WHA Corporation Public Limited (SET: WHA or WHA Group) announced its 2025 operational results, with total revenue and share of profits of 18,232 million baht and a net profit of 5,135 million baht. Normalized total revenue and share of profits stood at 18,108 million baht, with normalized net profit reaching 5,261 million baht, an 16% year-on-year increase.
This achievement sets a new record high for the fourth consecutive year, reflecting continuous growth potential across all its business hubs. The Group also unveiled its 2026 business mission, “WHA: SHAPE THE FUTURE FOR THAILAND,” aimed at pioneering the new economy, unlocking opportunities for Thailand to embrace global megatrends, and strengthening its five core business hubs.
WHA Group targets 2026 total revenue and share of profits at 20,000 million baht, backed by a 16,500 million baht investment budget. Additionally, the Board of Directors approved a full-year dividend payment of 0.2107 Baht/share, up 10.5% (Y-Y), with an XD date of May 11, 2026, and payment on May 28, 2026.
Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group Chief Executive Officer of WHA Corporation Public Limited (WHA Group), stated, “2026 presents multifaceted challenges, including complex geopolitics, geoeconomic confrontations, volatile global trade dynamics, the impact of AI and data technology on industry, and increasingly stringent mandatory ESG trends and global trade measures. However, WHA views these as opportunities for Thailand to upgrade its infrastructure, clean energy initiatives, and integrated industrial ecosystem, to support the New Economy, particularly in such sectors as Electric Vehicles (EV), semiconductors, data centers, cloud computing, and renewable energy.”
Under the mission “WHA: SHAPE THE FUTURE FOR THAILAND”, the company is committed to enhancing organizational efficiency through the integration of platforms into a unified ecosystem, leveraging technology and innovation to generate value for all stakeholders.
In 2026, WHA Group will pursue its long-term vision through four strategies, aligned with global megatrends and economic opportunities:
- Extend Leadership: Consolidate domestic leadership and drive regional expansion.
- Embrace Technology: Harness digital technology to expand existing businesses and incubate new S-Curve opportunities.
- Highlight Green Commitment: Target Net Zero greenhouse gas emissions by 2050.
- Power Up Organization: Drive Digital Transformation to cultivate a high-performance organization.
WHA Group has allocated a total investment budget of 16,500 million baht for 2026, as follows: Industrial Estates, 9,000 million baht; Logistics, 3,700 million baht; Utilities & Power, 2,900 million baht; Mobility, 600 million baht; and Digital, 300 million baht. These investments support the company’s targets for 2026: a normalized revenue and share of profit of 20,000 million baht, an EBITDA Margin exceeding 45%, and a Net Debt-to-Equity ratio below 1.2x, demonstrating WHA’s strong financial position and sustainable growth.
Business Hub Performance and Outlook:
- Logistics Business – In 2025, WHA managed a total warehouse and factory area of 3,241,949 sq.m., securing new leases for an additional 204,437 sq.m. New projects, such as WHA Mega Logistics Center Bangna-Trad Km.23 and Theparak Km.21, achieved near-full occupancy. Its first logistics center in Vietnam, within Minh Quang Industrial Estate, Hung Yen Province, achieved over 60% occupancy.
For 2026, the company projects to expand assets under management to approximately 3,437,000 sq.m., targeting an additional 200,000 sq.m. in new leased areas. This expansion will occur through the development of new phases for WHA Mega Logistics Center Theparak Km.21 (Phase 3) and Cholaharnpichit Km.4 Project 2, and the launch of a new project, WHA Manufacturing Park 331. Simultaneously, WHA intends to divest assets and/or leasehold rights totaling 193,000 sq.m., valued at approximately 4,700 million baht, into the WHART and WHAIR trusts.
- Mobility Business (under Mobilix brand) – In 2025, Mobilix delivered a cumulative total of 387 EV rental vehicles. For 2026, the strategy focuses on strengthening its EV ecosystem, providing integrated services including EV rental, a charging station network, and the Mobilix Software Solution – a digital green logistics platform for electric vehicle and battery management, aimed to achieve a cumulative total of 637 EV rental vehicles.
