WHA Group Reports Robust 1H/2025 Performance with Soaring Normalized Total Revenue and Share of Profit of THB 9,325 million, Up 32% YoY while Normalized Net Profit, Reaching THB 3,148 Million, Up 24% YoY — Set to Achieve All-Time High for the Fourth Consecutive Year

Bangkok – WHA Corporation Public Company Limited (WHA Group) reported strong performance for 1H/2025, with normalized total revenue and share of profit of THB 9,325 million, an increase of 32% YoY. The company also recorded normalized net profit rising to THB 3,148 million, up 24% YoY. Ms. Jareeporn Jarukornsakul, WHA Group’s CEO, expressed confidence in Thailand’s economic outlook despite facing several global challenges. She emphasized Thailand’s strategic geopolitical location and its role as a fully integrated supply chain hub, reliable energy and renewable power systems, and a skilled, capable workforce as key drivers to attract foreign investment. Further growth is anticipated in the second half of 2025, with plans to sign land sale contracts with customers from the electronics and electrical appliances, and automotive parts sectors, totaling more than 1,000 rai.

Ms. Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group CEO of WHA Corporation Public Company Limited (WHA Group), revealed the company’s 1H/2025 performance. WHA Group reported total revenue and share of profits of THB 9,398 million, representing an increase of 35% YoY, with net profit at THB 3,056 million, up 15% YoY. Normalized total revenue and share of profit stood at THB 9,325 million, an increase of 32% YoY, while normalized net profit reached THB 3,148 million, rising 24% YoY. This solid performance was driven by the strong growth across the Group’s five key business hubs: logistics, industrial development, utilities (water) and power, digital, and mobility. Particularly, the industrial development business continued to benefit from consistent foreign direct investment inflows, while the logistics business expanded on the back of increased rental area and revenue recognition from the asset monetization to WHART worth THB 808 million.  WHA Group continues to implement its strategic plan under the vision “WHA: WE SHAPE THE FUTURE”, aligning with national goals for long-term stability and sustainability.

Logistics Business: the company recorded exceptional growth, with total leased area under ownership and management reaching 3,163,552 sqm. the revenue and share of profit from rental property business in Q2/2025 and 1H/2025 amounted to THB 556 million and THB 1,048 million, respectively. Driven by strong demand from leading customers across multiple industries, the company signed new Built-to-Suit and ready-built factory/warehouse leases totaling 123,237 sqm, valued at THB 2,153 million, along with short-term leases for 46,540 sqm offering high returns. The company has also been awarded a contract by logistics service providers seeking to lease high-quality warehouse space totaling 32,000 sq.m., with a contract value of over THB 1,300 million.

WHA continues to expand in strategic locations across Thailand, with over 380,000 sqm of new projects underway, including: WHA Mega Logistics Center Chonlaphichit KM.4 (Phase 2), WHA Mega Logistics Center Theparak km.21 (Phase 3), WHA Mega Logistics Center Bangna-Trad KM.23 Inbound. Meanwhile, the first logistics center in Vietnam covering 37,500 sq.m. in the Minh Quang Industrial Park in Hung Yen province has received strong interest, with leasing contracts being signed constantly. WHA has also signed an MOU with the Thanh Hoa Provincial Government to explore the development of a logistics project on a 300-rai site.

“Recently, the company has successfully completed the sale of assets into WHART, totaling 32,524 sq.m. with a transaction value of THB 808 million. This marks significant progress toward the full-year target of asset monetization to WHART, which stands at approximately 70,000 sq.m. with an estimated total value of THB 1.5 billion.”

Industrial Development Business: the company achieved total land sales of 1,105 rai in 1H/2025. The revenue and share of profit from the land business in Q2/2025 and 1H/2025 amounting to THB 1,276 million and THB 4,857 million, respectively. The increase in 1H/2025 was driven by higher land selling prices and continued high transfer volumes, supported by strong foreign direct investment, particularly from on-going relocation and business expansion strategies into Southeast Asia. This trend aligns with Thailand’s investment promotion, which saw total investment application value surge 138% YoY to THB 1.05 trillion in 1H/2025. As of Q2/2025, the company had a backlog of 1,467 rai pending transfer and a robust pipeline of 1,427 rai in LOIs/MOUs, reflecting strong demand for industrial land.

“In Q2/2025, WHA signed a land purchase agreement with Beijing Haoyang to build a hyperscale data center valued at THB 72.67 billion, the largest in ASEAN, reinforcing Thailand’s leadership in digital infrastructure. Additional data center clients are currently in negotiations.”

Major customers from other sectors have also signed MOUs for land purchase, including: electronics and electrical appliance company totaling 530 rai, automotive parts manufacturers which have plans to purchase over 470 rai to set up production bases in Thailand. Land sales contracts are expected to be signed by 2H/2025.

WHA Group currently operates 16 industrial estates in Thailand and Vietnam, with 7 projects under development in Thailand totaling 8,900 rai. The latest project, WHA Eastern Seaboard Industrial Estate 5 (Phase 1 & 2), spans over 5,000 rai and is being developed under the “Smart Eco Industrial Estate” concept to support next-generation industries. The first land transfer is expected by Q1/2026.

