Minerva Group Holding Limited (Minerva Group) has issued a profit warning, indicating an expected consolidated net loss of at least HK$15.10 million for the six months ended 30 June 2026. The projected deficit represents a narrowing from the HK$36.80 million loss reported for the comparable period in 2025.

Key loss drivers: • Investment portfolio: A HK$24.90 million unrealised fair-value loss on listed equity securities at fair value through profit or loss (FVTPL) is the primary contributor. • Credit portfolio: An impairment loss of approximately HK$1.70 million on loans and interest receivables has been booked, with further increases in expected credit-loss allowances anticipated as loan-market conditions in Hong Kong deteriorate. • Additional revaluations pending: Fair-value assessments for unlisted investment funds, unlisted equity stakes and an investment property were still in progress at the reporting date. Management expects further fair-value losses on unlisted equity positions due to weak performance of comparable companies.

Macro backdrop: Hong Kong’s credit environment remains stressed. Commercial real-estate vacancies reached 16.8% at end-March 2026, contributing to an estimated HK$200 billion bad-debt burden for local banks. Meanwhile, the government’s 100% guarantee SME loan scheme recorded a 19.3% cumulative default rate as of February 2026. These conditions have prompted Minerva Group to adopt stricter credit-assessment and borrower-monitoring procedures.

The figures in this announcement are based on unaudited management accounts and may change after the completion of external review. The company expects to publish its full interim results in late August 2026. Shareholders and potential investors are urged to exercise caution when dealing in the company’s shares.