Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

AB BUILDERS GROUP LIMITED

奧邦建築集團有限公司

(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 01615)

ANNUAL RESULTS ANNOUNCEMENT

FOR THE YEAR ENDED 31 DECEMBER 2025

The board of directors (the "Board") of AB Builders Group Limited (the "Company") hereby announces the audited annual results of the Company and its subsidiaries for the year ended 31 December 2025. This announcement complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to information to accompany preliminary announcements of annual results.

PUBLICATION OF ANNUAL RESULTS ANNOUNCEMENT AND ANNUAL REPORT

This results announcement is available on the website of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the Company's website (www.abbuildersgroup.com).

The Company's 2025 annual report will be despatched to shareholders and published on the websites of the Company and The Stock Exchange of Hong Kong Limited in due course.

By order of the Board of
AB Builders Group Limited
Lao Chao U
Chairlady and Executive Director

Macau, 26 March 2026

As at the date of this announcement, the Board comprises four executive directors, namely Ms. Lao Chao U, Mr. Roberto Gnanavelu, Mr. Cheang Iek Wai and Mr. Ip Kin Wa; and three independent non-executive directors, namely Mr. Chu Yat Pang Terry, Mr. O'Yang Wiley and Mr. Choy Wai Shek, Raymond, MH, JP.

ANNUAL RESULTS

The Board of the Company is pleased to announce the audited consolidated annual results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2025, together with the comparative figures for the year ended 31 December 2024 as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2025

| | NOTES | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- | --- |
| Revenue | 4 | 273,069 | 182,030 |
| Cost of sales | | (249,573) | (155,127) |
| Gross profit | | 23,496 | 26,903 |
| Other income | 6 | 6,028 | 10,200 |
| Other gains and losses | | 2,372 | 1,462 |
| Impairment loss under expected credit loss model, net of reversal | 7 | 889 | (314) |
| Administrative expenses | | (29,569) | (29,742) |
| Finance costs | | (699) | (655) |
| Profit before taxation | | 2,517 | 7,854 |
| Income tax expense | 8 | (460) | (436) |
| Profit for the year | 9 | 2,057 | 7,418 |
| Other comprehensive income (expense) for the year
Item that may be reclassified subsequently to profit or loss: | | | |
| Exchange differences arising on translation of foreign operations | | 318 | (311) |
| Total comprehensive income for the year | | 2,375 | 7,107 |

| | NOTE | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- | --- |
| Profit for the year attributable to: | | | |
| Owners of the Company | | 1,901 | 9,407 |
| Non-controlling interests | | 156 | (1,989) |
| | | 2,057 | 7,418 |
| Total comprehensive income (expense) for the year attributable to: | | | |
| Owners of the Company | | 2,219 | 9,096 |
| Non-controlling interests | | 156 | (1,989) |
| | | 2,375 | 7,107 |
| | | MOP cents | MOP cents |
| Earnings per share | 11 | | |
| — Basic | | 0.32 | 1.57 |
| — Diluted | | 0.32 | 1.57 |

At 31 December 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

| | NOTES | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- | --- |
| Non-current assets | | | |
| Property, plant and equipment | | 33,922 | 35,409 |
| Right-of-use assets | | 1,011 | 1,766 |
| Intangible assets | | 900 | 2,292 |
| Goodwill | | 1,462 | — |
| Financial assets at fair value through profit or loss
("FVTPL") | | 16,041 | 11,585 |
| Other financial assets | | 32,052 | 31,968 |
| | | 85,388 | 83,020 |
| Current assets | | | |
| Trade and other receivables | 12 | 32,964 | 44,842 |
| Contract assets | | 31,440 | 62,066 |
| Pledged bank deposits | | 74,281 | 72,151 |
| Bank balances and cash | | 71,402 | 44,581 |
| | | 210,087 | 223,640 |
| Current liabilities | | | |
| Trade and other payables | 13 | 83,101 | 91,042 |
| Tax payable | | 1,046 | 978 |
| Bank overdrafts | | 13,272 | 17,855 |
| Lease liabilities | | 778 | 770 |
| | | 98,197 | 110,645 |
| Net current assets | | 111,890 | 112,995 |
| Total assets less current liabilities | | 197,278 | 196,015 |
| Non-current liabilities | | | |
| Lease liabilities | | 330 | 1,109 |
| Deferred tax liabilities | | 225 | 573 |
| | | 555 | 1,682 |
| Net assets | | 196,723 | 194,333 |
| Capital and reserves | | | |
| Share capital | | 6,189 | 6,189 |
| Reserves | | 207,673 | 205,454 |
| Equity attributable to owners of the Company | | 213,862 | 211,643 |
| Non-controlling interests | | (17,139) | (17,310) |
| Total equity | | 196,723 | 194,333 |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2025