In Vietnam, the company has developed 3,125 rai (500 hectares) of industrial land in WHA Industrial Zone 1 – Nghe An, Nghe An Province.  Furthermore, three additional projects totaling 3,353 rai (537 hectares) are planned for construction in 2025-2026.  The company also signed an MOU with the local governments in Thanh Hoa, Da Nang, and Hung Yen provinces for future industrial zone development.

Utilities Business (Water): the company saw continued growth for 1H/2025. The revenue and normalized net profit from investments in utility business in Q2/2025 and H1/2025 reached THB 824 million and THB 1,572 million, driven by domestic and international water sales and management. The total volume of water sales reached 40.3 million cubic meters in Q2/2025 and 80.3 million cubic meters in 1H/2025. The domestic water sales stood at 30.8 million cubic meters in Q2/2025 and 61.7 million cubic meters for 1H/2025. The slight decline YoY in domestic sales volume due to lower demand from power plants and petrochemical customers.  On the other hand, value-added water sales grew significantly by 29% YoY, fueled by new customer starting commercial operations. In Q2/2025, the company recognized THB 84 million in revenue from one-time charges for exceeding allocated water usage from high-volume customers.

In Vietnam, the company recorded total water sales, based on its equity stake, of 9.5 million cubic meters in Q2/2025 and 18.6 million cubic meters in 1H/2025. This reflects consistent growth, primarily driven by increased water sales from the Duong River project, which benefited from the expansion of service coverage to both existing and new customers.

Power Business: the company recognized revenue from solar power business in Q2/2025 and 1H/2025 of THB 123 million and THB 254 million, respectively. While normalized share of profit from investments in power business in Q2/2025 and 1H/2025 amounted to THB 162 million and THB 338 million, respectively. During Q2/2025, the company signed 13 new Private PPA contracts, with a combined installed capacity of approximately 11 megawatts, bringing its total Private PPA portfolio to 315 megawatts by the end of Q2/2025.  The total power generation capacity, on an equity basis, stood at 991 megawatts, of which: 706 megawatts are already operational (178 megawatts from renewable sources), and 285 megawatts are under development, all of which are renewable energy projects.

In 1H/2025, the company’s total solar energy sales reached 98 gigawatt-hours, marking an increase of 18% YoY. The growth trend is expected to continue, supported by over 100 megawatts of new projects currently under construction and scheduled for completion by the end of 2025. The company remains committed to expanding its renewable energy investments, both within and beyond its industrial estates in Thailand and overseas.

Digital Business: the company continues to accelerate its transformation into a technology-driven organization by cultivating an innovation-oriented corporate culture and executing digital transformation initiatives across all business dimensions. The company is actively exploring new business opportunities through platform development. Key highlights include “Mobilix Software Solution,” a smart digital platform for managing electric vehicles (EVs) and batteries, which has received positive market feedback. Additionally, WHA has introduced “WHASApp,” a proprietary communication application that revolutionizes engagement between customers and the WHA team. Recently, the app launched a new feature, “CO2ZERO,” which enables standardized carbon footprint data management and reporting. As of now, WHASApp has over 1,500 users. To further strengthen the Group’s business ecosystem, WHA is leveraging advanced technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT). Currently, 12 AI Transformation projects are under development, including the “Drone Inspection Solution” and the “IoX Platform for Solar.”

Mobility Business: the company is actively expanding its Built-to-Suit EV Ecosystem for Logistics under the "Mobilix" brand—Thailand’s first comprehensive and integrated electric vehicle (EV) mobility platform. This end-to-end solution covers the entire EV ecosystem and consists of three core services: EV Rental Service, a full-service electric vehicle rental offering; EV Charging Solutions, an on-premise and public EV charging infrastructure, including chargers and related equipment; and Mobilix Software Solution, an intelligent digital platform for managing electric vehicles and battery systems. As of Q2/2025, the cumulative number of electric vehicle rentals reached 372 units.

WHA Group's commitment to sustainable business practices is reflected in its achievements, including being recognized in the S&P Global Sustainability Yearbook for the 3rd consecutive year, achieving the top score (Top 1% S&P Global CSA Score in 2024) in the Real Estate Management & Development industry for the first time. The company has also been included in the ESG 100 list by Thaipat Institute for the 3rd consecutive year. Furthermore, WHAUP, a subsidiary, has been listed in the ESG 100 for the 2nd consecutive year, WHAIR for the 3rd consecutive year, and WHART for the 7th consecutive year.

WHA Group was also ranked among the “Top 50 ASEAN Public Listed Companies” for the first time under the 2024 ASEAN Corporate Governance Scorecard (ACGS), underscoring the company’s commitment to elevating its corporate governance practices to a regional benchmark. In addition, Group CEO Ms. Jareeporn Jarukornsakul was honored with the prestigious “Thailand Top CEO of the Year 2025” award in the Transportation & Logistics sector, reaffirming her leadership and the Group’s position as Thailand’s leading integrated logistics service provider.

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