Earnings release
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1 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. (Stock Codes: 700 (HKD counter) and 80700 (RMB counter)) ANNOUNCEMENT OF THE RESULTS FOR THE THREE AND SIX MONTHS ENDED 30 JUNE 2026 The Board is pleased to announce the unaudited consolidated results of the Group for the three and six months ended 30 June 2026. The Interim Financial Information of the Group has been reviewed by the Auditor in accordance with International Standard on Review Engagements 2410 “Review of interim financial information performed by the independent auditor of the entity ” issued by the International Auditing and Assurance Standards Board, and by the Audit Committee. FINANCIAL PERFORMANCE HIGHLIGHTS Unaudited Three months ended 30 June 2026 30 June 2025 Year- on-year change 31 March 2026 Quarter- on-quarter change (RMB in millions, unless specified) Revenues 204,785 184,504 11% 196,458 4% Gross profit 118,433 105,013 13% 111,265 6% Operating profit 67,276 60,104 12% 67,375 -0.1% Profit for the period 57,977 56,044 3% 59,392 -2% Profit attributable to equity holders of the Company 56,022 55,628 0.7% 58,093 -4% EPS (RMB per share) – basic 6.207 6.115 2% 6.431 -3% – diluted 6.104 5.996 2% 6.302 -3% Non-IFRS operating profit 75,636 69,248 9% 75,627 stable Non-IFRS profit attributable to equity holders of the Company 68,415 63,052 9% 67,905 0.8% Non-IFRS EPS (RMB per share) – basic 7.581 6.931 9% 7.517 0.9% – diluted 7.433 6.793 9% 7.364 0.9%
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2 Unaudited Six months ended 30 June 2026 30 June 2025 Year- on-year change (RMB in millions, unless specified) Revenues 401,243 364,526 10% Gross profit 229,698 205,506 12% Operating profit 134,651 117,670 14% Profit for the period 117,369 105,769 11% Profit attributable to equity holders of the Company 114,115 103,449 10% EPS (RMB per share) – basic 12.639 11.367 11% – diluted 12.417 11.126 12% Non-IFRS operating profit 151,263 138,568 9% Non-IFRS profit attributable to equity holders of the Company 136,320 124,381 10% Non-IFRS EPS (RMB per share) – basic 15.098 13.667 10% – diluted 14.799 13.377 11%
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3 OPERATING INFORMATION As at 30 June 2026 As at 30 June 2025 Year- on-year change As at 31 March 2026 Quarter- on-quarter change (in millions, unless specified) Combined MAU of Weixin and WeChat 1,439 1,411 2% 1,432 0.5% Mobile device MAU of QQ 520 532 -2% 516 0.8% Fee-based VAS subscriptions # 259 264 -2% 266 -3% # Average daily number of subscriptions during the quarter BUSINESS REVIEW AND OUTLOOK As we entered into the third quarter of the year, we are making substantial progress towards building a new, AI-empowered Tencent in terms of intelligence, applications, and infrastructure. At the intelligence level, Hy3 ’s production version provides users a widely used model with strong cost-performance metrics, and serves as a stepping-stone toward the Hy family of models attaining state-of-the-art capabilities in the future. At the application level, our WorkBuddy AI office productivity service and CodeBuddy AI coding tool are achieving breakout user growth and are the clear leaders in their fields in China today 1. At the infrastructure level, we substantially stepped up our procurement of compute, which will enable us to convert usage of our applications and models into revenue going forward. At the same time, we continue to enhance our existing services, with sustained marketing services revenue growth, several successful recently released games, and rapidly increasing video views on Weixin Video Accounts. Below are some highlights from our key products and services for recent months: h We released the full Hy3 production version in July 2026, which delivered a substantial step-up in performance versus the Hy3 preview version, and significantly outperforms most similar-sized models. Since its launch, Hy3 has consistently ranked among the top 3 models globally in terms of token consumption on OpenRouter 2. 1 Analysys, by monthly interactions among PC-based AI-native office agents in China, June 2026 2 Since 7 July 2026
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4 h WorkBuddy is achieving rapid user growth and healthy user retention rates, with high user willingness to pay for tokens via subscriptions and top-ups. WorkBuddy ’s market leadership is underpinned by its robust harness engineering, wide range of model availability, and industry-leading Skills library. h In recent weeks, we have begun a small-scale prototype test for Xiaowei, the agentic AI inside Weixin. Xiaowei is powered by a customised model, WeLM, built for user privacy, Weixin-specific use cases and inference efficiency. h Video Accounts ’ total time spent grew more than 20% year-on-year in the second quarter of 2026, benefitting from enriched content for younger users, upgraded interactive features and a new multi-variable content ranking system. h Our domestic evergreen games 3, Delta Force and VALORANT PC, achieved lifetime highs in average DAU in the second quarter of 2026. Our new game, Roco Kingdom: World, ranked first by average DAU 4 and by gross receipts 5 among all new mobile titles released in China year-to-date. h Miniclip attained breakout success in international markets as Arrows – Puzzle Escape became the most downloaded mobile game globally in the second quarter of 2026 6, generating robust in-app advertising revenues. h We upgraded our automated campaign management solution, AIM+, with AI-powered end-to-end execution capabilities for mini shop and mini drama advertisers. 3 Evergreen games refer to domestic and international games surpassing average quarterly DAU of 5 million for mobile or 2 million for PC, and generating over RMB4 billion annual gross receipts 4 QuestMobile, by average DAU on mobile platforms 5 Sensor Tower, by gross receipts on mobile platforms 6 Sensor Tower, the second quarter of 2026
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5 MANAGEMENT DISCUSSION AND ANALYSIS Second Quarter of 2026 Compared to Second Quarter of 2025 The following table sets forth the comparative figures for the second quarter of 2026 and the second quarter of 2025: Unaudited Three months ended 30 June 2026 30 June 2025 (RMB in millions) Revenues 204,785 184,504 Cost of revenues (86,352) (79,491) Gross profit 118,433 105,013 Selling and marketing expenses (11,869) (9,410) General and administrative expenses (38,808) (31,921) Other gains/(losses), net (480) (3,578) Operating profit 67,276 60,104 Net gains/(losses) from investments and others 11,184 2,638 Interest income 4,202 4,121 Finance costs (2,979) (3,941) Share of profit/(loss) of associates and joint ventures, net (9,993) 4,473 Profit before income tax 69,690 67,395 Income tax expense (11,713) (11,351) Profit for the period 57,977 56,044 Attributable to: Equity holders of the Company 56,022 55,628 Non-controlling interests 1,955 416 57,977 56,044 Non-IFRS operating profit 75,636 69,248 Non-IFRS profit attributable to equity holders of the Company 68,415 63,052
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6 Revenues . Revenues increased by 11% year-on-year to RMB204.8 billion for the second quarter of 2026. The following table sets forth revenues of the Group and its segments for the second quarter of 2026 and the second quarter of 2025. Unaudited Three months ended 30 June 2026 30 June 2025 Year- on-year change 30 June 2026 30 June 2025 Revenues % of total revenues (RMB in millions, unless specified) VAS 98,414 91,368 8% 48% 50% Marketing Services 43,565 35,762 22% 21% 19% FinTech and Business Services 60,286 55,536 9% 30% 30% Others 2,520 1,838 37% 1% 1% The Group 204,785 184,504 11% 100% 100% – Revenues from VAS increased by 8% year-on-year to RMB98.4 billion for the second quarter of 2026. Domestic Games revenues were RMB47.3 billion, up 17% year-on-year, driven by growth from most of our major games, with notable contributions from Delta Force, VALORANT PC and MOBILE, and Roco Kingdom: World. International Games revenues were RMB18.6 billion, down 0.8% year-on-year due to foreign currency movements, or up 4% year-on-year in constant currency terms, as higher revenues from Wuthering Waves and VALORANT PC were offset by lower revenues from certain Supercell games. Social Networks revenues increased by 0.8% year-on-year to RMB32.5 billion. – Revenues from Marketing Services were RMB43.6 billion for the second quarter of 2026, up 22% year-on-year, supported by enhancements to our AI-driven ad recommendation model (which determines the ad shown to each user for each impression), upgrades to our automated campaign management solution AIM+ (which helps advertisers purchase performant impressions), and integration of closed-loop marketing capabilities within the Weixin ecosystem (which facilitates Weixin-integrated services, such as Mini Games and Mini Shops, to advertise more effectively on Tencent-managed ad properties). Most major industry categories increased marketing spending on our platforms during the quarter.
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7 – Revenues from FinTech and Business Services rose by 9% year-on-year to RMB60.3 billion for the second quarter of 2026. FinTech Services revenue growth was mainly due to higher revenues from commercial payment, wealth management and consumer loan services. Business Services revenue growth was primarily driven by increased revenues from our cloud services, underpinned by greater demand for AI-related services, ongoing international expansion, and a more favourable pricing environment. Gross profit . Gross profit for the second quarter of 2026 rose by 13% year-on-year to RMB118.4 billion, slightly outpacing revenue growth. Robust growth in high-margin revenue streams, including higher revenues from internally developed games and from Marketing Services, offset higher depreciation and operating costs associated with our expanded AI infrastructure. Gross margin was 58%, up from 57% in the same period last year. The following table sets forth gross profit and gross margin of the Group and its segments for the second quarter of 2026 and the second quarter of 2025. Unaudited Three months ended 30 June 2026 30 June 2025 Year- on-year change 30 June 2026 30 June 2025 Gross profit/(loss) Gross margin (RMB in millions, unless specified) VAS 62,926 55,223 14% 64% 60% Marketing Services 24,969 20,585 21% 57% 58% FinTech and Business Services 31,422 28,952 9% 52% 52% Others (884) 253 NM (35%) 14% The Group 118,433 105,013 13% 58% 57% – Gross profit for VAS grew by 14% year-on-year to RMB62.9 billion, outpacing segment revenue growth, primarily driven by a greater revenue contribution from high-margin internally developed games. Gross margin expanded to 64% from 60% in the same period last year. – Gross profit for Marketing Services increased by 21% year-on-year to RMB25.0 billion, broadly consistent with segment revenue growth, as higher revenues, supported by enhancements to our AI-driven marketing capabilities, largely offset higher costs, including depreciation and operating costs associated with expanding our AI infrastructure to improve ad and content recommendation. Gross margin was 57%, compared with 58% in the same period last year.