1. GENERAL INFORMATION

The Company was incorporated in the Cayman Islands with limited liability on 23 February 2017 and its shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 10 September 2018. In the opinion of the directors, the ultimate controlling shareholders of the Company are Mr. Lao Chio Seng (“Mr. Lao”) and Ms. Wong Hio Mei, spouse of Mr. Lao, through Laos International Holdings Limited, a company incorporated in the British Virgin Islands (the “BVI”) with limited liability, and WHM Holdings Limited, a company incorporated in the BVI with limited liability, respectively.

The Company acts as an investment holding company and its subsidiaries are principally engaged in provision of construction services of fitting-out works, sales of construction materials, and provision of investment management and advisory services. The Company and its subsidiaries are hereinafter collectively referred to as the “Group”.

The presentation and functional currency of the Company is Macau Pataca (“MOP”).

1. APPLICATION OF AMENDMENTS TO IFRS ACCOUNTING STANDARDS

Amendments to an IFRS Accounting Standard that are mandatorily effective for the current year

In the current year, the Group has applied the following amendments to an IFRS Accounting Standard as issued by the International Accounting Standards Board (“IASB”) for the first time, which are mandatorily effective for the Group’s annual period beginning on 1 January 2025 for the preparation of the consolidated financial statements:

The application of the amendments to an IFRS Accounting Standard in the current year has had no material impact on the Group’s financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

1. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the IASB. For the purpose of preparation of the consolidated financial statements, information is considered material if such information is reasonably expected to influence decisions made by primary users. In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on the Stock Exchange and by the Hong Kong Companies Ordinance.

The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value at the end of each reporting period.

• 5 -

• 6 -

4. REVENUE

Revenue represents the aggregate of the amounts received and receivable for construction contracts of fitting-out works, sales of construction materials and provision of investment management and advisory services.

An analysis of the Group’s revenue from contracts with customers under IFRS 15 is as follows:

| | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- |
| Recognised over time: | | |
| Contract revenue from provision of fitting-out works | 259,459 | 182,030 |
| Revenue from provision of investment management and advisory services | 225 | — |
| | 259,684 | 182,030 |
| Recognised at a point in time: | | |
| Revenue from sales of construction materials | 13,385 | — |
| Total | 273,069 | 182,030 |

5. SEGMENT INFORMATION

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker (the “CODM”), being the Chief Executive Officer of the Group, in order for CODM to allocate resources and to assess performance.

Prior to 1 January 2025, there were three operating segments, namely (i) fitting-out works, (ii) structural works and (iii) air purification business.

From 1 January 2025, management has changed the presentation of the information reported to the CODM, and segment reporting is updated to conform to this change. The Group’s management is of the view that this change of segment disclosure better reflects the Group’s updated business strategies, the development phases of various businesses and the financial performance, and better aligns with the Group’s resource allocation.

The updated reportable segment of construction services now comprises the former fitting-out works and structural works operating segments. The Group’s management periodically reviews their developments, and dynamically adjust resource allocation and strategies.

Specifically, the Group’s only reportable segment under IFRS 8 “Operating Segments” is construction services.

Other operating segments include sales of construction materials, sales of air purification unit/system and provision of investment management and advisory services, of which sales of air purification unit/system was being reported as separate segment in prior years. None of these segments met the quantitative thresholds for the reportable segments in both current and prior periods. Accordingly, these were grouped in “Others”. Prior year segment disclosures have been represented to conform with the current period’s presentation.

The CODM makes decisions according to the operating results of each segment. No analysis of segment assets and segment liabilities is presented as the CODM does not regularly review such information for the purposes of resources allocation and performance assessment. Therefore, only segment revenue and segment results are presented.

