Market Newsdesk

May 26, 2026 4:38 am

MINISO Group Announces March Quarter 2026 Unaudited Financial Results

PR Newswire

Group Revenue Grew by 28.5% to RMB 5,688.4 million and Surpassed Expectation Powered by Mid-single Digit SSSG

⁽¹⁾

MINISO Chinese Mainland Delivered its Fifth Consecutive Quarter of Accelerating Growth

Operating Profit Grew by 114.3% YoY, with Margin of 26.7%

Adjusted Operating Profit

⁽²⁾

Excluding FX

⁽³⁾

grew by
14.3%
YoY, with Margin of
14.7%

Profit for the Period Grew by 199.7% YoY, with Margin of 21.9%

Adjusted Net Profit

⁽²⁾

Excluding FX

⁽³⁾

grew by
8.1%
YoY, with Margin of
11.1%

GUANGZHOU, China, May 26, 2026 /PRNewswire/ — MINISO Group Holding Limited (NYSE: MNSO; HKEX: 9896) (“MINISO“, “MINISO Group” or the “Company“), a global high-growth value retailer offering a variety of trendy lifestyle products featuring distinctive IP designs, today announced its unaudited financial results for the quarter ended March 31, 2026 ( “26Q1“).

Selected Financial Information

Item	For the quarter ended March 31,			Year-over- year (“YoY“) change
	2025	2026
	(Unaudited)	(Unaudited)
	RMB million	RMB million	US$ million
Revenue	4,427.0	5,688.4	824.6	28.5 %
Gross profit	1,958.0	2,464.0	357.2	25.8 %
Operating profit	709.8	1,521.4	220.6	114.3 %
Adjusted operating profit⁽²⁾excluding FX⁽³⁾	733.1	838.1	121.5	14.3 %
Profit for the period	416.5	1,248.1	180.9	199.7 %
Adjusted net profit⁽²⁾ excluding FX⁽³⁾	585.6	633.1	91.8	8.1 %

Store Network Expansion

As of March 31, 2026, the Company’s total store count reached 8,565, representing a net increase of 797 YoY and 80 YTD⁽⁴⁾.

MINISO Brand: totaled 8,210 stores (up 722 YoY and 59 YTD⁽⁴⁾), driven by:
- Chinese Mainland: 4,593 stores (up 318 YoY and 25 YTD⁽⁴⁾).
- Overseas Markets: 3,617 stores (up 404 YoY and 34 YTD⁽⁴⁾).
TOP TOY Brand: totaled 355 stores (up 75 YoY and 21 YTD⁽⁴⁾).

The following table provides a breakdown of the Company’s store network and its changes on a YoY and YTD⁽⁴⁾ basis. About 56% of new MINISO stores in the past twelve months were located in overseas markets.

	As of
	March 31, 2025	December 31, 2025	March 31, 2026	YoY	YTD ⁽⁴⁾
Number of stores on group level	7,768	8,485	8,565	797	80
Number of MINISO stores	7,488	8,151	8,210	722	59
Chinese mainland	4,275	4,568	4,593	318	25
— Directly operated stores	20	18	15	(5)	(3)
— Stores operated under Retail Partner model	4,229	4,522	4,552	323	30
— Stores operated under distributor model	26	28	26	–	(2)
Overseas markets	3,213	3,583	3,617	404	34
— Directly operated stores	548	700	745	197	45
— Stores operated under Retail Partner model	432	432	436	4	4
— Stores operated under distributor model	2,233	2,451	2,436	203	(15)

Number of TOP TOY stores	280	334	355	75	21
Chinese mainland	276	304	316	40	12
— Directly operated stores	38	35	35	(3)	–
— Stores operated under Retail Partner model	238	269	281	43	12
Overseas markets	4	30	39	35	9
— Directly operated stores	2	15	21	19	6
— Stores operated under Retail Partner model	2	4	4	2	–
— Stores operated under distributor model	–	11	14	14	3

Mr. Guofu Ye, Founder, Chairman and CEO of MINISO, commented, “Revenue on group level grew by 28.5% YoY, kicking off 2026 by outperforming our previous expectation. MINISO Chinese mainland achieved a 29.6% YoY revenue growth in 26Q1, delivering a fifth consecutive quarter of acceleration since March quarter of 2025, powered by its another solid high-single digit SSSG. Revenue from MINISO overseas grew by 21.9%, powered by low-single digit SSSG. By deepening our glocalization moat in integrating local talent, tailoring product offerings and optimizing regional execution, as well as maintaining rigorous operational discipline, we are unleashing growth momentum from our overseas markets. TOP TOY recorded a 51.4% YoY revenue growth in 26Q1, sustaining its robust growth momentum in pop toy industry.

MINISO Group’s outstanding performance this quarter serves as a powerful validation of the momentum we are building. My personal intension to increase my holdings as announced in April 2026 is a direct reflection of my conviction in the Company’s development prospects. I believe MINISO Group’s current valuation has yet to reflect its true intrinsic potential.”

“Entering the second half of 2026, we will continue to deepen our globalization and IP strategies, driving high-quality growth through continuous product mix optimization, upgrade and expansion of our store network and leveraging a multi-dimensional IP matrix. We are firmly advancing with purpose toward our long-term objectives.” Mr. Ye continued.

Mr. Eason Zhang, CFO of MINISO, commented, “Our sustained top-line excellence underscore our competitive edge in capturing market share and our unwavering brand influence, powered by another strong SSSG on group level. Excluding FX⁽³⁾, adjusted operating profit⁽²⁾ would have increased 14.3% with a margin of 14.7%, underscoring the healthy growth of our core business.”

“In April and May 2026, we distributed cash dividends of US$115.8 million, bringing our shareholders returns totaling RMB6.2 billion since our U.S. IPO in 2020. We believe that our share price has been trading below its intrinsic value and the Company is also planning to conduct share repurchases depending on market conditions. Moving forward, we will continue to exercise disciplined cost control and prudent budgeting, balancing both growth and our commitment to bringing stable and foreseeable returns to shareholders.” Mr. Zhang concluded.

Financial Results for 26Q1

Revenue was RMB5,688.4 million (US$824.6 million), representing an increase of 28.5% YoY, powered by a mid-single digit SSSG on group level.

Revenue from MINISO brand increased by 26.6% YoY to RMB5,173.4 million (US$750.0 million), mainly driven by (i) an increase of 29.6% in revenue from Chinese mainland, powered by its high-single digit SSSG, and (ii) an increase of 21.9% in revenue from overseas markets, powered by its low-single digit SSSG. Overseas revenue contributed 37.5% of revenue from MINISO brand, compared to 39.0% in the same period last year.

Revenue from TOP TOY brand⁽⁵⁾ increased by 51.4% YoY to RMB514.5 million (US$74.6 million).

For more information on the composition and YoY change of revenue, please refer to the “Unaudited Additional Information” in this press release.

Cost of sales was RMB3,224.4 million (US$467.4 million), representing an increase of 30.6% YoY.

Gross profit was RMB2,464.0 million (US$357.2 million), representing an increase of 25.8% YoY.

Gross margin was 43.3%, compared to 44.2% in the same period last year. The contraction of gross margin was due to lower revenue contribution from our higher-margin overseas business of MINISO brand, among other factors.

Selling and distribution expenses were RMB1,470.9 million (US$213.2 million), representing an increase of 44.0% YoY. Excluding share-based compensation expenses, selling and distribution expenses were RMB1,394.7 million (US$202.2 million), representing an increase of 37.7% YoY. The increase was mainly attributable to a 34.6% increase in the directly operated stores related expenses including rental and related expenses, depreciation and amortization expenses together with payroll excluding share-based compensation expenses, slowing down from the YoY increase of 50.2% in the full year of 2025. Promotion and advertising expenses increased 73.7%, as a percentage of revenue at around 3%. Logistic expenses increased 43.5%, as a percentage of revenue stabilizing at around 2% in both comparative periods. Licensing expenses increased 42.0%, which was in relation to the Company’s strategic commitment to IP development to pave the way for future growth, as a percentage of around 2.6% of revenue, compared to 2.4% in the same period last year.

General and administrative expenses were RMB297.3 million (US$43.1 million), representing an increase of 22.8% YoY. Excluding share-based compensation expenses, general and administrative expenses were RMB264.8 million (US$38.4 million), representing an increase of 17.4% YoY. The YoY increase was primarily due to the increase in personnel-related expenses in relation to the growth of the Company’s business.

Other net income was RMB821.8 million (US$119.1 million), compared to RMB20.8 million in the same period last year. The increase was mainly due to an unrealized mark-to-market gain of RMB874.6 million (US$126.8 million) arising from fair value changes of an investment in a limited partnership, reflecting its early stage strategic pre-IPO investment in the AI industry. This was partially offset by a net foreign exchange loss of RMB82.5 million (US$ 12.0million), compared to a net foreign exchange gain of RMB1.6 million in the same period last year.

Operating profit increased 114.3% to RMB1,521.4 million (US$220.6 million), compared with RMB709.8 million in the same period last year, mainly driven by an increase in other net income mentioned above, partially offset by higher equity-settled share-based payment expenses related to TOP TOY compared with the prior-year period.

Operating margin was 26.7%, compared with 16.0% in the same period last year.

