{"success":true,"data":{"pressRelease":{"id":"155897","rtpr_id":"nPn6JbY1ma-20260929","ticker":"SUGP","exchange":"NASDAQ","all_tickers":["SUGP"],"title":"SU Group Narrows First-Half Operating Loss, Executes on Long-Term Strategy","author":"PR Newswire","published_at":"2026-09-29T20:00:00.115Z","article_body":"SU Group Narrows First-Half Operating Loss, Executes on Long-Term Strategy\nPR Newswire\n\nHONG KONG, Sept. 29, 2026\n\n * Business Momentum Led by Public-Sector Awards Across Healthcare, Cultural and\nBorder Infrastructure\n * Product Partnerships and Training Expand Reach\n * Proposed Acquisition to Add New Enhanced Safety Capabilities\nHONG KONG, Sept. 29, 2026 /PRNewswire/ -- SU Group Holdings Limited (Nasdaq:\nSUGP) (\"SU Group\" or the \"Company\"), an integrated security-related services\ncompany in Hong Kong, today announced its unaudited and unreviewed financial\nresults for the six months ended March 31, 2026. The Company intends to file\nits results for the period with the U.S. Securities and Exchange Commission on\nForm 6-K. The Company noted that on a year over year basis, the adverse impact\nof fewer large engineering projects in the most recent period led to a decline\nin revenue, while its operating discipline drove an improvement in gross\nmargin, a narrowed operating loss and an increase in cash from the fiscal\nyear-end balance.\n\nSU Group's Chairman and CEO, Dave Chan, commented, \"The first half had fewer\nlarge engineering projects, but our operating discipline and stabile guarding\nand screening business helped us deliver a narrowed operating loss. Our\nconfidence remains higher in the second half of the year led by momentum in\nour new projects and expanded addressable market. Since March, an HK$18.8\nmillion follow-on hospital award has brought the disclosed value of our work\non that project to HK$107.3 million. We have also won public-sector work and\nadded specialized products and training capabilities. Executing those already\nannounced awards, securing new public-sector work , and serving customers with\na wider range of solutions are our priorities.\"\n\nSU Group's Chief Financial Officer, Calvin Kong, noted, \"Gross margin remained\nhealthy at 20.7% and selling, general and administrative expenses fell 15.9%,\nhelping offset the lower engineering volume. Cash rose to HK$28.7 million at\nMarch 31, 2026 from HK$25.4 million at fiscal year-end. As the new awards move\nthrough delivery, we will stay focused on project margins, working capital and\ncash conversion.\"\n\nFinancial Results for the Six Months Ended March 31, 2026\nRevenue decreased HK$21.6 million, or 20.0%, from HK$107.9 million in the\nprior-year period to HK$86.3 million (US$11.0 million). Project and\nmaintenance revenue decreased from HK$65.1 million to HK$44.0 million,\nprimarily reflecting the adverse impact of fewer large engineering projects in\nthe current period. Security guarding and screening revenue was HK$40.9\nmillion, compared with HK$40.5 million. Equipment leasing revenue declined to\nHK$1.4 million from HK$2.3 million as some leases expired and customers\nrenewing received more favorable terms.\n\nCost of revenues declined 20.3% to HK$68.5 million (US$8.7 million),\nreflecting the change in engineering project mix. Gross profit was HK$17.8\nmillion (US$2.3 million), compared with HK$22.0 million, while gross margin\nimproved to 20.7% from 20.3%.\n\nSelling, general and administrative expenses fell 15.9% to HK$21.0 million\n(US$2.7 million) from HK$24.9 million. Lower share-based compensation and\nlegal and professional fees more than offset higher administrative payroll\ncosts. Losses on disposal of property and equipment declined to HK$0.8 million\nfrom HK$1.8 million, as fewer X-ray machines were disposed of.\n\nOperating loss narrowed to HK$3.9 million (US$0.5 million) from HK$4.7\nmillion. Net loss attributable to ordinary shareholders narrowed to HK$4.2\nmillion (US$0.5 million), or HK$14.47 per share, from HK$4.5 million, or\nHK$15.45 per share. Per-share amounts reflect the share consolidation\ncompleted on August 6, 2026 on a retroactive basis.\n\nCash and cash equivalents were HK$28.7 million (US$3.7 million) at March 31,\n2026, up from HK$25.4 million at September 30, 2025. Working capital was\napproximately HK$58.6 million (US$7.5 million), compared with HK$62.1 million\nat fiscal year-end.\n\nRecent Developments\nSince March 31, 2026, and not included in the six-month results, SU Group has\nsuccessfully added significant public-sector work, broadened its product\nportfolio and expanded its training reach. The largest disclosed award was a\nfollow-on hospital contract, with several new distribution agreements that\nopen additional markets expected to contribute to the Company's future growth.\n\n * Proposed Acquisition Could Add Complementary Capabilities:\n * * In September, a SU Group subsidiary agreed to acquire KM Safety Solution\nCompany Limited for HK$5.6 million in cash. KM's safety consultancy work and\nHong Kong distribution rights for intelligent emergency lighting controls\ncould complement SU Group's existing offering. The transaction is subject to\ndue diligence, required approvals and other closing conditions, and completion\nis not assured.\n * Public-Sector Projects Deepen an Established Customer Base:\n * * A HK$18.8 million (approximately US$2.4 million) follow-on award expanded SU\nGroup's work on a major hospital project to a combined HK$107.3 million\n(US$13.7 million) in disclosed contracts. The new scope covers nurse call,\npower quality and lighting management systems, adding to the Company's role in\nessential healthcare infrastructure.\n * The Company also won a government-linked security contract valued at more than\nUS$1 million for a Hong Kong cultural facility, covering CCTV, communications,\naccess control and water-leak detection; it said at the time that revenue was\nexpected to be recognized by the end of 2026. At the new Huanggang Port border\ncrossing, SU Group was awarded the supply and installation of six\nunder-vehicle surveillance systems. A separate Civil Aviation Department\ncontract calls for AI- and IoT-enabled site-safety systems at four\nnavigation-station construction sites.