Segment revenue and results

The following is an analysis of the Group's revenue and results by operating segments:

For the year ended 31 December 2025

| | Construction services
MOP'000 | Others
MOP'000 | Total
MOP'000 |
| --- | --- | --- | --- |
| Segment revenue — external | 259,459 | 13,610 | 273,069 |
| Segment results | 22,585 | 911 | 23,496 |
| Administrative expenses | | | (29,569) |
| Other income and other gains and losses | | | 8,400 |
| Impairment loss under ECL model, net of reversal | | | 889 |
| Finance costs | | | (699) |
| Profit before taxation | | | 2,517 |
| For the year ended 31 December 2024 | | | |
| | Construction services
MOP'000 | Others
MOP'000 | Total
MOP'000 |
| Segment revenue — external | 182,030 | — | 182,030 |
| Segment results | 27,380 | (477) | 26,903 |
| Administrative expenses | | | (29,742) |
| Other income and other gains and losses | | | 11,662 |
| Impairment loss under ECL model, net of reversal | | | (314) |
| Finance costs | | | (655) |
| Profit before taxation | | | 7,854 |

– 7 –

• 8 -

6. OTHER INCOME

| | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- |
| Bank interest income | 5,096 | 7,087 |
| Compensation income (Note) | — | 2,271 |
| Others | 932 | 842 |
| | 6,028 | 10,200 |

Note: During the year ended 31 December 2024, the Group recognised compensation income of MOP2,271,000 from insurance claim in relation to a construction project.

7. IMPAIRMENT LOSS UNDER EXPECTED CREDIT LOSS MODEL, NET OF REVERSAL

| | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- |
| Impairment loss (reversed) recognised on: | | |
| Trade receivables | (88) | (1,208) |
| Other receivables | 15 | 1 |
| Contract assets | (813) | 1,626 |
| Other financial assets | (3) | (105) |
| | (889) | 314 |

8. INCOME TAX EXPENSE

| | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- |
| Current tax | | |
| Macau Complementary Tax | (826) | (758) |
| Hong Kong Profits Tax | — | (116) |
| PRC Enterprise Income Tax | — | (36) |
| | (826) | (910) |
| Over (under) provision in prior years: | | |
| Macau Complementary Tax | — | 300 |
| Hong Kong Profits Tax | — | (22) |
| | — | 278 |
| Deferred tax | 366 | 196 |
| | (460) | (436) |

Macau Complementary Tax is calculated at 12% of the estimated assessable profits exceeding MOP600,000 for both years.

The Hong Kong Profits Tax of the qualifying group entity under the two-tiered profits tax rates regime is calculated at 8.25% on the first Hong Kong Dollars (“HK$”) 2 million of the estimated assessable profits and at 16.5% on the estimated assessable profits above HK$2 million for both years. The Hong Kong Profits Tax of the group entities not qualifying for the regime is calculated at a flat rate of 16.5% of the estimated assessable profits. No provision for Hong Kong Profits Tax has been made in the consolidated financial statements as the relevant group entities incurred tax losses for current year.

Under the Law of the PRC on Enterprise Income Tax (the “EIT Law”) and Implementation Regulation of the EIT Law, the PRC Enterprise Income Tax is calculated at 25% of the assessable profits for the subsidiary established in the PRC for both years. No provision for the PRC Enterprise Income Tax has been made in the consolidated financial statements as the relevant group entities incurred tax losses for current year.

9. PROFIT FOR THE YEAR

| | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- |
| Profit for the year
has been arrived at after charging (crediting): | | |
| Contract costs of fitting-out works recognised as expense (Note) | 238,984 | 154,650 |
| Cost of inventories recognised as expense
(including write-down of inventories of Nil) (2024: MOP477,000) | 10,589 | 477 |
| Staff costs | | |
| Gross staff costs (including directors’ emoluments below) | 28,143 | 23,289 |
| Less: Staff costs capitalised to contract costs incurred | (13,108) | (7,426) |
| | 15,035 | 15,863 |
| Directors’ emoluments | 3,635 | 3,997 |
| Auditor’s remuneration | 600 | 560 |
| Depreciation of property, plant and equipment | 1,450 | 1,496 |
| Depreciation of right-of-use assets | 755 | 394 |
| Amortisation of intangible assets | 786 | 785 |
| Impairment losses on intangible assets included in administrative expenses | 678 | — |

Note: Included in contract costs was a reversal of provision of onerous contracts of MOP809,000 (2024: reversal of provision of MOP809,000) recognised for provision of fitting-out works during the year ended 31 December 2025.

