M&L Holdings Group Limited reported a turnaround for the year ended 31 December 2025, posting net profit attributable to shareholders of HK$9.42 million versus a HK$12.83 million loss in 2024.

Revenue rose 21.6% year-on-year to HK$82.34 million, driven mainly by the tunnelling segment, which contributed HK$79.02 million—or 96% of group turnover—after new orders from Australia, Hong Kong and North America. Foundation business revenue declined to HK$3.32 million amid a subdued real-estate market.

Gross profit expanded 50.2% to HK$35.25 million, lifting gross margin to 42.80% from 34.66% a year earlier. Management attributed the improvement to a higher-margin contract mix, increased maintenance services and machinery-rental income.

Operating profit reached HK$11.04 million, compared with a HK$11.53 million operating loss in 2024. Key movements included: • Gain on bargain purchase of HK$4.72 million from the December acquisition of MEK Group, a disc-cutter manufacturer in Dongguan. • Gain on disposal of an Australian property classified as held for sale of HK$0.50 million. • Net exchange gain of HK$4.27 million, reversing a HK$4.66 million loss in 2024. • Selling expenses increased to HK$6.87 million (2024: HK$4.01 million) on higher freight and transport costs linked to export growth. Administrative expenses were stable at HK$27.62 million.

Finance costs fell 35.6% to HK$1.38 million after the group used proceeds from the Australian property sale to reduce borrowings.

The group closed the year in a net cash position: cash and cash equivalents of HK$17.12 million exceeded bank borrowings of HK$9.79 million and lease liabilities of HK$0.25 million, while current ratio stood at 2.30 times. Equity attributable to shareholders rose 13.3% to HK$112.09 million, equal to HK$0.189 per share.

Australia became the largest market, accounting for HK$33.77 million of revenue, followed by Hong Kong (HK$22.71 million) and North America (HK$10.89 million). The People’s Republic of China contributed HK$7.55 million.

No interim or final dividend was declared for FY2025.

Looking ahead, management highlighted anticipated demand from Hong Kong’s upcoming infrastructure projects, the PRC tunnelling market and further overseas opportunities, supported by the newly acquired Dongguan production facility and exclusive trademark licence.