\n * New Distribution Rights Extend the Security and Safety Portfolio:\n * * SU Group secured exclusive Hong Kong and Macau distribution rights for HDX's\nTRACELINE™ PX3 Portable X-Ray System, designed for specialized uses\nincluding explosive ordnance disposal and fire investigation. In Macao, its\nsubsidiary obtained exclusive rights to GLM's Inspec Spider, a robotic system\nfor inspecting high-mast lighting from ground level.\n * A distribution agreement with GEZE added automatic door, window, smoke and\nheat extraction, and other smart-building technologies. SU Group also\npartnered with Seetrue Screening Ltd. to offer AI-powered X-ray screening in\nHong Kong and Macau; compatibility with existing X-ray machines gives the\nCompany a way to approach current as well as new customers. These agreements\nbroaden what SU Group can offer alongside its engineering services, although\nfuture sales depend on customer adoption.\n * Training Gains a Wider Audience:\n * * Fortune Jet became the first provider in Hong Kong approved to deliver\nrecognized QASRS security training in English, Cantonese and Mandarin,\nwidening access for candidates seeking to apply for a Security Personnel\nPermit. It also signed a three-party memorandum of understanding to develop\ntraining, certification and practical-experience services across Shenzhen,\nHong Kong and Macau. That cross-border program remains a planned\ncollaboration.\nAbout SU Group Holdings Limited\nSU Group (Nasdaq: SUGP) is an integrated security-related services company\nproviding security-related engineering services, security guarding and\nscreening services, and related vocational training in Hong Kong. Through its\nsubsidiaries, it designs, supplies, installs and maintains security systems\nfor private- and public-sector customers. For more information, visit\nwww.sugroup.com.hk (https://www.sugroup.com.hk/) .\n\nForward-Looking Statements\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995, including statements\nabout the planned Form 6-K filing, the Company's strategy, the PX3\ndistribution opportunity and future sales and project execution. These\nstatements reflect current expectations and are subject to risks and\nuncertainties that could cause actual results to differ materially. These\ninclude the risks described in the Company's filings with the U.S. Securities\nand Exchange Commission. Forward-looking statements speak only as of the date\nof this release. The Company undertakes no obligation to update them except as\nrequired by law.\n\n(Financial Tables Follow)\n SU GROUP HOLDINGS LIMITED\n UNAUDITED AND UNREVIEWED CONDENSED CONSOLIDATED STATEMENTS\n OF INCOME\n\n                                                                   For the Six Months Ended March 31,\n                                                                   2025                            2026                               2026\n\n(Unaudited\n(Unaudited\n                                                                                                   and                                and\n                                                                                                   Unreviewed)                        Unreviewed)\n                                                                   HK$                             HK$                                US$\n Revenues                                                                107,912,380                        86,344,444                         11,019,366\n Cost of revenues                                                        (85,953,617)                       (68,514,067)                       (8,743,835)\n Gross profit                                                            21,958,763                         17,830,377                         2,275,531\n\n Operating expenses\n Selling, general and administrative expenses                            (24,921,087)                       (20,970,287)                       (2,676,249)\n Losses on disposal of property and equipment                            (1,772,107)                        (778,900)                          (99,404)\n\n Loss from operations                                                    (4,734,431)                        (3,918,810)                        (500,122)\n\n Other income (expenses)\n Other income                                                            715,730                            367,787                            46,937\n Finance expenses                                                        (149,000)                          (5,603)                            (715)\n Total other income, net                                                 566,730                            362,184                            46,222\n\n Loss before income tax expenses                                         (4,167,701)                        (3,556,626)                        (453,900)\n Income tax expenses                                                     (359,767)                          (683,092)                          (87,177)\n Net loss attributable to SU Group Holdings Limited's ordinary           (4,527,468)                        (4,239,718)                        (541,077)\n      shareholders\n\n Net loss per share\n Basic and diluted *                                                     (15.45)                            (14.47)                            (1.85)\n Weighted average number of shares\n Basic and diluted *                                                     292,972                            292,972                            292,972\n\n *     The share amounts and per share data are presented on a retroactive\n basis, giving effect to the completion\n        of the share consolidation on August 