10. DIVIDENDS

No dividend was paid or proposed for ordinary shareholders of the Company during both years, nor has any dividend been proposed since the end of each of the reporting period.

• 10 -

11. EARNINGS PER SHARE

The calculation of the basic and diluted earnings per share attributable to owners of the Company is based on the following data:

Earnings figures are calculated as follows:

| | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- |
| Profit for the year attributable to owners of the Company | 1,901 | 9,407 |
| Number of shares | | |
| | 2025
'000 | 2024
'000 |
| Weighted average number of ordinary shares for the purpose of basic earnings per share | 600,000 | 600,000 |
| Effect of dilutive potential ordinary shares:
Share options | — | 143 |
| Weighted average number of ordinary shares for the purpose of diluted earnings per share | 600,000 | 600,143 |

During the year ended 31 December 2025, all outstanding share options were forfeited following the departure of the relevant employee. Consequently, there were no dilutive potential ordinary shares in existence at 31 December 2025. For the year ended 31 December 2024, the computation of diluted earnings per share did not assume the exercise of certain Company's share options because the exercise price of those share options was higher than the average market price of shares.

12. TRADE AND OTHER RECEIVABLES

| | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- |
| Trade receivables, net of loss allowance | 21,650 | 25,103 |
| Advances paid to subcontractors and suppliers | 4,314 | 7,776 |
| Consideration receivable | — | 2,061 |
| Other receivables, prepayments and deposits | 7,000 | 9,902 |
| Total trade and other receivables | 32,964 | 44,842 |

Trade receivables represent amounts receivable for work certified in relation to provision of fitting-out works after deduction of retention money.

As at 1 January 2024, trade receivables, net of loss allowance, from contracts with customers amounted to MOP12,564,000.

The Group generally allows a credit period within 45 days to its customers. The following is an aged analysis of trade receivables presented based on dates of work certified at the end of the reporting period, net of loss allowance.

| | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- |
| 1–30 days | 5,096 | 932 |
| 31–60 days | 3,436 | 14,862 |
| 61–90 days | 11,968 | 6,407 |
| Over 90 days | 1,150 | 2,902 |
| | 21,650 | 25,103 |

13. TRADE AND OTHER PAYABLES

Trade and other payables at the end of the reporting period comprise amounts outstanding for trade purposes and daily operating costs. The credit period on trade purchase is from 7 to 60 days.

| | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- |
| Trade payables | 4,480 | 26,117 |
| Retention payables | 32,829 | 25,443 |
| Accrued contract costs | 37,567 | 29,595 |
| Provision of onerous contracts | 684 | 1,493 |
| Accruals | 7,541 | 8,394 |
| Total trade and other payables | 83,101 | 91,042 |

The following is an aged analysis of trade payables presented based on the dates of work certified at the end of the reporting period:

| | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- |
| 1–30 days | 2,349 | 22,226 |
| Over 60 days | 2,131 | 3,891 |
| | 4,480 | 26,117 |

14. CONTINGENT LIABILITIES

On 20 February 2023, Lap Polly Engineering Company Limited (“Lap Polly”), a subsidiary of the Company, received a notice of arbitration regarding to an alleged claim by joint and several liquidators. The alleged claim arose from disputes prior to the acquisition of Lap Polly on 10 September 2019. As at 31 December 2025, taken into account the latest advice of an independent legal advisor, the management of the Group considered that the potential legal risk to the Group arising from the claim is considered as low.

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS REVIEW

In 2025, the global economy remained under pressure with continuous geopolitical complications around the world. Amid the challenging environment, AB Builders Group Limited (the “Company” together with its subsidiaries, the “Group”) has been actively seeking business opportunities and securing new projects to increase revenue and drive long-term development. During the year ended 31 December 2025, the Group recorded a revenue of approximately MOP273.1 million, representing an increase of approximately MOP91.0 million or approximately 50% over the corresponding period of 2024. Accordingly, the Group generated a gross profit of approximately MOP23.5 million for the year ended 31 December 2025, as compared with a gross profit of approximately MOP26.9 million last year.