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8 – Gross profit for FinTech and Business Services rose by 9% year-on-year to RMB31.4 billion, mainly driven by wealth management and consumer loan services, as well as cloud services. Gross margin was 52%, broadly stable year-on-year. Selling and marketing expenses. Selling and marketing expenses increased by 26% year-on-year to RMB11.9 billion in the second quarter of 2026, due to higher marketing spending to support our games business and to drive adoption of our AI-native products. General and administrative expenses . General and administrative expenses were RMB38.7 billion for the second quarter of 2026, up 22% year-on-year, primarily reflecting higher R&D spending to support Hy model enhancements, Weixin AI initiatives, and development of AI capabilities across our products and services. Operating profit. Operating profit increased by 12% year-on-year to RMB67.3 billion in the second quarter of 2026. Non-IFRS operating profit increased by 9% year-on-year to RMB75.6 billion. Non-IFRS operating profit, excluding new AI products 7 contributions, increased by 19% year-on-year to RMB86.1 billion. Interest income . Interest income increased by 2% year-on-year to RMB4.2 billion for the second quarter of 2026. Finance costs. Finance costs were RMB3.0 billion for the second quarter of 2026, compared with RMB3.9 billion in the same period last year, reflecting favourable foreign exchange movements and lower interest expenses due to lower average interest rates. Share of profit/(loss) of associates and joint ventures, net . Our share of losses of associates and joint ventures was RMB10.0 billion for the second quarter of 2026, primarily reflecting our share of the fair value adjustment recognised by an unlisted investee from revaluation of its issued convertible redeemable preferred shares arising from increased valuation of the investee, which was excluded from our non-IFRS profit. On a non-IFRS basis, our share of profits of associates and joint ventures was RMB6.4 billion, compared with share of profits of RMB6.3 billion in the same period last year. Income tax expense . Income tax expense increased by 3% year-on-year to RMB11.7 billion for the second quarter of 2026. Profit attributable to equity holders of the Company . Profit attributable to equity holders of the Company increased by 0.7% year-on-year to RMB56.0 billion for the second quarter of 2026. Non-IFRS profit attributable to equity holders of the Company increased by 9% year-on-year to RMB68.4 billion. 7 New AI products primarily consist of Hy, Yuanbao, CodeBuddy, WorkBuddy, and Xiaowei
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9 Second Quarter of 2026 Compared to First Quarter of 2026 The following table sets forth the comparative figures for the second quarter of 2026 and the first quarter of 2026: Unaudited Three months ended 30 June 2026 31 March 2026 (RMB in millions) Revenues 204,785 196,458 Cost of revenues (86,352) (85,193) Gross profit 118,433 111,265 Selling and marketing expenses (11,869) (11,343) General and administrative expenses (38,808) (33,800) Other gains/(losses), net (480) 1,253 Operating profit 67,276 67,375 Net gains/(losses) from investments and others 11,184 1,928 Interest income 4,202 4,025 Finance costs (2,979) (2,979) Share of profit/(loss) of associates and joint ventures, net (9,993) 3,620 Profit before income tax 69,690 73,969 Income tax expense (11,713) (14,577) Profit for the period 57,977 59,392 Attributable to: Equity holders of the Company 56,022 58,093 Non-controlling interests 1,955 1,299 57,977 59,392 Non-IFRS operating profit 75,636 75,627 Non-IFRS profit attributable to equity holders of the Company 68,415 67,905
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10 Revenues. Revenues for the second quarter of 2026 increased by 4% quarter-on-quarter to RMB204.8 billion. – Revenues from VAS increased by 2% quarter-on-quarter to RMB98.4 billion. Domestic Games revenues were RMB47.3 billion, up 4% quarter-on-quarter, primarily driven by revenue growth from Honour of Kings and the contribution from recently released Roco Kingdom: World. International Games revenues were RMB18.6 billion, down 0.7% quarter-on-quarter, as higher revenues from VALORANT PC and PUBG MOBILE were offset by lower revenues from certain Supercell games. Social Networks revenues increased by 2% quarter-on-quarter to RMB32.5 billion, mainly due to higher revenues from app-based game item sales. – Revenues from Marketing Services grew 14% quarter-on-quarter to RMB43.6 billion, supported by our AI initiatives and by seasonally elevated promotional activity during the “618” shopping festival. – Revenues from FinTech and Business Services increased by 0.7% quarter-on-quarter to RMB60.3 billion, reflecting revenue growth in cloud services, partly offset by seasonally lower revenues from commercial payment services. Gross profit . Gross profit was RMB118.4 billion for the second quarter of 2026, up 6% quarter-on-quarter. Gross margin was 58%, up from 57% in the previous quarter. – Gross profit for VAS was RMB62.9 billion, up 5% quarter-on-quarter, primarily driven by a greater revenue contribution from high-margin internally developed games. Gross margin was 64%, up from 63% in the previous quarter. – Gross profit for Marketing Services increased by 19% quarter-on-quarter to RMB25.0 billion, as higher revenues during a seasonally stronger period offset higher costs, including depreciation and operating costs associated with our AI infrastructure. Gross margin improved to 57% from 55% in the previous quarter. – Gross profit for FinTech and Business Services increased by 0.8% quarter-on-quarter to RMB31.4 billion. Gross margin was 52%, broadly stable quarter-on-quarter.
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11 Selling and marketing expenses. Selling and marketing expenses rose by 5% quarter-on-quarter to RMB11.9 billion for the second quarter of 2026, mainly due to higher marketing spending for games. General and administrative expenses . General and administrative expenses increased by 15% quarter-on-quarter to RMB38.7 billion, primarily reflecting higher R&D spending to support Hy model enhancements, Weixin AI initiatives, and development of AI capabilities across our products and services. Operating profit. Operating profit was RMB67.3 billion for the second quarter of 2026, broadly stable quarter-on-quarter. Non-IFRS operating profit was RMB75.6 billion, broadly stable quarter-on-quarter. Non-IFRS operating profit, excluding new AI products 7 contributions, increased by 2% quarter-on-quarter to RMB86.1 billion. Share of profit/(loss) of associates and joint ventures, net . Our share of losses of associates and joint ventures was RMB10.0 billion for the second quarter of 2026, primarily reflecting our share of the fair value adjustment recognised by an unlisted investee from revaluation of its issued convertible redeemable preferred shares arising from increased valuation of the investee, which was excluded from our non-IFRS profit. On a non-IFRS basis, our share of profits of associates and joint ventures was RMB6.4 billion, compared with share of profits of RMB7.1 billion in the previous quarter. Profit attributable to equity holders of the Company . Profit attributable to equity holders of the Company decreased by 4% quarter-on-quarter to RMB56.0 billion for the second quarter of 2026. Non-IFRS profit attributable to equity holders of the Company increased by 0.8% quarter-on-quarter to RMB68.4 billion for the second quarter of 2026.
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12 Other Financial Information Unaudited Unaudited Three months ended Six months ended 30 June 2026 31 March 2026 30 June 2025 30 June 2026 30 June 2025 (RMB in millions, unless specified) EBITDA (a) 85,776 84,167 79,467 169,943 153,284 Adjusted EBITDA (a) 91,372 89,617 85,122 180,989 166,681 Adjusted EBITDA margin (b) 45% 46% 46% 45% 46% Interest and related expenses 3,212 3,134 3,541 6,346 6,927 Net cash (c) 58,191 146,860 74,592 58,191 74,592 Capital expenditures (d) 52,784 31,936 19,107 84,720 46,583 Note: (a) EBITDA is calculated as operating profit minus other gains/(losses), net, and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, and amortisation of intangible assets and land use rights. Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses. (b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues. (c) Net cash represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, including highly liquid investment products held for treasury purposes, minus borrowings and notes payable. (d) Capital expenditures primarily consist of investments in IT infrastructure (including computer equipment, components, and software), data centres, land use rights, office premises and intellectual properties (excluding media content).