- Industrial Development Business – WHA manages 17 industrial estates across Thailand and Vietnam, spanning a total area of 88,900 rai. In 2025, land sales reached 1,340 rai, with 2,074 rai transferred and a backlog of 770 rai awaiting transfer. LOI/MOU agreements for 1,632 rai are pending signature. In Q1 2026, an LOI/MOU for over 900 rai was converted into a sales contract with a client.
For 2026, WHA is developing smart eco-industrial estates, particularly WHA Eastern Seaboard Industrial Estate 5 (WHA ESIE5), covering 6,490 rai, with land transfers expected to commence in Q1 2026. In Vietnam, the company plans to expand its industrial zones in Nghe An and Thanh Hoa provinces, specifically WHA Smart Technology Industrial Zone 1 and 2 – Thanh Hoa, covering 2,210 rai, as well as in new provinces like Hung Yen and Da Nang, to accommodate production base relocations. The land sales target for 2026 is 2,500 rai, comprising 2,300 rai in Thailand and 200 rai in Vietnam.
- Utilities Business (Water) – In 2025, WHAUP recorded total water sales and management of 160 million cubic meters, with 122 million cubic meters in Thailand and 38 million cubic meters in Vietnam. For 2026, the target is to increase this to 170 million cubic meters. The company will leverage its Smart Water platform to enhance efficient water management. This is combined with the expansion of utilities and the development of reserve water sources, to meet the water demands of data center clients – which can be 12-16 times higher than normal industrial usage. WHAUP will also promote Water Reclamation solutions for water reuse and engage in the restoration and development of water storage facilities, ensuring long-term water resource sustainability.
- Power Business – In 2025, WHA’s equity-based power generation capacity totaled 1,026 MW, with 715 MW operational and 311 MW under development. In 2026, the company will continue to expand its renewable energy portfolio in Thailand and Vietnam, addressing the industrial sector’s demand for green energy and decarbonization pressures. WHA aims to achieve a cumulative Power Purchase Agreement (PPA) of 1,124 MW. This will be supported by the development of Solar Private PPA, Feed-in-Tariff, and Direct PPA projects, and other renewable energy solutions.
- Digital Business – In 2025, the Digital Business advanced WHA towards becoming a technology-driven organization through Digital Transformation and AI Transformation initiatives, along with continued development of technological and innovation capabilities within its workforce to strengthen its digital competencies. These efforts drive the organization towards an Intelligent Enterprise Ecosystem, aligned with its “Flight of the Future” roadmap by 2028.
For 2026, WHA Digital will focus on developing Mobilix Software Solution for electric vehicle (EV) and battery management to support the Mobility Business. It will also enhance WHASApp, a communication application for customers and WHA teams, to integrate features such as the CO2ZERO platform for carbon footprint management and facilitate waste recycling management through the WeCYCLE project.
Sustainability and Achievements
WHA Group affirms its commitment to a sustainability vision, guided by five core dimensions: 1. Environmental Stewardship, 2. Social Empowerment, 3. Responsible Governance and Innovation, 4. Leadership in Green Economy, and 5. Enabler for Sustainable Thailand. The company adheres to its “Turning Green to Growth” model, which views sustainability not as a cost, but as a business opportunity that balances business growth with sustainability initiatives.
This commitment is reflected in its 2025 national and international accolades. These include the Princess Maha Chakri Sirindhorn Royal Award for Leadership Excellence from TMA, ranking in the Top 1% by S&P Global CSA, the Best Innovative Company and SET Awards of Honor in the Sustainability Excellence category from SET Awards 2025. WHA sustained its ‘AAA’ SET ESG Ratings for the third consecutive year and received the AMCHAM Corporate Impact Awards at the Platinum level for the 16th year, along with the Excellent EIA Monitoring Awards. These recognitions highlight WHA’s leadership in sustainability and its provision of holistic industrial solutions.
Under the mission “WHA: SHAPE THE FUTURE FOR THAILAND”, WHA Group is committed to advancing Thailand into the New Economy. This is realized through investments in sustainable infrastructure and digital innovation, strengthening national competitiveness and establishing an ecosystem to support future industries for the long term.