For the year ended 31 December 2025, the Group completed 12 fitting-out works projects and was awarded with 18 fitting-out works projects with an aggregate contract sum of approximately MOP40.4 million. As of 31 December 2025, the Group had 14 ongoing fitting-out works projects (either in progress or yet to commence). In addition to its core construction business, the Group commenced operations in the sales of construction materials segment and the provision of investment management and advisory services during the year, generating revenue of approximately MOP13.6 million in total, further broadening its revenue base.

OUTLOOK AND PROSPECTS

Amid the uncertainties in the global economy and the complex political issues among several countries, the Group remains cautiously optimistic about the industry. Macau has continued to demonstrate strong economic momentum, underpinned by a sustained growth in tourism and gaming activities. According to the Macau government, visitor arrivals in 2025 reached approximately 40.1 million, representing an increase of approximately 15% year-on-year and exceeding the pre-pandemic level. Additionally, the Macau gaming market reported a Gross Gaming Revenue of approximately MOP247.4 billion in 2025, representing an increase of approximately 9% year-on-year, underscoring the sustained vitality of the gaming sector.

The Group anticipates that the ongoing growth in Macau's tourism and gaming industries will continue to drive investments in new construction and fitting-out projects. In particular, major integrated resort operators are actively pursuing large-scale developments. Such capital-intensive development programmes are expected to generate significant demand for fitting-out and construction services, presenting meaningful business opportunities for the Group. The Group will actively participate in bidding for these integrated resort, government and private sector projects to seize the anticipated opportunities.

The Group will continue to explore business opportunities in the construction material trading sector in the coming years, leveraging the region's infrastructure development and growing tourism industry in both Hong Kong and Macau. The accelerating development in Macau and the ongoing infrastructure projects in Hong Kong are expected to create robust demand for construction materials. By expanding into this sector, the Group aims to strengthen its business portfolio and capitalise on the anticipated market demand.

• 12 -

The Group is committed to diversifying its business and revenue streams. Following the acquisition of a corporation with Securities and Futures Commission of Hong Kong ("SFC") Type 4 (advising on securities) and Type 9 (asset management) licenses, the Group will continue to explore opportunities in the financial services sector. The management is keen to utilise the Group's business relations and resources to develop commercial strategies and tap into new revenue streams through asset management and securities advisory services. This strategic expansion is expected to enhance the Group's financial performance and solidify its position in the financial services market.

In addition to expanding its market presence in construction and financial services, the Group will continue to seek partnerships, mergers, and acquisitions with reputable enterprises in these sectors. These efforts aim to further diversify the Group's revenue streams and drive long-term growth. The Group will also maintain tight cost control measures to ensure sustainable development and a healthy financial position. The board of directors believes these strategies are essential for maintaining competitiveness and navigating the challenges ahead.

The Group remains confident in its ability to capture opportunities in both the construction and financial services sectors while maintaining its focus on sustainable growth and value creation for stakeholders.

FINANCIAL REVIEW

Revenue

The table below sets forth a breakdown of the Group's revenue for the years ended 31 December 2025 and 2024:

For the year ended 31 December 2025, the Group's revenue increased by approximately MOP91.0 million or 50% as compared with the last year. Such increase was mainly attributable to the increase in revenue generated from fitting-out works projects of approximately MOP77.4 million or 43% mainly due to fitting-out works projects completed and awarded in 2025. Further, the increase is also attributed due to the revenue generated from sales of construction materials and provision of investment management and advisory services of approximately MOP13.4 million and approximately MOP0.2 million respectively in 2025.

Gross profit (loss) and gross profit (loss) margin

The following table sets forth a breakdown of the Group's gross profit (loss) and gross profit (loss) margin by types of revenue for the years ended 31 December 2025 and 2024 respectively:

For the year ended 31 December 2025, the Group's gross profit decreased by approximately MOP3.4 million, or 12.7% to approximately MOP23.5 million when compared with the last year. The decrease was mainly due to the decrease of the gross profit for completed projects awarded in 2025.