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13 The following table reconciles our operating profit to our EBITDA and Adjusted EBITDA for the periods presented: Unaudited Unaudited Three months ended Six months ended 30 June 31 March 30 June 30 June 30 June 2026 2026 2025 2026 2025 (RMB in millions, unless specified) Operating profit 67,276 67,375 60,104 134,651 117,670 Adjustments: Other (gains)/losses, net (excluding depreciation and amortisation) 442 (1,312) 3,578 (870) 4,975 Depreciation of property, plant and equipment and investment properties 9,553 8,334 6,076 17,887 11,371 Depreciation of right-of-use assets 1,608 1,567 1,575 3,175 3,070 Amortisation of intangible assets and land use rights 6,897 8,203 8,134 15,100 16,198 EBITDA 85,776 84,167 79,467 169,943 153,284 Equity-settled share-based compensation 5,596 5,450 5,655 11,046 13,397 Adjusted EBITDA 91,372 89,617 85,122 180,989 166,681 Non-IFRS Financial Measures To supplement the consolidated results of the Group prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of operating profit, operating margin, profit for the period, profit attributable to equity holders of the Company, basic EPS and diluted EPS) have been presented in this announcement. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Group ’s financial performance prepared in accordance with IFRS. In addition, these non-IFRS financial measures may be defined differently from similar terms used by other companies. The Company ’s management believes that the non-IFRS financial measures provide investors with useful supplementary information to assess the performance of the Group ’s core operations by excluding certain non-cash items and certain impact of investment-related transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Group ’s major associates based on available published financials of the relevant major associates, or estimates made by the Company ’s management based on available information, certain expectations, assumptions and premises.
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14 The following tables set forth the reconciliations of the Group ’s non-IFRS financial measures for the second quarter of 2026 and 2025, the first quarter of 2026, as well as the first half of 2026 and 2025 to the nearest measures prepared in accordance with IFRS: Unaudited three months ended 30 June 2026 Adjustments As reported Share-based compensation Net (gains)/ losses from investee companies Amortisation of intangible assets Impairment provisions/ (reversals) SSV & CPP and other donations Others Income tax effects Non-IFRS (a) (b) (c) (d) (e) (f) (g) (RMB in millions, unless specified) Operating profit 67,276 6,579 – 1,602 – 179 – – 75,636 Share of profit/(loss) of associates and joint ventures, net (9,993) 1,327 12,834 1,356 188 – 647 – 6,359 Profit for the period 57,977 7,906 4,316 2,958 (2,064) 864 647 (2,013) 70,591 Profit attributable to equity holders 56,022 7,756 4,527 2,611 (2,064) 861 647 (1,945) 68,415 EPS (RMB per share) – basic 6.207 7.581 – diluted 6.104 7.433 Operating margin 33% 37% Unaudited three months ended 31 March 2026 Adjustments As reported Share-based compensation Net (gains)/ losses from investee companies Amortisation of intangible assets Impairment provisions/ (reversals) SSV & CPP and other donations Income tax effects Non-IFRS (a) (b) (c) (d) (e) (g) (RMB in millions, unless specified) Operating profit 67,375 6,534 – 1,578 – 140 – 75,627 Share of profit/(loss) of associates and joint ventures, net 3,620 810 817 1,612 264 – – 7,123 Profit for the period 59,392 7,344 (3,255) 3,190 2,467 765 (130) 69,773 Profit attributable to equity holders 58,093 7,193 (3,342) 2,862 2,397 765 (63) 67,905 EPS (RMB per share) – basic 6.431 7.517 – diluted 6.302 7.364 Operating margin 34% 38%
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15 Unaudited three months ended 30 June 2025 Adjustments As reported Share-based compensation Net (gains)/ losses from investee companies Amortisation of intangible assets Impairment provisions/ (reversals) SSV & CPP Income tax effects Non-IFRS (a) (b) (c) (d) (e) (g) (RMB in millions, unless specified) Operating profit 60,104 7,361 – 1,614 – 169 – 69,248 Share of profit/(loss) of associates and joint ventures, net 4,473 903 (798) 1,544 226 – – 6,348 Profit for the period 56,044 8,264 (2,396) 3,158 (372) 751 (683) 64,766 Profit attributable to equity holders 55,628 8,071 (3,192) 2,848 (405) 751 (649) 63,052 EPS (RMB per share) – basic 6.115 6.931 – diluted 5.996 6.793 Operating margin 33% 38% Unaudited six months ended 30 June 2026 Adjustments As reported Share-based compensation Net (gains)/ losses from investee companies Amortisation of intangible assets Impairment provisions/ (reversals) SSV & CPP and other donations Others Income tax effects Non-IFRS (a) (b) (c) (d) (e) (f) (g) (RMB in millions, unless specified) Operating profit 134,651 13,113 – 3,180 – 319 – – 151,263 Share of profit/(loss) of associates and joint ventures, net (6,373) 2,137 13,651 2,968 452 – 647 – 13,482 Profit for the period 117,369 15,250 1,061 6,148 403 1,629 647 (2,143) 140,364 Profit attributable to equity holders 114,115 14,949 1,185 5,473 333 1,626 647 (2,008) 136,320 EPS (RMB per share) – basic 12.639 15.098 – diluted 12.417 14.799 Operating margin 34% 38%
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16 Unaudited six months ended 30 June 2025 Adjustments As reported Share-based compensation Net (gains)/ losses from investee companies Amortisation of intangible assets Impairment provisions/ (reversals) SSV & CPP Income tax effects Non-IFRS (a) (b) (c) (d) (e) (g) (RMB in millions, unless specified) Operating profit 117,670 17,461 – 3,129 – 308 – 138,568 Share of profit/(loss) of associates and joint ventures, net 9,054 1,871 (687) 3,257 493 – – 13,988 Profit for the period 105,769 19,332 (2,427) 6,386 (1,061) 911 (1,452) 127,458 Profit attributable to equity holders 103,449 18,904 (2,111) 5,702 (1,124) 911 (1,350) 124,381 EPS (RMB per share) – basic 11.367 13.667 – diluted 11.126 13.377 Operating margin 32% 38% Note: (a) Including put options granted to employees of investee companies on their shares and shares to be issued under investee companies ’ share-based incentive plans which can be acquired by the Group, and other incentives (b) Including net (gains)/losses on deemed disposals/disposals of investee companies, fair value changes arising from investee companies, and other expenses in relation to equity transactions of investee companies (c) Amortisation of intangible assets resulting from acquisitions (d) Mainly including impairment provisions/(reversals) for associates, joint ventures, goodwill and other intangible assets arising from acquisitions (e) Mainly including donations and expenses incurred for the Group ’s SSV & CPP initiatives (f) Primarily non-recurring compliance-related costs and expenses incurred for certain litigation settlements of the Group and/or arising from investee companies (g) Income tax effects of non-IFRS adjustments
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17 Liquidity and Financial Resources Our cash and debt positions as at 30 June 2026 and 31 March 2026 were as follows: Unaudited Unaudited 30 June 2026 31 March 2026 (RMB in millions) Cash and cash equivalents 206,930 217,770 Term deposits and others 304,224 315,895 Borrowings (298,942) (258,995) Notes payable (154,021) (127,810) Net cash 58,191 146,860 As at 30 June 2026, the Group had net cash of RMB58.2 billion, compared with RMB146.9 billion as at 31 March 2026, primarily reflecting capital expenditure payments of RMB59.3 billion, and 2025 dividend payments of RMB41.6 billion made during the quarter. We recorded negative free cash flow of RMB13.8 billion for the second quarter of 2026, as net cash generated from operating activities of RMB52.7 billion was more than offset by capital expenditure payments of RMB59.3 billion, media content payments of RMB5.0 billion and lease liability payments of RMB2.2 billion. Included in our operating cash flow were large AI-related prepayments to provide infrastructure to support our Hy model enhancements, WorkBuddy and CodeBuddy inference needs, Weixin AI initiatives, and development of AI capabilities across our products and services, as well as to meet growing external demand for our cloud services. Excluding the prepayments for compute procurement, our free cash flow would have been RMB37.6 billion. As at 30 June 2026, the fair value of our shareholdings 8 in listed investee companies (excluding subsidiaries) was RMB487.2 billion, compared with RMB547.1 billion as at 31 March 2026. The carrying book value of our shareholdings in unlisted investee companies (excluding subsidiaries) was RMB387.9 billion as at 30 June 2026, compared with RMB365.1 billion as at 31 March 2026. 8 Including those held via special purpose vehicles, on an attributable basis
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18 FINANCIAL INFORMATION CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE THREE AND SIX MONTHS ENDED 30 JUNE 2026 Unaudited Unaudited Three months ended 30 June Six months ended 30 June 2026 2025 2026 2025 Note RMB’Million RMB’Million RMB’Million RMB’Million Revenues Value-added Services 98,414 91,368 194,524 183,501 Marketing Services 43,565 35,762 81,736 67,615 FinTech and Business Services 60,286 55,536 120,171 110,443 Others 2,520 1,838 4,812 2,967 2 204,785 184,504 401,243 364,526 Cost of revenues 3 (86,352) (79,491) (171,545) (159,020) Gross profit 118,433 105,013 229,698 205,506 Selling and marketing expenses 3 (11,869) (9,410) (23,212) (17,276) General and administrative expenses 3 (38,808) (31,921) (72,608) (65,585) Other gains/(losses), net (480) (3,578) 773 (4,975) Operating profit 67,276 60,104 134,651 117,670 Net gains/(losses) from investments and others 4 11,184 2,638 13,112 4,045 Interest income 4,202 4,121 8,227 7,869 Finance costs (2,979) (3,941) (5,958) (7,801) Share of profit/(loss) of associates and joint ventures, net (9,993) 4,473 (6,373) 9,054 Profit before income tax 69,690 67,395 143,659 130,837 Income tax expense 5 (11,713) (11,351) (26,290) (25,068) Profit for the period 57,977 56,044 117,369 105,769 Attributable to: Equity holders of the Company 56,022 55,628 114,115 103,449 Non-controlling interests 1,955 416 3,254 2,320 57,977 56,044 117,369 105,769 Earnings per share for profit attributable to equity holders of the Company (RMB per share) – basic 6(a) 6.207 6.115 12.639 11.367 – diluted 6(b) 6.104 5.996 12.417 11.126
