Ref: BC. 004/2026
February 26, 2026
Subject: Management's Discussion and Analysis for the Year Ended December 31, 2025
To: The President
The Stock Exchange of Thailand
Overall Group Performance
Management's Discussion and Analysis
Consolidated Financial Statements For the Year Ended December 31, 2025 Table 1: Overall Financial Performance Unit: million baht2025 | 2024 | Change | %YoY | |
Revenues | 1,521.67 | 1,423.92 | 97.75 | 6.9% |
Gross Profit | 769.25 | 731.28 | 37.97 | 5.2% |
Adjusted EBT* | 460.20 | 443.89 | 16.31 | 3.7% |
EBT | 427.98 | 418.53 | 9.45 | 2.3% |
Net Profit | 344.22 | 345.57 | (1.35) | (0.4%) |
% Gross Profit Margin | 50.6% | 51.4% | ||
% Adjusted EBT | 30.2% | 31.2% | ||
Q4 2025 | Q4 2024 | Change | %YoY | Q3 2025 | |
Revenues | 441.27 | 386.17 | 55.10 | 14.3% | 369.70 |
Gross Profit | 226.51 | 218.50 | 8.01 | 3.7% | 184.23 |
Adjusted EBT* | 135.22 | 149.92 | (14.70) | (9.8%) | 106.31 |
EBT | 130.46 | 148.60 | (18.14) | (12.2%) | 91.96 |
Net Profit | 109.11 | 118.83 | (9.72) | (8.2%) | 71.80 |
% Gross Profit Margin | 51.3% | 56.6% | 49.8% | ||
% Adjusted EBT | 30.6% | 38.8% | 28.8% | ||
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 2025, The Humanica Group of Companies ("HUMAN" or the "Company") delivered sales and service revenue of 1,521.67mb (2024: 1,423.92mb), an increase of 97.75mb or 6.9%. HR Solutions revenue increased 62.54mb or 4.9%, from organic growth 28.23mb which mostly increased from license income (SaaS) and software subscription income and increased from the consolidated revenue of Aug-Dec (5 months) of new business from Cadena group (New subsidiary) 34.31mb. Financial Solutions revenue
increased 35.21mb or 24.2% from organic growth 14.47mb which mostly increased from implementation income, SAP license income and maintenance income and increased from the consolidated revenue of Oct-Dec (3 months) of new business from Humanica ERP Limited (former name Lawson Software (Thailand) Co.,Ltd.) (New subsidiary) 20.74mb.
The Consolidated Revenue of the group was impacted by the exchange rate of the Indonesian Rupiah, which depreciated by approximately 9% year-on-year (from IDR 0.0022 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 12% year-on-year.
For Q4 2025, the sales and service revenue increased by 55.10mb or 14.3% to 441.27mb (Q4 2024: 386.17mb) from HR Solutions 31.41mb or 9.3% including the revenue from Cadena group (new subsidiary)
22.19mb in this quarter and Financial Solutions 23.69mb or 50% including the revenue from Humanica ERP (new subsidiary) 20.74mb in this quarter. Without the impact of the depreciation of the Indonesian rupiah, consolidated revenue for Q4 2025 would have increased by approximately 18% year-on-year.
Gross ProfitFor 2025, gross profit grew 37.97mb or 5.2% as revenue grew 97.75mb or 6.9% and cost increased 59.78mb or 8.6%. Gross profit margin (GPM) decreased from 51.4% to 50.6% mainly due to the increase in staff cost 33.00mb, cost of SAP license and maintenance 10.46mb and cloud cost 14.96mb.
For Q4 2025, gross profit increased by 8.01mb or 3.7% and gross profit margin decreased from 56.6% to 51.3% as revenue grew 55.10mb or 14.3% and cost increased 47.09mb or 28.1% mainly due to the increase in staff cost 37.69mb, cost of SAP license and maintenance 3.59mb and cloud cost 4.97mb.
Adjusted EBT/EBTFor 2025,
Adjusted EBT closed at 460.20mb (2024: 443.89mb), an increase of +16.31mb or +3.7% from
Gross Profit grew +37.97mb
Selling & Admin expense (exclude one-off items) increased -33.09mb from admin staff cost and professional fee increased from M&A cost totaling -25mb and the consolidated expenses of new subsidiaries of -8mb.
