Ref: BC. 018/2025
November 14, 2025
Subject: Management's Discussion and Analysis for Nine Months Ended September 30, 2025
To: The President
The Stock Exchange of Thailand
Overall Group Performance
Management's Discussion and Analysis
Consolidated Financial Statements
For nine months ended September 30, 2025
Table 1: Overall Financial Performance Unit: million bahtJan - Sep 2025 | Jan - Sep 2024 | Change | %YoY | |
Revenues | 1,080.40 | 1,037.75 | 42.65 | 4.1% |
Gross Profit | 542.74 | 512.78 | 29.96 | 5.8% |
Adjusted EBT* | 324.98 | 293.97 | 31.01 | 10.5% |
EBT | 297.52 | 269.93 | 27.59 | 10.2% |
Net Profit | 235.11 | 226.74 | 8.37 | 3.7% |
% Gross Profit Margin | 50.2% | 49.4% | ||
% Adjusted EBT | 30.1% | 28.3% | ||
Q3 2025 | Q3 2024 | Change | %YoY | Q2 2025 | |
Revenues | 369.70 | 346.91 | 22.79 | 6.6% | 362.72 |
Gross Profit | 184.23 | 165.45 | 18.78 | 11.4% | 185.67 |
Adjusted EBT* | 106.31 | 95.16 | 11.15 | 11.7% | 118.80 |
EBT | 91.96 | 79.76 | 12.20 | 15.3% | 103.14 |
Net Profit | 71.80 | 62.89 | 8.91 | 14.2% | 82.79 |
% Gross Profit Margin | 49.8% | 47.7% | 51.2% | ||
% Adjusted EBT | 28.8% | 27.4% | 32.8% | ||
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 9M 2025, The Humanica Group of Companies ("HUMAN" or the "Company") delivered sales and service revenue of 1,080.40mb (9M 2024: 1,037.75mb), an increase of 42.65mb or 4.1%. HR Solutions revenue increased 31.13mb or 3.3%, from organic growth 19.01mb which mostly increased from license income (SaaS) and software subscription income and increased from new business from Cadena group (New
subsidiary) 12.12mb. Financial Solutions revenue increased 11.52mb or 11.8% which mostly increased from implementation income, SAP license income and maintenance income.
The Consolidated Revenue of the group was impacted by the exchange rate of the Indonesian Rupiah, which depreciated by approximately 13% year-on-year (from IDR 0.0023 to IDR 0.0020 per THB 1.00). The impact of this currency depreciation resulted in a decrease in revenue from the Indonesian subsidiary after translated into Thai Baht. Without the impact of the depreciation of the Indonesian rupiah, consolidated revenue would have increased by approximately 9% year-on-year.
For Q3 2025, the sales and service revenue increased by 22.79mb or 6.6% to 369.70mb (Q3 2024: 346.91mb) from HR Solutions 21.13mb or 6.8% including the revenue from Cadena group 12.12mb in this quarter and Financial Solutions 1.66mb or 4.7%. Without the impact of the depreciation of the Indonesian rupiah, consolidated revenue for Q3 2025 would have increased by approximately 14% year-on-year.
Gross ProfitFor 9M 2025, gross profit grew 29.96mb or 5.8% as revenue grew 42.65mb or 4.1% and cost increased
12.69mb or 2.4%. Gross profit margin (GPM) increased from 49.4% to 50.2% from the productivity improved as the Staff cost per Revenue decreased from -39% to -38% of revenue.
For Q3 2025, gross profit increased by 18.78mb or 11.4% and gross profit margin increased from 47.7% to 49.8% as revenue grew 22.79mb or 6.6% and cost increased 4.01mb or 2.2% from the productivity improved as the Staff cost per Revenue decreased from -40% to -38% of revenue.
