WHA Utilities and Power Public Company Limited · SET:WHAUP
WHA Utilities and Power Public — FY2024 Earnings Presentation
58 slides from WHA Utilities and Power Public's earnings presentation, Mar 13, 2025
Slide 1: Opportunity Day FY2024
WHAUP WHA UTILITIES AND POWER PCL Opportunity Day FY2024 13 MAR 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. 2024 PERFORMANCE HIGHLIGHT III. 2025 STRATEGY IV. 2024 OPERATING PERFORMANCE V. 2024 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: Utilities Business – Asset Location (Thailand)
I.COMPANY OVERVIEW 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) and Asia Ind
Slide 6: Utilities Business – Asset Location (Vietnam)
I.COMPANY OVERVIEW 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 Hoa & Quan
Slide 7: Company Overview – Power Business
I.COMPANY OVERVIEW COMPANY OVERVIEW – POWER BUSINESS Total Secured Capacity (965* Equity MW) : 701 Equity MW under Operation + 264 Equity MW under developing Active power provider and investor with strategic partnership with leading Thai and international power companies Conventional Solar Hydro Was
Slide 8: 2024 Achievement
I.COMPANY OVERVIEW 2024 Achievement New contracts Continue to support WHA Industrial Estate WHA IER Contractual Volume of Value-added Water In September 2024, WHAUP has started COD for a high-quality industrial Additional Water Supply & Wastewater Management in WHA IER. water production projects for
Slide 9: 2024 Achievement (Cont'd)
I.COMPANY OVERVIEW 2024 Achievement (CONT’D) Solar FiT 2024 Solar Private PPA Phase 1 Bidding in 2023 Selected new Solar projects signed in 2024 PPAs of 125 MW have been secured. SCOD in 2029-2030. No. Type Location Installed Capacity Sahafarm Group KIRIU (Thailand) (MW equity) Capacity 46.4 MW Capa
Slide 10: 2024 Achievement (Cont'd) – Awards
I.COMPANY OVERVIEW 2024 Achievement (CONT’D) 2024 Awards WHAUP Achieves Prestigious “AAA” Rating in SET ESG Ratings 2024 Excellent CGR Scoring WHAUP has achieved an “AAA” rating in the SET ESG Ratings 2024 for the second consecutive year CAC Membership Certification WHAUP Earn Recognition in Thailan
Slide 11: II. 2024 Performance Highlight
I. COMPANY OVERVIEW II. 2024 PERFORMANCE HIGHLIGHT III. 2025 STRATEGY IV. 2024 OPERATING PERFORMANCE V. 2024 FINANCIAL PERFORMANCE 11 11
Slide 12: 2024 Financial Highlight
II.2024 PERFORMANCE HIGHLIGHT 2024 FINANCIAL HIGHLIGHT UTILITIES BUSINESS Revenue, Normalized Share of Profit and Dividend Income 3,959 MB (-6% YoY) Solid operating performance in the utilities business in both Thailand and Vietnam. Revenue 2,973 MB (+5% YoY) - Utilities Business /1 2,432 MB (+3% Yo
Slide 13: III. 2025 Strategy
I. COMPANY OVERVIEW II. 2024 PERFORMANCE HIGHLIGHT III. 2025 STRATEGY IV. 2024 OPERATING PERFORMANCE V. 2024 FINANCIAL PERFORMANCE 13 13
Slide 14: 2025 Strategy – Utilities Business Thailand
III.2025 STRATEGY 2025 Strategy – Utilities Business Thailand 2025 Strategies and Projects Capture Opportunities Outside WHA Territory Industrial Water Projects 129 + 6% Municipality Water Project YoY To sign contract • Expansion phase Million m3 with municipal of AIE water authority for • Other ind
Slide 15: 2025 Strategy – Utilities Business Vietnam
III.2025 STRATEGY 2025 Strategy – Utilities Business Vietnam 2025 Strategies and Projects Expand Utilities Business to Support Growth of Hanoi WHA Industrial Zones in Vietnam 37 Upcoming Projects Thanh Hoa WHA Industrial Zone 1 - Nghe An (100% Shareholding) Million m3 • WHA Smart Technology Nghe An
Slide 16: 2025 Strategy – Utilities Business
III.2025 STRATEGY 2025 Strategy – Utilities Business 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 Comm
Slide 17: 2025 Strategy – Power Business