The gross profit margin of fitting-out works projects decreased by 6.3 percentage points from approximately 15.0% for the year of 2024 to 8.7% for the year of 2025. The decrease was mainly attributable to rising construction materials costs in fitting-out works projects and narrower profit margins, the latter of which was caused by a substantial reduction in the contract sums of projects awarded and completed during the period compared to the corresponding period last year.

While the gross profit decline in fitting-out works projects impacted the Group's overall performance, this was largely mitigated by growth in the trading of construction materials and advisory fee income from financial asset management services. These segments narrowed the overall decrease of the gross profit by approximately MOP0.9 million.

Other income

The Group's other income decreased by approximately MOP4.2 million or 40.9% from approximately MOP10.2 million for the year ended 31 December 2024 to approximately MOP6.0 million for the year ended 31 December 2025. The decrease was mainly attributable to the non-recurrence of insurance claim related to construction project which was received in last year.

• 15 -

Other gains and losses

For the year ended 31 December 2025, the other gains and losses mainly attributable to the increase in the fair value gains on financial assets by approximately MOP2.4 million. For the year ended 31 December 2024, the other gains and losses mainly consisted of the gains from disposal of subsidiary of approximately MOP2.6 million together with net exchange loss of approximately MOP0.4 million and the loss from the fair value changes of the financial asset at fair value through profit and loss of approximately MOP0.7 million.

Impairment losses

It mainly consisted of impairment losses under expected credit loss model on trade and other receivables, contract assets and other financial assets. The reversal was mainly due to the settlement of certain long-aged trade receivables during the year of 2025.

Administrative expenses

Administrative expenses decreased by approximately MOP173,000 from approximately MOP29.7 million for the year ended 31 December 2024 to approximately MOP29.6 million for the year ended 31 December 2025. Administrative expenses consisted primarily of staff costs and Directors' emoluments, depreciation and other administrative expenses. The decrease in administrative expenses for the current year was primarily attributable to the net impact of cost savings following the closure of under-performing subsidiaries in the prior year. These structural savings, which included significant reductions in staff costs, rental expenses and business entertainment fees, more than offset the incremental overheads generated by the expansion of the trading in construction materials and advisory and asset management services regime for the current year.

Income tax expense

Income tax expense for the year ended 31 December 2025 was approximately MOP460,000 (2024: MOP436,000), consisting of an income tax charge of MOP826,000 (2024: MOP632,000, net of prior year over provision of MOP278,000), partially offset by a deferred tax credit of MOP366,000 (2024: MOP196,000).

Profit for the year

The profit for the year ended 31 December 2025 was approximately MOP2.1 million as compared to the profit of approximately MOP7.4 million for the year ended 31 December 2024. Such change was mainly due to the combined effect of the aforementioned items.

Final dividend

The Board did not recommend any payment of a final dividend for both years.

• 16 -

CORPORATE FINANCE AND RISK MANAGEMENT

Liquidity and financial resources

The Group’s capital expenditure and daily operations during the year ended 31 December 2025 were mainly funded by internally generated funds, the collection of trade receivables from completed fitting-out works projects, and the settlement of certain long-term receivables.

The total cash and bank balances together with the pledged bank deposits and short-term bank deposits as at 31 December 2025 was approximately MOP145.7 million, compared to approximately MOP116.7 million as at 31 December 2024.

The increase of approximately MOP29.0 million was mainly related to the increase of short-term bank deposits for approximately MOP10.3 million and the increase of cash in bank for approximately MOP16.5 million for the year of 2025.

Our gearing ratio (calculated as debt over total equity) as at 31 December 2025 was 6.7% (2024: 9.2%) which was mainly attributable to the decrease in bank overdrafts of approximately MOP4.6 million compared to the corresponding period last year. As at 31 December 2025, the Group had unutilised banking facilities of approximately MOP161.9 million (2024: MOP157.2 million).

The current ratio of the Group as at 31 December 2025 increased to 2.1 times (2024: 2.0 times).

Capital Structure

The capital structure of the Group consists of equity attributable to the owners of the Company comprising issued share capital, share premium, legal reserve, share-based payments reserve, exchange reserve, other reserves and retained earnings. During the year ended 31 December 2025, there has been no change in capital structure of the Company.

Future plans for material investments and capital assets

Save as disclosed in the prospectus of the Company dated 27 August 2018 (the “Prospectus”) and in this results announcement, the Group did not have other plans for material investments or capital assets.