6, 2026\n\n \n SU GROUP HOLDINGS LIMITED\n UNAUDITED AND UNREVIEWED CONDENSED CONSOLIDATED BALANCE\n SHEETS\n\n                                                                          As of                      As of                     As of\n                                                                          September 30,              March 31,                 March 31,\n                                                                          2025                       2026                      2026\n                                                                                                     (Unaudited                (Unaudited\n                                                                                                     and                       and\n                                                                                                     Unreviewed)               Unreviewed)\n                                                                          HK$                        HK$                       US$\n Assets\n Current assets\n Cash and cash equivalents                                                          25,354,528                28,651,212                3,656,497\n Trade receivables, net                                                             34,247,307                34,221,178                4,367,342\n Inventories, net                                                                   25,770,281                18,561,486                2,368,836\n Prepaid expenses and other current assets                                          5,423,335                 4,526,538                 577,681\n Retention receivables, net                                                         3,729,411                 2,756,843                 351,831\n Prepaid income tax                                                                 1,654,240                 —                         —\n Total current assets                                                               96,179,102                88,717,257                11,322,187\n\n Non-current assets\n Property and equipment, net                                                        6,810,456                 5,205,303                 664,306\n Intangible assets, net                                                             194,100                   604,900                   77,198\n Goodwill                                                                           1,271,160                 1,271,160                 162,227\n Restricted cash                                                                    9,890,171                 10,111,578                1,290,450\n Prepaid expenses and other non-current assets                                      3,448,366                 2,986,966                 381,200\n Deferred offering expenses                                                         155,763                   2,058,550                 262,714\n Operating lease right-of-use assets, net                                           6,041,643                 5,102,052                 651,129\n Investment in key management insurance policy                                      1,343,929                 1,389,949                 177,387\n Deferred tax assets                                                                613,415                   736,320                   93,970\n Total non-current assets                                                           29,769,003                29,466,778                3,760,581\n TOTAL ASSETS                                                                       125,948,105               118,184,035               15,082,768\n\n LIABILITIES AND SHAREHOLDERS' EQUITY\n Current liabilities\n Trade payables                                                                     7,646,188                 6,324,678                 807,162\n Notes payables                                                                     1,957,870                 1,484,395                 189,440\n Other payables                                                                     1,883,981                 561,014                   71,597\n Accrued payroll and welfare                                                        9,323,383                 9,682,055                 1,235,634\n Operating lease liabilities – current                                              1,976,643                 2,039,968                 260,343\n Income tax payable                                                                 —                         201,806                   25,755\n Contract liabilities                                                               11,340,672                9,862,022                 1,258,601\n Total current liabilities                                                          34,128,737                30,155,938                3,848,532\n\n Non-current liabilities\n Operating lease liabilities – non-current                                          3,540,340                 2,504,275                 319,598\n Other payables – non-current                                                       1,362,306                 1,124,850                 143,555\n Other liabilities                                                                  766,000                   674,000                   86,017\n Total non-current liabilities                                                      5,668,646                 4,303,125                 549,170\n Total liabilities                                                                  39,797,383                34,459,063                4,397,702\n\n Commitments and contingencies\n\n Shareholders' equity\n Class A ordinary shares (par value of HK$0.5 per share;                            56,309                    56,309                    7,186\n      149,819,664 ordinary shares authorized and 112,636 and\n      112,636 ordinary shares issued and outstanding as of\n      