Adjusted operating profit
⁽²⁾was RMB755.5 million (US$109.5 million), compared with RMB734.7 million in the same period last year. If excluding FX⁽³⁾, it would have been RMB838.1 million (US$121.5 million), representing an increase of 14.3% YoY.

Adjusted operating margin
⁽²⁾was 13.3%, compared 16.6% in the same period last year. If excluding FX⁽³⁾, it would have been 14.7%.

Net finance cost was RMB104.0 million (US$15.1 million), compared to RMB49.0 million in the same period last year. The YoY change was mainly attributable to the decrease in interest income as a result of decreased principal in bank deposit, and increased finance cost. The increase in finance cost was mainly due to (i) increased interest expenses on lease liabilities in line with the Company’s investment in directly operated stores; (ii) increased interest expenses in relation to the equity linked securities issued in 2025 (the “Equity Linked Securities“), which is excluded in non-IFRS financial measures⁽²⁾, and (iii) increased interest expenses in relation to a borrowing in connection with the acquisition of the equity interest in Yonghui Superstores Co., Ltd * (永輝超市股份有限公司) (“Yonghui” ), which is also excluded in non-IFRS financial measures⁽²⁾, driven by the full-quarter recognition of interest on such borrowing in 26Q1 versus a pro-rated portion in the prior-year period.

Share of profit of equity-accounted investees, net of tax was RMB78.2 million (US$11.3 million), compared to share of loss of RMB2.0 million in the same period last year. The YoY increase was mainly attributable to share of profit in Yonghui of RMB77.5 million (US$11.2 million), which has been excluded in non-IFRS financial measures⁽²⁾.

Changes in fair value of redemption liabilities were RMB21.4 million (US$3.1 million), which was a non-cash loss arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025 and has been excluded in non-IFRS financial measures⁽²⁾.

Other expenses were RMB50.8 million (US$7.4 million), including loss from fair value change of certain derivative under mark-to-market impact, which is in relation to the Equity Linked Securities and has been excluded in non-IFRS financial measures⁽²⁾.

Effective tax rate was 12.3%, compared to 26.6% in the same period last year. The decrease in effective tax rate was primarily driven by non-taxable gain at the consolidation level.

Adjusted effective tax rate
⁽²⁾ was 24.9%, which excluded the impact on effective tax rate as a result of adjusted items, compared to 20.5% in the same period last year.

Profit for the period increased 199.7% YoY to RMB1,248.1 million (US$180.9 million), compared to RMB416.5 million in the same period last year. The increase was primarily attributable to the following factors: (i) the unrealized mark-to-market gain of RMB874.6 million (US$126.8 million) from fair value changes of an investment in a limited partnership investing in the AI industry, (ii) RMB77.5 million (US$11.2 million) share of profit from its investment in Yonghui, and (iii) lapping the one-off derivative issuance cost of RMB44.7 million on the Equity Linked Securities recorded in the prior-year period. Such positive contributions were partially offset by the following factors: (i) higher equity-settled share-based payment expenses related to TOP TOY compared with the prior-year period, (ii) net foreign exchange loss of RMB82.5 million (US$12.0 million), reversing the net foreign exchange gain of RMB1.6 million recorded in the same period last year, (iii) a loss arising from changes in fair value of redemption liabilities arising from preferred shares issued by TOP TOY in connection with its strategic financing in 2025; and (iv) an increase in interest expenses related to the Equity Linked Securities and bank loans used for acquisition of the equity interest of Yonghui.

Net profit margin was 21.9%, compared to 9.4% in the same period last year.

Adjusted net profit
⁽²⁾ was RMB550.6 million (US$79.8 million), compared to RMB587.2 million in the same period last year. If excluding FX⁽³⁾, it would have been RMB633.1 million (US$91.8 million), representing an increase of 8.1% YoY.

Adjusted net margin
⁽²⁾ was 9.7%, compared to 13.3% in the same period last year. If excluding FX⁽³⁾, it would have been 11.1%, compared to 13.2% in the same period last year.

Adjusted EBITDA
⁽²⁾ increased 6.6% YoY to RMB1,105.7 million (US$160.3 million).

Adjusted EBITDA margin
⁽²⁾was 19.4%, compared to 23.4% in the same period last year.

Basic earnings per ADS was RMB4.12 (US$0.60), compared to RMB1.36 in the same period last year, representing an increase of 202.9% YoY.

Diluted earnings per ADS was RMB4.08 (US$0.59), compared to RMB1.36 in the same period last year, representing an increase of 200.0% YoY.

Adjusted basic and diluted earnings per ADS
⁽²⁾ were both RMB1.80 (US$0.26), compared to RMB1.92 and RMB1.88 respectively in the same period last year.

Cash position
⁽⁶⁾, which was the combined balance of the Company’s cash and cash equivalents, restricted cash, term deposits, and other investments recorded as current assets was RMB7,049.1 million (US$1,021.9 million) as of March 31, 2026, compared to RMB7,087.9 million as of December 31, 2025.

Net cash from operating activities was RMB365.2 million (US$52.9 million) for 26Q1, capital expenditure was RMB270.6 million (US$39.2 million) and free cash flow was RMB94.6 million (US$13.7 million).

Notes:

(1) “SSSG” refers to the year-over-year growth of same-store GMV. “Same-store GMV” refers to the GMV generated by those stores that opened prior to the beginning of the comparative periods and remained open as of the end of the comparative periods, closed for less than 30 days during both comparative periods, and, for MINISO stores outside of China, operated for at least 15 full months at the end of the reporting period.
(2) See the sections titled “Non-IFRS Financial Measures” and “Reconciliation of Non-IFRS Financial Measures” in this press release for more information.
(3) “FX” refers to net foreign exchange gain or loss for the periods.
(4) “YTD” refers to the three months ended March 31, 2026.
(5) Revenue from TOP TOY brand only represents revenue generated from external parties.
(6) “Cash position” refers to the combined balance of the Company’s cash and cash equivalents, restricted cash, term deposits with original maturity over three months, and other investments recorded as current assets.

Conference Call

The Company’s management will hold an earnings conference call at 5:00 A.M. Eastern Time on Tuesday, May 26, 2026 (5:00 P.M. Beijing Time on the same day) to discuss the financial results. Simultaneous interpretation in English will be provided during the conference call. The conference call can be accessed by the following Zoom link or dialing the following numbers:

Access 1

Join Zoom meeting.

Zoom link: https://zoom.us/j/95725759937?pwd=eaZoICKP3u9Oc6bDEr7aBtpGzzvJ8K.1
Meeting Number: 957 2575 9937
Meeting Passcode: 9896

Access 2

Listeners may access the call by dialing the following numbers and using the same meeting number and passcode as access 1.

United States:	+1 689 278 1000 (or +1 719 359 4580)
Hong Kong, China:	+852 5803 3730 (or +852 5803 3731)
United Kingdom:	+44 203 481 5237 (or +44 131 460 1196)
France:	+33 1 7037 9729 (or +33 1 7037 2246)
Singapore:	+65 3158 7288 (or +65 3165 1065)
Canada:	+1 438 809 7799 (or +1 204 272 7920)

Access 3

Listeners can also access the meeting through the Company’s investor relations website at https://ir.miniso.com/.

The replay will be available approximately two hours after the conclusion of the live event at the Company’s investor relations website at https://ir.miniso.com/.

About MINISO Group

MINISO Group is a global high-growth value retailer offering a variety of trendy lifestyle products featuring distinctive IP designs. Since opening our first store in Chinese mainland in 2013, the Company has successfully built two brands – “MINISO” and “TOP TOY”. The Company’s flagship brand “MINISO” has grown into a globally recognized retail brand that offers a frequently-refreshed assortment of lifestyle products through an extensive store network worldwide. The Company’s products cover diverse consumer needs and consumers are drawn to MINISO for our products’ trendiness, creativeness, high quality and affordability. For more information, please visit https://ir.miniso.com/.

Exchange Rate

The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the readers. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2026, which was RMB6.8980 to US$1.0000. The percentages stated in this press release are calculated based on the RMB amounts.

