WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — Q1 2025 Earnings Presentation
48 slides from WHA Utilities and Power Public's earnings presentation, May 19, 2025
Slide 1: Opportunity Day Q1'2025
WHAUP WHA UTILITIES AND POWER PCL Opportunity Day Q1’2025 19 May 2025 11
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in WHA Utilities & Power Public Company Limited (“WHAUP” and shares WHAUP
Slide 3: Agenda
I. COMPANY OVERVIEW II. Q1’2025 OPERATING PERFORMANCE III. Q1’2025 FINANCIAL PERFORMANCE 33
Slide 4: Company Overview – Utilities Business
I.COMPANY OVERVIEW COMPANY OVERVIEW – UTILITIES BUSINESS Sole provider of utilities to manufacturers/ factories in leading industrial estates with a concrete plan to capture increasing demand from heavy users and expansion outside i.e. other IEs, non-IE area and international Industrial Water Value-
Slide 5: WHAUP is the flagship company in utilities & power business of WHA Group
I.COMPANY OVERVIEW WHAUP IS THE FLAGSHIP COMPANY IN UTILITIES & POWER BUSINESS OF WHA GROUP Utilities & Power ▪ #1 Logistics developers, with more ▪ #1 Industrial Estate Developer ▪ Exclusive utilities provider in the ▪ To be one-stop service for Data ▪ Officially introduced MOBILIX, than 3.11 milli
Slide 6: Company Overview – Power Business
I.COMPANY OVERVIEW COMPANY OVERVIEW – POWER BUSINESS Renewable energy portfolio Active power provider and investor with strategic partnership with leading Thai and international power companies 2020 12% Conventional Waste to Energy Total 601 528 MWeq 3 MWeq eq MW 88% Renewable 12% (Solar, Waste-to-E
Slide 7: Q1'2025 Financial Highlight
I.COMPANY OVERVIEW Q1’2025 FINANCIAL HIGHLIGHT UTILITIES BUSINESS Revenue, Normalized Share of Profit and Dividend Income 937 MB (-10% YoY) Continued growth in Vietnam utilities business, despite Revenue softening performance in Thailand. - Utilities Business /1 577 MB (-6% YoY) • Domestic utilities
Slide 8: Awards & ESG Recognition
I.COMPANY OVERVIEW AWARDS & ESG RECOGNITION SET ESG RATING 2024 ESG100 Ranking Excellent CGR Scoring CAC Membership Certification ESG 100 AAA AGM Scoring 100% scoring WHAUP has achieved an “AAA” The ESG100 ranking, compiled by Thaipat rating in the SET ESG Ratings 2024 Institute's ESG Rating unit si
Slide 9: 2029 Key Sustainability Targets and Goals
I.COMPANY OVERVIEW 2029 KEY SUSTAINABILITY TARGETS AND GOALS Reduce absolute emission scope 1 and 2 GHG Emissions Reduction from base year 2021 2050 by 37% 2029 by and by 42% by 2030 per SBTi SUSTAINABLE DEVELOPMENT Renewable Energy 1,200 MW equity in Renewable Energy, 100% of Water Plants’ Capacity
Slide 10: Agenda
I. COMPANY OVERVIEW II. Q1’2025 OPERATING PERFORMANCE III. Q1’2025 FINANCIAL PERFORMANCE 10 10
Slide 11: Utilities Business – Total Sales and Management Volume
II.Q1’2025 OPERATING PERFORMANCE UTILITIES BUSINESS – TOTAL SALES AND MANAGEMENT VOLUME 3M • Domestics Sale volume in Q1’25 decreased by 5% YoY primarily due to lower revenue from raw water sales, and lower industrial water demand due to lower water consumption from petrochemical customers. • Sale v
