REF Holdings Limited (HKG:1631)

REF Holdings Balance Sheet

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

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Equivalents	98.69	68.38	55.3	36.22	17.36	127.57
Short-Term Investments	-	-	-	18.01	59	-
Trading Asset Securities	0.26	0.49	0.45	0.86	0.96	1.43
Cash & Short-Term Investments	98.95	68.87	55.75	55.09	77.32	128.99
Cash Growth	86.79%	23.52%	1.21%	-28.75%	-40.06%	-38.35%
Accounts Receivable	39.12	21.84	21.86	22.75	25.26	14.44
Other Receivables	-	0.29	0.2	0.27	0.03	2.16
Receivables	39.12	22.13	22.06	23.03	25.29	16.6
Prepaid Expenses	8.43	0.77	0.91	1.51	1.8	1.71
Other Current Assets	1.92	1.07	1.3	7.4	1.31	2.46
Total Current Assets	148.42	92.83	80.03	87.03	105.72	149.76
Property, Plant & Equipment	16.62	22.12	36.81	13.96	33.39	52.01
Goodwill	1.98	1.98	1.98	1.98	1.98	1.98
Long-Term Deferred Tax Assets	1.89	1.48	1.39	0.97	0.72	-
Other Long-Term Assets	0.44	5.24	5.29	0.29	5.99	6.62
Total Assets	169.35	123.65	125.5	104.23	147.8	210.37

Liabilities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts Payable	3	0.78	0.9	2.41	2.94	2.6
Accrued Expenses	7.28	3.88	4.04	10.81	6.19	7.28
Current Portion of Leases	14.58	17.8	15.68	7.65	19.43	18.51
Current Income Taxes Payable	0.49	0.01	0.65	0.63	0.5	-
Current Unearned Revenue	33.66	12.37	2.2	9.09	11.44	16.42
Other Current Liabilities	-	-	-	-	-	1.06
Total Current Liabilities	58.99	34.85	23.46	30.58	40.49	45.88
Long-Term Leases	1.41	4.42	20.74	0.89	6.03	23.13
Long-Term Deferred Tax Liabilities	-	-	-	-	-	0.04
Other Long-Term Liabilities	-	1.57	1.57	-	1.86	1.86
Total Liabilities	60.4	40.83	45.77	31.47	48.38	70.91

Shareholders' Equity

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Common Stock	3.07	2.56	2.56	2.56	2.56	2.56
Additional Paid-In Capital	-	41.23	41.23	41.23	41.23	41.23
Retained Earnings	-	38.99	34.61	28.94	55.63	95.67
Comprehensive Income & Other	105.88	0.03	1.33	0.02	-	-
Shareholders' Equity	108.95	82.82	79.73	72.75	99.42	139.46
Total Liabilities & Equity	169.35	123.65	125.5	104.23	147.8	210.37

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Total Debt	15.98	22.22	36.42	8.55	25.46	41.64
Net Cash (Debt)	82.97	46.64	19.33	46.54	51.86	87.35
Net Cash Growth	241.76%	141.26%	-58.46%	-10.26%	-40.62%	-56.05%
Net Cash Per Share	0.32	0.18	0.08	0.18	0.20	0.34
Filing Date Shares Outstanding	265.9	256	256	256	256	256
Total Common Shares Outstanding	265.9	256	256	256	256	256
Working Capital	89.43	57.98	56.57	56.45	65.24	103.88
Book Value Per Share	0.41	0.32	0.31	0.28	0.39	0.54
Tangible Book Value	106.97	80.83	77.75	70.77	97.44	137.48
Tangible Book Value Per Share	0.40	0.32	0.30	0.28	0.38	0.54
Machinery	-	10.92	10.7	10.73	10.67	10.7
Leasehold Improvements	-	6.49	6.49	6.72	6.72	6.64

Data Source: S&P Global Market Intelligence Last updated: Jun 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every six months for this company.

Update frequency:

Semi-annually

Last checked:

Aug 27, 2026

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