Non-IFRS Financial Measures

In evaluating the business, MINISO considers and uses adjusted operating profit, adjusted operating margin, adjusted effective tax rate, adjusted net profit, adjusted net margin, adjusted EBITDA, adjusted EBITDA margin, adjusted basic and diluted net earnings per share and adjusted basic and diluted net earnings per ADS as supplemental measures to review and assess its core business performance. The presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. MINISO defines adjusted operating profit as operating profit for the period excluding (i) equity-settled share-based payment expenses and (ii) gain or loss from fair value changes of an investment in a limited partnership investing in the AI industry. MINISO calculates adjusted operating margin by dividing adjusted operating profit by revenue for the same period. MINISO defines adjusted effective tax rate as the effective tax rate excluding the tax impact of adjusted items, under non-IFRS financial measures. MINISO defines adjusted net profit as profit for the period excluding (i) equity-settled share-based payment expenses, (ii) gain or loss from fair value change of derivatives, (iii) issuance cost of derivatives, (iv) interest expenses related to the Equity Linked Securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui, (v) share of profit or loss of Yonghui, net of tax, (vi) changes in fair value of redemption liabilities arising from preferred shares, and (vii) gain or loss from fair value changes of an investment in a limited partnership investing in the AI industry. MINISO calculates adjusted net margin by dividing adjusted net profit by revenue for the same period. MINISO defines adjusted EBITDA as adjusted net profit plus (i) depreciation and amortization, (ii) finance costs excluding interest expenses related to the Equity Linked Securities and interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui, and (iii) income tax expense. Adjusted EBITDA margin is computed by dividing adjusted EBITDA by revenue for the period. MINISO computes adjusted basic and diluted net earnings per ADS by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ADSs represented by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis. MINISO computes adjusted basic and diluted net earnings per share in the same way as it calculates adjusted basic and diluted net earnings per ADS, except that it uses the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis as the denominator instead of the number of ADSs represented by these ordinary shares. Starting from 26Q1, to more accurately reflect the Company’s core business performance, the Company has adopted revised definitions of adjusted operating profit and adjusted net profit by excluding gain or loss from fair value changes of an investment in a limited partnership investing in the AI industry from the calculation of these items. The Company recorded loss of nil and RMB829.0 thousand, and gain of RMB25.4 million and RMB53.8 million from fair value changes of an investment in a limited partnership investing in the AI industry for the three months ended March 31, June 30, September 30, and December 31, 2025, respectively. To ensure comparability, the Company has retrospectively adjusted its non-IFRS financial measures for prior periods.

MINISO presents these non-IFRS financial measures because they are used by the management to evaluate its core business performance and formulate business plans. These non-IFRS financial measures enable the management to assess its core business results without considering the impacts of the aforementioned non-cash and other adjustment items that MINISO does not consider to be indicative of its core business performance in the future. Accordingly, MINISO believes that the use of these non-IFRS financial measures provides useful information to investors and others in understanding and evaluating its core business results in the same manner as the management and board of directors.

These non-IFRS financial measures are not defined under IFRS and are not presented in accordance with IFRS. These non-IFRS financial measures have limitations as analytical tools. One of the key limitations of using these non-IFRS financial measures is that they do not reflect all items of income and expense that affect MINISO’s core business. Further, these non-IFRS financial measures may differ from the non-IFRS information used by other companies, including peer companies, and therefore their comparability may be limited.

These non-IFRS financial measures should not be considered in isolation or construed as alternatives to operating profit, operating margin, effective tax rate, profit, net profit margin, basic and diluted earnings per share and basic and diluted earnings per ADS, as applicable, or any other measures of performance or as indicators of MINISO’s core business performance. Investors are encouraged to review MINISO’s historical non-IFRS financial measures in light of the most directly comparable IFRS financial measures, as shown below. The non-IFRS financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing MINISO’s data comparatively. MINISO encourages you to review its financial information in its entirety and not rely on a single financial measure.

For more information on the non-IFRS financial measures, please see the table captioned “Reconciliation of Non-IFRS Financial Measures” set forth at the end of this press release.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “is/are likely to”, “potential”, “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as MINISO’s strategic and operational plans, contain forward-looking statements. MINISO may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC“) and The Stock Exchange of Hong Kong Limited (the “HKEX“), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about MINISO’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: MINISO’s mission, goals and strategies; future business development, financial conditions and results of operations; the expected growth of the retail market and the market of branded variety retail of lifestyle products in China and globally; expectations regarding demand for and market acceptance of MINISO’s products; expectations regarding MINISO’s relationships with consumers, suppliers, Retail Partners, local distributors, and other business partners; competition in the industry; proposed use of proceeds; and relevant government policies and regulations relating to MINISO’s business and the industry. Further information regarding these and other risks is included in MINISO’s filings with the SEC and the HKEX. All information provided in this press release and in the attachments is as of the date of this press release, and MINISO undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact:

MINISO Group Holding Limited
Email: [email protected]
Phone: +86 (20) 36228788 Ext.8039

MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in thousands)

	As at	As at
	December 31, 2025	March 31, 2026
	(Audited)	(Unaudited)
	*RMB’000*	*RMB’000*	*US$’000*
ASSETS
Non-current assets
Property, plant and equipment	2,109,385	2,295,108	332,721
Right-of-use assets	5,121,039	5,426,807	786,722
Intangible assets	94,951	99,209	14,382
Goodwill	223,187	215,321	31,215
Deferred tax assets	288,679	289,006	41,897
Other investments	201,727	1,076,320	156,034
Trade and other receivables	247,511	280,059	40,600
Financial derivative assets	774,103	543,018	78,721
Interests in equity-accounted investees	5,486,648	5,567,263	807,084

	14,547,230	15,792,111	2,289,376

Current assets
Other investments	–	1,589,132	230,376
Inventories	3,691,238	3,568,677	517,350
Trade and other receivables	3,307,129	3,335,325	483,520
Cash and cash equivalents	6,817,129	5,221,920	757,019
Restricted cash	54,229	67,519	9,788
Term deposits	216,567	170,518	24,720

	14,086,292	13,953,091	2,022,773

Total assets	28,633,522	29,745,202	4,312,149

MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)
(Expressed in thousands)

	As at	As at
	December 31, 2025	March 31, 2026
	(Audited)	(Unaudited)
	*RMB’000*	*RMB’000*	*US$’000*
EQUITY
Share capital	94	94	14
Additional paid-in capital	2,887,905	2,083,400	302,030
Other reserves	2,232,854	2,139,183	310,116
Retained earnings	5,497,910	6,748,647	978,348

Equity attributable to equity shareholders of the Company	10,618,763	10,971,324	1,590,508
Non-controlling interests	100,508	104,235	15,111

Total equity	10,719,271	11,075,559	1,605,619

LIABILITIES
Non-current liabilities
Contract liabilities	22,418	21,804	3,161
Loans and borrowings	5,415,416	5,421,999	786,025
Other payables	72,586	74,626	10,818
Lease liabilities	2,713,798	3,017,729	437,479
Financial derivative liabilities	1,184,050	997,166	144,559
Deferred income	33,053	32,812	4,757

	9,441,321	9,566,136	1,386,799

Current liabilities
Contract liabilities	388,746	385,298	55,856
Loans and borrowings	1,751,018	2,058,501	298,420
Trade and other payables	4,516,491	4,026,051	583,655
Lease liabilities	950,784	1,020,318	147,915
Deferred income	965	965	140
Current taxation	291,245	224,861	32,598
Dividend payables	–	801,431	116,183
Redemption liabilities arising from preferred shares	573,681	586,082	84,964

	8,472,930	9,103,507	1,319,731

Total liabilities	17,914,251	18,669,643	2,706,530

Total equity and liabilities	28,633,522	29,745,202	4,312,149

MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(Expressed in thousands, except for per ordinary share and per ADS data)

	Three months ended March 31,
	2025	2026
	(Unaudited)	(Unaudited)
	*RMB’000*	*RMB’000*	*US$ ‘000*
Revenue	4,427,044	5,688,388	824,643
Cost of sales	(2,469,007)	(3,224,357)	(467,434)

Gross profit	1,958,037	2,464,031	357,209
Other income	3,020	5,916	858
Selling and distribution expenses	(1,021,186)	(1,470,912)	(213,237)
General and administrative expenses	(242,144)	(297,293)	(43,098)
Other net income	20,835	821,841	119,142
Credit loss on trade and other receivables	(8,775)	(2,174)	(315)

Operating profit	709,787	1,521,409	220,559
Finance income	36,915	16,474	2,388
Finance costs	(85,945)	(120,496)	(17,468)

Net finance costs	(49,030)	(104,022)	(15,080)
Share of (loss)/profit of equity-accounted investees, net of tax	(2,005)	78,192	11,335
Other expenses	(91,071)	(50,838)	(7,370)
Changes in fair value of redemption liabilities	–	(21,438)	(3,108)

Profit before taxation	567,681	1,423,303	206,336
Income tax expense	(151,222)	(175,201)	(25,399)

Profit for the period	416,459	1,248,102	180,937

Attributable to:
Equity shareholders of the Company	416,342	1,250,737	181,319
Non-controlling interests	117	(2,635)	(382)

Earnings per share for ordinary shares
-Basic	0.34	1.03	0.15
-Diluted	0.34	1.02	0.15

Earnings per ADS
(Each ADS represents 4 ordinary shares)
-Basic	1.36	4.12	0.60
-Diluted	1.36	4.08	0.59

MINISO GROUP HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED)
(Expressed in thousands)

	Three months ended March 31,
	2025	2026
	(Unaudited)	(Unaudited)
	*RMB’000*	*RMB’000*	*US$ ‘000*

Profit for the period	416,459	1,248,102	180,937

Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of financial statements of foreign operations	(1,291)	(49,380)	(7,159)
Share of other comprehensive income of equity- accounted investees	–	813	118

Other comprehensive loss for the period	(1,291)	(48,567)	(7,041)

Total comprehensive income for the period	415,168	1,199,535	173,896

Attributable to:
Equity shareholders of the Company	416,306	1,203,917	174,531
Non-controlling interests	(1,138)	(4,382)	(635)

MINISO GROUP HOLDING LIMITED
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES
(Expressed in thousands, except for percentages)

	Three months ended March 31,
	2025	2026
	(Unaudited)	(Unaudited)
	*RMB’000*	*RMB’000*	*US$’000*

Reconciliation of operating profit for the period to adjusted operating profit
Operating profit	709,787	1,521,409	220,559
Add back:
Equity-settled share-based payment expenses	24,930	108,715	15,760
Gain from fair value changes of an investment in a limited partnership investing in the AI industry	–	(874,593)	(126,789)

Adjusted operating profit	734,717	755,531	109,530
Adjusted operating margin	16.6 %	13.3 %	13.3 %

Reconciliation of operating profit for the period t o adjusted operating profit excluding FX ⁽¹⁾
Adjusted operating profit	734,717	755,531	109,530
Add back:
Net foreign exchange (gain) or loss	(1,577)	82,548	11,967

Adjusted operating profit excluding FX ⁽¹⁾	733,140	838,079	121,497
Adjusted operating margin excluding FX ⁽¹⁾	16.6 %	14.7 %	14.7 %

Note:
(1) “FX” refers to net foreign exchange gain or loss for the period.