September 30, 2025 and March 31, 2026, respectively.) *\n Class B ordinary shares (par value of HK$0.5 per share; 180,336                    90,168                    90,168                    11,507\n      ordinary shares authorized and 180,336 and 180,336 ordinary\n      shares issued and outstanding as of September 30, 2025 and\n      March 31, 2026, respectively.) *\n Additional paid-in capital                                                         53,163,910                54,977,878                7,016,333\n Retained earnings                                                                  32,840,335                28,600,617                3,650,040\n Total SU Group Holdings Limited shareholders' equity and                           86,150,722                83,724,972                10,685,066\n      total shareholders' equity\n TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                         125,948,105               118,184,035               15,082,768\n\n *     The share amounts and per share data are presented on a retroactive\n basis, giving effect to the completion\n        of the share consolidation on August 6, 2026.\n\n \n\nU.S. dollar figures are provided solely for convenience at US$1.00 =\nHK$7.8357, the March 31, 2026 closing rate stated in the interim financial\nstatements. The Company's reporting currency is HK$. Certain comparative\ncurrent-asset line items were reclassified without affecting total current\nassets or previously reported results.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/su-group-narrows-first-half-operating-loss-executes-on-long-term-strategy-302893330.html\n(https://www.prnewswire.com/news-releases/su-group-narrows-first-half-operating-loss-executes-on-long-term-strategy-302893330.html)\n\nSOURCE SU Group Holdings Limited\n\n\n\nGlobal IR Partners, David Pasquale, Phone: +1 914-337-8801, Email: SUGP@globalirpartners.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1523298/logo-Logo.jpg?id=OA2977394\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn6JbY1ma-20260929","title":"SU Group Narrows First-Half Operating Loss, Executes on Long-Term Strategy","author":"PR Newswire","ticker":"SUGP","created":"2026-09-29T20:00:00.115Z","tickers":["SUGP"],"exchange":"NASDAQ","article_body":"SU Group Narrows First-Half Operating Loss, Executes on Long-Term Strategy\nPR Newswire\n\nHONG KONG, Sept. 29, 2026\n\n * Business Momentum Led by Public-Sector Awards Across Healthcare, Cultural and\nBorder Infrastructure\n * Product Partnerships and Training Expand Reach\n * Proposed Acquisition to Add New Enhanced Safety Capabilities\nHONG KONG, Sept. 29, 2026 /PRNewswire/ -- SU Group Holdings Limited (Nasdaq:\nSUGP) (\"SU Group\" or the \"Company\"), an integrated security-related services\ncompany in Hong Kong, today announced its unaudited and unreviewed financial\nresults for the six months ended March 31, 2026. The Company intends to file\nits results for the period with the U.S. Securities and Exchange Commission on\nForm 6-K. The Company noted that on a year over year basis, the adverse impact\nof fewer large engineering projects in the most recent period led to a decline\nin revenue, while its operating discipline drove an improvement in gross\nmargin, a narrowed operating loss and an increase in cash from the fiscal\nyear-end balance.\n\nSU Group's Chairman and CEO, Dave Chan, commented, \"The first half had fewer\nlarge engineering projects, but our operating discipline and stabile guarding\nand screening business helped us deliver a narrowed operating loss. Our\nconfidence remains higher in the second half of the year led by momentum in\nour new projects and expanded addressable market. Since March, an HK$18.8\nmillion follow-on hospital award has brought the disclosed value of our work\non that project to HK$107.3 million. We have also won public-sector work and\nadded specialized products and training capabilities. Executing those already\nannounced awards, securing new public-sector work , and serving customers with\na wider range of solutions are our priorities.\"\n\nSU Group's Chief Financial Officer, Calvin Kong, noted, \"Gross margin remained\nhealthy at 20.7% and selling, general and administrative expenses fell 15.9%,\nhelping offset the lower engineering volume. Cash rose to HK$28.7 million at\nMarch 31, 2026 from HK$25.4 million at fiscal year-end. As the new awards move\nthrough delivery, we will stay focused on project margins, working capital and\ncash conversion.\"\n\nFinancial Results for the Six Months Ended March 31, 2026\nRevenue decreased HK$21.6 million, or 20.0%, from HK$107.9 million in the\nprior-year period to HK$86.3 million (US$11.0 million). Project and\nmaintenance revenue decreased from HK$65.1 million to HK$44.0 million,\nprimarily reflecting the adverse impact of fewer large engineering projects in\nthe current period. Security guarding and screening revenue was HK$40.9\nmillion, compared with HK$40.5 million. Equipment leasing revenue declined to\nHK$1.4 million from HK$2.3 million as some leases expired and customers\nrenewing received more favorable terms.\n\nCost of revenues declined 20.3% to HK$68.5 million (US$8.7 million),\nreflecting the change in engineering project mix. Gross profit was HK$17.8\nmillion (US$2.3 million), compared with HK$22.0 million, while gross margin\nimproved to 20.7% from 20.3%.\n\nSelling, general and administrative expenses fell 15.9% to HK$21.0 million\n(US$2.7 million) from HK$24.9 million. Lower share-based compensation and\nlegal and professional fees more than offset higher administrative payroll\ncosts. Losses on disposal of property and equipment declined to HK$0.8 million\nfrom HK$1.8 million, as fewer X-ray machines were disposed of.\n\nOperating loss narrowed to HK$3.9 million (US$0.5 million) from HK$4.7\nmillion. Net loss attributable to ordinary shareholders narrowed to HK$4.2\nmillion (US$0.5 million), or HK$14.47 per share, from HK$4.5 million, or\nHK$15.45 per share. Per-share amounts reflect the share consolidation\ncompleted on August 6, 2026 on a retroactive basis.