Ref: BC. 014/2025
August 14, 2025
Subject: Management's Discussion and Analysis for Six Months Ended June 30, 2025
To The President
The Stock Exchange of Thailand
Overall Group Performance
Management's Discussion and Analysis Consolidated Financial Statements For six months ended June 30, 2025 Table 1: Overall Financial Performance Unit: million bahtJan - Jun 2025 | Jan - Jun 2024 | Change | %YoY | |
Revenues | 710.70 | 690.84 | 19.86 | 2.9% |
Gross Profit | 358.51 | 347.33 | 11.18 | 3.2% |
Adjusted EBT* | 218.67 | 198.80 | 19.87 | 10.0% |
EBT | 205.56 | 190.17 | 15.39 | 8.1% |
Net Profit | 163.31 | 163.85 | (0.54) | (0.3%) |
% Gross Profit Margin | 50.4% | 50.3% | ||
% Adjusted EBT | 30.8% | 28.8% | ||
Q2 2025 | Q2 2024 | Change | %YoY | Q1 2025 | |
Revenues | 362.72 | 345.17 | 17.55 | 5.1% | 347.98 |
Gross Profit | 185.67 | 173.01 | 12.66 | 7.3% | 172.84 |
Adjusted EBT* | 118.80 | 104.40 | 14.40 | 13.8% | 99.87 |
EBT | 103.14 | 93.32 | 9.82 | 10.5% | 102.42 |
Net Profit | 82.79 | 81.78 | 1.01 | 1.2% | 80.52 |
% Gross Profit Margin | 51.2% | 50.1% | 49.7% | ||
% Adjusted EBT | 32.8% | 30.2% | 28.7% | ||
Note:
* Adjusted Earnings before tax which exclude the effect of transactions from gain/loss on valuation of financial investment, Exchange gain (loss), one-off income (expenses) and Amortization expense of intangible asset from Purchase Price Allocation (PPA).
RevenuesFor 6M 2025, The Humanica Group of Companies ("HUMAN" or the "Company") delivered sales and service revenue of 710.70mb (6M 2024: 690.84mb), an increase of 19.86mb or 2.9%. HR Solutions revenue increased 10.00mb or 1.6%, which mostly increased from license income (SaaS model) and software
subscription income. Financial Solutions revenue increased 9.86mb or 15.8% which mostly increased from implementation and maintenance income.
The revenue of the Indonesian subsidiary of this quarter was impacted by the exchange rate of the Indonesian Rupiah, which depreciated by approximately 13% year-on-year. The Indonesian subsidiary's revenue grew by 34% year-on-year, but when converted from the Indonesian Rupiah to Thai Baht, revenue grew by only 17% year-on-year. The impact of the depreciation of the Indonesian Rupiah had an impact on consolidated revenue by approximately 5%, meaning that without the impact of this currency, consolidated revenue should have grown by 8% year-on-year.
For Q2 2025, the sales and service revenue increased by 17.55mb or 5.1% to 362.72mb (Q2 2024: 345.17mb) from HR Solutions 11.67mb or 3.8% and Financial Solutions 5.88mb or 17.0%.
Gross ProfitFor 6M 2025, gross profit grew 11.18mb or 3.2% as revenue grew 2.9% and cost increased 2.5%. Gross profit margin (GPM) slightly increased from 50.3% to 50.4% from an increase in staff cost -2.72mb, maintenance cost -2.17mb and cloud cost -3.82mb.
For Q2 2025, gross profit increased by 12.66mb or 7.3% and gross profit margin increased from 50.1% to 51.2% as revenue grew 5.1% and cost increased 2.8% from increase in depreciation and amortization cost
-3.25mb.