MINISO GROUP HOLDING LIMITED
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)
(Expressed in percentages)

	Three months ended March 31,
	2025	2026
	(Unaudited)	(Unaudited)

Reconciliation of effective tax rate to adjusted effective tax rate:
Effective tax rate	26.6 %	12.3 %

Impact on effective tax rate as a result of adjusted items	(6.1) %	12.6 %
Adjusted effective tax rate	20.5 %	24.9 %

MINISO GROUP HOLDING LIMITED
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)
(Expressed in thousands, except for per share, per ADS data and percentages)

	Three months ended March 31,
	2025	2026
	(Unaudited)	(Unaudited)
	*RMB’000*	*RMB’000*	*US$’000*

Reconciliation of profit for the period to adjusted net profit:
Profit for the period	416,459	1,248,102	180,937
Add back:
Equity-settled share-based payment expenses	24,930	108,715	15,760
Loss from fair value change of derivatives⁽¹⁾⁽²⁾	46,407	50,838	7,370
Issuance cost of derivatives⁽¹⁾⁽³⁾	44,664	–	–
Interest expenses related to the Equity Linked Securities and the bank loans used for acquisition of the equity interest in Yonghui⁽¹⁾	54,745	73,515	10,657
-Interest expenses related to the Equity Linked Securities⁽⁴⁾	40,527	50,380	7,303
-Interest expenses related to the bank loans used for acquisition of the equity interest in Yonghui	14,218	23,135	3,354
Share of profit of Yonghui, net of tax⁽¹⁾	–	(77,458)	(11,229)
Changes in fair value of redemption liabilities⁽¹⁾	–	21,438	3,108
Gain from fair value changes of an investment in a limited partnership investing in the AI industry⁽⁵⁾	–	(874,593)	(126,789)

Adjusted net profit	587,205	550,557	79,814
Adjusted net margin	13.3 %	9.7 %	9.7 %

Attributable to:
Equity shareholders of the Company	586,999	552,340	80,072
Non-controlling interests	206	(1,783)	(258)

Adjusted net earnings per share ⁽⁶⁾
-Basic	0.48	0.45	0.07
-Diluted	0.47	0.45	0.07

Adjusted net earnings per ADS (Each ADS represents 4 ordinary shares)
-Basic	1.92	1.80	0.26
-Diluted	1.88	1.80	0.26

MINISO GROUP HOLDING LIMITED
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (CONTINUED)
(Expressed in thousands, except for percentages)

	Three months ended March 31,
	2025	2026
	(Unaudited)	(Unaudited)
	*RMB’000*	*RMB’000*	*US$’000*

Reconciliation of adjusted net profit for the period to adjust net profit excluding FX ⁽⁷⁾ :
Adjusted net profit	587,205	550,557	79,814
Add back:
Net foreign exchange (gain) or loss	(1,577)	82,548	11,967

Adjusted net profit excluding FX ⁽⁷⁾	585,628	633,105	91,781
Adjusted net margin excluding FX ⁽⁷⁾	13.2 %	11.1 %	11.1 %

Reconciliation of adjusted net profit for the period to adjusted EBITDA:
Adjusted net profit	587,205	550,557	79,814
Add back:
Depreciation and amortization	267,672	332,990	48,273
Finance costs excluding interest expenses related to the Equity Linked Securities	31,200	46,981	6,811
Income tax expense	151,222	175,201	25,399

Adjusted EBITDA	1,037,299	1,105,729	160,297
Adjusted EBITDA margin	23.4 %	19.4 %	19.4 %

Notes: (1) These adjustment items have been excluded from the calculation of adjusted net profit as the Company does not consider such items to be indicative of its performance of core business in the future. (2) The gain or loss from fair value change of derivatives was a non-cash gain or expense that was related to the fair value of the Equity Linked Securities and call spread. It was determined primarily by movements in the underlying share price. (3) The issuance cost of derivatives was a one-off expense that was related to the Equity Linked Securities. (4) For 26Q1, the RMB50.4 million interest expenses related to the Equity Linked Securities included RMB45.7 million non-cash portion and RMB4.7 million cash expense. (5) Gain or loss from fair value changes of an investment in a limited partnership investing in the AI industry was included in other net income or expense, which was an unrealized gains or loss arising from fair value changes of an investment in a limited partnership investing in the AI industry. (6) Adjusted basic and diluted net earnings per share are computed by dividing adjusted net profit attributable to the equity shareholders of the Company by the number of ordinary shares used in the basic and diluted earnings per share calculation on an IFRS basis. (7) “FX” refers to net foreign exchange gain or loss for the period.

MINISO GROUP HOLDING LIMITED
UNAUDITED ADDITIONAL INFORMATION
(Expressed in thousands, except for percentages)

	Three months ended March 31,
	2025	2026		YoY
	*RMB’000*	*RMB’000*	*US$’000*	YoY
Revenue
MINISO Brand	4,085,778	5,173,402	749,985	26.6 %
-Chinese mainland	2,493,775	3,232,254	468,578	29.6 %
-Overseas markets	1,592,003	1,941,148	281,407	21.9 %
TOP TOY Brand ⁽¹⁾	339,850	514,485	74,585	51.4 %
Others	1,416	501	73	(64.6) %
	4,427,044	5,688,388	824,643	28.5 %

Note: (1) Revenue from TOP TOY brand only represents revenue generated from external parties.

MINISO GROUP HOLDING LIMITED
UNAUDITED ADDITIONAL INFORMATION
NUMBER OF MINISO STORES IN CHINESE MAINLAND

	As of
	March 31, 2025	December 31, 2025	March 31, 2026	YoY	YTD ⁽¹⁾
By City Tiers
First-tier cities	569	609	605	36	(4)
Second-tier cities	1,773	1,881	1,894	121	13
Third- and lower-tier cities	1,933	2,078	2,094	161	16
Total	4,275	4,568	4,593	318	25

Note: (1) “YTD” refers to the three months ended March 31, 2026.

MINISO GROUP HOLDING LIMITED
UNAUDITED ADDITIONAL INFORMATION
NUMBER OF MINISO STORES IN OVERSEAS MARKETS

	As of
By Regions	March 31, 2025	December 31, 2025	March 31, 2026	YoY	YTD ⁽¹⁾
By Regions
Asia excluding China	1,663	1,793	1,801	138	8
North America	375	461	499	124	38
Latin America	646	722	722	76	–
Europe	301	361	355	54	(6)
Others	228	246	240	12	(6)
Total	3,213	3,583	3,617	404	34

Note: (1) “YTD” refers to the three months ended March 31, 2026.

*For identification purpose only

View original content:https://www.prnewswire.com/news-releases/miniso-group-announces-march-quarter-2026-unaudited-financial-results-302781586.html

SOURCE MINISO Group Holding Limited

May 26, 2026 4:33 am

VNET Reports Unaudited First Quarter 2026 Financial Results

PR Newswire

BEIJING, May 26, 2026 /PRNewswire/ — VNET Group, Inc. (Nasdaq: VNET) (“VNET” or the “Company”), a leading carrier- and cloud-neutral internet data center services provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2026.

“We delivered a strong first quarter through effective execution of our dual-core strategy and Hyperscale 2.0 framework,” said Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET. “Our wholesale IDC business continued to thrive, securing a total of 517MW of new orders year-to-date 2026, including 510MW from a leading internet customer for our data centers in the Greater Beijing Area. As a pioneer in AIDC, we also advanced the development of high-performance, large-scale, green data center clusters, a segment where surging demand is increasingly constrained by limited resource availability. Moreover, we further strengthened our shareholder base by welcoming the affiliates of Contemporary Amperex Technology Co., Limited (“CATL”) as strategic investors. At the same time, we would like to thank Shandong Hi-Speed Holdings Group Limited for their continued trust and support over the years. Looking ahead, our strategic alignment with CATL will unlock meaningful synergies across technology and supply chain, accelerating the development of next-generation AIDC. Going forward, our deep resource reserves in core regions, combined with rapid delivery capabilities and operational excellence, position us well to capture growing demand and reinforce our industry leadership.”