Pledge of assets

The following assets of the Group were pledged to secure the credit facilities and bank borrowings to the Group during the year:

| | 2025
MOP'000 | 2024
MOP'000 |
| --- | --- | --- |
| Owned properties included in property, plant and equipment | 33,720 | 35,125 |
| Pledged bank deposits | 74,281 | 72,151 |
| | 108,001 | 107,276 |

• 17 -

Capital commitment

As at 31 December 2025, the Group has an obligation to settle an amount of Renminbi (“RMB”) 38.0 million (equivalent to approximately MOP43.6 million) (2024: RMB39.0 million (equivalent to approximately MOP42.6 million)) as further capital contribution to Jiangmen Jinying Construction and Engineering Company Limited.

Significant investments, acquisition and disposals

As of March 2025, the Group has completed the acquisition of a company incorporated in Hong Kong with limited liability which possesses the SFC Type 4 (advising on securities) & Type 9 (asset management) licenses, which is expected to help the Group to further diversify and expand its business portfolio. By venturing into the financial services industry of Hong Kong, the Group will tap into new revenue streams. Please refer to the announcements dated 14 March 2024 for details of the transaction.

Save as the above, during the year ended 31 December 2025, the Group did not have any other significant investment, acquisition and disposal.

Exposure to exchange rate fluctuation

The Group entities collect most of its revenue and incur most of its expenditures in their respective functional currencies. The Group is exposed to currency risks primarily through purchase of raw materials, sale proceeds received from its customers, and investments in other financial assets that are denominated in a currency other than the Group’s functional currency. The currencies giving rise to this risk are primarily Hong Kong Dollars, RMB and United States Dollars. The Group currently does not have a foreign currency hedging policy. However, the management regularly monitors the relevant foreign currency exposure and will consider taking appropriate measures to control the risk arising from significant exchange fluctuations.

Employee and remuneration policies

As at 31 December 2025, the Group had 116 (2024: 159) full time employees. The decrease in the number of employees was primarily attributable to the natural attrition of personnel following the completion of fitting-out works projects in 2025. Furthermore, the phased tightening of government foreign labour importation schemes starting in June 2025 led to a substantial decline in the Group’s non-local employees beginning from the third quarter.

The remuneration package offered to employees includes salary and other employee benefits such as bonus. In general, the Group determines the salaries of its employees based on their individual performance, qualifications, position and seniority. The Group conducts annual salary and promotion review in order to attract and retain employees. In addition, the Group provides various types of training to its employees to promote overall efficiency, employee loyalty and retention. Total staff costs for the year ended 31 December 2025 were approximately MOP28.1 million (2024: MOP23.3 million).

Compliance with laws and regulations

The Group mainly carries out its business in Macau, Hong Kong and China. To the best of the Directors’ knowledge, the Group has complied with all relevant laws and regulations in Macau, Hong Kong and China during the year.

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Principal risk and uncertainties

The Group believes that the risk management practices are important and use its best effort to ensure it is sufficient to mitigate the risks present in our operations and financial position as efficiently and effectively as possible:

• Material changes in the cost of construction materials and labour costs may result in cost overrun, which could materially affect our results of operation and financial performance;
• Mismanagement or delay of our projects will materially affect our reputation and also our financial performance as penalties and/or additional costs may be incurred;
• Cash flow of our projects may fluctuate;
• We rely on subcontractors to help complete our projects. Underperformance by our subcontractors or unavailability of subcontractors may adversely affect our operations, profitability and reputation;
• Our success significantly depends on the key management and our ability to attract and retain technical and management staff; and
• Our inventory level may be affected by the market demand for air purification unit/system which may not be accurately estimated.

CORPORATE GOVERNANCE

For the year ended 31 December 2025, the Company has applied the principles in the Corporate Governance Code (the “CG Code”) as set out in Appendix C1 to the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”). During the year ended 31 December 2025 and up to the date of this announcement, to the best knowledge of the Board, except the deviation from code provision C.2.1 of the CG Code, the Company has complied with all the mandatory disclosure requirements and the applicable code provisions as set out in the section headed “Part 2 – Principles of good corporate governance, code provisions and recommended best practices” in the CG Code.