Adjusted EBT/EBTFor 6M 2025,
Adjusted EBT closed at 218.67mb (6M 2024: 198.80mb), an increase of +19.87mb or +10.0% from
Gross Profit grew +11.18mb
Interest revenue increased +2.78mb
Share of profit from associates and Joint Venture increased +6.21mb
EBT closed at 205.56mb (6M 2024: 190.17mb) increased by +15.39mb or 8.1% mostly from
Adjusted EBT grew +19.87mb
Reversal of share-based payment expenses +8.67mb
Exchange gain decreased -16.92mb
Loss from impairment on financial assets decreased +2.61mb
For Q2 2025,
Adjusted EBT increased to 118.80mb (Q2 2024: 104.40mb) by +14.40mb or +13.8% from
Gross Profit grew +12.66mb
Interest and dividend revenue increased +2.15mb
Share of profit from associates and Joint Venture increased +3.59mb
EBT equals to 103.14mb (Q2 2024: 93.32mb) increased by +9.82mb or 10.5% from
Adjusted EBT grew +14.40mb
Exchange gain decreased -10.22mb
Gain on financial assets increased +2.28mb
For 6M 2025, the Company has net profit after tax closed at 163.31mb (6M 2024: 163.85mb), slightly decreasing by 0.54mb or 0.3% with overall net profit margin down to 23.0% (6M 2024: 23.7%) due to a growth in EBT +15.39 less increased in income tax -15.93mb. Our BOI privilege expired in July 2024, this impacted income tax to grow this year.
The operating profit of the Indonesian subsidiary of this year was impacted by the exchange rate of the Indonesian Rupiah, which depreciated by approximately 13% from the previous year. The Indonesian subsidiary's operating profit before tax grew by 63% from the previous year, but when converted from the Indonesian Rupiah to Thai Baht, operating profit grew by only 42% from the previous year. The impact of the depreciation of the Indonesian Rupiah affected the consolidated operating profit by approximately 5%.
For Q2, 2025 the net profit increased by 1.01mb or 1.2% to 82.79mb (Q2 2024: 81.78mb) due to increasing in EBT +9.82mb and an increase in income tax -8.81mb, resulting from the expiration of BOI privilege.
Segment Report
Table 2: The breakdown performance by business entities Unit: million bahtJan - Jun 2025 | Jan - Jun 2024 | |||||
HR Solutions | Financial Solutions | Total | HR Solutions | Financial Solutions | Total | |
Revenue | ||||||
-Thailand | 343.20 | 72.20 | 415.40 | 353.63 | 62.34 | 415.97 |
-Indonesia | 203.73 | - | 203.73 | 205.33 | - | 205.33 |
-Other SEA | 91.57 | - | 91.57 | 69.54 | - | 69.54 |
Total revenue | 638.50 | 72.20 | 710.70 | 628.50 | 62.34 | 690.84 |
Gross Profit | 335.96 | 22.55 | 358.51 | 330.71 | 16.62 | 347.33 |
Operating Profit | 189.54 | 15.86 | 205.40 | 167.84 | 7.53 | 175.37 |
Q2 2025 | Q2 2024 | |||||
HR Solutions | Financial Solutions | Total | HR Solutions | Financial Solutions | Total | |
Revenue | ||||||
-Thailand | 176.15 | 40.47 | 216.62 | 180.75 | 34.59 | 215.34 |
-Indonesia | 104.41 | - | 104.41 | 99.29 | - | 99.29 |
-Other SEA | 41.69 | - | 41.69 | 30.54 | - | 30.54 |
Total revenue | 322.25 | 40.47 | 362.72 | 310.58 | 34.59 | 345.17 |
Gross Profit | 171.50 | 14.17 | 185.67 | 162.75 | 10.26 | 173.01 |
Operating Profit | 92.97 | 10.21 | 103.18 | 82.58 | 5.64 | 88.22 |
In Table 2, The Company's segment report comprises 2 business units, HR Solutions and Financial Solutions.
6M 2025/6M 2024HR Solutions
HR solutions revenue increased by 10.00mb or 1.6% to 638.50mb (6M 2024: 628.50mb). This increase is mainly due to increasing revenue from license income (SaaS model) and software subscription income which increased from other SEA countries 22.03mb or 31.7%, decreased from Thailand 10.43mb or 2.9% and Indonesia 1.60mb or 0.8%. Revenue of other SEA increased significantly as there were transfer of clients from DataOn Indonesia, amounting 35mb.
Gross profit increased 5.25mb or 1.6% to 335.96mb (6M 2024: 330.71mb) as revenue grew 10.00mb and cost increased 4.75mb.