Peter Zhihua Zhang, Senior Vice President, Operational Finance of VNET, commented, “We sustained our high-quality development trajectory in the first quarter of 2026. Total net revenues increased by 19.8% year-over-year to RMB2.69 billion, driven by 58.1% year-over-year growth in wholesale revenues, while adjusted EBITDA increased by 30.6% year-over-year to RMB891.5 million. This quarter marks a new milestone for us, as wholesale revenues surpassed retail revenues for the first time. Additionally, we further advanced our asset monetization strategy with the successful listing of two REIT projects in March, establishing a scalable capital recycling model that supports efficient reinvestment into new project development and deepens our competitive positioning in this capital-intensive industry. Looking ahead, we remain focused on strengthening our core capabilities to capitalize on AI-driven opportunities, delivering sustainable growth and long-term value for all stakeholders.”

First Quarter 2026 Financial Highlights

Total net revenues increased by 19.8% to RMB2.69 billion (US$390.1 million) from RMB2.25 billion in the same period of 2025.
- Net revenues from the IDC business^[1] increased by 27.0% to RMB2.08 billion (US$302.2 million) from RMB1.64 billion in the same period of 2025.
  - Net revenues from the wholesale IDC business (“wholesale revenues”) increased by 58.1% to RMB1.06 billion (US$154.3 million) from RMB673.2 million in the same period of 2025.
  - Net revenues from the retail IDC business (“retail revenues”) increased by 5.4% to RMB1.02 billion (US$147.9 million) compared with RMB968.3 million in the same period of 2025.
- Net revenues from the non-IDC business^[2] increased by 0.3% to RMB606.6 million (US$87.9 million) from RMB604.8 million in the same period of 2025.
Adjusted cash gross profit (non-GAAP) increased by 25.1% to RMB1.21 billion (US$175.6 million) from RMB967.8 million in the same period of 2025. Adjusted cash gross margin (non-GAAP) was 45.0%, compared with 43.1% in the same period of 2025.
Adjusted EBITDA (non-GAAP) increased by 30.6% to RMB891.5 million (US$129.2 million) from RMB682.4 million in the same period of 2025. Adjusted EBITDA margin (non-GAAP) was 33.1%, compared with 30.4% in the same period of 2025.

^[1] IDC business refers to managed hosting services, which consists of wholesale IDC business and retail IDC business. Such categorization is based on the nature and scale of our data center projects.

^[2] Non-IDC business consists of cloud services and VPN services.

First Quarter 2026 Operational Highlights

Wholesale IDC Business

Capacity in service was 907MW as of March 31, 2026, compared with 889MW as of December 31, 2025, and 573MW as of March 31, 2025. Capacity under construction was 516MW as of March 31, 2026.
Capacity utilized by customers reached 687MW as of March 31, 2026, compared with 623MW as of December 31, 2025, and 437MW as of March 31, 2025. The sequential increase of 64MW was mainly contributed by the N-OR Campus 02A and N-HB Campus 03 data centers.
Utilization rate^[3] of wholesale capacity was 75.7% as of March 31, 2026, compared with 70.1% as of December 31, 2025, and 76.2% as of March 31, 2025.
- Utilization rate of mature wholesale capacity^[4] was 93.8% as of March 31, 2026, compared with 93.1% as of December 31, 2025, and 94.5% as of March 31, 2025.
- Utilization rate of ramp-up wholesale capacity^[5] was 45.0% as of March 31, 2026, compared with 31.7% as of December 31, 2025, and 32.1% as of March 31, 2025.
Total capacity committed^[6] was 869MW as of March 31, 2026, compared with 848MW as of December 31, 2025, and 571MW as of March 31, 2025.
Commitment rate^[7] for capacity in service was 95.7% as of March 31, 2026, compared with 95.3% as of December 31, 2025, and 99.7% as of March 31, 2025.

Retail IDC Business^[8]

Capacity in service was 50,170 cabinets as of March 31, 2026, compared with 49,863 cabinets as of December 31, 2025, and 51,960 cabinets as of March 31, 2025.
Capacity utilized by customers was 32,165 cabinets as of March 31, 2026, compared with 31,906 cabinets as of December 31, 2025, and 33,093 cabinets as of March 31, 2025.
Utilization rate of retail capacity was 64.1% as of March 31, 2026, compared with 64.0% as of December 31, 2025, and 63.7% as of March 31, 2025.
- Utilization rate of mature retail capacity^[9] was 68.5% as of March 31, 2026, compared with 68.5% as of December 31, 2025, and 69.1% as of March 31, 2025.
- Utilization rate of ramp-up retail capacity^[10] was 24.2% as of March 31, 2026, compared with 23.9% as of December 31, 2025, and 21.5% as of March 31, 2025.
Monthly recurring revenue (MRR) per retail cabinet was RMB9,448 in the first quarter of 2026, compared with RMB9,420 in the fourth quarter of 2025 and RMB8,898 in the first quarter of 2025.

^[3] Utilization rate is calculated by dividing capacity utilized by customers by capacity in service.

^[4] Mature wholesale capacity refers to wholesale data centers with utilization rate at or above 80%.

^[5] Ramp-up wholesale capacity refers to wholesale data centers with utilization rate below 80%.

^[6] Total capacity committed represents capacity committed to customers under effective agreements.

^[7] Commitment rate is calculated by dividing total capacity committed by total capacity in service.

^[8] For the retail IDC business, since the first quarter of 2024, we have excluded a certain number of reserved cabinets from the capacity in service. Reserved cabinets include those with limited utilization, those scheduled for closure, or those planned for upgrades. As of March 31, 2025, December 31, 2025, and March 31, 2026, 3,766, 3,791 and 4,097 reserved cabinets, respectively, were excluded from retail IDC utilization rate calculations.

^[9] Mature retail capacity refers to retail data centers that came into service over 24 months ago.

^[10] Ramp-up retail capacity refers to retail data centers that entered service within the past 24 months, or mature retail data centers that underwent improvements within the past 24 months.

First Quarter 2026 Financial Results

TOTAL NET REVENUES: Total net revenues in the first quarter of 2026 were RMB2.69 billion (US$390.1 million), representing an increase of 19.8% from RMB2.25 billion in the same period of 2025. The year-over-year increase was mainly driven by the continued growth of our wholesale IDC business.

Net revenues from IDC busines

s
increased by 27.0% to RMB2.08 billion (US$302.2 million) from RMB1.64 billion in the same period of 2025. The year-over-year increase was mainly driven by an increase in wholesale revenues.

Wholesale revenues
increased by 58.1% to RMB1.06 billion (US$154.3 million) from RMB673.2 million in the same period of 2025.
Retail revenues
increased by 5.4% to RMB1.02 billion (US$147.9 million) from RMB968.3 million in the same period of 2025.

Net revenues from non-IDC business
increased by 0.3% to RMB606.6 million (US$87.9 million) from RMB604.8 million in the same period of 2025.

GROSS PROFIT: Gross profit in the first quarter of 2026 was RMB615.9 million (US$89.3 million), representing an increase of 8.9% from RMB565.3 million in the same period of 2025. Gross margin in the first quarter of 2026 was 22.9%, compared with 25.2% in the same period of 2025.

ADJUSTED CASH GROSS PROFIT (non-GAAP), which excludes depreciation and amortization and share-based compensation expenses from gross profit, increased by 25.1% to RMB1.21 billion (US$175.6 million) in the first quarter of 2026 from RMB967.8 million in the same period of 2025. Adjusted cash gross margin (non-GAAP) in the first quarter of 2026 was 45.0%, compared with 43.1% in the same period of 2025.

OPERATING EXPENSES: Total operating expenses in the first quarter of 2026 were RMB368.9 million (US$53.5 million), compared with RMB316.8 million in the same period of 2025.

Sales and marketing expenses
were RMB53.7 million (US$7.8 million) in the first quarter of 2026, compared with RMB64.3 million in the same period of 2025.

Research and development expenses
were RMB74.4 million (US$10.8 million) in the first quarter of 2026, compared with RMB43.6 million in the same period of 2025.

General and administrative expenses
were RMB162.4 million (US$23.5 million) in the first quarter of 2026, compared with RMB179.8 million in the same period of 2025.

ADJUSTED OPERATING EXPENSES (non-GAAP), which exclude share-based compensation expenses from operating expenses, were RMB362.2 million (US$52.5 million) in the first quarter of 2026, compared with RMB310.5 million in the same period of 2025. As a percentage of total net revenues, adjusted operating expenses (non-GAAP) in the first quarter of 2026 were 13.5%, compared with 13.8% in the same period of 2025.

ADJUSTED EBITDA (non-GAAP), which exclude depreciation and amortization, and share-based compensation expenses from operating profit, was RMB891.5 million (US$129.2 million) in the first quarter of 2026, representing an increase of 30.6% from RMB682.4 million in the same period of 2025. Adjusted EBITDA margin (non-GAAP) in the first quarter of 2026 was 33.1%, compared with 30.4% in the same period of 2025.

NET LOSS ATTRIBUTABLE TO VNET GROUP, INC.: Net loss attributable to VNET Group, Inc. in the first quarter of 2026 was RMB531.8 million (US$77.1 million), compared with RMB237.6 million in the same period of 2025, primarily attributable to RMB486.2 million capital transactions-related income tax expenses incurred in the first quarter of 2026.