\n\nCash and cash equivalents were HK$28.7 million (US$3.7 million) at March 31,\n2026, up from HK$25.4 million at September 30, 2025. Working capital was\napproximately HK$58.6 million (US$7.5 million), compared with HK$62.1 million\nat fiscal year-end.\n\nRecent Developments\nSince March 31, 2026, and not included in the six-month results, SU Group has\nsuccessfully added significant public-sector work, broadened its product\nportfolio and expanded its training reach. The largest disclosed award was a\nfollow-on hospital contract, with several new distribution agreements that\nopen additional markets expected to contribute to the Company's future growth.\n\n * Proposed Acquisition Could Add Complementary Capabilities:\n * * In September, a SU Group subsidiary agreed to acquire KM Safety Solution\nCompany Limited for HK$5.6 million in cash. KM's safety consultancy work and\nHong Kong distribution rights for intelligent emergency lighting controls\ncould complement SU Group's existing offering. The transaction is subject to\ndue diligence, required approvals and other closing conditions, and completion\nis not assured.\n * Public-Sector Projects Deepen an Established Customer Base:\n * * A HK$18.8 million (approximately US$2.4 million) follow-on award expanded SU\nGroup's work on a major hospital project to a combined HK$107.3 million\n(US$13.7 million) in disclosed contracts. The new scope covers nurse call,\npower quality and lighting management systems, adding to the Company's role in\nessential healthcare infrastructure.\n * The Company also won a government-linked security contract valued at more than\nUS$1 million for a Hong Kong cultural facility, covering CCTV, communications,\naccess control and water-leak detection; it said at the time that revenue was\nexpected to be recognized by the end of 2026. At the new Huanggang Port border\ncrossing, SU Group was awarded the supply and installation of six\nunder-vehicle surveillance systems. A separate Civil Aviation Department\ncontract calls for AI- and IoT-enabled site-safety systems at four\nnavigation-station construction sites.\n * New Distribution Rights Extend the Security and Safety Portfolio:\n * * SU Group secured exclusive Hong Kong and Macau distribution rights for HDX's\nTRACELINE™ PX3 Portable X-Ray System, designed for specialized uses\nincluding explosive ordnance disposal and fire investigation. In Macao, its\nsubsidiary obtained exclusive rights to GLM's Inspec Spider, a robotic system\nfor inspecting high-mast lighting from ground level.\n * A distribution agreement with GEZE added automatic door, window, smoke and\nheat extraction, and other smart-building technologies. SU Group also\npartnered with Seetrue Screening Ltd. to offer AI-powered X-ray screening in\nHong Kong and Macau; compatibility with existing X-ray machines gives the\nCompany a way to approach current as well as new customers. These agreements\nbroaden what SU Group can offer alongside its engineering services, although\nfuture sales depend on customer adoption.\n * Training Gains a Wider Audience:\n * * Fortune Jet became the first provider in Hong Kong approved to deliver\nrecognized QASRS security training in English, Cantonese and Mandarin,\nwidening access for candidates seeking to apply for a Security Personnel\nPermit. It also signed a three-party memorandum of understanding to develop\ntraining, certification and practical-experience services across Shenzhen,\nHong Kong and Macau. That cross-border program remains a planned\ncollaboration.\nAbout SU Group Holdings Limited\nSU Group (Nasdaq: SUGP) is an integrated security-related services company\nproviding security-related engineering services, security guarding and\nscreening services, and related vocational training in Hong Kong. Through its\nsubsidiaries, it designs, supplies, installs and maintains security systems\nfor private- and public-sector customers. For more information, visit\nwww.sugroup.com.hk (https://www.sugroup.com.hk/) .\n\nForward-Looking Statements\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995, including statements\nabout the planned Form 6-K filing, the Company's strategy, the PX3\ndistribution opportunity and future sales and project execution. These\nstatements reflect current expectations and are subject to risks and\nuncertainties that could cause actual results to differ materially. These\ninclude the risks described in the Company's filings with the U.S. Securities\nand Exchange Commission. Forward-looking statements speak only as of the date\nof this release. The Company undertakes no obligation to update them except as\nrequired by law.\n\n(Financial Tables Follow)\n SU GROUP HOLDINGS LIMITED\n UNAUDITED AND UNREVIEWED CONDENSED CONSOLIDATED STATEMENTS\n OF INCOME\n\n                                                                   For the Six Months Ended March 31,\n                                                                   2025                            2026                               2026\n\n(Unaudited\n(Unaudited\n                                                                                                   and                                and\n                                                                                                   Unreviewed)                        Unreviewed)\n                                                                   HK$                             HK$                                US$\n Revenues                                                                107,912,380                        86,344,444                         11,019,366\n Cost of revenues                                                        (85,953,617)                       (68,514,067)                       (8,743,835)\n Gross profit                                                            21,958,763                         17,830,377                         