Boltek Holdings Limited (Boltek, 08601) released its audited results for the year ended 31 December 2025.

Financial highlights 1. Revenue edged down 0.24% to HK$186.84 million (FY24: HK$187.28 million), reflecting largely stable activity across engineering design, landscape architecture and consultancy services. 2. Cost of services rose 2.32% to HK$128.15 million, driven mainly by higher sub-consultancy fees on newly awarded large-scale projects. 3. Gross profit contracted 5.46% to HK$58.69 million, trimming the gross margin to 31.4% from 33.1% a year earlier. 4. Other income dropped 64.06% to HK$1.39 million, as bank interest income and government subsidies declined. 5. Administrative expenses, including expected credit-loss provisions, were broadly flat at HK$33.11 million. 6. Finance costs fell 48.99% to HK$0.21 million. 7. Profit before tax decreased 19.11% to HK$26.77 million; net profit attributable to equity holders slid 19.55% to HK$22.58 million. 8. Basic and diluted EPS declined to 2.82 HK cents (FY24: 3.51 HK cents).

Balance-sheet and cash position • Cash and bank balances improved 17.68% to HK$42.99 million. • Net current assets rose to HK$145.48 million (FY24: HK$130.66 million). • Net assets increased 9.22% to HK$148.73 million. • The group remained debt-free, with a gearing ratio of zero as at year-end.

Dividend Boltek paid an interim dividend of HK$0.0125 per share (total HK$10.00 million), a sharp reduction from HK$0.05625 per share (HK$45.00 million) in FY24. The board recommended no final dividend, in line with the prior year.

Operational notes • Revenue mix remained concentrated in civil engineering (HK$150.13 million, 80% of total), followed by traffic engineering (HK$21.54 million), building engineering (HK$5.88 million), landscape architecture (HK$3.65 million) and other ancillary services (HK$5.63 million). • Outstanding order book stood at HK$284.07 million, with 65% expected to be recognised in 2026. • Total headcount, including resident site staff, fell to 451 from 473. • Long service payment obligations were steady at HK$3.33 million following the abolition of Hong Kong’s MPF offset mechanism on 1 May 2025.

Outlook Management intends to enhance operational efficiency, broaden the client base and capture additional market share in Hong Kong’s infrastructure consultancy sector. No significant post-year-end events were reported.

Compliance and governance Boltek reported full compliance with Hong Kong’s GEM Listing Rules except for the combined chairman/CEO role. The audit committee reviewed the FY25 results, and the auditor, Grant Thornton, agreed the figures to the audited statements.