Interest expenses decreased +1.89mb
Share of profit from associates and Joint Venture increased +12.11mb
EBT closed at 427.98mb (2024: 418.53mb) increased by +9.45mb or 2.3% mostly from
Adjusted EBT grew +16.31mb
Reversal of share-based payment expenses +8.67mb
Provision for impairment of investment declined +5.43mb
Exchange gain decreased -13.87mb
Loss from sale of financial assets and mark-to-market valuation -7.52mb
PPA amortization saving increased +0.49mb
For Q4 2025,
Adjusted EBT decreased to 135.22mb (Q4 2024: 149.92mb) by -14.70mb or -9.8% from
Gross Profit grew +8.01mb
Selling & Admin expense (exclude one-off items) increased -24.31mb from admin staff cost and professional fee increased totaling -19mb and the consolidated expenses of new subsidiaries of -5mb.
Other income decreased -7mb from decrease of dividend and interest income as the decrease of financial assets.
Share of profit from associates and Joint Venture increased +7.96mb
EBT equals to 130.46mb (Q4 2024: 148.60mb) decreased by -18.14mb or -12.2% from
Adjusted EBT decreased -14.70mb
Exchange gain decreased -2.70mb
PPA amortization increased -1.39mb from PPA amortization of Cadena group and Humanica ERP (new subsidiaries)
For 2025, the Company has net profit after tax closed at 344.22mb (2024: 345.57mb), decreasing by 1.35mb or 0.4% with overall net profit margin equal to 22.6% (2024: 24.3%) due to a growth in EBT +9.45mb less increased in income tax -10.80mb. Our BOI privilege expired in July 2024, this impacted income tax to grow this year. The effective tax rates for 2025 and 2024 were -20% and -17% of EBT, respectively.
For Q4 2025 the net profit decreased by -9.72mb or -8.2% to 109.11mb (Q4 2024: 118.83mb) due to decreasing in EBT -18.14mb and income tax +8.42mb.
Segment Report
Table 2: The breakdown performance by business entities Unit: million baht2025 | 2024 | |||||
HR Solutions | Financial Solutions | Total | HR Solutions | Financial Solutions | Total | |
Revenue | ||||||
-Thailand | 712.27 | 180.45 | 892.72 | 712.16 | 145.24 | 857.40 |
-Indonesia | 424.50 | - | 424.50 | 426.57 | - | 426.57 |
-Other SEA | 204.45 | - | 204.45 | 139.95 | - | 139.95 |
Total revenue | 1,341.22 | 180.45 | 1,521.67 | 1,278.68 | 145.24 | 1,423.92 |
Gross Profit | 706.45 | 62.80 | 769.25 | 682.01 | 49.27 | 731.28 |
Operating Profit | 390.77 | 42.24 | 433.01 | 378.81 | 29.95 | 408.76 |
Q4 2025 | Q4 2024 | |||||
HR Solutions | Financial Solutions | Total | HR Solutions | Financial Solutions | Total | |
Revenue | ||||||
-Thailand | 185.43 | 71.11 | 256.54 | 185.36 | 47.42 | 232.78 |
-Indonesia | 121.39 | - | 121.39 | 113.03 | - | 113.03 |
-Other SEA | 63.34 | - | 63.34 | 40.36 | - | 40.36 |
Total revenue | 370.16 | 71.11 | 441.27 | 338.75 | 47.42 | 386.17 |
Gross Profit | 195.87 | 30.64 | 226.51 | 198.11 | 20.39 | 218.50 |
Operating Profit | 104.92 | 21.57 | 126.49 | 126.42 | 14.73 | 141.15 |
In Table 2, The Company's segment report comprises 2 business units, HR Solutions and Financial Solutions.
2025/2024HR Solutions
HR solutions revenue increased by 62.54mb or 4.9% to 1,341.22mb (2024: 1,278.68mb). This increase is mainly due to increasing revenue from license income (SaaS model) and software subscription income which increased from other SEA countries 64.50mb or 46.1% and decreased from Indonesia 2.07mb or 0.5%. Revenue of other SEA increased significantly as there were transfer of clients from DataOn Indonesia and the revenue from Cadena group (new subsidiary) 34.31mb.
Gross profit increased 24.44mb or 3.6% to 706.45mb (2024: 682.01mb) as revenue grew 62.54mb and cost increased 38.10mb.