LOSS
PER SHARE: Basic and diluted loss per share in the first quarter of 2026 were both RMB1.36 (US$0.20), which represents the equivalent of RMB8.16 (US$1.20) per American depositary share (“ADS”). Each ADS represents six Class A ordinary shares. Diluted earnings/loss per share is calculated using adjusted net profit/loss attributable to ordinary shareholders divided by the weighted average number of diluted shares outstanding.

LIQUIDITY: As of March 31, 2026, the aggregate amount of the Company’s cash and cash equivalents, restricted cash and short-term investments was RMB8.80 billion (US$1.28 billion).

Total short-term debt, consisting of short-term bank borrowings and the current portion of long-term borrowings, was RMB5.18 billion (US$750.4 million). Total long-term debt was RMB17.77 billion (US$2.58 billion), comprised of long-term borrowings of RMB12.93 billion (US$1.87 billion) and convertible notes of RMB4.83 billion (US$700.8 million).

Net cash generated from operating activities in the first quarter of 2026 was RMB173.7 million (US$25.2 million), compared with RMB195.7 million in the same period of 2025. During the first quarter of 2026, the Company obtained new debt financing, refinancing facilities, equity financing and other financings of RMB8.14 billion (US$1.78 billion).

Recent Developments

On May 13, 2026, the Company announced that certain new strategic investors that are non-controlled and non-consolidated affiliates of Contemporary Amperex Technology Co., Limited (CATL) (the “Buyers”) entered into a share purchase agreement with wholly owned subsidiaries of Shandong Hi-Speed Holdings Group Limited (the “Sellers”). Pursuant to the share purchase agreement, the Buyers have agreed to acquire up to 650,424,192 Class A ordinary shares of the Company from the Sellers at a purchase price of US$1.4486 per ordinary share (equivalent to US$8.6914 per ADS) (the “Proposed Investment”). The closing of the transaction is expected to take place in the fourth quarter of 2026, and is subject to conditions set forth in the share purchase agreement, including approval by the shareholders of Shandong Hi-Speed Holdings Group Limited. Upon closing, the Buyers will hold up to approximately 38.1% of the Company’s total issued and outstanding shares. Additionally, the Buyers have entered into an Investor Rights Agreement with the company and a voting and consortium agreement with Mr. Josh Sheng Chen, Founder, Executive Chairperson and Interim Chief Executive Officer of VNET, and certain of his affiliated investment vehicles (collectively, the “Founder Parties”), both of which will become effective upon closing of the Proposed Investment. Meanwhile, pursuant to the Investor Rights Agreement, the Company will grant the Buyers certain investor rights and the Buyers will be restricted from transferring or otherwise disposing of certain Class A ordinary shares of the Company acquired in the Proposed Investment for a specified period, subject to terms and conditions of the Investor Rights Agreement. In addition, the Buyers undertake to take necessary actions to support the stability of control of the Company.

Business Outlook

For the full year of 2026, the Company expects its total net revenues to be in the range of RMB11.5 billion to RMB11.8 billion, representing year-over-year growth of 15.6% to 18.6%, and adjusted EBITDA (non-GAAP) to be in the range of RMB3,550 million to RMB3,750 million, representing year-over-year growth of 19.2% to 25.9%. In addition, the Company expects capital expenditure to be in the range of RMB10 billion to RMB12 billion for the full year of 2026. The above outlook remains unchanged from the previously provided estimates.

The forecast reflects the Company’s current and preliminary views on the market and its operational conditions and is subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, May 26, 2026, or 8:00 PM Beijing Time on Tuesday, May 26, 2026.

For participants who wish to join the call, please access the links provided below to complete the online registration process.

English line:
https://s1.c-conf.com/diamondpass/10054823-igj5ty.html

Chinese line (listen-only mode):
https://s1.c-conf.com/diamondpass/10054824-q1g6uk.html

Participants can choose between the English and Chinese options for pre-registration above. Please note that the Chinese option will be in listen-only mode. Upon registration, each participant will receive an email containing details for the conference call, including dial-in numbers, a conference call passcode and a unique access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.vnet.com.

A replay of the conference call will be accessible through June 3, 2026, by dialing the following numbers:

US/Canada:	1 855 883 1031
Mainland China:	400 1209 216
Hong Kong, China:	800 930 639
International:	+61 7 3107 6325
Replay PIN (English line):	10054823
Replay PIN (Chinese line):	10054824

Non-GAAP Disclosure

In evaluating its business, VNET considers and uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission as a supplemental measure to review and assess its operating performance: adjusted cash gross profit, adjusted cash gross margin, adjusted operating expenses, adjusted EBITDA and adjusted EBITDA margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.

The non-GAAP financial measures are provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the Company’s current financial performance and prospects for the future. These non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for, or superior to, U.S. GAAP results. In addition, the Company’s calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

Statement Regarding Unaudited Condensed Financial Information

The unaudited financial information set forth above is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited condensed financial information.

About VNET

VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China. VNET provides hosting and related services, including IDC services, cloud services, and business VPN services to improve the reliability, security, and speed of its customers’ internet infrastructure. Customers may locate their servers and equipment in VNET’s data centers and connect to China’s internet backbone. VNET operates in more than 30 cities throughout China, servicing a diversified and loyal base of over 7,000 hosting and related enterprise customers that span numerous industries ranging from internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.

Safe Harbor Statement

This announcement contains forward-looking statements. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “target,” “believes,” “estimates” and similar statements. Among other things, quotations from management in this announcement. VNET’s strategic and operational plans as well as Business Outlook contain forward-looking statements. VNET may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about VNET’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: VNET’s goals and strategies; VNET’s liquidity conditions; VNET’s expansion plans; the expected growth of the data center services market; expectations regarding demand for, and market acceptance of, VNET’s services; VNET’s expectations regarding keeping and strengthening its relationships with customers; VNET’s plans to invest in research and development to enhance its solution and service offerings; and general economic and business conditions in the regions where VNET provides solutions and services. Further information regarding these and other risks is included in VNET’s reports filed with, or furnished to, the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and VNET undertakes no duty to update such information, except as required under applicable law.

Investor Relations Contact:

Xinyuan Liu
Tel: +86 10 8456 2121
Email: [email protected]

VNET GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))
	As of	As of
	December 31, 2025	March 31, 2026
	RMB	RMB	US$
Assets
Current assets:
Cash and cash equivalents	5,523,571	7,772,136	1,126,723
Restricted cash	656,010	284,500	41,244
Short-term Investments	379,198	718,207	104,118
Accounts and notes receivable, net	2,222,106	2,682,764	388,919
Amounts due from related parties	429,411	430,143	62,358
Prepaid expenses and other current assets	2,241,570	2,602,208	377,243
Total current assets	11,451,866	14,489,958	2,100,605

Non-current assets:
Restricted cash	22,104	23,392	3,391
Long-term investments, net	1,062,660	1,025,257	148,631
Property and equipment, net	22,775,579	24,533,134	3,556,558
Intangible assets,net	2,004,710	1,987,282	288,095
Land use rights, net	867,765	868,577	125,917
Operating lease right-of-use assets, net	4,871,341	4,709,302	682,705
Deferred tax assets, net	251,572	244,058	35,381
Derivative financial instrument	11,185	–	–
Other non-current assets	1,275,380	1,235,496	179,109
Total non-current assets	33,142,296	34,626,498	5,019,787
Total assets	44,594,162	49,116,456	7,120,392

Liabilities and Shareholders’ Equity
Current liabilities:
Short-term bank borrowings	1,172,561	2,559,857	371,101
Current portion of long-term borrowings	2,059,154	2,616,547	379,320
Current portion of finance lease liabilities	357,995	364,084	52,781
Current portion of operating lease liabilities	962,275	963,193	139,634
Accounts and notes payable	741,878	832,786	120,729
Amounts due to related parties	415,889	406,549	58,937
Income taxes payable	154,343	480,831	69,706
Advances from customers	933,920	1,107,869	160,607
Deferred revenue	138,671	157,897	22,890
Current portion of deferred government grants	51,062	50,327	7,296
Accrued expenses and other payables	5,459,465	5,115,594	741,605
Total current liabilities	12,447,213	14,655,534	2,124,606

Non-current liabilities:
Long-term borrowings	11,579,664	12,932,223	1,874,779
Convertible notes	5,138,664	4,833,867	700,764
Non-current portion of finance lease liabilities	1,643,713	1,615,569	234,208
Non-current portion of operating lease liabilities	4,001,047	3,884,787	563,176
Unrecognized tax benefits	118,734	118,734	17,213
Deferred tax liabilities	840,387	832,982	120,757
Deferred government grants	260,268	249,319	36,144
Total non-current liabilities	23,582,477	24,467,481	3,547,041

Mezzanine equity:
Redeemable non-controlling interests	1,711,591	5,135,112	744,435
Total mezzanine equity	1,711,591	5,135,112	744,435

Shareholders’ equity
Ordinary shares	112	118	17
Treasury stock	(179,087)	(179,087)	(25,962)
Additional paid-in capital	17,360,323	17,602,639	2,551,847
Statutory reserves	116,316	116,316	16,862
Accumulated other comprehensive income	46,375	47,190	6,841
Accumulated deficit	(11,125,595)	(13,355,062)	(1,936,077)
Total VNET Group, Inc. shareholders’ equity	6,218,444	4,232,114	613,528
Noncontrolling interest	634,437	626,215	90,782
Total shareholders’ equity	6,852,881	4,858,329	704,310
Total liabilities，mezzanine equity and shareholders’ equity	44,594,162	49,116,456	7,120,392