III.2025 STRATEGY 2025 Strategy– Power Business + 220 MW YoY 2024: Total Secured 965 Equity MW Total Secured PPA Equity MW 1,185 Equity MW 2025 Target Renewable 437 Equity MW 701 Operating Equity MW Solar Private PPA Projects Projects Under Developments COD in 2025 100+ MW Conventional Selected Sola
Slide 18: 2025 Strategy – Power Business
III.2025 STRATEGY 2025 Strategy– Power Business Expanding Renewable Energy Domestically and Regionally Thailand Market Total Target Signing 2025 220 MW Direct PPA for Industrial Customers International Market Renewable Energy Opportunity under New PDP2024 Explore 3rd Home Country • Focus on countrie
Slide 19: Delivering Innovation & Smart Energy Solutions
III.2025 STRATEGY 2025 Strategy– Power Business 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 104,100 140,000 REC/year Registered REC/year Registered Market 1 49
Slide 20: Tackling Climate Change with Smart Energy Solutions
III.2025 STRATEGY Empowering a Sustainable Future: Tackling Climate Change with Smart Energy Solutions Enabling Our Customers with Clean Energy for a Greener Tomorrow Committed to a long-term goal of delivering renewable energy Provides a comprehensive solar rooftop service package for customers in
Slide 21: Net Zero Target Aligned with SBTi
III.2025 STRATEGY WHAUP’s Net Zero Target Aligned with WHA Group Targets to SBTi for Climate Action Reduce absolute emission scope 1 and 2 Reduce intensity emission of investment 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 Group and WHAUP
Slide 22: 2029 Key Sustainability Targets and Goals
III.2025 STRATEGY 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 23: IV. 2024 Operating Performance
I. COMPANY OVERVIEW II. 2024 PERFORMANCE HIGHLIGHT III. 2025 STRATEGY IV. 2024 OPERATING PERFORMANCE V. 2024 FINANCIAL PERFORMANCE 23 23
Slide 24: Utilities Business – Total Sales and Management Volume
IV.2024 OPERATING PERFORMANCE UTILITIES BUSINESS – TOTAL SALES AND MANAGEMENT VOLUME 3M 12M • Domestics Sale volume in Q4’24 increased by 4% YoY mainly driven • Domestics Sale volume in 2024 increased by 6% YoY mainly driven by value-added water. by the growth in all products, except raw water. • Sa
Slide 25: Power Business – IPP Group
IV.2024 OPERATING PERFORMANCE POWER BUSINESS – IPP GROUP IPP Business: Q4’24 (A) vs Q4’23 (A): GHECO-One: • Higher energy dispatch in Q4’24 compared to Q4’23 (1,393 GWh in Q4’24 vs 0 GWh in Q4‘23) • Lower reserved shutdown compared to Q4’23 (reserved shutdown 12 days in Q4’24 vs full reserved shutdo
Slide 26: Power Business – IPP Group
IV.2024 OPERATING PERFORMANCE POWER BUSINESS – IPP GROUP 3M Q4’23 (A) Q4’23 (A) Q3’24 (A) Q3’24 (A) Unit : GWh Energy Dispatch Q4’24 (A) Unit : GWh Availability Q4’24 (A) +235% +52% -90% 100% 99% 99% +6% -63% 98% 91% 1393 88% 103 109 104 416 72 28 - 10 Gheco-One HHPC Glow IPP Gheco-One Glow IPP 12M
Slide 27: Power Business – SPP Group
IV.2024 OPERATING PERFORMANCE POWER BUSINESS – SPP GROUP SPP Business: Q4’24 (A) vs Q4’23 (A): • Total energy sales decreased by -1.8% derived from a -4.8% lower IU demand and -0.8% lower EGAT dispatch. • Lower availability factor of 97.6% on average. (vs 98.8% in Q4’23). • GNLL2 worsen due to perfo
Slide 28: Power Business – SPP Group
IV.2024 OPERATING PERFORMANCE POWER BUSINESS – SPP GROUP 3M Q4’23 (A) Q4’23 (A) Q3’24 (A) Q3’24 (A) Unit : GWh Energy Dispatch Q4’24 (A) Unit : GWh Availability Q4’24 (A) -0.8% -2% -7% -7% 99% 100% 98% -5% 1,636 1,737 1,607 1,239 1,324 1,229 -8% 398 413 378 1 EGAT 2 IU Total1 Total + 2 SPP Business
Slide 29: Power Business – Solar Energy Dispatch
IV.2024 OPERATING PERFORMANCE POWER BUSINESS – SOLAR ENERGY DISPATCH Power Dispatch: • Solar energy dispatch continued to increase in accordance with growing capacity under operation (109 MW as of Q4’23 vs 151 MW as of Q4’24) 3M 12M Unit : GWh Unit : GWh +35% +36% +5% 157.6 4.9 116.5 4.3 42.2 40.1 1