Slide 12: Utilities Business Expansion
II.Q1’2025 OPERATING PERFORMANCE UTILITIES BUSINESS EXPANSION New Utilities contracts in Q1’25 Projects in Pipeline WHA ESIE3.1 o Total plant capacity: Total contracted capacity Water = 7.3 million m3 per year. 10.4 Wastewater = 2.2 million m3 per year Million m3 per year o Expected COD in 2025 Indu
Slide 13: Digital Utilities Operation and New Utilities Solutions
II.Q1’2025 OPERATING PERFORMANCE DIGITAL UTILITIES OPERATION AND NEW UTILITIES SOLUTIONS Smart Water Solutions Beyond Water Automated Remote Monitoring Reduce Water Expand our utilities portfolio beyond water supply Process and Control Loss and wastewater management services Commercialize Smart Wate
Slide 14: Power Business – IPP Group
II.Q1’2025 OPERATING PERFORMANCE POWER BUSINESS – IPP GROUP 3M IPP Business: Q1’25 (A) vs Q1’24 (A): GHECO-One: • Lower energy dispatch in Q1’25 compared to Q1’24 (940 GWh in Q1’25 vs 1,204 GWh in Q1‘24) • 28-day reserved shutdown in Q1’25 vs nil in Q1’24 • Higher availability factor at 97% in Q1’25
Slide 15: Power Business – SPP Group
II.Q1’2025 OPERATING PERFORMANCE POWER BUSINESS – SPP GROUP 3M SPP Business: Q1’25 (A) vs Q1’24 (A): • Total energy sales decreased by -4.0% derived from -5.1% lower EGAT dispatch and -0.7% lower IU demand • Lower availability factor of 89.4% on average. (vs 92.6% in Q1’24). • GTS4 had performed C-i
Slide 16: Power Business – Solar Energy Dispatch
II.Q1’2025 OPERATING PERFORMANCE POWER BUSINESS – SOLAR ENERGY DISPATCH • Solar energy dispatch continued to increase in accordance with growing capacity under operation (125 MW as of Q1’24 vs 154 MW as of Q1’25) 3M Unit : GWh +44.4% 14.8% 49.3 43.0 2.3 34.2 2.1 1.2 47.1 40.9 +15% 33.0 +43% QoQ YoY
Slide 17: Power Portfolio
II.Q1’2025 OPERATING PERFORMANCE POWER PORTFOLIO + 220 MW YoY Q1’2025: Total Secured 980 Equity MW Total Secured PPA Equity MW 1,185 Equity MW 2025 Target Renewable 452 Equity MW 704 Operating Equity MW Solar Private PPA Projects Projects Under Developments COD in 2025 100+ MW Conventional Selected
Slide 18: Power Portfolio (Cont'd)
II.Q1’2025 OPERATING PERFORMANCE POWER PORTFOLIO (CONT’D) Selected New Projects signed in Q1’25 Selected Projects Commissioning in Q1’25 8 projects 3 New projects signed with customers in Q1’2025 MW COD in Q1’2025 LLIT Vaneda Food Capacity 5.1 MW Capacity 0.9 MW 15 MW New total megawatts capacity si
Slide 19: Delivering Innovation & Smart Energy Solutions
II.Q1’2025 OPERATING PERFORMANCE DELIVERING INNOVATION & SMART ENERGY SOLUTIONS Start Trading in P2P Platform Enlarge Carbon Credit Portfolio The International Attribute Tracking Standard (Founder of I-REC) WHA ESIE2 100,615 140,000 REC/year Registered REC/year Registered Market 1 49 Potential Consu
Slide 20: Target Deliverables
II.Q1’2025 OPERATING PERFORMANCE TARGET DELIVERABLES Target Water Sales & Managed Volume Target Total Secured PPA Total Water Supply 40 173 & Wastewater Management Million m3 Million m3 Total Secured PPA Equity MW 980 1,185 Volume MW MW ▪ Vietnam’s Total Water Supply and Wastewater 9 41 Management V