Adjusted EBT/EBTFor 9M 2025,
Adjusted EBT closed at 324.98mb (9M 2024: 293.97mb), an increase of +31.01mb or +10.5% from
Gross Profit grew +29.96mb
Selling & Admin expense (exclude one-off items) increased -7.76mb from admin staff cost increased
Interest income increased +2.91mb
Interest expenses decreased +1.85mb
Share of profit from associates and Joint Venture increased +4.15mb
EBT closed at 297.52mb (9M 2024: 269.93mb) increased by +27.59mb or 10.2% mostly from
Adjusted EBT grew +31.01mb
Reversal of share-based payment expenses +8.67mb
Provision for impairment of investment declined +3.73mb
Exchange gain decreased -10.53mb
Loss from sale of financial assets and mark-to-market valuation -7.17mb
PPA amortization saving increased +1.88mb
For Q3 2025,
Adjusted EBT increased to 106.31mb (Q3 2024: 95.16mb) by +11.15mb or +11.7% from
Gross Profit grew +18.78mb
Selling & Admin expense (exclude one-off items) increased -6.61mb from admin staff cost increased
Share of profit from associates and Joint Venture decreased -2.06mb
EBT equals to 91.96mb (Q3 2024: 79.76mb) increased by +12.20mb or 15.3% from
Adjusted EBT grew +11.15mb
PPA amortization saving increased +0.70mb
For 9M 2025, the Company has net profit after tax closed at 235.11mb (9M 2024: 226.74mb), increasing by
8.37mb or 3.7% with overall net profit margin equal to 21.8% (9M 2024: 21.8%) due to a growth in EBT
+27.59mb less increased in income tax -19.22mb. Our BOI privilege expired in July 2024, this impacted income tax to grow this year. The effective tax rates for 9M 2025 and 9M 2024 were -19% and -15% of EBT, respectively.
For Q3 2025 the net profit increased by 8.91mb or 14.2% to 71.80mb (Q3 2024: 62.89mb) due to increasing in EBT +12.20mb and an increase in income tax -3.29mb, resulting from the expiration of BOI privilege.
Segment Report
Table 2: The breakdown performance by business entities Unit: million bahtJan - Sep 2025 | Jan - Sep 2024 | |||||
HR Solutions | Financial Solutions | Total | HR Solutions | Financial Solutions | Total | |
Revenue | ||||||
-Thailand | 526.84 | 109.34 | 636.18 | 526.80 | 97.81 | 624.61 |
-Indonesia | 303.65 | - | 303.65 | 313.54 | - | 313.54 |
-Other SEA | 140.57 | - | 140.57 | 99.60 | - | 99.60 |
Total revenue | 971.06 | 109.34 | 1,080.40 | 939.94 | 97.81 | 1,037.75 |
Gross Profit | 510.44 | 32.30 | 542.74 | 483.90 | 28.88 | 512.78 |
Operating Profit | 286.31 | 20.18 | 306.49 | 252.38 | 15.22 | 267.60 |
Q3 2025 | Q3 2024 | |||||
HR Solutions | Financial Solutions | Total | HR Solutions | Financial Solutions | Total | |
Revenue | ||||||
-Thailand | 183.64 | 37.14 | 220.78 | 173.17 | 35.47 | 208.64 |
-Indonesia | 99.92 | - | 99.92 | 108.21 | - | 108.21 |
-Other SEA | 49.00 | - | 49.00 | 30.06 | - | 30.06 |
Total revenue | 332.56 | 37.14 | 369.70 | 311.44 | 35.47 | 346.91 |
Gross Profit | 174.48 | 9.75 | 184.23 | 153.15 | 12.30 | 165.45 |
Operating Profit | 95.89 | 4.32 | 100.21 | 76.32 | 8.22 | 84.54 |
In Table 2, The Company's segment report comprises 2 business units, HR Solutions and Financial Solutions.
9M 2025/9M 2024HR Solutions
HR solutions revenue increased by 31.12mb or 3.3% to 971.06mb (9M 2024: 939.94mb). This increase is mainly due to increasing revenue from license income (SaaS model) and software subscription income which increased from other SEA countries 40.97mb or 41.1% and decreased from Indonesia 9.89mb or 3.2%. Revenue of other SEA increased significantly as there were transfer of clients from DataOn Indonesia and the revenue from Cadena group (new subsidiary) 12.12mb.
Gross profit increased 26.54mb or 5.5% to 510.44mb (9M 2024: 483.90mb) as revenue grew
31.13mb and cost increased 4.59mb.