Slide 30: V. 2024 Financial Performance
I. COMPANY OVERVIEW II. 2024 PERFORMANCE HIGHLIGHT III. 2025 STRATEGY IV. 2024 OPERATING PERFORMANCE V. 2024 FINANCIAL PERFORMANCE 30 30
Slide 31: Financial Highlight Q4'24 vs Q4'23
V.2024 FINANCIAL PERFORMANCE FINANCIAL HIGHLIGHT Q4’24 VS Q4’23 Unit : MB Q4’23 Q4’24 YoY Remarks 1. Total Revenue, NSOP and Dividend 1,160.3 906.6 -22% Income 1.1 Total Revenue 693.5 730.8 +5% - Lower sale volume from Raw water and one time charge - Utilities Business 589.5 569.8 -3% (31.9 MB in Q4
Slide 32: Financial Highlight 2024 vs 2023
V.2024 FINANCIAL PERFORMANCE FINANCIAL HIGHLIGHT 2024 VS 2023 Unit : MB 2023 2024 YoY Remarks 1. Total Revenue, NSOP and Dividend 4,227.5 3,959.0 -6% Income 1.1 Total Revenue 2,821.1 2,972.8 +5% - Mainly driven by revenue from Value-Added product from - Utilities Business 2,357.9 2,431.7 +3% new cus
Slide 33: Power Business – Normalized Share of Profit and Dividend Income
V.2024 FINANCIAL PERFORMANCE POWER BUSINESS – NORMALIZED SHARE OF PROFIT AND DIVIDEND INCOME Normalized Share of Profit and Dividend Income: • Normalized Share of Profit and Dividend income decreased by 64% YoY in Q4’24 and 36% YoY in 2024 3M 12M Unit : MB Unit : MB -36% -64% -28% 1,423.5 474.3 29.5
Slide 34: IU Gas Spread and SPP Business
V.2024 FINANCIAL PERFORMANCE IU GAS SPREAD AND SPP BUSINESS 6.0 5.0 4.0 3.0 2.0 1.0 0 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25F Avg. total IU tariff Gas cost 34 34
Slide 35: Utilities Business – Normalized Share of Profit (Vietnam)
V.2024 FINANCIAL PERFORMANCE UTILITIES BUSINESS – NORMALIZED SHARE OF PROFIT (VIETNAM) SDWTP Unit : MB Unit : MB 3M +178% 12M +1035% -85% 32.9 - 77.4 - 41.8 113.4 5.0 -67% - +369% YoY QoQ - 13.7 28.9 2.9 (9.4) (8.9) (8.6) (37.2) (36.0) (6.5) (8.3) Q4’24 2023 2024 Q4’23 Q3’24 Share of profit excl. PP
Slide 36: Solid growth of Revenue from Utilities and Solar Energy Business
V.2024 FINANCIAL PERFORMANCE Solid growth of Revenue from Utilities and Solar Energy Business WHAUP’s Total Revenue up by 72% Since 2020 Unit : MB 2,926 2,782 494 2,443 424 2,181 10.4% CAGR 332 1,698 255 Utilities Business 59 70.5% CAGR 2,358 2,432 Power Business 2,111 1,926 1,640 2020 2021 2022 202
Slide 37: Capital Structure and Financial Ratio
V.2024 FINANCIAL PERFORMANCE CAPITAL STRUCTURE AND FINANCIAL RATIO Statement of Financial Position Debt Maturity as of 31 December 2024 Unit : MB Average cost of debt of 3.35% 29,817 29,817 31,247 31,247 3,700 3,450 3,120 2,500 14,658 16,065 1,592 500 1,800 1,619 1,500 3,700 3,450 3,120 800 13,567 1
Slide 38: Historical Dividend Payment
V.2024 FINANCIAL 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 To be approved by 2024 0.1600 0.1600 0.1600 0.1600 Annual Generation 0.15 0.1925 0.1925 Meeting of Shareholders (AGM) 0.10 0.2034 0.2115 0.1000 0.05 0.0925 0.0925
Slide 39: 5-Year Financial Target (2025-2029)
V.2024 FINANCIAL 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) 39 39
Slide 40: Q&A
Q&A 40 40
Slide 41: 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: [email protected] Website: www.wha-up.com 41 41
Slide 42: 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 43: Utilities Business – Asset Location
APPENDIX: COMPANY INFORMATION UTILITIES BUSINESS – ASSET LOCATION Thailand Vietnam WHAUP’s exclusive rights to operate and provide utilities services to customers in WHA Industrial Estates and 2 other Vietnam, WHAUP holds 47% stake in Cua Lo water plant in Nghe An province and 34% stake in SDWTP wat
Slide 44: Utilities Business at a Glance
APPENDIX: COMPANY INFORMATION UTILITIES BUSINESS AS A GLANCE ✓ One of the largest industrial utilities providers in Thailand ✓ Excellent track record in providing comprehensive utilities service ✓ Exclusive right for all existing and future WHA ID’s Estates in Thailand and CLMV ✓ Strong base of indu