Slide 21: Agenda
I. COMPANY OVERVIEW II. Q1’2025 OPERATING PERFORMANCE III. Q1’2025 FINANCIAL PERFORMANCE 21 21
Slide 22: Financial Highlight Q1'25 vs Q1'24
III.Q1’2025 FINANCIAL PERFORMANCE FINANCIAL HIGHLIGHT Q1’25 VS Q1’24 Unit : MB Q1’24 Q1’25 YoY Remarks 1. Total Revenue, NSOP and Dividend 1,046.5 936.7 -10% Income 1.1 Total Revenue 729.3 722.7 -1% - Mainly from decreasing revenue from raw water and - Utilities Business 611.1 576.7 -6% industrial w
Slide 23: Continuous Growth of Revenue from Solar Energy Business
III.Q1’2025 FINANCIAL PERFORMANCE CONTINOUS GROWTH OF REVENUE FROM SOLAR ENERGY BUSINESS Revenue from Solar business increased by 7.4 times since 2020 Unit : MB Solar Private PPA Revenue in Q1’25 408 = 126 MB (+ 45% YoY) 333 207 137 55 2020 2021 2022 2023 2024 2025F 23 23
Slide 24: Power Business – Normalized Share of Profit and Dividend Income
III.Q1’2025 FINANCIAL PERFORMANCE POWER BUSINESS – NORMALIZED SHARE OF PROFIT AND DIVIDEND INCOME • Normalized Share of Profit and Dividend income decreased by 36% YoY but increased by 13% QoQ Unit : MB -36% 301.1 +13% 37.5 171.5 193.1 4.4 25.5 219.0 SPP -23% YoY SPP 198.4 -15% QoQ 168.8 11.5 38.7 1
Slide 25: Utilities Business – Normalized Share of Profit
III.Q1’2025 FINANCIAL PERFORMANCE UTILITIES BUSINESS – NORMALIZED SHARE OF PROFIT • WHAUP recognized a share of profit of THB 21.8 million from the Duong River project in Q1’2025, up 24.0% YoY. This increase was mainly attributed to growing sales volume, supported by an expanded service area Unit :
Slide 26: Capital Structure and Financial Ratio
III.Q1’2025 FINANCIAL PERFORMANCE CAPITAL STRUCTURE AND FINANCIAL RATIO Statement of Financial Position Debt Maturity as of 31 March 2025 Unit : MB Average cost of debt of 3.35% 31,247 31,247 31,560 31,560 3,700 3,450 3,120 2,500 16,065 15,976 1,619 1,859 500 1,800 1,500 3,700 3,450 3,120 800 13,562
Slide 27: Financial Activities
III.Q1’2025 FINANCIAL PERFORMANCE FINANCIAL ACTIVITIES Total Dividend • Total dividend payment for FY2024 of 0.2525 THB/share. 0.2525 • Interim dividend: 0.0600 THB/Share, paid already in Dec 24. • Final Dividend: 0.1925 THB/Share, XD on 28 Apr 25 and to be paid on 16 May 25. THB/Share • WHAUP Bond
Slide 28: Q&A
Q&A 28 28
Slide 29: IR Contact
IR CONTACT WHA Utilities and Power Public Company Limited Finance and Investor Relations Department 777 WHA TOWER, 22nd Floor, Unit 2203-2205, Moo 13, Debaratna Road (Bangna-Trad) KM.7, Bang Kaeo, Bang Phli, Samut Prakarn 10540 Email: ir@wha-up.com Website: www.wha-up.com 29 29
Slide 30: Company Information – Vision and Mission
APPENDIX: COMPANY INFORMATION COMPANY INFORMATION VISION “To be Asia's leader in Utilities and Power providing total solutions to partners with good corporate governance as well as environmentally and socially friendly operations” MISSION • To develop world class utilities and power solutions fittin
Slide 31: Utilities Business – Asset Location (Thailand)
