REF Holdings Limited (01631) released its unaudited interim results for the six months ended 30 June 2026.

Financial Highlights • Revenue rose 3.0% year-on-year (YoY) to HK$54.93 million, supported by robust IPO-related demand and stable financial-report printing. • Gross profit remained broadly flat at HK$28.44 million; gross margin eased to 51.8% from 53.3% due to higher upfront IPO execution costs. • Profit attributable to owners declined 24.6% YoY to HK$3.38 million as operating expenses outpaced topline growth. • Basic earnings per share fell to 1.27 HK cents from 1.75 HK cents. • No interim dividend was declared.

Cost and Expense Dynamics • Cost of services increased 6.4% YoY to HK$26.49 million, reflecting greater resource deployment for ongoing IPO mandates. • Selling, distribution and administrative expenses rose 7.1% to HK$22.96 million, driven by expanded sales activities, higher staff-related outlays and the launch of the Shenzhen office. • Finance costs dropped 38.6% to HK$0.51 million amid lower lease liabilities.

Balance-Sheet and Liquidity • Cash and bank balances stood at HK$98.69 million as of 30 June 2026, up from HK$68.38 million at end-2025, bolstered by HK$22.71 million net proceeds from a May 2026 share placement. • Current ratio was 2.5x (31 Dec 2025: 2.7x); gearing ratio (total lease liabilities/equity) improved to 0.15 from 0.27. • Net assets increased to HK$108.95 million (31 Dec 2025: HK$82.82 million) after the placement.

Operational Developments • The Group commenced operations in Shenzhen, securing its first IPO customer in June 2026 to enhance mainland client coverage. • A new share option scheme was adopted on 29 June 2026 following expiry of the previous plan. • All HK$22.71 million placement proceeds remain unutilised as at period end; deployment toward Hong Kong expansion, staffing and IT upgrades is planned by December 2027.

Outlook Management cites a robust pipeline of over 500 active IPO applicants in Hong Kong as supportive of future demand for financial printing. Revenue from current IPO projects—recognised post-listing—could lift earnings in subsequent periods, while the Shenzhen platform and strengthened capital base aim to underpin long-term growth.