Slide 45: Utilities Business – Strong Customer Base
APPENDIX: COMPANY INFORMATION UTILITIES BUSINESS – STRONG CUSTOMER BASE WHAUP’s has established the strong operation in EEC area 83% of WHAUP’s volume are distributed to heavy industry. 2024 Volume by IEs 2024 Volume by Industry Petrochemical Others 36% 12% Consumer 7% 5% WHA SIL 12% ESIE 47% Steel
Slide 46: Power Business – Portfolio Breakdown as of Q4'24
APPENDIX: COMPANY INFORMATION POWER BUSINESS – PORTFOLIO BREAKDOWN AS OF Q4’24 Total Capacity (965* Equity MW) : 701 Equity MW under Operation + 264 Equity MW under developing By Type By Type 3% 0.4% Gas (31%, 297 eq MW) Conventional Coal (24%, 231 eq MW) Total Renewable 45% (Solar, Waste-to-Energy)
Slide 47: Power Business – Portfolio Breakdown as of 31 December 2024
APPENDIX: COMPANY INFORMATION POWER BUSINESS – PORTFOLIO BREAKDOWN AS OF 31 DECEMBER 2024 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
Slide 48: 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 4.2% 14.7% Domestic Institutions 6.7% WHA 1
Slide 49: Utilities Business – Domestics Revenue and Gross Profit Margin
VI.APPENDIX: COMPANY PERFORMANCE UTILITIES BUSINESS – DOMESTICS REVENUE AND GROSS PROFIT MARGIN Total Revenue Gross Profit Margin Unit: MB +3% -4.0% YoY 48.4% 45.8% 44.9% 48.1% -12% 42.5% QoQ 2,421.0 46.4% 2,355.6 44.8% 44.1% 113.3 42.8% 195.4 42.2% 645.3 302.3 588.8 232.4 49.2 565.4 178.6 193.8 33.
Slide 50: Vietnam Utilities Business – SDWTP Sales Volume
APPENDIX: COMPANY PERFORMANCE VIETNAM UTILITIES BUSINESS – SDWTP SALES VOLUME (BASE ON 34% SHAREHOLDING) 3M 12M Unit: Million M3 +8% +8% YoY +5% QoQ 35.0 32.3 9.4 9.0 8.7 Q4'23 Q3'24 Q4'24 2023 2024 SDWTP Q4’24 (A) Q3’24 (A) Q4’23 (A) ▪ 8% YoY volume increase in Q4’24 and 8% YoY increase in 2024 are
Slide 51: Profit and Loss Statement – Q4'24 vs Q4'23
APPENDIX: COMPANY PERFORMANCE PROFIT AND LOSS STATEMENT – Q4’24 (A) vs Q4’23 (A) Normalized Net Profit (NNP) Q4’24 (A) = 161.6 MB, -302.2 MB or -65.1% vs Q4’23 (A) + Positive 1• Higher Gross Profit before Depreciation (+12.1 MB) : mostly from Power Business (+38.6 MB), and Value-added product (+21.4
Slide 52: Profit and Loss Statement – 2024 vs 2023
APPENDIX: COMPANY PERFORMANCE PROFIT AND LOSS STATEMENT – 2024 (A) vs 2023 (A) Normalized Net Profit (NNP) 2024 (A) = 1,118.1 MB, -468.9 MB or -29.5% vs 2023 (A) + Positive 1• Higher Gross Profit before Depreciation (+129.0 MB): mainly from Power Business (+89.2 MB), Industrial Water (+118.0 MB), Va
Slide 53: Balance Sheet – As of 31 December 2024
APPENDIX: COMPANY PERFORMANCE BALANCE SHEET – AS OF 31 DECEMBER 2024 Total Asset Liabilities and Equity Unit : MB Unit : MB 1,287 31,247 29,817 1,434 31,247 29,817 303 (5) Cash = 1,295 (161) Cash = 1,598 Investment Investment TL = 16,250 TL = 17,685 = 14,961 = 14,800 Others Others TE = 13,567 TE = 1
Slide 54: Target Deliverables
APPENDIX: COMPANY PERFORMANCE Target Deliverables Target Water Sales & Managed Volume Target Total Secured PPA Total Water Supply 166 173 & Wastewater Management Million m3 Million m3 Total Secured PPA Equity MW 965 1,185 Volume MW MW ▪ Vietnam’s Total Water Supply and Wastewater 38 41 Management Vo
Slide 55: WHAUP Waste Management Initiatives: Impactful Results 2023
APPENDIX: SUSTAINABILITY DEVELOPMENT WHAUP WASTE MANAGEMENT INITINATIVES: IMPECTFUL RESULTS 2023 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 56: WHAUP Energy Initiatives: Impactful Results 2023
APPENDIX: SUSTAINABILITY DEVELOPMENT WHAUP ENERGY INITINATIVES: IMPECTFUL RESULTS 2023 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 57: 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 58: 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%
WHA Utilities and Power Public Company — FY2024 Earnings Presentation on 6ix