Humanica Public Company (HUMAN) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue grew 1% year-over-year to 348M THB, with modest growth impacted by currency depreciation in Indonesia and slight declines in Thailand and Indonesia, offset by strong growth in Singapore and Malaysia.

• Operating profit rose 13% year-over-year, driven by improved cost control and a one-time ESOP reserve adjustment.

• Net profit declined 2% year-over-year to 81M THB, mainly due to a higher effective tax rate after BOI tax benefits expired.

• Recurring revenue proportion increased to 76.7%, with strong contributions from SaaS and ERP maintenance.

• Strategic focus remains on organic growth, selective M&A, and building an integrated ecosystem, with new product launches and platform upgrades across segments.

Financial highlights

• Revenue increased 1% year-over-year to 348M THB; would have been 4% excluding a 9% depreciation of the Indonesian rupiah.

• Gross margin remained stable at approximately 50%.

• Operating profit grew by 13% to 97M THB, with margin rising from 24% to 28%.

• Net profit decreased by 2% to 81M THB due to higher tax rate (20% vs. 14% last year).

• Earnings per share increased from 0.38 to 0.40 THB; ROE improved from 8.99% to 9.37%.

Outlook and guidance

• Projected revenue growth for 2025 is around 10%, with expectations of a significant jump in 2026 as new products gain traction.

• Anticipates stronger organic growth as new platforms and solutions are fully rolled out.

• Ecosystem and emerging business initiatives expected to contribute more meaningfully from H2 2025 and into 2026.

• Initial marketing for SAP S/4 HANA expansion; launch planned for Q3 2025.

• Continued M&A sourcing; updates pending.