APPENDIX: COMPANY INFORMATION UTILITIES BUSINESS – ASSET LOCATION (THAILAND) Thailand WHAUP’s exclusive rights to operate and provide utilities services to customers in WHA Industrial Estates and 2 other areas outside WHA Industrial Estates, which are Eastern Economic Corridor of Innovation (EECi) a
Slide 32: Utilities Business – Asset Location (Vietnam)
APPENDIX: COMPANY INFORMATION UTILITIES BUSINESS – ASSET LOCATION (VIETNAM) Vietnam WHAUP holds 47% stake in Cua Lo water plant in Nghe An province and 34% stake in SDWTP water plant in Hanoi and has full exclusive rights to operate 1 WHA Industrial zone in Nghe An and 2 developing projects in Thanh
Slide 33: Utilities Business – Strong Customer Base
APPENDIX: COMPANY INFORMATION UTILITIES BUSINESS – STRONG CUSTOMER BASE WHAUP’s has established the strong operation in EEC area 78% of WHAUP’s volume are distributed to heavy industry. Q1’2025 Volume by IEs Q1’2025 Volume by Industry Petrochemical Others 33% 17% Consumer 7% 5% WHA SIL 12% ESIE 47%
Slide 34: Power Business – Portfolio Breakdown as of Q1'25
APPENDIX: COMPANY INFORMATION POWER BUSINESS – PORTFOLIO BREAKDOWN AS OF Q1’25 Total Capacity (980 Equity MW) : 704 Equity MW in Operation + 276 Equity MW under developing By Type By Type 3% 0.3% Gas (30%, 297 eq MW) Conventional Coal (24%, 231 eq MW) Total Renewable 30% Total 46% (Solar, Waste-to-E
Slide 35: Power Business – Portfolio Breakdown as of 31 March 2025
APPENDIX: COMPANY INFORMATION POWER BUSINESS – PORTFOLIO BREAKDOWN AS OF 31 MARCH 2025 Installed Project Name Type JV Partner Location WHAUP Portion Equity MW COD Capacities (MW) Operating Phase Gheco-I IPP Coal Glow Map Ta Phut IE 660 35.00% 231 Q3’12 Glow IPP IPP Gas Combined Cycle Glow WHA CIE 1
Slide 36: Shareholder and Management Structure
APPENDIX: COMPANY INFORMATION SHAREHOLDER AND MANAGEMENT STRUCTURE Shareholding Structure Board of Directors Ms. Jareeporn Jarukornsakul Dr. Luxmon Attapich Foreign Institutions Retail Chairman of Board of Directors Independent Director and Audit Committee 3.9% 15.5% Domestic Institutions 6.2% WHA 1
Slide 37: Utilities Business – Domestics Revenue and Gross Profit Margin
APPENDIX: COMPANY PERFORMANCE UTILITIES BUSINESS – DOMESTICS REVENUE AND GROSS PROFIT MARGIN Total Revenue Gross Profit Margin Unit: MB -6% YoY 49.8% 48.4% 48.1% 45.8% +2% QoQ 46.4% 46.9% 44.1% 42.8% 610.4 574.4 565.4 39.6 19.9 34.3 78.2 70.4 96.5 46.1 47.7 48.8 144.8 119.1 127.9 301.8 308.1 266.9 Q
Slide 38: Vietnam Utilities Business – SDWTP Sales Volume
APPENDIX: COMPANY PERFORMANCE VIETNAM UTILITIES BUSINESS – SDWTP SALES VOLUME (BASE ON 34% SHAREHOLDING) Unit: Million M3 +19% YoY -11% QoQ 9.4 8.4 7.9 Q1'24 Q4'24 Q1'25 SDWTP Q1’25 (A) Q4’24 (A) Q1’24 (A) Utilization Rate 91% 101% 85% 38 38
Slide 39: IU Gas Spread and SPP Business
APPENDIX: COMPANY PERFORMANCE IU GAS SPREAD AND SPP BUSINESS Unit : THB/kWh 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25F Q3'25F Q4'25F Avg. total tariff Gas cost 39 39
Slide 40: Profit and Loss Statement – Q1'25 vs Q1'24