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19 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE AND SIX MONTHS ENDED 30 JUNE 2026 Unaudited Unaudited Three months ended 30 June Six months ended 30 June 2026 2025 2026 2025 RMB’Million RMB’Million RMB’Million RMB’Million Profit for the period 57,977 56,044 117,369 105,769 Other comprehensive income, net of tax: Items that may be subsequently reclassified to profit or loss Share of other comprehensive income of associates and joint ventures (343) 6 (565) 658 Transfer of share of other comprehensive income to profit or loss upon disposal and deemed disposal of associates and joint ventures 1 (3) 136 (3) Net (losses)/gains from changes in fair value of financial assets at fair value through other comprehensive income (33) (85) (93) 21 Transfer to profit or loss upon disposal of financial assets at fair value through other comprehensive income 1 – (18) 1 Currency translation differences (9,670) 3,323 (23,553) 5,617 Net movement in reserves for hedges and others 258 (163) 253 (376) Items that will not be subsequently reclassified to profit or loss Share of other comprehensive income of associates and joint ventures 467 (31) 137 491 Net gains/(losses) from changes in fair value of financial assets at fair value through other comprehensive income 15,355 67,681 (50,763) 94,042 Currency translation differences (4,151) 232 (7,038) 602 Net movement in reserves for hedges – (60) (3) (54) 1,885 70,900 (81,507) 100,999 Total comprehensive income for the period 59,862 126,944 35,862 206,768 Attributable to: Equity holders of the Company 58,716 122,756 36,040 198,614 Non-controlling interests 1,146 4,188 (178) 8,154 59,862 126,944 35,862 206,768
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20 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 Unaudited Audited 30 June 2026 31 December 2025 Note RMB’Million RMB’Million ASSETS Non-current assets Property, plant and equipment 198,909 149,905 Land use rights 21,961 22,339 Right-of-use assets 17,724 17,367 Construction in progress 7,089 9,670 Investment properties 965 950 Intangible assets 206,064 205,999 Investments in associates 8 323,674 342,409 Investments in joint ventures 6,232 6,303 Financial assets at fair value through profit or loss 9 219,882 207,157 Financial assets at fair value through other comprehensive income 10 315,581 356,640 Prepayments, deposits and other assets 91,203 24,540 Other financial assets 2,409 1,327 Deferred income tax assets 31,553 28,618 Term deposits 52,724 70,302 1,495,970 1,443,526 Current assets Inventories 685 530 Accounts receivable 11 55,606 49,930 Prepayments, deposits and other assets 137,449 111,270 Other financial assets 3,051 4,201 Financial assets at fair value through profit or loss 9 28,041 35,929 Financial assets at fair value through other comprehensive income 10 9,658 8,781 Term deposits 214,275 236,801 Restricted cash 7,729 6,977 Cash and cash equivalents 206,930 141,041 663,424 595,460 Total assets 2,159,394 2,038,986
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21 Unaudited Audited 30 June 2026 31 December 2025 Note RMB’Million RMB’Million EQUITY Equity attributable to equity holders of the Company Share capital – – Share premium 73,692 63,796 Treasury shares (2,180) (3,450) Shares held for share award scheme (8,315) (7,124) Other reserves 5,893 90,494 Retained earnings 1,066,763 1,010,436 1,135,853 1,154,152 Non-controlling interests 86,660 86,913 Total equity 1,222,513 1,241,065 LIABILITIES Non-current liabilities Borrowings 14 212,650 208,369 Notes payable 15 154,021 126,204 Long-term payables 12,252 10,544 Other financial liabilities 4,403 2,879 Deferred income tax liabilities 22,581 21,684 Lease liabilities 13,366 13,280 Deferred revenue 2,127 2,210 421,400 385,170 Current liabilities Accounts payable 13 175,579 121,127 Other payables and accruals 88,586 96,496 Borrowings 14 86,292 42,618 Notes payable 15 – 10,542 Current income tax liabilities 16,878 18,558 Other tax liabilities 4,324 3,723 Other financial liabilities 4,647 3,992 Lease liabilities 5,499 5,386 Deferred revenue 133,676 110,309 515,481 412,751 Total liabilities 936,881 797,921 Total equity and liabilities 2,159,394 2,038,986
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22 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2026 Unaudited Attributable to equity holders of the Company Share capital Share premium Treasury shares Shares held for share award scheme Other reserves Retained earnings Total Non- controlling interests Total equity RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Balance at 1 January 2026 – 63,796 (3,450) (7,124) 90,494 1,010,436 1,154,152 86,913 1,241,065 Comprehensive income Profit for the period – – – – – 114,115 114,115 3,254 117,369 Other comprehensive income, net of tax: – share of other comprehensive income of associates and joint ventures – – – – (421) – (421) (7) (428) – transfer of share of other comprehensive income to profit or loss upon disposal and deemed disposal of associates and joint ventures – – – – 136 – 136 – 136 – net losses from changes in fair value of financial assets at fair value through other comprehensive income – – – – (48,900) – (48,900) (1,956) (50,856) – transfer to profit or loss upon disposal of financial assets at fair value through other comprehensive income – – – – (16) – (16) (2) (18) – currency translation differences – – – – (29,124) – (29,124) (1,467) (30,591) – net movement in reserves for hedges and others – – – – 250 – 250 – 250 Total comprehensive income for the period – – – – (78,075) 114,115 36,040 (178) 35,862 Transfer of gains on disposal and deemed disposal of financial instruments to retained earnings, net of tax – – – – (7,828) 7,828 – – – Transfer of share of other comprehensive income to retained earnings upon disposal and deemed disposal of associates and joint ventures – – – – 343 (343) – – – Share of other changes in net assets of associates and joint ventures – – – – 1,485 – 1,485 – 1,485 Transfer of share of other changes in net assets of associates and joint ventures to profit or loss upon disposal and deemed disposal – – – – (1,288) – (1,288) – (1,288) Transactions with equity holders Employee share option schemes: – value of employee services – 712 – – 25 – 737 22 759 – proceeds from shares issued, net of withholding individual income tax – (174) – – – – (174) – (174) Employee share award schemes: – value of employee services – 9,811 – – 281 – 10,092 196 10,288 – shares purchased/withheld for the share award scheme – – – (1,937) – – (1,937) – (1,937) – vesting of awarded shares – (512) – 512 – – – – – Tax benefit from share-based payments – – – – 431 – 431 – 431 Repurchase and cancellation of shares – – 3,450 – – (22,719) (19,269) – (19,269) Repurchase of shares (to be cancelled) – – (2,180) – – – (2,180) – (2,180) Cash dividends – – – – – (41,680) (41,680) (1,629) (43,309) Acquisition of additional equity interests in non wholly-owned subsidiaries – – – – (140) – (140) (2,863) (3,003) Dilution of interests in subsidiaries – – – – (1,373) – (1,373) 4,909 3,536 Disposal of subsidiaries – – – – – – – (52) (52) Others – 59 – 234 1,538 (874) 957 (658) 299 Total transactions with equity holders in their capacity as equity holders for the period – 9,896 1,270 (1,191) 762 (65,273) (54,536) (75) (54,611) Balance at 30 June 2026 – 73,692 (2,180) (8,315) 5,893 1,066,763 1,135,853 86,660 1,222,513
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23 Unaudited Attributable to equity holders of the Company Share capital Share premium Treasury shares Shares held for share award scheme Other reserves Retained earnings Total Non- controlling interests Total equity RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Balance at 1 January 2025 – 43,079 (3,597) (5,093) 47,129 892,030 973,548 80,348 1,053,896 Comprehensive income Profit for the period – – – – – 103,449 103,449 2,320 105,769 Other comprehensive income, net of tax: – share of other comprehensive income of associates and joint ventures – – – – 1,178 – 1,178 (29) 1,149 – transfer of share of other comprehensive income to profit or loss upon disposal and deemed disposal of associates and joint ventures – – – – (2) – (2) (1) (3) – net gains from changes in fair value of financial assets at fair value through other comprehensive income – – – – 89,360 – 89,360 4,703 94,063 – transfer to profit or loss upon disposal of financial assets at fair value through other comprehensive income – – – – 1 – 1 – 1 – currency translation differences – – – – 5,058 – 5,058 1,161 6,219 – net movement in reserves for hedges – – – – (430) – (430) – (430) Total comprehensive income for the period – – – – 95,165 103,449 198,614 8,154 206,768 Transfer of losses on disposal and deemed disposal of financial instruments to retained earnings, net of tax – – – – 1,804 (1,804) – – – Transfer of share of other comprehensive income to retained earnings upon disposal and deemed disposal of associates and joint ventures – – – – 5 (6) (1) 1 – Share of other changes in net assets of associates and joint ventures – – – – 1,785 – 1,785 – 1,785 Transfer of share of other changes in net assets of associates and joint ventures to profit or loss upon disposal and deemed disposal – – – – 1 – 1 – 1 Transactions with equity holders Capital injections – – – – – – – 141 141 Employee share option schemes: – value of employee services – 726 – – 27 – 753 23 776 – proceeds from shares issued, net of withholding individual income tax – 1,119 – – – – 1,119 – 1,119 Employee share award schemes: – value of employee services – 9,146 – – 3,256 – 12,402 194 12,596 – shares purchased/withheld for the share award scheme – – – (1,122) – – (1,122) – (1,122) – vesting of awarded shares – (1,724) – 1,724 – – – – – Tax benefit from share-based payments – – – – 148 – 148 – 148 Repurchase and cancellation of shares – – 3,597 – – (34,956) (31,359) – (31,359) Repurchase of shares (to be cancelled) – – (2,288) – – – (2,288) – (2,288) Cash dividends – – – – – (37,665) (37,665) (1,868) (39,533) Non-controlling interests arising from business combinations – – – – – – – 521 521 Acquisition of additional equity interests in non wholly-owned subsidiaries – – – – (149) – (149) (856) (1,005) Dilution of interests in subsidiaries – – – – (642) – (642) 1,442 800 Disposal of subsidiaries – – – – – – – (7) (7) Others – – – – 351 (856) (505) 117 (388) Total transactions with equity holders in their capacity as equity holders for the period – 9,267 1,309 602 2,991 (73,477) (59,308) (293) (59,601) Balance at 30 June 2025 – 52,346 (2,288) (4,491) 148,880 920,192 1,114,639 88,210 1,202,849