VNET GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”) except for number of shares and per share data)

	Three months ended
	March 31, 2025	December 31, 2025	March 31, 2026
	RMB	RMB	RMB	US$
Net revenues	2,246,220	2,687,089	2,691,136	390,133
Cost of revenues	(1,680,879)	(2,146,705)	(2,075,269)	(300,851)
Gross profit	565,341	540,384	615,867	89,282

Operating income (expenses)
Operating income	1,461	14,670	83	12
Sales and marketing expenses	(64,346)	(73,564)	(53,682)	(7,782)
Research and development expenses	(43,603)	(78,665)	(74,423)	(10,789)
General and administrative expenses	(179,770)	(218,853)	(162,380)	(23,540)
Allowance for doubtful debt	(30,552)	(30,965)	(78,536)	(11,385)
Total operating expenses	(316,810)	(387,377)	(368,938)	(53,484)

Operating profit	248,531	153,007	246,929	35,798
Interest income	6,751	5,014	10,390	1,506
Interest expense	(100,653)	(189,447)	(221,042)	(32,044)
Other income	1,811	41,176	1,376	199
Other expenses	(2,438)	(4,971)	(2,991)	(434)
Changes in the fair value of financial instruments	(334,904)	287,384	(32,095)	(4,653)
Gain on deconsolidation of a subsidiary	–	469,838	–	–
Foreign exchange gain (loss)	9,527	(29,436)	36,083	5,231
(Loss) income before income taxes and gain from equity method investments	(171,375)	732,565	38,650	5,603
Income tax expenses	(52,062)	(388,933)	(486,161)	(70,479)
Gain from equity method investments	3,214	1,710	2,611	379
Net (loss) income	(220,223)	345,342	(444,900)	(64,497)
Net income attributable to noncontrolling interests	(17,335)	(20,056)	(19,752)	(2,863)
Net income attributable to redeemable non-controlling interests	–	(20,613)	(67,189)	(9,740)
Net (loss) income attributable to the VNET Group, Inc.	(237,558)	304,673	(531,841)	(77,100)
Accretion to redemption amount of redeemable non-controlling interests	–	(4,839)	(1,697,626)	(246,104)
Net (loss) profit attributable to the Company’s ordinary shareholders	(237,558)	299,834	(2,229,467)	(323,204)

Loss (earnings) per share
Basic	(0.15)	0.17	(1.36)	(0.20)
Diluted	(0.15)	(0.00)	(1.36)	(0.20)
Shares used in (loss) earnings per share computation
Basic*	1,608,799,842	1,616,275,922	1,644,810,699	1,644,810,699
Diluted*	1,608,799,842	1,762,607,179	1,644,810,699	1,644,810,699

Loss (earnings) per ADS (6 ordinary shares equal to 1 ADS)
Basic	(0.90)	1.02	(8.16)	(1.20)
Diluted	(0.90)	(0.01)	(8.16)	(1.20)

* Shares used in (loss) earnings per share/ADS computation were computed under weighted average method.

VNET GROUP, INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	Three months ended
	March 31, 2025	December 31, 2025	March 31, 2026
	RMB	RMB	RMB	US$
Gross profit	565,341	540,384	615,867	89,282
Plus: depreciation and amortization	402,399	596,766	595,092	86,270
Plus: share-based compensation expenses	109	507	297	43
Adjusted cash gross profit	967,849	1,137,657	1,211,256	175,595
*Adjusted cash gross margin*	43.1 %	42.3 %	45.0 %	45.0 %

Operating expenses	(316,810)	(387,377)	(368,938)	(53,484)
Plus: share-based compensation expenses	6,329	7,191	6,757	980
Adjusted operating expenses	(310,481)	(380,186)	(362,181)	(52,504)

Operating profit	248,531	153,007	246,929	35,798
Plus: depreciation and amortization	427,440	644,349	637,551	92,425
Plus: share-based compensation expenses	6,438	7,698	7,054	1,023
Adjusted EBITDA	682,409	805,054	891,534	129,246
*Adjusted EBITDA margin*	30.4 %	30.0 %	33.1 %	33.1 %

VNET GROUP, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Amount in thousands of Renminbi (“RMB”) and US dollars (“US$”))

	Three months ended
	March 31, 2025	December 31, 2025	March 31, 2026
	RMB	RMB	RMB	US$
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash generated from operating activities	195,713	546,424	173,676	25,178

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(1,792,051)	(1,809,905)	(1,752,448)	(254,052)
Purchases of intangible assets	(33,952)	(91,438)	(42,073)	(6,099)
(Payments for) proceeds from investments	(21,440)	1,380,795	(308,408)	(44,710)
Proceeds from disposal of a subsidiary, net	–	755,964	–	–
Payments for other investing activities	(37,327)	(791,034)	(115,851)	(16,795)
Net cash used in investing activities	(1,884,770)	(555,618)	(2,218,780)	(321,656)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank borrowings	1,893,386	1,537,209	6,560,103	951,015
Repayments of bank borrowings	(369,366)	(486,814)	(3,954,802)	(573,326)
Proceeds from issuance of 2030 Convertible Notes	3,084,519	–	–	–
Payments for finance leases	(37,950)	(84,359)	(91,453)	(13,258)
Proceeds from issuance of ordinary shares	–	–	951,393	137,923
Contribution from noncontrolling interest in subsidiaries	635,000	702,659	4,976,468	721,436
Proceeds from (payments for) other financing activities	161,033	461,622	(4,493,902)	(651,479)
Net cash generated from financing activities	5,366,622	2,130,316	3,947,807	572,311

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	9,020	(673)	(24,360)	(3,531)
Net increase in cash, cash equivalents and restricted cash	3,686,585	2,120,450	1,878,343	272,302
Cash, cash equivalents and restricted cash at beginning of period	2,081,073	4,081,235	6,201,685	899,056
Cash, cash equivalents and restricted cash at end of period	5,767,658	6,201,685	8,080,028	1,171,358

View original content:https://www.prnewswire.com/news-releases/vnet-reports-unaudited-first-quarter-2026-financial-results-302781602.html

SOURCE VNET Group, Inc.

May 26, 2026 4:33 am

Sunlands Technology Group Announces Unaudited First Quarter 2026 Financial Results

BEIJING, May 26, 2026 (GLOBE NEWSWIRE) — Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), a leader in China’s adult online education market and China’s adult personal interest learning market, today announced its unaudited financial results for the first quarter ended March 31, 2026.

First Quarter 2026
Financial and Operational Snapshots

Net revenues were RMB440.7 million (US$63.9 million), compared to RMB487.6 million in the first quarter of 2025.
Gross billings (non-GAAP) were RMB304.8 million (US$44.2 million), compared to RMB412.3 million in the first quarter of 2025.
Gross profit was RMB381.1 million (US$55.3 million), compared to RMB415.3 million in the first quarter of 2025.
Net income was RMB76.8 million (US$11.1 million), compared to RMB75.2 million in the first quarter of 2025.
Net income margin¹ was 17.4%, compared to 15.4% in the first quarter of 2025.
New student enrollments² were 102,127, compared to 169,083 in the first quarter of 2025.
As of March 31, 2026, the Company’s deferred revenue balance was RMB500.5 million (US$72.6 million), compared to RMB585.3 million as of December 31, 2025.

_____________________________
¹ Net income margin is defined as net income as a percentage of net revenues.
² New student enrollments for a given period refer to the total number of orders placed by students that newly enroll in at least one course during that period, including those students that enroll and then terminate their enrollment with us, excluding orders of our low-price courses, such as “mini courses” and “RMB1 courses”, which we offer in the form of recorded videos or short live streaming, to strengthen our competitiveness and improve customer experience.

“We opened 2026 with net revenues of RMB440.7 million and net income of RMB76.8 million, our 20th consecutive profitable quarter. Net income margin remained stable at 17.4%, and selling expenses declined 19.5% — the largest single-quarter reduction we have recorded in recent years.

These results reflect choices we have been making consistently: raising the bar on learner quality, letting AI compound across the acquisition and delivery workflow, and improving retention in our senior-learning business. The operating platform we have built positions us well for when market conditions turn more supportive. We are building with that horizon in mind.”said Mr. Tongbo Liu, Chief Executive Officer of Sunlands.

Mr. Hangyu Li, Finance Director of Sunlands, commented, “The first quarter continued the profitability trajectory we have been building toward, driven by deliberate choices made over several years rather than short-term tactical adjustments. Net income reached RMB76.8 million, while net income margin expanded to 17.4%. A key operational driver of this bottom-line resilience was our disciplined cost management, highlighted by a 19.5% year-over-year decline in selling expenses, the largest single-quarter reduction we have recorded in recent years.

Our balance sheet remains in a stable position, which gives us flexibility in how we operate. We concluded the quarter with RMB545.7 million of cash and cash equivalents, alongside RMB236.0 million of short-term investments. This liquidity buffer gives us the flexibility to invest in technology and new business directions without being constrained by near-term financial pressure. Looking ahead, we continue to execute our operational plan with financial discipline, while actively monitoring the market environment to adjust our business activities as needed.”