2,275,531\n\n Operating expenses\n Selling, general and administrative expenses                            (24,921,087)                       (20,970,287)                       (2,676,249)\n Losses on disposal of property and equipment                            (1,772,107)                        (778,900)                          (99,404)\n\n Loss from operations                                                    (4,734,431)                        (3,918,810)                        (500,122)\n\n Other income (expenses)\n Other income                                                            715,730                            367,787                            46,937\n Finance expenses                                                        (149,000)                          (5,603)                            (715)\n Total other income, net                                                 566,730                            362,184                            46,222\n\n Loss before income tax expenses                                         (4,167,701)                        (3,556,626)                        (453,900)\n Income tax expenses                                                     (359,767)                          (683,092)                          (87,177)\n Net loss attributable to SU Group Holdings Limited's ordinary           (4,527,468)                        (4,239,718)                        (541,077)\n      shareholders\n\n Net loss per share\n Basic and diluted *                                                     (15.45)                            (14.47)                            (1.85)\n Weighted average number of shares\n Basic and diluted *                                                     292,972                            292,972                            292,972\n\n *     The share amounts and per share data are presented on a retroactive\n basis, giving effect to the completion\n        of the share consolidation on August 6, 2026\n\n \n SU GROUP HOLDINGS LIMITED\n UNAUDITED AND UNREVIEWED CONDENSED CONSOLIDATED BALANCE\n SHEETS\n\n                                                                          As of                      As of                     As of\n                                                                          September 30,              March 31,                 March 31,\n                                                                          2025                       2026                      2026\n                                                                                                     (Unaudited                (Unaudited\n                                                                                                     and                       and\n                                                                                                     Unreviewed)               Unreviewed)\n                                                                          HK$                        HK$                       US$\n Assets\n Current assets\n Cash and cash equivalents                                                          25,354,528                28,651,212                3,656,497\n Trade receivables, net                                                             34,247,307                34,221,178                4,367,342\n Inventories, net                                                                   25,770,281                18,561,486                2,368,836\n Prepaid expenses and other current assets                                          5,423,335                 4,526,538                 577,681\n Retention receivables, net                                                         3,729,411                 2,756,843                 351,831\n Prepaid income tax                                                                 1,654,240                 —                         —\n Total current assets                                                               96,179,102                88,717,257                11,322,187\n\n Non-current assets\n Property and equipment, net                                                        6,810,456                 5,205,303                 664,306\n Intangible assets, net                                                             194,100                   604,900                   77,198\n Goodwill                                                                           1,271,160                 1,271,160                 162,227\n Restricted cash                                                                    9,890,171                 10,111,578                1,290,450\n Prepaid expenses and other non-current assets                                      3,448,366                 2,986,966                 381,200\n Deferred offering expenses                                                         155,763                   2,058,550                 262,714\n Operating lease right-of-use assets, net                                           6,041,643                 5,102,052                 651,129\n Investment in key management insurance policy                                      1,343,929                 1,389,949                 177,387\n Deferred tax assets                                                                613,415                   736,320                   93,970\n Total non-current assets                                                           29,769,003                29,466,778                3,760,581\n TOTAL ASSETS                                                                       125,948,105               118,184,035               15,082,768\n\n LIABILITIES AND SHAREHOLDERS' EQUITY\n Current liabilities\n Trade payables                                                                     7,646,188                 6,324,678                 807,162\n Notes payables                                                                     1,957,870                 