HORIZON CD (09930) announced its performance for the first quarter of 2026. During the period, the Group's domestic business remained stable, while overseas market expansion accelerated, maintaining an overall steady development trend. Following the post-Lunar New Year resumption of work across various industries in China, the rental utilization rates for the Group's major equipment categories continued to rise. By the end of the first quarter, the point-in-time rental rate for aerial work platforms reached approximately 78%.

Influenced by the controlled scale of domestic operations and market pricing factors, the Group's total operating revenue for the first quarter decreased by about 5% compared to the same period last year. Domestic revenue declined year-on-year, while overseas revenue increased by over 70%, now accounting for more than 25% of total revenue. Due to typically subdued business activity in the domestic construction engineering sector around the Lunar New Year, and the extended holiday period this year slowing the pace of work resumption, the Group reported a seasonal net loss attributable to ordinary shareholders for the first quarter. However, the scale of the loss narrowed compared to the same period last year.

As of the end of the reporting period, the Group operated a total of 559 service outlets. This included 482 outlets in mainland China and Hong Kong, and 77 overseas outlets. The latter includes newly established business locations in African countries (Morocco, Tanzania) and a Central Asian country (Kazakhstan), further enhancing the global operational layout under the Group's "Three + Three + Three" strategy.

During the review period, the Group's operating cash flow remained robust and maintained a net inflow. Furthermore, the Group prudently controlled capital expenditure, which amounted to approximately RMB 560 million in the first quarter, representing a further decrease compared to the same period in 2025. The Group believes that this disciplined approach to capital spending will contribute to a further improvement in total annual free cash flow.

Looking ahead to the full year, the Group's primary objective is to maintain a healthy and robust financial structure. It aims to enhance operational performance both domestically and internationally, striving to create value for shareholders.