Operating profit increased 33.93mb or 13.4% to 286.31mb (9M 2024: 252.38mb).
Financial Solutions
Financial solutions revenue increased 11.53mb or 11.8% to 109.34mb (9M 2024: 97.81mb) from the growth of implementation income, SAP license income and maintenance income.
Gross profit increased 3.42mb or 11.8% to 32.30mb (9M 2024: 28.88mb) as revenue grew
11.52mb and cost increased 8.10mb.
Operating profit increased by 4.96mb or 32.6% to 20.18mb (9M 2024: 15.22mb).
Q3 2025/Q3 2024HR Solutions
HR solutions revenue increased 21.12mb or 6.8% to 332.56mb (Q3 2024: 311.44mb). This increase is mainly due to increasing revenue from license income (SaaS model) and software subscription income, which increased from Thailand 10.47mb or 6.0% and other SEA countries 18.94mb or 63.1% and decreased from Indonesia 8.29mb or 7.7%. Revenue of other SEA significantly increased as there were transfer of clients from DataOn Indonesia and the revenue from Cadena group 12.12mb.
Gross profit increased 21.33mb or 13.9% to 174.48mb (Q3 2024: 153.15mb) as revenue grew
21.13mb and cost increased 0.20mb.
Operating profit increased 19.57mb or 25.6% to 95.89mb (Q3 2024: 76.32mb).
Financial Solutions
Financial solutions revenue increased by 1.67mb or 4.7% to 37.14mb (Q3 2024: 35.47mb) from growth of implementation income and maintenance income.
Gross profit decreased 2.55mb or 20.7% to 9.75mb (Q3 2024: 12.30mb) as revenue grew 1.66mb and cost increased -4.21mb as cost of license and staff cost increased.
Operating profit decreased 3.90mb or 47.4% to 4.32mb (Q3 2024: 8.22mb).
The recurring and non-recurring revenue:
Table 3: The break down revenue by recurring & non-recurring revenue. Unit: million bahtType of Revenue | Jan - Sep 2025 | Jan - Sep 2024 | ||||||
HR Solutions | Financial Solutions | Total | % Proportion | HR Solutions | Financial Solutions | Total | % Proportion | |
Recurring | 729.61 | 70.76 | 800.37 | 74.1% | 670.17 | 62.90 | 733.07 | 70.6% |
Non-Recurring | 241.45 | 38.58 | 280.03 | 25.9% | 269.76 | 34.92 | 304.68 | 29.4% |
Total revenues | 971.06 | 109.34 | 1,080.40 | 100.0% | 939.93 | 97.82 | 1,037.75 | 100.0% |
Type of Revenue | Q3 2025 | Q3 2024 | ||||||
HR Solutions | Financial Solutions | Total | % Proportion | HR Solutions | Financial Solutions | Total | % Proportion | |
Recurring | 239.31 | 23.81 | 263.12 | 71.2% | 225.01 | 21.75 | 246.76 | 71.1% |
Non-Recurring | 93.25 | 13.33 | 106.58 | 28.8% | 86.42 | 13.73 | 100.15 | 28.9% |
Total revenues | 332.56 | 37.14 | 369.70 | 100.0% | 311.43 | 35.48 | 346.91 | 100.0% |
Overall, the Company's recurring revenue proportion increased from 70.6% in 9M 2024 to 74.1% in 9M 2025 while non-recurring revenue proportion decreased from 29.4% to 25.9%. Recurring revenue reported an overall increase of 67.30mb or 9.2%. We registered stronger growth in recurring revenue of SaaS model software, software subscription and ERP maintenance.
Non-recurring revenue decreased 24.65mb or 8.1% from last year, mainly due to decreasing in implementation income and on-premises software income.
Q3 2025/Q3 2024The Company's recurring revenue proportion slightly increased from 71.1% in Q3 2024 to 71.2% in Q3 2025 while non-recurring revenue proportion slightly decreased from 28.9% to 28.8%. Recurring revenue reported an overall increase of 16.36mb or 6.6%, driven by income from SaaS model software, software subscription and ERP maintenance.
Non-recurring revenue increased 6.43mb or 6.4% from Q3 2024, mainly due to increasing in SAP license income and income from sales of hardware.