. The company will also leverage AI and data analytics to enhance power system forecasting and management, ensuring greater supply stability for customers. Strategic partnerships will be pursued to unlock new investment opportunities in renewable energy.
Based on its strong 2025 performance, the Board of Directors has resolved to propose a total dividend payment of THB 0.2525 per share for 2025 to the Annual General Meeting of Shareholders. After deducting the interim dividend of THB 0.060 per share already paid for the first nine months of 2025, the remaining dividend of THB 0.1925 per share will be paid. The XD date is set for April 28, 2026, with the payment scheduled for May 18, 2026.
Mr. Akarin concluded that the company’s commitment to sustainable business practices has led to notable recognition in 2025, including the Highly Commended Sustainability Awards at the SET Awards 2025 and an AAA rating in the SET ESG Ratings, the highest level. These achievements reflect WHAUP’s strong dedication to sustainability across all dimensions, while continuing to drive investments in water and clean energy businesses for long-term sustainable growth, in line with its mission: “WHA: SHAPE THE FUTURE FOR THAILAND ”
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