Tencent Music Q2 Revenue Up 5.8% to RMB 8.93 Billion, Adjusted Net Profit RMB 2.78 Billion

Tencent Music Entertainment Group announced unaudited financial results for the second quarter ended June 30, 2026. Total revenue for the quarter reached RMB 8.933 billion, an increase of 5.82% year over year. Under non-IFRS measures, net profit attributable to shareholders was RMB 2.686 billion, up 4.35% year over year; adjusted EBITDA was RMB 3.25 billion, up 5.2%. Profit attributable to shareholders was RMB 2.471 billion, an increase of 2.57% year over year, with basic earnings per share of RMB 0.79.

In terms of revenue composition, music-related services revenue was RMB 7.605 billion, up 10.96% year over year, driven mainly by steady growth in marketing and consumer services revenue and music-related membership services revenue. Membership services revenue rose 8.07% to RMB 4.79 billion, while marketing and consumer services revenue grew 16.2% to RMB 2.81 billion. Social entertainment services and other services revenue was RMB 1.328 billion, down 16.37% year over year. Ximalaya contributed RMB 407 million in revenue. Gross margin for the quarter was 44.2%, down 0.2 percentage points from the same period last year.

For the first half of 2026, Tencent Music's total revenue was RMB 16.828 billion, up 6.52% year over year. Profit attributable to shareholders was RMB 4.562 billion, down 31.91% year over year; under non-IFRS measures, net profit attributable to shareholders was RMB 4.959 billion, up 5.56%. Music-related services revenue was RMB 14.119 billion, up 11.54% year over year; social entertainment services and other services revenue was RMB 2.709 billion, down 13.73%.

During the second quarter, Tencent Music repurchased a total of 43.5 million American depositary shares for approximately US$400 million in cash (about RMB 2.71 billion). Management said the quarterly results confirmed the continued effectiveness of its content and platform strategy, with concerts, merchandise, and other IP-derived experiences driving solid growth in marketing and consumer services revenue. Through the integration of Ximalaya, the group further expanded its digital audio business footprint, broadening user reach and enriching its ecosystem.