WHA Utilities and Power Public Company Limited (SET: WHAUP) disclosed its performance for the first nine months of 2026, generating a normalized net profit of 1,096 million baht, an increase of 14% compared to the same period last year. The growth was driven by increased water sales volume across all product lines, alongside sustained operational growth in the power business. The company approved an interim dividend payout of 0.060 baht per share, with the ex-dividend (XD) date scheduled for 25 November and payment due on 11 December 2026. WHAUP expects continued growth from Q4/2026 onwards, propelled by increasing water demand as data center customers gradually commence commercial operations.
For the three months ended September, the company recorded total revenue and share of profits of 1,120 million baht, while normalized net profit stood at 393 million baht, representing a decrease of 21% YoY. For the first nine months of 2026, WHAUP reported total revenue and normalized share of profits of 3,381 million THB and normalized net profit of 1,096 million baht, an increase of 14% YoY. Meanwhile, normalized net profit, including the impact of foreign exchange fluctuations, reached 1,255 million baht, surging 47% YoY. The company’s water and solar power businesses continued to deliver steady growth, contributing to its overall operating performance.
Mr. Akarin Prathuangsit, Chief Executive Officer of WHA Utilities and Power Public Company Limited (WHAUP), revealed that for the third quarter of 2026, the company’s total revenue from its water utility business stood at 626 million baht, a decrease of 25% year-on-year (YoY). For the first nine months of 2026, total revenue from the water business reached 2,264 million baht, an increase of 11% YoY. The decline in water business revenue in Q3/2026 was primarily attributable to lower capacity charge revenue compared with the same period last year, the company recognized 272 million baht in capacity charges from new clients, specifically data centers with whom contracts had been signed earlier. Excluding these capacity charges which are classified as other operational revenue, the company’s revenue from water sales and management in the third quarter of 2026 would have grown by 9% YoY. This growth was driven by an increase in sales volume across all product categories, particularly industrial water and raw water, reflecting higher demand from clients in the petrochemical and power plant sectors.
Furthermore, WHAUP continues to expand its water production capacity and distribution systems across WHA industrial estates to accommodate escalating demand, alongside developing reserve water sources to serve industrial estate tenants, particularly new clients in the data center sector.
In the power business, regarding the solar rooftop power generation segment, the company recognized total revenue from Private Power Purchase Agreements (Private PPAs) of 161 million baht in Q3/2026, up 44% YoY. This brought total recognized Private PPA revenue for the first nine months of 2026 to 493 million baht, an increase of 40% YoY. During the first nine months of 2026, the company executed 23 additional solar rooftop contracts with a total capacity of approximately 43 megawatts (MW). Consequently, at the end of Q3 2026, cumulative signed Solar Private PPA contracts reached 393 MW, while cumulative equity-adjusted power purchase agreements across all power plant categories stood at approximately 1,079 MW, comprising 771 MW in commercial operation and 308 MW under construction and development.
Regarding the normalized share of profit from power business investments, the company recognized a normalized share of profit from the power business of 304 million baht in Q3/2026, an increase of 2% YoY. This was primarily driven by higher profit share contributions from the GHECO-One power plant as a result of improved energy margins. However, taking into account cumulative performance for the first nine months of 2026, the company recognized a normalized share of profit from power business investments of 532 million baht, down 18% YoY, owing to an extensive maintenance shutdown at the GHECO-One power plant for almost the entire duration of Q1/2026.
Mr. Akarin added that WHAUP remains confident in its water and power divisions serving as continuous growth drivers for the company. Water consumption is anticipated to accelerate from Q4/2026 onwards, driven by the phased commencement of commercial operations among data center clients. Simultaneously, ongoing commercial operation dates (CODs) across the company’s solar rooftop portfolio will reinforce power segment expansion. Regarding next-phase power business development, WHAUP is preparing for Direct Power Purchase Agreements (Direct PPA) trading via national grid infrastructure and potential participation in the community power plant project, while actively tracking investment opportunities under Thailand’s updated Power Development Plan (PDP).
Reflecting strong operational performance for the nine-month period and a robust financial position, the Board of Directors approved an interim dividend payout of 0.060
baht per share for the first nine months of 2026. The ex-dividend (XD) date is set for 25 November 2026, with dividend distribution scheduled for 11 December 2026.
Concurrently, TRIS Rating Co., Ltd. (TRIS Rating) affirmed WHAUP’s corporate and senior unsecured debt ratings at ‘A-‘ with a ‘Stable’ rating outlook. The credit rating reflects WHAUP’s competitive strength as the sole utility service provider in leading WHA industrial estates across Thailand and Vietnam, alongside the growth of its clean energy portfolio and adequate liquidity to support long-term business expansion.
In addition, the company received the Outstanding Investor Relations Award at the SET Awards 2026, co-hosted by the Stock Exchange of Thailand and Money & Banking Magazine. The accolade reflects the company’s commitment to exemplary investor relations, emphasizing accurate, complete, transparent, and timely information disclosure, as well as proactive communication and positive relationship-building with shareholders, investors, analysts, and key stakeholders to build long-term confidence in its business operations and growth potential.
