HRnetGroup (CHZ) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 3.0% YoY to S$584.0m; gross profit increased 0.6% to S$122.9m and NPAT rose 14.3% to S$52.9m.

• Performance combined higher placement and contractor volumes with lower unit gross profit; 2026 priorities include senior executive search, international FS expansion and recurring revenue.

Financial highlights

• Revenue increased from S$567.0m in 2024 to S$584.0m in 2025; gross profit rose from S$122.2m to S$122.9m.

• NPAT increased from S$46.3m to S$52.9m; NPAT-to-gross-profit conversion improved from 37.9% to 43.1%.

• Free cash flow was S$52.0m; FY2025 cash moat was S$336.3m.

Outlook and guidance

• 2026 focus: pivot PR toward senior executive search for higher GP per placement, expand FS internationally to grow volumes, and develop recurring revenue beyond traditional recruitment.

• Octomate targets government and large corporates with modular HR tools; revenue model includes setup and customisation fees plus recurring licenses over 3–5 years.