WHA Corporation Public Company Limited or WHA Group (SET: WHA) reported a strong 1H/2026 growth despite challenges in the global economy, driven by outstanding performance of its logistics, utilities and power businesses. The Group recorded normalized total revenue and share of profits of THB 6,454.3 million, a decrease of 30.8% (YoY), while normalized net profit stood at THB 2,084.5 million, down 33.8% year-on-year (YoY). Group Chief Executive Officer Jareeporn Jarukornsakul said the Group reveals an increased land transfers in the second half of the year, together with the sale of assets to REITs worth more than THB 3.7 billion. The Group is actively exploring opportunities to invest in clean energy.
WHA Corporation Public Company Limited (WHA Group) reported its 1H/2026 performance with total revenue and share of profits of THB 6,384.4 million, a 32.1% decline YoY, and net profit of THB 2,167.5 million, down 29.1% YoY. Normalized total revenue and share of profits stood at THB 6,454.3 million, down 30.8% YoY, while normalized net profit was THB 2,084.5 million, a 33.8% decrease YoY. For the second quarter, total revenue and share of profits amounted to THB 3,142.1 million, with net profit of THB 659.2 million. Normalized total revenue and share of profits stood at THB 3,160.3 million, down 20.4%, while normalized net profit was THB 639.6 million, declining 40.9% from the same quarter last year.
Miss Jareeporn Jarukornsakul, the Chairman of the Executive Committee and Group Chief Executive Officer of WHA Corporation PCL or “WHA Group,” said that amid geopolitical challenges and global economic uncertainties in 2026, WHA Group continues to pursue an aggressive strategy to achieve sustainable growth across its five business hubs, comprising:
Logistics Business: The logistics business delivered strong growth, with revenue and share of profits increasing 19.2% YoY during the first half of 2026. The company signed new lease agreements for Built-to-Suit projects and ready-built factories and warehouses totaling 52,989 sq.m., together with high-return short-term lease contracts covering 72,995 sq.m. As a result, the total warehouse space under management currently stands at 3,239,607 sq.m.
In the second quarter, the company also signed a lease agreement for more than 4,700 sq.m. of space for dangerous goods storage and received an award from a leading logistics service providers for an additional 38,158 sq.m., with a total contract value of more than THB 828 million. The company is also in negotiations with several major clients and expects to finalize agreements during the second half of 2026.
The WHA Mega Logistics Center Bang Na-Trad KM. 23 (Inbound) and WHA Mega Logistics Center Theparak KM. 21 projects have achieved near-full occupancy. The company is therefore accelerating the development of new phases in strategic locations, including WHA Mega Logistics Center Chonlaharnpichit KM. 4, Phase 2 (Phase 1), covering 60,000 sq.m., which is expected to be completed within this year; and WHA Mega Logistics Center Theparak KM. 21, Phase 3, covering 34,000 sq.m., which is expected to commence operations in early 2027. The company is also preparing to begin construction of its latest project, WHA Manufacturing Park 331, in the near future.
Meanwhile, the Group’s first logistics center in Vietnam, located in Minh Quang Industrial Park, has achieved a 100% occupancy rate. The company is accelerating the development of its next logistics project in Thanh Hoa Province, covering more than 37,000 sq.m., to accommodate continuously growing demand.
In addition, the company plans to sell assets and related properties to WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust (WHART) and WHA Industrial Leasehold Real Estate Investment Trust (WHAIR). Recently, WHART unitholders approved an additional investment in assets covering 99,390 sq.m., valued at THB 2,508 million, while WHAIR unitholders approved an additional investment in assets covering 45,329 sq.m., valued at approximately THB 1,235 million. The revenue recognition is expected in the second half of 2026.
Industrial Development Business: During the first half of 2026, the company recorded total 1,199 rai land sales, 217 rai under signed MOUs, 505 rai land transferred, and 1,464 rai backlog. The business continues to benefit from global geopolitical uncertainties, which are encouraging companies to relocate their investment to Southeast Asia. Thailand remains an attractive investment destination, supported by its well-developed infrastructure, supply chains, skilled workforce and strategic location.
This trend is in line with an investment promotion applications during the first half of the year, which reached THB 1.47 trillion, an increase of 37% from the previous year. Total FDI reached THB 1.36 trillion, representing an 80% year-on-year increase. These developments are complied with Thailand’s efforts to accelerate the development of smart infrastructure, industrial ecosystems and talent to support investment in future industries, including digital and technology, semiconductors, advanced manufacturing and clean energy, which are key drivers of the country’s transition toward the New Economy.
During Q2/2026, the company signed additional land sales of 248 rai and LOIs/MOUs awaiting to sign land sale agreement up to 217 rai, reflecting confidence in Thailand’s infrastructure and ecosystem to support wide ranging industries, including digital and advanced technology, automotive, consumer products, electronics and electrical appliance, and semi-conductor.