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24 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2026 Unaudited Six months ended 30 June 2026 2025 RMB’Million RMB’Million Net cash flows generated from operating activities 154,061 151,265 Net cash flows used in investing activities (74,724) (72,407) Net cash flows used in financing activities (9,469) (30,111) Net increase in cash and cash equivalents 69,868 48,747 Cash and cash equivalents at beginning of the period 141,041 132,519 Exchange (losses)/gains on cash and cash equivalents (3,979) 791 Cash and cash equivalents at end of the period 206,930 182,057
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25 NOTES TO THE INTERIM FINANCIAL INFORMATION 1 General information, basis of preparation and presentation The Company was incorporated in the Cayman Islands with limited liability. The shares of the Company have been listed on the Main Board of the Stock Exchange since 16 June 2004. The Company is an investment holding company. The Group is principally engaged in the provision of VAS, Marketing Services, and FinTech and Business Services. The Interim Financial Information is presented in RMB, unless otherwise stated. The Interim Financial Information has not been audited but has been reviewed by the Auditor. The Interim Financial Information has been prepared in accordance with IAS 34 “Interim Financial Reporting” issued by the International Accounting Standards Board and should be read in conjunction with the annual consolidated financial statements of the Group for the year ended 31 December 2025, which have been prepared in accordance with IFRS Accounting Standards, as set out in the 2025 annual report of the Company (the “2025 Financial Statements ”). Except as described below, the accounting policies and methods of computation used in the preparation of the Interim Financial Information are generally consistent with those used in the 2025 Financial Statements in all material aspects, which have been prepared in accordance with IFRS Accounting Standards under the historical cost convention, as modified by the revaluation of FVPL, FVOCI, certain other financial assets and liabilities, which are carried at fair values. Taxes on income for the interim period are accrued using the estimated tax rates that would be applicable to expected total annual assessable profit. The following amendments to standards have been adopted by the Group for the first time for the financial year beginning on 1 January 2026: Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity Annual Improvements to IFRS Accounting Standards Annual Improvements to IFRS Accounting Standards - Volume 11 The adoption of these amendments to standards does not have significant impact on the Interim Financial Information of the Group. 2 Segment information and revenues The Group has the following reportable segments for the three and six months ended 30 June 2026 and 2025: – VAS; – Marketing Services; – FinTech and Business Services; and – Others.
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26 The “Others” business segment consists of the financials of investment in, production of and distribution of, films and television programmes for third parties, copyrights licensing, merchandise sales and various other activities. There were no material inter-segment sales during the three and six months ended 30 June 2026 and 2025. The revenues from external customers reported to the chief operating decision-makers are measured in a manner consistent with that applied in the condensed consolidated income statement. The segment information provided to the chief operating decision-makers for the reportable segments for the three and six months ended 30 June 2026 and 2025 is as follows: Unaudited Three months ended 30 June 2026 VAS Marketing Services FinTech and Business Services Others Total RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Segment revenues 98,414 43,565 60,286 2,520 204,785 Gross profit/(loss) 62,926 24,969 31,422 (884) 118,433 Cost of revenues Depreciation 1,647 2,228 2,455 949 7,279 Amortisation 3,611 1,861 34 471 5,977 Unaudited Three months ended 30 June 2025 VAS Marketing Services FinTech and Business Services Others Total RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Segment revenues 91,368 35,762 55,536 1,838 184,504 Gross profit 55,223 20,585 28,952 253 105,013 Cost of revenues Depreciation 1,451 2,112 1,705 8 5,276 Amortisation 4,439 2,230 35 649 7,353
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27 Unaudited Six months ended 30 June 2026 VAS Marketing Services FinTech and Business Services Others Total RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Segment revenues 194,524 81,736 120,171 4,812 401,243 Gross profit/(loss) 123,053 45,959 62,598 (1,912) 229,698 Cost of revenues Depreciation 3,162 4,242 4,620 1,909 13,933 Amortisation 8,171 3,969 69 1,120 13,329 Unaudited Six months ended 30 June 2025 VAS Marketing Services FinTech and Business Services Others Total RMB’Million RMB’Million RMB’Million RMB’Million RMB’Million Segment revenues 183,501 67,615 110,443 2,967 364,526 Gross profit 110,134 38,279 56,549 544 205,506 Cost of revenues Depreciation 2,768 3,812 3,520 19 10,119 Amortisation 9,162 4,479 70 957 14,668
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28 3 Expenses by nature Unaudited Three months ended 30 June Unaudited Six months ended 30 June 2026 2025 2026 2025 RMB’Million RMB’Million RMB’Million RMB’Million Transaction costs (a) 34,090 33,057 69,743 67,080 Employee benefits expenses (b) 32,105 30,899 64,518 64,979 Content costs (excluding amortisation of intangible assets) 19,045 16,803 36,067 32,939 Technical infrastructure operations costs (excluding depreciation) 15,212 7,546 25,862 14,268 Depreciation of property, plant and equipment, investment properties and right-of-use assets 11,161 7,651 21,062 14,441 Promotion and advertising expenses 9,191 6,693 17,907 11,783 Amortisation of intangible assets (c) 6,826 8,092 14,964 16,120 Note: (a) Transaction costs primarily consist of bank handling fees, channel and distribution costs. (b) During the three and six months ended 30 June 2026, the Group had incurred expenses for the purpose of R&D of approximately RMB27,278 million and RMB49,820 million, respectively (three and six months ended 30 June 2025: RMB20,251 million and RMB39,161 million, respectively), which mainly comprised employee benefits expenses of approximately RMB16,481 million and RMB32,736 million, respectively (three and six months ended 30 June 2025: RMB15,166 million and RMB30,178 million, respectively). No significant development expenditures had been capitalised for the three and six months ended 30 June 2026 and 2025. During the three and six months ended 30 June 2026, employee benefits expenses included share-based compensation expenses of approximately RMB6,579 million and RMB13,113 million, respectively (three and six months ended 30 June 2025: RMB7,361 million and RMB17,461 million, respectively), which contained those incurred for employees related to the Group ’s SSV & CPP initiatives of approximately RMB15 million and RMB38 million, respectively (three and six months ended 30 June 2025: RMB21 million and RMB33 million, respectively).
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29 (c) Amortisation charges of intangible assets are mainly in respect of media content including long-form video and music content, game licences, and other content. During the three and six months ended 30 June 2026, amortisation of media content was approximately RMB6,075 million and RMB13,477 million, respectively (three and six months ended 30 June 2025: RMB7,410 million and RMB14,782 million, respectively). During the three and six months ended 30 June 2026, amortisation of intangible assets included amortisation of intangible assets arising from acquisitions of approximately RMB1,602 million and RMB3,180 million, respectively (three and six months ended 30 June 2025: RMB1,614 million and RMB3,129 million, respectively). (d) During the three and six months ended 30 June 2026, expenses incurred which were related to the Group’s SSV & CPP initiatives (excluding share-based compensation expenses) were approximately RMB179 million and RMB319 million, respectively (three and six months ended 30 June 2025: RMB169 million and RMB308 million, respectively). 4 Net gains/(losses) from investments and others Unaudited Three months ended 30 June Unaudited Six months ended 30 June 2026 2025 2026 2025 RMB’Million RMB’Million RMB’Million RMB’Million Net gains on disposals and deemed disposals of investee companies (a) 657 94 4,450 251 Net fair value gains on FVPL ((b) and Note 9) 9,610 2,001 10,657 1,378 Other net fair value (losses)/gains (c) (1,302) (237) (1,767) 409 Impairment reversals/(provisions) for investments in associates (Note 8(c)) 2,346 (601) 149 355 Impairment (provisions)/reversals for investments in joint ventures and others (94) 1,509 (100) 1,509 Impairment provisions for goodwill and other intangible assets arising from acquisitions – (310) – (310) Donations (d) (677) (640) (1,310) (698) Dividend income 548 762 920 1,008 Others 96 60 113 143 11,184 2,638 13,112 4,045
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30 Note: (a) The net disposal and deemed disposal gains of approximately RMB4,450 million recognised during the six months ended 30 June 2026 (six months ended 30 June 2025: RMB251 million) comprised the following: – aggregate net gains of approximately RMB859 million (six months ended 30 June 2025: net losses of approximately RMB6 million) on disposals and partial disposals of investee companies of the Group; – aggregate net gains of approximately RMB4,060 million (six months ended 30 June 2025: RMB1,332 million) on deemed disposals of investee companies of the Group; and – aggregate net losses of approximately RMB469 million (six months ended 30 June 2025: RMB1,075 million) (Note 8) on dilution of the Group ’s equity interests in certain associates due to new equity interests issued by these associates. (b) During the three and six months ended 30 June 2026, the net fair value gains on FVPL mainly comprised net gains of approximately RMB9,164 million and RMB9,925 million, respectively, as a result of changes in valuations of certain investee companies (three and six months ended 30 June 2025: RMB1,701 million and RMB958 million, respectively). (c) During the three and six months ended 30 June 2026, the other net fair value losses mainly included net losses of approximately RMB1,303 million and RMB1,785 million on other investment-related financial assets and liabilities, respectively (three and six months ended 30 June 2025: net losses of approximately RMB197 million and net gains of approximately RMB531 million, respectively). (d) During the three and six months ended 30 June 2026 and 2025, donations mainly included donations for SSV & CPP initiatives of the Group.
