REF Holdings Limited — Earnings Release 2025

Feb 20, 2026

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the "Stock Exchange") 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.

REF Holdings Limited

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1631)

PROFIT WARNING AND DATE OF BOARD MEETING

PROFIT WARNING

This announcement is made by REF Holdings Limited (the "Company", and together with its subsidiaries, the "Group") pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board of directors of the Company (the "Board") hereby informs the shareholders of the Company (the "Shareholders") and potential investors that based on the preliminary review of the unaudited consolidated management accounts of the Group for the year ended 31 December 2025 (the "Current Year"), the profit attributable to owners of the Company for the Current Year is expected to record a decrease of approximately 40% to 50% as compared to that of approximately HK\$5.7 million for the corresponding period last year. The expected decrease in profit is primarily a result of the decrease in revenue.

As the Company is still in the process of finalising its unaudited consolidated financial results of the Group for the Current Year, the information contained in this announcement is only a preliminary review made by the Board based on the latest unaudited consolidated management accounts of the Group for the Current Year and information currently available to the Board, which have not been audited or reviewed by the independent auditors or the audit committee of the Company and is subject to possible adjustments upon further review.

Details of the Group's audited consolidated financial results for the Current Year is expected to be published on 5 March 2026.

DATE OF BOARD MEETING

The Board hereby announces that a meeting of the Board will be held on Thursday, 5 March 2026 for the purpose of, among other matters, approving the announcement of the audited annual results of the Group for the year ended 31 December 2025 and considering the recommendation for payment of a final dividend, if any.

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Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company.

By order of the Board REF Holdings Limited Lau Man Tak Chairman

Hong Kong, 20 February 2026

As at the date of this announcement, the Board comprises Ms. Fan Jia Yin as executive director; Mr. Lau Man Tak (Chairman) as non-executive director; and Mr. Lee Hon Man Eric, Mr. Leung Chi Hung and Mr. Wong Kun Kau as independent non-executive directors.