REF HOLDINGS (01631) announced its annual performance with a net profit attributable to shareholders of HKD 2.975 million, representing a decrease of 47.52% year-on-year.

REF HOLDINGS(01631) announced the annual results for the year ending on December 31, 2025. The group achieved a revenue of HK$92.296 million, a decrease of 13.22% compared to the previous year; the profit attributable to owners of the company was HK$2.975 million, a decrease of 47.52% compared to the previous year; and earnings per share were 1.16 Hong Kong cents. During the year, the group achieved a revenue of approximately HK$92.3 million and the profit attributable to owners of the company was approximately HK$3 million. The impact on profit margins was due to the upfront expenses incurred in acquiring and executing the initial public offering projects, which are reflected in the accounts. With long-term relationships with clients and outstanding execution capabilities, the company has the ability to build and has successfully built a stable and diversified pipeline for future initial public offering projects. In addition, through operational efficiency improvements and strict cost control, the company effectively mitigated some of the financial impacts of the paperless listing mechanism.