APPENDIX: COMPANY PERFORMANCE PROFIT AND LOSS STATEMENT – Q1’25 (A) vs Q1’24 (A) Normalized Net Profit (NNP) Q1’25 (A) = 227.9 MB, -143.9 MB or -38.7% vs Q1’25 (A) + Positive 1• Lower Loss from revaluation of Investment on GIPP (+13.9 MB) 2• Lower Income tax (+4.4 MB) 3• Higher Gross Profit before d
Slide 41: Balance Sheet – as of 31 March 2025
APPENDIX: COMPANY PERFORMANCE BALANCE SHEET – AS OF 31 MARCH 2025 Total Asset Liabilities and Equity Unit : MB Unit : MB 31,247 114 309 31,560 31,247 151 163 31,560 Cash = 1,598 Cash = 1,488 (110) Investment Investment TL = 17,685 = 14,800 TL = 17,836 = 14,915 Others Others = 14,849 = 15,158 TE = 13
Slide 42: Historical Dividend Payment
APPENDIX: COMPANY PERFORMANCE HISTORICAL DIVIDEND PAYMENT Unit : THB/Share 0.30 0.2525 0.2525 0.2525 0.2525 0.2525 0.25 0.2034 0.2115 0.20 0.1600 0.1600 0.1600 0.1600 0.15 0.1925 0.1925 0.10 0.2034 0.2115 0.1000 0.05 0.0925 0.0925 0.0925 0.0600 0.0600 0.0600 0.00 2017 2018 2019 2020 2021 2022 2023 2
Slide 43: 5-Year Financial Target (2025-2029)
APPENDIX: COMPANY PERFORMANCE 5-YEAR FINANCIAL TARGET (2025-2029) % EBITDA Margin Total Revenue, Normalized share of profit and dividend income in next 5 years (2025-2029) > 50% Unit : MB Total 5 years = 35,000 MB 10,000 5 – year CAPEX 3,959 Unit : MB 2.5x ≈ 29,000 MB 2024 2029(F) 43 43
Slide 44: WHAUP Waste Management Initiatives: Impactful Results 2024
APPENDIX: SUSTAINABILITY DEVELOPMENT WHAUP WASTE MANAGEMENT INITINATIVES: IMPECTFUL RESULTS 2024 WASTE TO ENERGY SLUDGE TO SOIL NUTRIENT HAZARDOUS CHEMICAL REDUCE DEPENDENCY CONTAINER REDUCTION ON PLASTICS WHAUP and WHA Group have been actively reducing single-use plastic since WHAUP has transitione
Slide 45: WHAUP Energy Initiatives: Impactful Results 2024
APPENDIX: SUSTAINABILITY DEVELOPMENT WHAUP ENERGY INITINATIVES: IMPECTFUL RESULTS 2024 ENERGY SAVING IN OUR OPERATIONS ENERGY SAVING IN ENERGY SAVING IN OFFICE SOLAR ENERGY PROJECT WITHIN WHAUP’S BATTERY ENERGY STORAGE INDUSTRIAL ESTATES BUILDINGS OPERATIONAL AREA SYSTEM:BESS WHAUP participated in a
Slide 46: WHAUP Governance Management
APPENDIX: SUSTAINABILITY DEVELOPMENT WHAUP GOVERNANCE MANAGEMENT The Board of Directors’ structure five sub-Committees. Corporate Governance and Sustainable Nomination and Remuneration Audit Committee Development Committee Committee 2 Non- 2 Independe nt directors Independe nt directors 1 executive
Slide 47: WHAUP Governance Management (Cont'd)
APPENDIX: SUSTAINABILITY DEVELOPMENT WHAUP GOVERNANCE MANAGEMENT (CONT’D) Corporate Governance Performance “Effective corporate governance drives sustainable shareholder value and fosters stakeholder trust Excellent CGR Scoring AGM Scoring CG Policy and the Code of Conduct 5 Stars 100% scoring 100%
Slide 48: WHAUP's Net Zero Target Aligned with SBTi
APPENDIX: SUSTAINABILITY DEVELOPMENT WHAUP’s NET ZERO TARGET ALIGNED WITH WHA GROUP TARGETS TO SBTI FOR CLIMATE ACTION Reduce intensity emission of investment Reduce absolute emission scope 1 and 2 in power generation by 74% per kWh in by 42% by 2030 and 90% by 2050 2030 and 90% by 2050 13,732 2050
WHA Utilities and Power Public Company — Q1 2025 Earnings Presentation on 6ix