Operating profit increased 11.96mb or 3.2% to 390.77mb (2024: 378.81mb).
Financial Solutions
Financial solutions revenue increased 35.21mb or 24.2% to 180.45mb (2024: 145.24mb) from the growth of implementation income, SAP license income and maintenance income and the revenue from Humanica ERP (new subsidiary) 20.74mb.
Gross profit increased 13.53mb or 27.5% to 62.80mb (2024: 49.27mb) as revenue grew 35.21mb and cost increased 14.06mb.
Operating profit increased by 12.29mb or 41.0% to 42.24mb (2024: 29.95mb).
Q4 2025/Q4 2024HR Solutions
HR solutions revenue increased 31.41mb or 9.3% to 370.16mb (Q4 2024: 338.75mb). This increase is mainly due to increasing revenue from license income (SaaS model) and software subscription income, which increased from Indonesia 8.36mb or 7.4% and other SEA countries 22.98mb or 56.9%. Revenue of other SEA significantly increased as there were transfer of clients from DataOn Indonesia and the revenue from Cadena group 22.19mb.
Gross profit decreased -2.24mb or -1.1% to 195.87mb (Q4 2024: 198.11mb) as revenue grew
31.41mb and cost increased 33.65mb.
Operating profit decreased -21.50mb or -17.0% to 104.92mb (Q4 2024: 126.42mb).
Financial Solutions
Financial solutions revenue increased by 23.69mb or 50.0% to 71.11mb (Q4 2024: 47.42mb) from growth of implementation income and maintenance income and the revenue from Humanica ERP 20.74mb.
Gross profit increased 10.25mb or 50.3% to 30.64mb (Q4 2024: 20.39mb) as revenue grew
23.69mb and cost increased 13.44mb.
Operating profit increased 6.84mb or 46.4% to 21.57mb (Q4 2024: 14.73mb).
The recurring and non-recurring revenue:
Table 3: The break down revenue by recurring & non-recurring revenue. Unit: million bahtType of Revenue | 2025 | 2024 | ||||||
HR Solutions | Financial Solutions | Total | % Proportion | HR Solutions | Financial Solutions | Total | % Proportion | |
Recurring | 975.56 | 106.63 | 1,082.19 | 71.1% | 901.61 | 90.04 | 991.65 | 69.6% |
Non-Recurring | 365.66 | 73.82 | 439.48 | 28.9% | 377.07 | 55.20 | 432.27 | 30.4% |
Total revenues | 1,341.22 | 180.45 | 1,521.67 | 100.0% | 1,278.68 | 145.24 | 1,423.92 | 100.0% |
Type of Revenue | Q4 2025 | Q4 2024 | ||||||
HR Solutions | Financial Solutions | Total | % Proportion | HR Solutions | Financial Solutions | Total | % Proportion | |
Recurring | 245.95 | 35.87 | 281.82 | 63.9% | 231.44 | 27.14 | 258.58 | 67.0% |
Non-Recurring | 124.21 | 35.24 | 159.45 | 36.1% | 107.31 | 20.28 | 127.59 | 33.0% |
Total revenues | 370.16 | 71.11 | 441.27 | 100.0% | 338.75 | 47.42 | 386.17 | 100.0% |
Overall, the Company's recurring revenue proportion increased from 69.6% in 2024 to 71.1% in 2025 while non-recurring revenue proportion decreased from 30.4% to 28.9%. Recurring revenue reported an overall increase of 90.54mb or 9.1%. We registered stronger growth in recurring revenue of SaaS model software, software subscription and ERP maintenance.
Non-recurring revenue increased 7.21mb or 1.7% from last year, mainly due to increasing in SAP license and ERP implementation income.
Q4 2025/Q4 2024The Company's recurring revenue proportion decreased from 67.0% in Q4 2024 to 63.9% in Q4 2025 while non-recurring revenue proportion increased from 33.0% to 36.1%. Recurring revenue reported an overall increase of 23.24mb or 9.0%, driven by income from SaaS model software, software subscription and ERP maintenance.
Non-recurring revenue increased 31.86mb or 25.0% from Q4 2024, mainly due to increasing in on-premise license income, SAP license income, change request income and ERP implementation income.
HUMANICA PUBLIC COMPANY LIMITED 2 Soi Rongmuang 5, Rongmuang Road, Rongmuang, Pathumwan, Bangkok 10330