1,484,395                 189,440\n Other payables                                                                     1,883,981                 561,014                   71,597\n Accrued payroll and welfare                                                        9,323,383                 9,682,055                 1,235,634\n Operating lease liabilities – current                                              1,976,643                 2,039,968                 260,343\n Income tax payable                                                                 —                         201,806                   25,755\n Contract liabilities                                                               11,340,672                9,862,022                 1,258,601\n Total current liabilities                                                          34,128,737                30,155,938                3,848,532\n\n Non-current liabilities\n Operating lease liabilities – non-current                                          3,540,340                 2,504,275                 319,598\n Other payables – non-current                                                       1,362,306                 1,124,850                 143,555\n Other liabilities                                                                  766,000                   674,000                   86,017\n Total non-current liabilities                                                      5,668,646                 4,303,125                 549,170\n Total liabilities                                                                  39,797,383                34,459,063                4,397,702\n\n Commitments and contingencies\n\n Shareholders' equity\n Class A ordinary shares (par value of HK$0.5 per share;                            56,309                    56,309                    7,186\n      149,819,664 ordinary shares authorized and 112,636 and\n      112,636 ordinary shares issued and outstanding as of\n      September 30, 2025 and March 31, 2026, respectively.) *\n Class B ordinary shares (par value of HK$0.5 per share; 180,336                    90,168                    90,168                    11,507\n      ordinary shares authorized and 180,336 and 180,336 ordinary\n      shares issued and outstanding as of September 30, 2025 and\n      March 31, 2026, respectively.) *\n Additional paid-in capital                                                         53,163,910                54,977,878                7,016,333\n Retained earnings                                                                  32,840,335                28,600,617                3,650,040\n Total SU Group Holdings Limited shareholders' equity and                           86,150,722                83,724,972                10,685,066\n      total shareholders' equity\n TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                         125,948,105               118,184,035               15,082,768\n\n *     The share amounts and per share data are presented on a retroactive\n basis, giving effect to the completion\n        of the share consolidation on August 6, 2026.\n\n \n\nU.S. dollar figures are provided solely for convenience at US$1.00 =\nHK$7.8357, the March 31, 2026 closing rate stated in the interim financial\nstatements. The Company's reporting currency is HK$. Certain comparative\ncurrent-asset line items were reclassified without affecting total current\nassets or previously reported results.\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/su-group-narrows-first-half-operating-loss-executes-on-long-term-strategy-302893330.html\n(https://www.prnewswire.com/news-releases/su-group-narrows-first-half-operating-loss-executes-on-long-term-strategy-302893330.html)\n\nSOURCE SU Group Holdings Limited\n\n\n\nGlobal IR Partners, David Pasquale, Phone: +1 914-337-8801, Email: SUGP@globalirpartners.com\n\nPhoto: \nhttps://mmx.prnewswire.com/media/MS1523298/logo-Logo.jpg?id=OA2977394\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-09-29T20:00:00.30084507Z","server_sent_at_ms":1790712000300},"received_at":"2026-09-29T20:00:00.465Z","source_url":"https://www.prnewswire.com/news-releases/su-group-narrows-first-half-operating-loss-executes-on-long-term-strategy-302893330.html"},"analysis":{"id":"144616","press_release_id":"155897","analysis_json":{"industry":{"label":"Commercial Services & Supplies","sector":"Industrials"},"redFlags":["Revenue declined 20% YoY on fewer large engineering projects","KM Safety acquisition subject to due diligence and approvals; completion not assured","Company recently completed a share consolidation (August 6, 2026)","Working capital declined to HK$58.6 million from HK$62.1 million at fiscal year-end"],"eventType":"earnings","narrative":"SU Group reported H1 (six months ended March 31, 2026) revenue of HK$86.3 million (US$11.0 million), down 20.0% YoY, driven by fewer large engineering projects.\n\nCost discipline offset the decline: gross margin improved to 20.7% from 20.3%, SG&A fell 15.9%, and the operating loss narrowed to HK$3.9 million from HK$4.7 million. Cash rose to HK$28.7 million.\n\nPost-period, the company won public-sector awards including an HK$18.8 million hospital follow-on (taking that project to HK$107.3 million disclosed), proposed acquiring KM Safety Solution for HK$5.6 million in cash, and added exclusive distribution rights for HDX, GLM and GEZE products in Hong Kong and Macau.\n\nPer-share figures reflect the August 6, 2026 share consolidation on a retroactive basis; the KM acquisition remains subject to due diligence and is not assured.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Revenue down 20% but margins and cash improving -- watch whether second-half public-sector awards reverse the engineering downturn."