Pursuant to the code provision C.2.1 of the CG Code, which stipulates that the roles of the chairman and chief executive should be separate and should not be performed by the same individual. Following the appointment of Ms. Lao Chao U as the chairlady of the Board during the year, Ms. Lao assumed the dual roles of the chairlady of the Board and CEO of the Company. After evaluation of the current situation of the Company and taking into account the experience and past performance of Ms. Lao, the Board is of the opinion that it is appropriate at the present stage for Ms. Lao to hold both positions as the chairlady of the Board and CEO of the Company as this helps maintain the continuity of policies and the stability of the operations of the Company, and this structure can ensure the Company has consistent leadership. In addition, under the supervision by the Board, which consist of four executive directors and three independent non-executive directors, the interests of the shareholders of the Company are adequately and fairly represented. Also, as all major decisions are made in consultation with and approved by the members of the Board, the Board believes that this arrangement does not have a negative influence on the

balance of power and authorisation between the Board and the management of the Company. Therefore, the Board considers the deviation from the code provision C.2.1 of the CG Code is appropriate under such circumstances.

DIRECTORS' INTERESTS IN COMPETING INTERESTS

For the year ended 31 December 2025, the Directors were not aware of any business or interest of each of the Directors, or the controlling shareholders of the Company and their respective close associates (as defined under the Listing Rules) that competes or may compete with the business of the Group and any other conflicts of interest which any such person has or may have within the Group.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES

During the year ended 31 December 2025, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company's listed securities.

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules (the "Model Code") as its own code of conduct regarding the securities transactions by the directors of the Company. Having made specific enquiries of all directors, all directors confirmed that they have compiled with the required standard as set out in Model Code throughout the year ended 31 December 2025.

EVENT AFTER THE REPORTING PERIOD

The Board is not aware of any significant event requiring disclosure that has taken place subsequent to 31 December 2025 and up to the date of this announcement.

AUDIT COMMITTEE

The Audit Committee comprises three independent non-executive Directors: Mr. O'Yang Wiley, Mr. Chu Yat Pang Terry and Mr. Choy Wai Shek, Raymond, MH, JP. Mr. O'Yang Wiley was appointed to serve as the chairman of the Audit Committee. The primary duties of the Audit Committee are to make recommendations to the Board on the appointment and dismissal of external auditor, review the financial statements and the information and provide advice in respect of financial reporting and oversee the internal control procedures of the Company.

The Company's consolidated financial statements for the year ended 31 December 2025 have been reviewed by the Audit Committee on 26 March 2026. The Audit Committee is of the opinion that the consolidated financial statements of the Company for the year ended 31 December 2025 comply with applicable accounting standards, the Listing Rules and that adequate disclosures have been made.

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SCOPE OF WORK OF BAKER TILLY HONG KONG LIMITED

The figures in respect of the Group’s consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income and the related notes thereto for the year ended 31 December 2025 as set out in the preliminary announcement have been agreed by the Group’s auditor, Baker Tilly Hong Kong Limited, to the amounts set out in the Group’s audited consolidated financial statements for the year. The work performed by Baker Tilly Hong Kong Limited in this respect did not constitute an assurance engagement and consequently no opinion or assurance conclusion has been expressed by Baker Tilly Hong Kong Limited on the preliminary announcement.

FINAL DIVIDEND

The Board does not recommend the payment of any final dividend for the year ended 31 December 2025 (2024: nil).

ANNUAL GENERAL MEETING

The forthcoming Annual General Meeting (the “AGM”) of the Company will be held on Thursday, 18 June 2026 at 3:00 p.m. A notice convening the AGM will be published and despatched to the shareholders of the Company in due course.

CLOSURE OF REGISTER OF MEMBERS

For attending and voting at the AGM

The register of members of the Company will be closed from Monday, 15 June 2026 to Thursday, 18 June 2026 (both days inclusive) during which period no transfer of Shares will be registered. In order to be eligible to attend and vote at the AGM, unregistered holders of Shares shall ensure that all transfer documents accompanied by the relevant share certificates must be lodged with the Company’s branch share registrar in Hong Kong, Boardroom Share Registrars (HK) Limited, at 2103B, 21/F, 148 Electric Road, North Point, Hong Kong for registration not later than 4:30 p.m. on Friday, 12 June 2026.