REF Holdings Income Statement

Financials in millions HKD. Fiscal year is January - December.

Millions HKD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	92.3	106.36	124.04	129.71	135.08
Revenue Growth (YoY)	-13.22%	-14.25%	-4.37%	-3.98%	-8.42%
Cost of Revenue	45.68	50.29	60.8	63.48	62.88
Gross Profit	46.62	56.07	63.25	66.23	72.2
Selling, General & Admin	43.37	48.79	51.27	52.85	55.72
Other Operating Expenses	-	-0.2	-0.05	-	-
Operating Expenses	43.12	48.76	50.5	54.92	55.13
Operating Income	3.5	7.31	12.75	11.31	17.08
Interest Expense	-1.49	-1.55	-0.59	-1.06	-0.84
Interest & Investment Income	1.35	1.64	1.87	1.05	0.99
Currency Exchange Gain (Loss)	-	-	0	-	0
Other Non Operating Income (Expenses)	-	-0.11	-0.02	-0.01	0.04
EBT Excluding Unusual Items	3.36	7.29	14.02	11.29	17.26
Gain (Loss) on Sale of Investments	-	-0.4	-0.11	-0.68	-3.06
Gain (Loss) on Sale of Assets	-	-	-	-0.04	-3.09
Asset Writedown	-	-0.11	-	-	-
Other Unusual Items	-	-	-	2.4	-
Pretax Income	3.36	6.78	13.92	12.96	11.12
Income Tax Expense	0.39	1.11	2.2	1.8	2.49
Net Income	2.98	5.67	11.71	11.16	8.63
Net Income to Common	2.98	5.67	11.71	11.16	8.63
Net Income Growth	-47.52%	-51.61%	4.95%	29.37%	-52.76%
Shares Outstanding (Basic)	256	256	256	256	256
Shares Outstanding (Diluted)	256	256	256	256	256
EPS (Basic)	0.01	0.02	0.05	0.04	0.03
EPS (Diluted)	0.01	0.02	0.05	0.04	0.03
EPS Growth	-47.52%	-51.61%	4.95%	29.38%	-52.77%
Free Cash Flow	-	16.69	36.03	20.91	15.59
Free Cash Flow Per Share	-	0.07	0.14	0.08	0.06
Dividend Per Share	-	-	-	0.150	0.200
Dividend Growth	-	-	-	-25.00%	-60.00%
Gross Margin	50.51%	52.72%	50.99%	51.06%	53.45%
Operating Margin	3.79%	6.88%	10.28%	8.72%	12.64%
Profit Margin	3.22%	5.33%	9.44%	8.61%	6.39%
Free Cash Flow Margin	-	15.69%	29.05%	16.12%	11.54%
EBITDA	6.12	9.93	16.73	15.38	20.68
EBITDA Margin	6.63%	9.34%	13.49%	11.86%	15.31%
D&A For EBITDA	2.62	2.62	3.98	4.07	3.61
EBIT	3.5	7.31	12.75	11.31	17.08
EBIT Margin	3.79%	6.88%	10.28%	8.72%	12.64%
Effective Tax Rate	11.51%	16.37%	15.82%	13.89%	22.38%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.