},"keyFigures":{"revenue":"HK$86.3 million (US$11.0 million)","guidance":"No formal guidance; management expressed higher confidence in the second half","revenueYoy":"-20.0%","customDimensions":{"cash":"HK$28.7 million at March 31, 2026 (up from HK$25.4 million)","net_loss":"HK$4.2 million","sga_change":"-15.9%","gross_margin":"20.7% (up from 20.3%)","operating_loss":"HK$3.9 million (narrowed from HK$4.7 million)","working_capital":"HK$58.6 million"}},"quotedText":"Gross margin remained healthy at 20.7% and selling, general and administrative expenses fell 15.9%, helping offset the lower engineering volume.","namedEntities":{"people":[{"name":"Dave Chan","role":"Chairman and CEO"},{"name":"Calvin Kong","role":"CFO"},{"name":"David Pasquale","role":"Global IR Partners contact"}],"products":["TRACELINE™ PX3 Portable X-Ray System","Inspec Spider","under-vehicle surveillance systems","AI- and IoT-enabled site-safety systems"],"companies":[{"name":"SU Group Holdings Limited","ticker":"SUGP","relationship":"filer"},{"name":"KM Safety Solution Company Limited","relationship":"acquisition target"},{"name":"HDX","relationship":"distribution partner"},{"name":"GLM","relationship":"distribution partner"},{"name":"GEZE","relationship":"distribution partner"},{"name":"Seetrue Screening Ltd.","relationship":"partner"},{"name":"Fortune Jet","relationship":"subsidiary"},{"name":"Global IR Partners","relationship":"investor relations"}],"dollarAmounts":[{"amount":"HK$86.3 million","context":"H1 FY26 revenue (US$11.0 million)"},{"amount":"HK$107.9 million","context":"prior-year period revenue"},{"amount":"HK$3.9 million","context":"operating loss, narrowed from HK$4.7 million"},{"amount":"HK$4.2 million","context":"net loss attributable to shareholders"},{"amount":"HK$28.7 million","context":"cash and cash equivalents at March 31, 2026"},{"amount":"HK$5.6 million","context":"proposed cash acquisition of KM Safety Solution"},{"amount":"HK$18.8 million","context":"follow-on hospital award (approx. US$2.4 million)"},{"amount":"HK$107.3 million","context":"combined disclosed hospital project value (US$13.7 million)"},{"amount":"US$1 million","context":"government-linked security contract for Hong Kong cultural facility"}]},"materialImpact":{"score":2,"reasoning":"Micro-cap interim results: revenue fell 20% YoY on fewer large engineering projects, though operating loss narrowed and cash improved. Post-period awards and a small proposed acquisition add context but are modest in size."},"tickerRelevance":{"others":[],"primary":"SUGP"},"globalImportance":12,"audienceRelevance":8,"eventTypeSecondary":["m_and_a","operations_update"],"importanceComponents":{"tickerTier":"micro-cap","eventGravity":"interim-earnings-with-narrowed-loss","householdBrandBoost":0,"marketCapAdjustment":"small foreign issuer, low liquidity"}},"event_type":"earnings","event_type_secondary":["m_and_a","operations_update"],"sentiment":"mixed","material_impact_score":2,"narrative":"SU Group reported H1 (six months ended March 31, 2026) revenue of HK$86.3 million (US$11.0 million), down 20.0% YoY, driven by fewer large engineering projects.\n\nCost discipline offset the decline: gross margin improved to 20.7% from 20.3%, SG&A fell 15.9%, and the operating loss narrowed to HK$3.9 million from HK$4.7 million. Cash rose to HK$28.7 million.\n\nPost-period, the company won public-sector awards including an HK$18.8 million hospital follow-on (taking that project to HK$107.3 million disclosed), proposed acquiring KM Safety Solution for HK$5.6 million in cash, and added exclusive distribution rights for HDX, GLM and GEZE products in Hong Kong and Macau.\n\nPer-share figures reflect the August 6, 2026 share consolidation on a retroactive basis; the KM acquisition remains subject to due diligence and is not assured.","key_figures":{"revenue":"HK$86.3 million (US$11.0 million)","guidance":"No formal guidance; management expressed higher confidence in the second half","revenueYoy":"-20.0%","customDimensions":{"cash":"HK$28.7 million at March 31, 2026 (up from HK$25.4 million)","net_loss":"HK$4.2 million","sga_change":"-15.9%","gross_margin":"20.7% (up from 20.3%)","operating_loss":"HK$3.9 million (narrowed from HK$4.7 million)","working_capital":"HK$58.6 million"}},"named_entities":{"people":[{"name":"Dave Chan","role":"Chairman and CEO"},{"name":"Calvin Kong","role":"CFO"},{"name":"David Pasquale","role":"Global IR Partners contact"}],"products":["TRACELINE™ PX3 Portable X-Ray System","Inspec Spider","under-vehicle surveillance systems","AI- and IoT-enabled site-safety systems"],"companies":[{"name":"SU Group Holdings Limited","ticker":"SUGP","relationship":"filer"},{"name":"KM Safety Solution Company Limited","relationship":"acquisition target"},{"name":"HDX","relationship":"distribution partner"},{"name":"GLM","relationship":"distribution partner"},{"name":"GEZE","relationship":"distribution partner"},{"name":"Seetrue Screening Ltd.","relationship":"partner"},{"name":"Fortune Jet","relationship":"subsidiary"},{"name":"Global IR Partners","relationship":"investor relations"}],"dollarAmounts":[{"amount":"HK$86.3 million","context":"H1 FY26 revenue (US$11.0 million)"},{"amount":"HK$107.9 million","context":"prior-year period revenue"},{"amount":"HK$3.9 million","context":"operating loss, narrowed from HK$4.7 million"},{"amount":"HK$4.2 million","context":"net loss attributable to shareholders"},{"amount":"HK$28.7 million","context":"cash and cash equivalents at March 31, 2026"},{"amount":"HK$5.6 million","context":"proposed cash acquisition of KM Safety Solution"},{"amount":"HK$18.8 million","context":"follow-on hospital award (approx. US$2.4 million)"},{"amount":"HK$107.3 million","context":"combined disclosed hospital project value (US$13.7 million)"},{"amount":"US$1 million","context":"government-linked security contract for Hong Kong cultural facility"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-29T20:00:08.676Z","global_importance":12,"audience_relevance":8,"importance_components":{"tickerTier":"micro-cap","eventGravity":"interim-earnings-with-narrowed-loss","householdBrandBoost":0,"marketCapAdjustment":"small foreign issuer, low liquidity"}},"durationMs":8185,"modelName":"glm-5.3-flashx"}}