Slides
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Second Quarter 2026 ZeppHealth Earnings Presentation Investor Relations1 September 2026
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Empowering Health, Inspiring Joy 2 Table of Contents 02 03 04 2Q26 Financial and Operating Results Revenue 2Q26 Gross Margin 06 07 Adjusted Operating Expenses Net Income/ Earnings Performance Liquidity Position Business Outlook 2Q26Revenue and Gross Margin Trend 01 091H26 Gross Margin 05 08
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Empowering Health, Inspiring Joy 3 2Q26Financial and Operating Results $63.5 MillionRevenue-$12.5Million •Attributable to Zepp**Adjusted Net Income 0.6 MillionUnits Shipped0.6 Amazfit-branded Currency: USD •Meeting guidance range 2Q250.7Million 2Q250.7MillionMillion **Adjusted net income, a non-GAAP financial measure, represents net income (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from acquisitions and business cooperation agreement, (iii) Gain/(Loss) from fair value change of long-term investment, (vi) Impairment loss from long-term investments, (vii)income/(loss) from equity method investments, and (viii) tax effects of the above non-GAAP adjustments.
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Empowering Health, Inspiring Joy 4 61.4% 2Q252Q26Amazfit-branded wearable products7.5% (32.7%) 59 60.6% 59+6.9% 64 1H251H26Amazfit-branded wearable products7.5% (67.3%) (32.7%) 98 98+17.5% 115 US$ million 64 US$ million Revenue 115
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Empowering Health, Inspiring Joy 5 2Q26 Gross Margin Gross marginAs % of salesGross Profit (USD in Millions） 36.2%37.4% 2Q252Q26 (67.3%) (32.7%) 2Q252Q26 23.7 21.5
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Empowering Health, Inspiring Joy 6 1H26 Gross Margin Gross marginAs % of salesGross Profit (USD in Millions） 36.6%37.5% 1H251H26 (67.3%) (32.7%) 1H251H26 23.7 43.235.9
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Empowering Health, Inspiring Joy 2Q26 Revenue and Gross margin trend 7 36.8%40.3%40.6%36.8%37.3%36.2%38.2%40.4% 37.7%37.4% 0.0% 10.0% 20.0% 30.0% 40.0% - 10 20 30 40 24Q124Q224Q324Q425Q125Q225Q325Q426Q126Q2 Amazfit-branded Wearable ProductsXiaomi Wearable ProductsGross Margin %Xiaomi GM %Amazfit-branded GM % $15$16$17$22 $14 $22 $29 $34 $19 Gross Margin (USD in Millions) & Gross Margin % 88% 100%100% 100% $40$41$43 $60 $39 $59 $76$85 $52 $64 - 50 100 24Q124Q224Q324Q425Q125Q225Q325Q426Q126Q226Q3 Revenue (USD in Millions) Amazfit-branded wearable ProductsXiaomi Wearable Products 88%91%96%98% Between US$70-80 9%4% 2% 100%12% 100%100% 100%100% $24
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Empowering Health, Inspiring Joy 8 Adjusted Operating ExpensesAdjusted operating expenses (USD in Millions） 10 13 26 35 22 23 0 15 30 45 60 75 1H25 1H26G&AS&MR&D Adjusted operating expenses as a % of total revenue 10.5% 11.5% 26.4% 30.1% 22.2% 19.7% 0%10%20%30%40%50%60%70%80%90%100% 1H25 1H26G&AS&MR&D
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Empowering Health, Inspiring Joy 9 -6.2-12.5 -24.3 -30.5-40.0-30.0-20.0-10.00.0 2Q252Q261H251H262Q252Q261H251H26 -7.7-11.3 -27.5-31.0-40.0 -30.0 -20.0 -10.0 0.0 2Q252Q261H251H262Q252Q261H251H26 Net Income (loss)Attributable to Zepp(USD in Millions） Adjusted Net Income (loss)Attributable to Zepp(USD in Millions） Earnings per ADS (Basic)(USD） Adjusted Earnings per ADS (Basic)(USD） -0.49-0.72-1.72-1.95-3.00-2.00-1.000.001.00 2Q252Q261H251H262Q252Q261H251H26 -0.39-0.79-1.52-1.92-3.00-2.00-1.000.001.00 2Q252Q261H251H262Q252Q261H251H26 Net Income/ Earnings Performance
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Empowering Health, Inspiring Joy 10 Liquidity Position Share Repurchase Program•Until 2026/06/30-US$17.6million 145.8 146.7 134.5 140.5 132.3 128.7 127.7 110.7 103.8 95.3 102.6 112.9 103.2 106.3 - 200.0 400.0 2023.03.312023.06.302023.09.302023.12.312024.03.312024.06.302024.09.302024.12.312025.03.312025.06.302025.09.302025.12.312026.03.312026.06.302023.03.312023.06.302023.09.302023.12.312024.03.312024.06.302024.09.302024.12.312025.03.312025.06.302025.09.302025.12.312026.03.312026.06.30 Liquidity Position Cash and Cash Equivalents(USD in Millions）
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Empowering Health, Inspiring Joy 11 Business Outlook 1 For the third quarter of 2026, the Company currently expects:•Net revenue to be between USD 68million and USD 73million, compared with US$75.8 million in the third quarter of 2025. 2345 •International Expansion•Expanding Product Categories•New Product Releases•Growing Value-Added Service Revenue•Strict Cost Control
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