Operating profit increased 21.70mb or 12.9% to 189.54mb (6M 2024: 167.84mb). Financial Solutions
Financial solutions revenue increased 9.86mb or 15.8% to 72.20mb (6M 2024: 62.34mb) from the growth of implementation income and maintenance income.
Gross profit increased 5.93mb or 35.7% to 22.55mb (6M 2024: 16.62mb) as revenue grew 9.86mb and cost increased 3.93mb.
Operating profit increased by 8.33mb or 110.6% to 15.86mb (6M 2024: 7.53mb).
Q2 2025/Q2 2024HR Solutions
HR solutions revenue increased 11.67mb or 3.8% to 322.25mb (Q2 2024: 310.58mb). This increase is mainly due to increasing revenue from SaaS model and software subscription, which increased from Indonesia 5.12mb or 5.2% and other countries 11.15mb or 36.5% and decreased from Thailand
4.6mb or 2.5%. Revenue of other SEA significantly increased as there were transfer of clients from DataOn Indonesia, amounting 23mb.
Gross profit increased 8.75mb or 5.4% to 171.50mb (Q2 2024: 162.75mb) as revenue grew 11.67mb and cost increased 2.92mb.
Operating profit increased 10.39mb or 12.6% to 92.97mb (Q2 2024: 82.58mb). Financial Solutions
Financial solutions revenue increased by 5.88mb or 17.0% to 40.47mb (Q2 2024: 34.59mb) from growth of implementation income and maintenance income.
Gross profit increased 3.91mb or 38.1% to 14.17mb (Q2 2024: 10.26mb) as revenue grew 5.88mb and cost increased 1.97mb.
Operating profit increased 4.57mb or 81.0% to 10.21mb (Q2 2024: 5.64mb).
The recurring and non-recurring revenue:
Table 3: The break down revenue by recurring & non-recurring revenue. Unit: million bahtType of Revenue | Jan - Jun 2025 | Jan - Jun 2024 | ||||||
HR Solutions | Financial Solutions | Total | % Proportion | HR Solutions | Financial Solutions | Total | % Proportion | |
Recurring | 490.30 | 46.95 | 537.25 | 75.6% | 445.16 | 41.15 | 486.31 | 70.4% |
Non-Recurring | 148.20 | 25.25 | 173.45 | 24.4% | 183.34 | 21.19 | 204.53 | 29.6% |
Total revenues | 638.50 | 72.20 | 710.70 | 100.0% | 628.50 | 62.34 | 690.84 | 100.0% |
Type of Revenue | Q2 2025 | Q2 2024 | ||||||
HR Solutions | Financial Solutions | Total | % Proportion | HR Solutions | Financial Solutions | Total | % Proportion | |
Recurring | 246.03 | 24.29 | 270.32 | 74.5% | 219.76 | 21.21 | 240.97 | 69.8% |
Non-Recurring | 76.22 | 16.18 | 92.40 | 25.5% | 90.82 | 13.38 | 104.20 | 30.2% |
Total revenues | 322.25 | 40.47 | 362.72 | 100.0% | 310.58 | 34.59 | 345.17 | 100.0% |
Overall, the Company's recurring revenue proportion increased from 70.4% in 6M 2024 to 75.6% in 6M 2025 while non-recurring revenue proportion decreased from 29.6% to 24.4%. Recurring revenue reported an overall increase of 50.94mb or 10.5%. We registered stronger growth in recurring revenue of SaaS model software, software subscription and ERP maintenance.
Non-recurring revenue decreased 31.08mb or 15.2% from 6M 2024, mainly due to decreasing in implementation income and on-premises software income.
Q2 2025/Q2 2024The Company's recurring revenue proportion increased from 69.8% in Q2 2024 to 74.5% in Q2 2025 while non-recurring revenue proportion decreased from 30.2% to 25.5%. Recurring revenue reported an overall increase of 29.35mb or 12.2%, driven by income from SaaS model software, software subscription and ERP maintenance.
Non-recurring revenue decreased 11.80mb or 11.3% from Q2 2024, mainly due to decreasing in implementation income, on-premises software income and income from sales of hardware.
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