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31 5 Income tax expense Income tax expense is recognised based on management ’s best knowledge of the income tax rates expected to be applicable for the financial year. (a) Cayman Islands and British Virgin Islands corporate income tax The Group was not subject to any taxation in the Cayman Islands and the British Virgin Islands for the three and six months ended 30 June 2026 and 2025. (b) Hong Kong profits tax Hong Kong profits tax had been provided for at the rate of 16.5% on the estimated assessable profits for the three and six months ended 30 June 2026 and 2025. (c) PRC CIT PRC CIT had been provided for at applicable tax rates under the relevant laws and regulations of the PRC after considering the available preferential tax benefits from refunds and allowances, and on the estimated assessable profits of entities within the Group established in Chinese Mainland for the three and six months ended 30 June 2026 and 2025. The general PRC CIT rate was 25% for the three and six months ended 30 June 2026 and 2025. Certain subsidiaries of the Company in Chinese Mainland were approved as High and New Technology Enterprises, and they were subject to a preferential corporate income tax rate of 15% for the three and six months ended 30 June 2026 and 2025. In addition, certain subsidiaries of the Company were entitled to other tax concessions, mainly including the preferential tax rate of 15% applicable to some subsidiaries located in certain areas of Chinese Mainland upon fulfilment of certain requirements of the respective local governments. (d) Corporate income tax in other jurisdictions Income tax on profits arising from other jurisdictions, including North America, Europe, Asia and South America, had been calculated on the estimated assessable profits for the three and six months ended 30 June 2026 and 2025 at the respective rates prevailing in the relevant jurisdictions, which were not higher than 39%.
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32 (e) Withholding tax According to applicable tax laws and regulations prevailing in Chinese Mainland, dividends distributed by a company established in Chinese Mainland to a foreign investor with respect to profit derived after 1 January 2008 are generally subject to a 10% withholding tax. If a foreign investor is incorporated in Hong Kong, under the double taxation arrangement between Chinese Mainland and Hong Kong, the relevant withholding tax rate applicable to such foreign investor will be reduced from 10% to 5% subject to the fulfilment of certain conditions. Dividends distributed from certain jurisdictions which the Group ’s entities operate in are also subject to withholding tax at respective applicable tax rates. The income tax expense of the Group for the three and six months ended 30 June 2026 and 2025 is analysed as follows: Unaudited Three months ended 30 June Unaudited Six months ended 30 June 2026 2025 2026 2025 RMB’Million RMB’Million RMB’Million RMB’Million Current income tax 12,501 12,317 24,392 24,713 Deferred income tax (788) (966) 1,898 355 11,713 11,351 26,290 25,068 6 Earnings per share (a) Basic Basic EPS is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue (excluding shares held for share award scheme and treasury shares) during the period. Unaudited Three months ended 30 June Unaudited Six months ended 30 June 2026 2025 2026 2025 Profit attributable to equity holders of the Company (RMB ’Million) 56,022 55,628 114,115 103,449 Weighted average number of ordinary shares in issue excluding shares held for share award scheme and treasury shares (million shares) 9,025 9,097 9,029 9,101 Basic EPS (RMB per share) 6.207 6.115 12.639 11.367
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33 (b) Diluted The share options and awarded shares granted by the Company have potential dilutive effect on the EPS. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding by the assumption of the conversion of all potential dilutive ordinary shares arising from share options and awarded shares granted by the Company (collectively forming the denominator for computing the diluted EPS), which is determined under the treasury stock method. In addition, the profit attributable to equity holders of the Company (the numerator) has been adjusted by the effect of the share-based awards granted by the Company ’s non wholly-owned subsidiaries and associates, excluding those which have anti-dilutive effect on the Group ’s diluted EPS. Unaudited Three months ended 30 June Unaudited Six months ended 30 June 2026 2025 2026 2025 Profit attributable to equity holders of the Company (RMB ’Million) 56,022 55,628 114,115 103,449 Dilution effect arising from share-based awards granted by non wholly-owned subsidiaries and associates (RMB ’Million) (150) (180) (340) (500) Profit attributable to equity holders of the Company for the calculation of diluted EPS (RMB ’Million) 55,872 55,448 113,775 102,949 Weighted average number of ordinary shares in issue excluding shares held for share award scheme and treasury shares (million shares) 9,025 9,097 9,029 9,101 Adjustments for share options and awarded shares (million shares) 128 150 134 152 Weighted average number of ordinary shares for the calculation of diluted EPS (million shares) 9,153 9,247 9,163 9,253 Diluted EPS (RMB per share) 6.104 5.996 12.417 11.126 7 Dividends A final dividend in respect of the year ended 31 December 2025 of HKD5.30 per share (2024: HKD4.50 per share) was proposed pursuant to a resolution passed by the Board on 18 March 2026 and approved by the shareholders at the 2026 AGM. Such dividend amounted to approximately HKD47.9 billion (2025: HKD41.0 billion) was paid during the six months ended 30 June 2026. The Board did not declare any interim dividend for the six months ended 30 June 2026 and 2025.
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34 8 Investments in associates Unaudited Audited 30 June 2026 31 December 2025 RMB’Million RMB’Million Investments in associates – Listed entities (Note) 182,764 182,757 – Unlisted entities 140,910 159,652 323,674 342,409 Note: As at 30 June 2026, the fair value of the investments in associates consisting of directly and indirectly held listed equity interests was approximately RMB233,824 million (31 December 2025: RMB349,313 million). Movement of investments in associates is analysed as follows: Unaudited Six months ended 30 June 2026 2025 RMB’Million RMB’Million At beginning of period 342,409 290,343 Additions (a) 6,638 9,984 Transfers (b) (9,374) (175) Dilution losses on deemed disposals (Note 4(a)) (469) (1,075) Share of profit/(loss) of associates, net (6,568) 8,803 Share of other comprehensive income of associates (419) 1,152 Share of other changes in net assets of associates 1,483 1,782 Dividends (4,383) (3,281) Disposals (2,787) (76) Impairment reversals, net ((c) and Note 4) 149 355 Currency translation differences (3,005) (239) At end of period 323,674 307,573 Note: (a) During the six months ended 30 June 2026, the Group ’s additions mainly comprised new investments and additional investments in ordinary shares of certain investee companies.
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35 (b) During the six months ended 30 June 2026, investment in an associate of approximately RMB5,274 million was transferred to FVPL due to changes of certain shareholder ’s rights of the Group after the re-organisation of the investee company. During the six months ended 30 June 2026, investment in an associate of approximately RMB5,162 million was transferred to FVOCI due to resignation of board representative with a deemed disposal gain of approximately RMB4,899 million recognised in “Net gains/(losses) from investments and others”. (c) During the six months ended 30 June 2026, net impairment reversals of approximately RMB149 million (six months ended 30 June 2025: RMB355 million) had been recognised for investments in associates, and the majority of these investments ’ recoverable amounts were determined using fair value less costs of disposal. 9 Financial assets at fair value through profit or loss FVPL include the following: Unaudited Audited 30 June 2026 31 December 2025 RMB’Million RMB’Million Included in non-current assets: Investments in listed entities 3,116 7,519 Investments in unlisted entities 194,813 179,553 Treasury investments and others 21,953 20,085 219,882 207,157 Included in current assets: Treasury investments and others 28,041 35,929 247,923 243,086 Movement of FVPL is analysed as follows: Unaudited Six months ended 30 June 2026 2025 RMB’Million RMB’Million At beginning of period 243,086 214,567 Additions and transfers (a) 36,741 70,698 Changes in fair value (Note 4) 10,657 1,378 Disposals and others (35,553) (60,924) Currency translation differences (7,008) (221) At end of period 247,923 225,498
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36 Note: (a) During the six months ended 30 June 2026, except as disclosed in Note 8(b), the Group ’s additions and transfers substantially represented additions to treasury investments, as well as new and additional investments in certain investee companies. 10 Financial assets at fair value through other comprehensive income FVOCI include the following: Unaudited Audited 30 June 2026 31 December 2025 RMB’Million RMB’Million Included in non-current assets: Equity investments in listed entities 255,767 323,116 Equity investments in unlisted entities 51,165 22,746 Treasury investments 8,649 10,778 315,581 356,640 Included in current assets: Treasury investments 9,658 8,781 325,239 365,421 Movement of FVOCI is analysed as follows: Unaudited Six months ended 30 June 2026 2025 RMB’Million RMB’Million At beginning of period 365,421 305,705 Additions and transfers (a) 61,167 45,446 Changes in fair value (48,368) 96,218 Disposals (42,246) (38,051) Currency translation differences (10,735) (958) At end of period 325,239 408,360 Note: (a) During the six months ended 30 June 2026, except as disclosed in Note 8(b), the Group ’s additions and transfers mainly comprised new and additional investments in certain investee companies, as well as additions to treasury investments.