Additionally, the company is also accelerating the expansion of its industrial estate areas in Thailand. Currently, WHA Group operates 17 industrial estates/zones in Thailand and Vietnam, with 10,340 rai in Thailand under development or construction. The WHA Eastern Seaboard Industrial Estate 5 (WHA ESIE 5), covering 7,370 rai, has attracted strong interest from industrial customers. The company is therefore accelerating development to meet demand, with the first land transfer scheduled to take place this quarter.
In Vietnam, the company has developed 4,241 rai (678.5 hectares) at WHA Industrial Zone 1 – Nghe An in Nghe An Province. Meanwhile, WHA Smart Technology Industrial Zone 1 in Thanh Hoa Province has also begun attracting customers, with a number of LOIs/MOUs already signed.
Utilities (Water) Business: During the first six months of 2026, total water sales and management volume in Thailand and overseas reached 87.1 million cubic meters, driven by increased water consumption across all industrial customer segments. As a result, revenue and share of profits increased 26.7%.
In Thailand, water sales reached 68.1 million cubic meters, up 10%, mainly driven by higher water demand from power plant, petrochemical and automotive customers. In addition, the company recorded THB 58.7 million in Capacity Charge revenue from customers whose water consumption exceeded their allocated quotas.
The company has completed the expansion of water production and treatment capacity at WHA Eastern Seaboard Industrial Estate 5 (ESIE 5), Phase 1, with a capacity of 3.2 million cubic meters per year. It is also proceeding with the construction of new water production and treatment systems at WHA CIE1, WHA CIE2 and WHA ESIE3, with a combined capacity of 3.9 million cubic meters per year. The new systems are scheduled to commence operations in Q4/2026. During the first half of the year, the company secured additional contracts with major customers, bringing total contracted water volume to 17.5 million cubic meters per year. This will strengthen recurring income over the long term.
In Vietnam, water sales during the first six months of the year reached 19 million cubic meters, an increase of 2%, driven by demand from the Nghe An and Cua Lo projects.
Power Business: During the first six months of 2026, solar power sales reached 156.4 GWh, an increase of 60% Y-Y. The company also signed additional Private PPA agreements totaling 12 MW, bringing its cumulative Private PPA portfolio to 384 MW. Total proportional generating capacity stood at 1,070 MW, comprising 756 MW in operation, including 228 MW of renewable energy, and 314 MW under development, all of which are renewable energy projects.
Normalized share of profits from the power business rebounded strongly in Q2/2026 to THB 379 million, compared with a loss of THB 150 million in the previous quarter. The improvement was mainly driven by the Gheco-One Power Plant, which operated throughout the quarter without an outage.
The solar power business continues to expand its clean energy operations. Most recently, the company signed an MOU with Synphaet Co., Ltd. to explore direct renewable electricity trading under the Direct PPA model and the use of Third-Party Access (TPA) to the power grid. The company is also studying the development of Small Modular Reactor (SMR) nuclear power plants to provide stable clean energy and support the future growth of digital and advanced technology industries.
Mobility Business: The Company continues to strengthen its green logistics solutions through Mobilix, positioning itself as Thailand’s first fully integrated green logistics solution provider. The business covers three core services: 1) EV Rental Service, 2) EV Charging Stations, and 3) Mobilix Software Solution, an intelligent platform for vehicle and battery management. The EV rental business continued to grow, with the cumulative EV rental fleet reaching 414 vehicles as of the end of Q2/2026.
Digital Business: The company continues to drive digital transformation through key platforms, including Mobilix Software Solution and WHASApp, which features CO2ZERO for real-time carbon footprint management and WeCYCLE for recycling management, enhancing operational efficiency across the organization.
WHA Digital has also unveiled its three-year “Flight of the Future” roadmap, aiming to establish an Intelligent Enterprise Ecosystem by 2028. The initiative is designed to connect data, systems and people, enabling the organization to forecast and adapt rapidly to changing conditions. The company is also developing talent and fostering an AI-driven culture through three key initiatives: AI Playground, Insight Now and WHA AI Level UP. These initiatives aim to accelerate the practical adoption of AI, enhance organizational efficiency and create new business opportunities over the long term.
“The success achieved during the first half of the year further reinforces our position as a global sustainability leader, as reflected in several prestigious recognitions. WHA Group was ranked No. 1 globally (Top 1%) in the Real Estate Management category in the S&P Global Corporate Sustainability Assessment (CSA) 2025 for the second consecutive year and was included in the S&P Global Sustainability Yearbook 2026 for the fourth consecutive year.
At the regional level, WHA Group was also named among the largest companies in Southeast Asia in the Fortune Southeast Asia 500 2026, reflecting our strong financial position and robust growth. We remain committed to our mission, ‘WHA: SHAPE THE FUTURE FOR THAILAND,’ as we continue to drive our businesses and investments toward the New Economy.”
