FDB Holdings announced a return to the red for the year ended 31 December 2025, posting a loss before and after tax of HK$22.41 million versus a HK$9.87 million profit a year earlier.

Revenue slid 13.2% to HK$406.74 million, reflecting softer demand in Hong Kong’s construction market. Gross profit contracted 55.4% to HK$7.71 million, driving the gross margin down to 1.9% from 3.7% in 2024.

Key profit-and-loss drivers: • Other income more than halved to HK$1.56 million, mainly due to a smaller release of longstanding accruals (HK$1.20 million vs. HK$3.47 million a year ago). • Net impairment losses under the expected-credit-loss model swung to HK$13.33 million (2024: reversal of HK$2.26 million), principally on trade receivables and contract assets. • Administrative expenses rose 23.1% to HK$17.58 million, with legal and professional fees of about HK$3.40 million tied to an arbitration case. • Finance costs increased 60.0% to HK$0.81 million on higher bank-borrowing interest.

Balance-sheet highlights: • Net current liabilities stood at HK$27.17 million (2024: net current assets of HK$4.90 million). • The Group moved to a shareholders’ deficit of HK$22.95 million from HK$0.55 million deficit a year earlier. • Cash and pledged deposits fell to HK$11.09 million (2024: HK$32.60 million). • Bank borrowings totalled HK$8.12 million, all classified as current; amounts due to a shareholder increased to HK$32.90 million (2024: HK$10.00 million).

Going-concern considerations: Auditors flagged a material uncertainty given the loss, net liabilities and tight liquidity, though management expects new equity and cost controls to support operations. A post-year-end share placing completed on 11 February 2026 raised gross proceeds of HK$40.80 million (net HK$39.90 million).

Operational snapshot: • Contracting revenue—all generated in Hong Kong—reached HK$406.74 million. • Outstanding order book (transaction price allocated to remaining performance obligations) totalled HK$319.48 million, underpinning near-term workload. • Three joint ventures contributed HK$0.05 million to earnings (2024: HK$1.26 million).

Dividend: The Board recommended no final dividend for 2025, unchanged from 2024.

Outlook: Management plans a comprehensive review of core operations and will explore capital-raising, cost optimisation and new business opportunities to restore profitability.