REF Holdings FY26 H1 profit drops 24.6% to HK$ 3.38 million; revenue rises 3% to HK$ 54.93 million

• REF Holdings posted profit attributable to owners of HK$ 3.38 million, down 24.6% year over year.
• Revenue rose 3% to HK$ 54.93 million, supported by a strong Hong Kong IPO market.
• Gross margin narrowed 1.5 percentage points to 51.8% on higher upfront execution expenses tied to IPO projects.
• Net proceeds of about HK$ 22.71 million from a May share placement remained unused as of June 30.
• Shenzhen operation launched, onboarding its first IPO customer in June; IPO-project revenue typically recognized upon successful listing.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. REF Holdings Ltd. published the original content used to generate this news brief via IIS, the regulatory disclosure system operated by the Hong Kong Stock Exchange (HKex) (Ref. ID: HKEX-EPS-20260821-12294868), on August 21, 2026, and is solely responsible for the information contained therein.