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37 11 Accounts receivable Accounts receivable and their ageing analysis, based on recognition date, are as follows: Unaudited Audited 30 June 2026 31 December 2025 RMB’Million RMB’Million 0 ~ 30 days 30,419 29,177 31 ~ 60 days 14,567 10,540 61 ~ 90 days 6,652 6,717 Over 90 days 3,968 3,496 55,606 49,930 Accounts receivable as at 30 June 2026 and 31 December 2025 mainly represented amounts due from marketing services customers and agents, FinTech and cloud customers, content production related customers, and third party platform providers. Marketing services customers and agents are usually granted with a credit period within 30 to 90 days immediately following the month-end in which the relevant obligations under the relevant contracted orders are delivered. Third party platform providers usually settle the amounts due by them within 60 days. Other customers, mainly including content production related customers and FinTech and cloud customers, are usually granted with a credit period within 90 days. 12 Share-based payments (a) Share option scheme The Company had one share option scheme which remained valid and effective during the six months ended 30 June 2026, namely, the 2023 Share Option Scheme. The Board may, at its discretion, grant options to any qualifying participant to subscribe for shares of the Company, subject to the terms and conditions stipulated therein. The exercise price must be in compliance with the requirements under the Listing Rules. In addition, the option vesting period is determined by the Board provided that it is not later than the last day of a 10-year period after the date of grant of options. The Company allowed certain of the grantees under the 2023 Share Option Scheme to surrender their rights to receive a portion of the underlying shares (with equivalent fair value) to set off against the exercise consideration and/or individual income tax payable when they exercised their options. As at 30 June 2026 and 31 December 2025, the Company did not have any outstanding share options exercisable under any share option scheme other than the 2023 Share Option Scheme.
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38 Movements in the number of share options outstanding and their related weighted average exercise prices are as follows: Unaudited 2023 Share Option Scheme Weighted average exercise price Number of options At 1 January 2026 HKD367.56 77,706,770 Granted HKD516.78 9,203,153 Exercised HKD320.41 (13,184,582) Lapsed/forfeited HKD325.79 (66,710) At 30 June 2026 HKD394.68 73,658,631 Exercisable as at 30 June 2026 HKD376.72 44,706,198 At 1 January 2025 HKD349.18 109,221,125 Granted HKD526.90 6,663,390 Exercised HKD355.24 (24,189,201) Lapsed/forfeited HKD380.52 (294,554) At 30 June 2025 HKD360.43 91,400,760 Exercisable as at 30 June 2025 HKD355.24 58,887,276 During the six months ended 30 June 2026 and 2025, no options were granted to any director of the Company.
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39 (b) Share award scheme As at 30 June 2026, the Company had one effective share award scheme, being the 2023 Share Award Scheme (effective since 17 May 2023), which was administered by an independent trustee appointed by the Group. The vesting period of the awarded shares is determined by the Board. Movements in the number of awarded shares for the six months ended 30 June 2026 and 2025 are as follows: Unaudited Number of awarded shares Six months ended 30 June 2026 2025 At beginning of period 118,038,714 125,329,046 Granted 19,996,279 17,261,799 Vested and transferred (17,582,978) (17,429,610) Lapsed/forfeited (2,250,767) (2,392,665) At end of period 118,201,248 122,768,570 Vested but not transferred as at end of period 8,341 79,479 During the six months ended 30 June 2026, 67,259 awarded shares were granted to five independent non-executive directors of the Company (six months ended 30 June 2025: 59,280 awarded shares were granted to five independent non-executive directors of the Company). 13 Accounts payable Accounts payable and their ageing analysis, based on invoice date, are as follows: Unaudited Audited 30 June 2026 31 December 2025 RMB’Million RMB’Million 0 ~ 30 days 162,217 110,812 31 ~ 60 days 11,718 8,447 61 ~ 90 days 378 326 Over 90 days 1,266 1,542 175,579 121,127
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40 14 Borrowings Unaudited Audited 30 June 2026 31 December 2025 RMB’Million RMB’Million Included in non-current liabilities: Non-current portion of long-term RMB bank borrowings, unsecured (a) 140,438 133,325 Non-current portion of long-term USD bank borrowings, unsecured (a) 45,292 46,742 Non-current portion of long-term EUR bank borrowings, unsecured (a) 16,156 17,130 Non-current portion of long-term HKD bank borrowings, unsecured (a) 10,760 11,165 Non-current portion of long-term JPY bank borrowings, unsecured (a) 4 6 Non-current portion of long-term EUR bank borrowings, secured (a) – 1 212,650 208,369 Included in current liabilities: RMB bank borrowings, unsecured (b) 70,421 28,094 HKD bank borrowings, unsecured (b) 13,879 12,627 USD bank borrowings, secured (b) 206 – RMB bank borrowings, secured (b) 10 100 Current portion of long-term USD bank borrowings, unsecured (a) 1,703 1,757 Current portion of long-term RMB bank borrowings, unsecured (a) 68 30 Current portion of long-term JPY bank borrowings, unsecured (a) 4 8 Current portion of long-term EUR bank borrowings, secured (a) 1 2 86,292 42,618 298,942 250,987
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41 Note: (a) The aggregate principal amounts of long-term bank borrowings and applicable interest rates are as follows: Unaudited 30 June 2026 Audited 31 December 2025 Amount (Million) Interest rate (per annum) Amount (Million) Interest rate (per annum) RMB bank borrowings RMB69,085 2.52% ~ 3.10% RMB72,555 2.52% ~ 3.00% RMB bank borrowings RMB65,621 1-year LPR - 0.65% ~ + 0.15% RMB60,800 1-year LPR - 0.65% ~ + 0.15% RMB bank borrowings RMB5,800 5-year LPR - 0.85% – – HKD bank borrowings HKD12,402 HIBOR + 0.25% ~ 0.60% HKD12,402 HIBOR + 0.25% ~ 0.60% USD bank borrowings USD6,900 SOFR + CAS + 0.80% USD6,900 SOFR + CAS + 0.80% EUR bank borrowings EUR2,080 EURIBOR + 0.70% ~ 0.75% EUR2,080 EURIBOR + 0.70% ~ 0.75% JPY bank borrowings JPY103 0.60% ~ 1.36% JPY170 0.11% ~ 1.73% JPY bank borrowings JPY90 TIBOR + 1.70% JPY140 TIBOR + 1.70% (b) The aggregate principal amounts of short-term bank borrowings and applicable interest rates are as follows: Unaudited 30 June 2026 Audited 31 December 2025 Amount (Million) Interest rate (per annum) Amount (Million) Interest rate (per annum) RMB bank borrowings RMB70,573 0.75% ~ 3.50% RMB28,339 0.70% ~ 4.00% RMB bank borrowings RMB158 1-year LPR - 0.70% ~ - 0.30% – – HKD bank borrowings HKD15,980 HIBOR + 0.08% ~ 0.10% HKD13,980 HIBOR + 0.15% USD bank borrowings USD30 3.70% – –
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42 15 Notes payable Unaudited Audited 30 June 2026 31 December 2025 RMB’Million RMB’Million Included in non-current liabilities: Non-current portion of long-term USD notes payable 130,115 117,197 Non-current portion of long-term RMB notes payable 23,906 9,007 154,021 126,204 Included in current liabilities: Current portion of long-term USD notes payable – 10,542 154,021 136,746 Note: The aggregate principal amounts of notes payable and applicable interest rates are as follows: Unaudited 30 June 2026 Audited 31 December 2025 Amount (Million) Interest rate (per annum) Amount (Million) Interest rate (per annum) USD notes payable USD19,200 2.000% ~ 5.600% USD18,250 1.810% ~ 4.700% RMB notes payable RMB24,000 2.100% ~ 3.100% RMB9,000 2.100% ~ 3.100% All of these notes payable issued by the Group were unsecured. In June 2026, the Company issued four tranches of senior notes under the Global Medium Term Note Programme with aggregate principal amounts of USD2.45 billion and RMB15 billion as set out below: Amount Interest rate Due in (Million) (per annum) 2036 USD Notes USD1,750 5.00% 2036 2046 USD Notes USD700 5.60% 2046 USD2,450 2036 CNY Notes RMB11,000 2.50% 2036 2056 CNY Notes RMB4,000 3.10% 2056 RMB15,000
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43 During the six months ended 30 June 2026, a tranche of notes payable issued in June 2020 with an aggregate principal amount of USD1,000 million, and a tranche of notes payable issued in April 2019 with an aggregate principal amount of USD500 million, reached their maturities and were repaid in full by the Group, respectively. 16 Business combinations During the six months ended 30 June 2026, Tencent Music, a non wholly-owned subsidiary of the Company, completed the acquisition of the entire equity interest of one of the Group ’s existing investee companies accounted for as FVPL, which is a leading online audio company in Chinese Mainland. The total consideration amounted to approximately RMB14.0 billion, which comprised cash consideration of approximately RMB8.0 billion, the fair value of the Group ’s previously held interests of approximately RMB1.1 billion and certain ordinary shares issued or to be issued by Tencent Music. The acquisition-date fair value of total identifiable net assets (including identifiable intangible assets) was approximately RMB4.8 billion. Goodwill of approximately RMB9.2 billion was recognised as a result of the transaction. It was mainly attributable to the operating synergies and economies of scale expected to be derived from combining the operations. None of the goodwill was expected to be deductible for income tax purpose. The Group recognised non-controlling interests of approximately RMB3.9 billion, which primarily arose from the additional ordinary shares issued by Tencent Music as part of the consideration. The Group’s revenue and results for the six months ended 30 June 2026 would not be materially different should the acquisition had occurred on 1 January 2026. The related transaction costs of the transaction recognised in the Group ’s consolidated income statement were not material. 17 Subsequent events In July 2026, the Group disposed of certain shares in a listed associate, which operates a leading content community and social platform. The remaining investment continued to be accounted for as an associate after the disposal. Except as disclosed above, there were no other material subsequent events during the period from 1 July 2026 to the approval date of the Interim Financial Information by the Board on 12 August 2026.
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44 OTHER INFORMATION Purchase, Sale or Redemption of the Company ’s Listed Securities During the six months ended 30 June 2026, the Company repurchased a total of 50,031,100 shares on the Stock Exchange for an aggregate consideration of approximately HKD24.4 billion before expenses. The repurchased shares were subsequently cancelled. The repurchase was effected for the enhancement of shareholder value in the long term. Details of the shares repurchased are as follows: Purchase consideration per share Month of purchase in the six months ended 30 June 2026 No. of shares purchased Highest price paid Lowest price paid Aggregate consideration paid HKD HKD HKD January 10,205,000 638.00 600.50 6,357,677,095.50 March 2,445,000 506.00 476.40 1,196,868,575.90 April 5,161,000 514.50 485.20 2,602,792,121.50 May 10,186,000 468.60 420.40 4,506,885,838.40 June 22,034,100 475.60 411.00 9,744,248,440.85 Total 50,031,100 24,408,472,072.15 Save as disclosed above and in the “Financial Information ” section, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company ’s listed securities during the six months ended 30 June 2026. Employee and Remuneration Policies As at 30 June 2026, the Group had 115,927 employees (30 June 2025: 111,221). The number of employees employed by the Group varies from time to time depending on needs and employees are remunerated based on industry practice. The remuneration policy and package of the Group ’s employees are periodically reviewed. Apart from pension funds and in-house training programmes, discretionary bonuses, share awards and share options may be awarded to employees according to the assessment of individual performance. The total remuneration cost incurred by the Group for the six months ended 30 June 2026 was RMB64.5 billion (for the six months ended 30 June 2025: RMB65.0 billion).
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45 Audit Committee The Audit Committee, together with the Auditor, has reviewed the Group ’s unaudited Interim Financial Information for the three and six months ended 30 June 2026. The Audit Committee has also reviewed the accounting principles and practices adopted by the Group and discussed auditing, risk management, internal control and financial reporting matters. Compliance with the Corporate Governance Code Code provision B.2.2 of the CG Code provides that every director, including those appointed for a specific term, should be subject to retirement by rotation at least once every three years. According to the Articles of Association, one-third of the directors for the time being (or, if their number is not a multiple of three, the number nearest to but not greater than one-third) shall retire from office by rotation, provided that the chairman of the Board shall not, whilst holding such office, be subject to retirement by rotation or be taken into account in determining the number of directors to retire in each year. In compliance with the provisions in the Articles of Association, Messrs Jacobus Petrus (Koos) Bekker and Ian Charles Stone retired and were re-elected at the 2026 AGM. As the re-election of Professor Zhang Xiulan, who was re-elected in 2023, was not considered at the 2026 AGM, there is a deviation from code provision B.2.2 of the CG Code. Considering that the re-election of Professor Zhang Xiulan will be considered at the subsequent annual general meeting, the Board believes that such deviation from code provision B.2.2 of the CG Code does not have a material impact on the operation of the Company as a whole. Save as disclosed above and those disclosed in the corporate governance report in the 2025 annual report of the Company, none of the directors of the Company is aware of any information which would reasonably indicate that the Company has not complied with the code provisions as set out in the CG Code during the period from 1 January 2026 to 30 June 2026. As to the deviation from code provisions B.2.2 (regarding the retirement and re-election of directors) and C.2.1 (regarding the segregation of the roles of chairman and chief executive) of the CG Code, the Board will continue to review the current structure from time to time and shall make necessary changes when appropriate and inform the shareholders accordingly.
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46 APPRECIATION On behalf of the Board, I would like to express our sincere gratitude to our dedicated staff and management team for their unwavering commitment and contributions, which underpin the Company ’s growth, innovation and resilience. I would also like to extend our heartfelt appreciation to our shareholders and stakeholders for their steadfast support, trust and confidence in the Company. We remain firmly committed to our core principle of “Value for Users, Tech for Good ” and to deliver constructive impact through technology. Looking ahead, we will continue to leverage AI to drive innovation, create long-term value, and build a more sustainable future for all. By Order of the Board Ma Huateng Chairman Hong Kong, 12 August 2026 As at the date of this announcement, the directors of the Company are: Executive Director: Ma Huateng; Non-Executive Directors: Jacobus Petrus (Koos) Bekker and Charles St Leger Searle; and Independent Non-Executive Directors: Li Dong Sheng, Ian Charles Stone, Yang Siu Shun, Ke Yang and Zhang Xiulan. This announcement contains forward-looking statements relating to the business outlook, estimates of financial performance, forecast business plans and growth strategies of the Group. These forward-looking statements are based on information currently available to the Group and are stated herein on the basis of the outlook at the time of this announcement. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in the future. Underlying these forward-looking statements are a lot of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this announcement should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements. The Board and the Company assume no obligation to correct or update the forward-looking statements contained in this announcement.
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47 DEFINITION In this announcement, unless the context otherwise requires, the following expressions shall have the following meanings: Term Definition “2023 Share Award Scheme ” the share award scheme adopted by the Company on 17 May 2023, as amended from time to time “2023 Share Option Scheme ” the share option scheme adopted by the Company on 17 May 2023, as amended from time to time “2026 AGM” the annual general meeting of the Company held on 13 May 2026 “AI” artificial intelligence “Articles of Association ” the fourth amended and restated articles of association of the Company adopted by special resolution passed on 14 May 2024 “Audit Committee” the audit committee of the Company “Auditor” PricewaterhouseCoopers, the auditor of the Company “Board” the board of directors of the Company “CAS” credit adjustment spread, which is a fixed spread adjustment incorporated to bridge the gap between LIBOR and SOFR in order to minimise the economic impact of the transfer from a LIBOR-based debt to a SOFR-based debt “CG Code” the Corporate Governance Code as set out in Appendix C1 to the Listing Rules “Company” Tencent Holdings Limited, a limited liability company organised and existing under the laws of the Cayman Islands and the shares of which are listed on the Stock Exchange “DAU” daily active user accounts
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48 Term Definition “Domestic Games” for the purpose of preparing financial and operating information, Domestic Games refers to our games business in the PRC, excluding Hong Kong, the Macao Special Administrative Region and Taiwan, China “EBITDA” earnings before interest, tax, depreciation and amortisation “EPS” earnings per share “EUR” the lawful currency of the European Union “EURIBOR” Euro Interbank Offered Rate “FinTech” financial technology “FVOCI” financial assets at fair value through other comprehensive income “FVPL” financial assets at fair value through profit or loss “Group” the Company and its subsidiaries “HIBOR” Hong Kong InterBank Offered Rate “HKD” the lawful currency of Hong Kong “Hong Kong” the Hong Kong Special Administrative Region, the PRC “IAS” International Accounting Standards “IFRS” or “IFRS Accounting Standards ” International Financial Reporting Standards as issued by the International Accounting Standards Board “Interim Financial Information ” the condensed consolidated interim financial statements for the six months ended 30 June 2026
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49 Term Definition “International Games ” for the purpose of preparing financial and operating information, International Games refers to our games business other than our Domestic Games business “IT” information technology “JPY” the lawful currency of Japan “LIBOR” London InterBank Offered Rate “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange “LPR” Loan Prime Rate “MAU” monthly active user accounts “Miniclip” Miniclip Group SA, a limited liability company incorporated in Switzerland “PC” personal computer “PRC” or “China” the People’s Republic of China “PRC CIT” PRC corporate income tax as defined in the “Corporate Income Tax Law of the People ’s Republic of China ” “PUBG” PlayerUnknown’s Battlegrounds “R&D” research and development “RMB” or “CNY” the lawful currency of the PRC “SOFR” Secured Overnight Financing Rate “SSV & CPP” Sustainable Social Value and Common Prosperity Programmes “Stock Exchange” The Stock Exchange of Hong Kong Limited “Supercell” Supercell Oy, a non wholly-owned subsidiary of the Company which is a private company incorporated in Finland
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50 Term Definition “Tencent Music” Tencent Music Entertainment Group, a non wholly-owned subsidiary of the Company which is incorporated in the Cayman Islands with limited liability and the shares of which are listed on the New York Stock Exchange and the Stock Exchange “TIBOR” Tokyo InterBank Offered Rate “United States” the United States of America “USD” the lawful currency of the United States “VAS” value-added services