Financial Results for
the First Quarter
of 2026

Net Revenues

In the first quarter of 2026, net revenues decreased by 9.6% to RMB440.7 million (US$63.9 million) from RMB487.6 million in the first quarter of 2025. The decrease was primarily driven by the year-over-year decline in gross billings.

Cost of Revenues

Cost of revenues decreased by 17.7% to RMB59.5 million (US$8.6 million) in the first quarter of 2026 from RMB72.3 million in the first quarter of 2025. The decrease was mainly due to declined cost of revenues from sales of goods such as learning materials and books and service fees paid to educational institutions.

Gross Profit

Gross profit decreased by 8.2% to RMB381.1 million (US$55.3 million) in the first quarter of 2026 from RMB415.3 million in the first quarter of 2025.

Operating Expenses

In the first quarter of 2026, operating expenses were RMB284.3 million (US$41.2 million), representing a 16.7% decrease from RMB341.1 million in the first quarter of 2025.

Sales and marketing expenses decreased by 19.5% to RMB241.9 million (US$35.1 million) in the first quarter of 2026 from RMB300.4 million in the first quarter of 2025. The decrease was mainly due to the decrease of compensation for sales personnel and the spending on branding and marketing activities focused on interest courses offerings.

General and administrative expenses increased by 4.1% to RMB35.9 million (US$5.2 million) in the first quarter of 2026 from RMB34.5 million in the first quarter of 2025.

Product development expenses increased by 5.6% to RMB6.6 million (US$1.0 million) in the first quarter of 2026 from RMB6.2 million in the first quarter of 2025.

Net Income

Net income for the first quarter of 2026 was RMB76.8 million (US$11.1 million), as compared to RMB75.2 million in the first quarter of 2025.

Basic and Diluted Net Income
Per Share

Basic and diluted net income per share was RMB11.48 (US$1.66) in the first quarter of 2026, as compared to RMB11.12 in the first quarter of 2025.

Cash, Cash Equivalents and Short-term Investments

As of March 31, 2026, the Company had RMB547.2 million (US$79.3 million) of cash, cash equivalents and restricted cash and RMB236.0 million (US$34.2 million) of short-term investments, as compared to RMB576.8 million of cash, cash equivalents and restricted cash and RMB235.9 million of short-term investments as of December 31, 2025.

Deferred Revenue

As of March 31, 2026, the Company had a deferred revenue balance of RMB500.5 million (US$72.6 million), as compared to RMB585.3 million as of December 31, 2025.

Outlook

For the second quarter of 2026, Sunlands currently expects net revenues to be between RMB410 million to RMB430 million, which would represent a decrease of between 20.2% to 23.9% year-over-year. The above outlook is based on the current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to substantial uncertainty.

Exchange Rate

The Company’s business is primarily conducted in China and all revenues are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“US$”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.8980 to US$1.00, the effective noon buying rate for March 31, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2026, or at any other rate.

Conference Call and Webcast

Sunlands’ management team will host a conference call at 6:30 AM U.S. Eastern Time, (6:30 PM Beijing/Hong Kong time) on May 26, 2026, following the quarterly results announcement.

For participants who wish to join the call, please access the link provided below to complete online registration 15 minutes prior to the scheduled call start time. Upon registration, participants will receive details for the conference call, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

Registration Link:
https://register-conf.media-server.com/register/BI195d2f2c80dc47428cd4e4d9f1981291

Additionally, a live webcast and archive of the conference call will be available on the Investor Relations section of Sunlands’ website at https://ir.sunlands.com/.

About Sunlands

Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), formerly known as Sunlands Online Education Group, is a leader in China’s adult online education market and China’s adult personal interest learning market. With a one to many live streaming platform, Sunlands offers various degree- or diploma-oriented post-secondary courses as well as professional certification preparation, professional skills and interest courses. Students can access the Company’s services either through PC or mobile applications. The Company’s online platform cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning Outcome Trees, the Company’s proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals.

About Non-GAAP Financial Measures

We use gross billings, EBITDA, non-GAAP operating cost and expenses, non-GAAP income from operations and non-GAAP net income per share, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes.

We define gross billings for a specific period as the total amount of cash received for the sale of course packages, net of the total amount of refunds paid in such period. Our management uses gross billings as a performance measurement because we generally bill our students for the entire course tuition at the time of sale of our course packages and recognize revenue proportionally over a period. EBITDA is defined as net income excluding depreciation and amortization, interest expense, interest income, and income tax expenses. Adjusted EBITDA is defined as net income excluding depreciation and amortization, interest expense, interest income, income tax expenses and impairment loss on long-lived assets. We believe that gross billings, EBITDA and adjusted EBITDA provide valuable insight into the sales of our course packages and the performance of our business.

These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, their most directly comparable financial measures prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP measure has been provided in the tables included below. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP financial measures. As gross billings, EBITDA, adjusted EBITDA, operating cost and expenses excluding share-based compensation expenses, general and administrative expenses excluding share-based compensation expenses, sales and marketing expenses excluding share-based compensation expenses, product development expenses excluding share-based compensation expenses, income from operations excluding share-based compensation expenses, and basic and diluted net income per share excluding share-based compensation expenses have material limitations as an analytical metric and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider gross billings, EBITDA and adjusted EBITDA as a substitute for, or superior to, their respective most directly comparable financial measures prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure.

Safe Harbor Statement

This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Sunlands may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Sunlands’ beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Sunlands’ goals and strategies; its expectations regarding demand for and market acceptance of its brand and services; its ability to retain and increase student enrollments; its ability to offer new courses and educational content; its ability to improve teaching quality and students’ learning results; its ability to improve sales and marketing efficiency and effectiveness; its ability to engage, train and retain new faculty members; its future business development, results of operations and financial condition; its ability to maintain and improve technology infrastructure necessary to operate its business; competition in the online education industry in China; relevant government policies and regulations relating to Sunlands’ corporate structure, business and industry; and general economic and business condition in China. Further information regarding these and other risks, uncertainties or factors is included in Sunlands’ filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Sunlands does not undertake any obligation to update such information, except as required under applicable law.

For investor and media enquiries, please contact:

Sunlands Technology Group
Investor Relations
Email: [email protected]
SOURCE: Sunlands Technology Group

SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET S (Amounts in thousands, except for share and per share data, or otherwise noted)
	As of December 31,	As of March 31,
	2025	2026
	RMB	RMB	US$
ASSETS
Current assets
Cash and cash equivalents	575,740	545,679	79,107
Restricted cash	1,023	1,485	215
Short-term investments	235,937	235,974	34,209
Prepaid expenses and other current assets	82,566	80,740	11,705
Deferred costs, current	22,125	17,504	2,538
Held for sale assets	–	127,912	18,543
Total current assets	917,391	1,009,294	146,317
Non-current assets
Property and equipment, net	662,178	533,050	77,276
Intangible assets, net	250	131	19
Right-of-use assets	99,111	96,007	13,918
Deferred costs, non-current	10,643	8,682	1,259
Long-term investments	318,791	319,169	46,270
Deferred tax assets	19,104	13,728	1,990
Other non-current assets	19,750	18,329	2,657
Total non-current assets	1,129,827	989,096	143,389
TOTAL ASSETS	2,047,218	1,998,390	289,706

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES
Current liabilities
Accrued expenses and other current liabilities	366,011	340,081	49,300
Deferred revenue, current	384,334	321,044	46,542
Lease liabilities, current portion	9,104	9,166	1,329
Held for sale liabilities	–	4,477	649
Total current liabilities	759,449	674,768	97,820

SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET S-continued (Amounts in thousands, except for share and per share data, or otherwise noted)
	As of December 31,		As of March 31,
	2025		2026
	RMB		RMB		US$
Non-current liabilities
Deferred revenue, non-current	200,960		179,504		26,023
Lease liabilities, non-current portion	129,564		121,838		17,663
Deferred tax liabilities	5,786		10,324		1,497
Other non-current liabilities	7,392		6,172		895
Total non-current liabilities	343,702		317,838		46,078
TOTAL LIABILITIES	1,103,151		992,606		143,898

SHAREHOLDERS’ EQUITY
Class A ordinary shares (par value of US$0.00005, 796,062,195 shares
authorized; 3,131,807 and 3,131,807 shares issued as of December 31, 2025
and March 31, 2026, respectively; 2,538,047 and 2,538,047 shares
outstanding as of December 31, 2025 and March 31, 2026, respectively)	1		1		–
Class B ordinary shares (par value of US$0.00005, 826,389 shares
authorized; 826,389 and 826,389 shares issued and outstanding
as of December 31, 2025 and March 31, 2026, respectively)	–		–		–
Class C ordinary shares (par value of US$0.00005, 203,111,416 shares
authorized; 3,332,062 and 3,332,062 shares issued and outstanding
as of December 31, 2025 and March 31, 2026, respectively)	1		1		–
Treasury stock	–		–		–
Statutory reserves	22,440		22,440		3,253
Accumulated deficit	(1,486,011	)	(1,409,164	)	(204,286	)
Additional paid-in capital	2,287,553		2,287,553		331,626
Accumulated other comprehensive income	121,570		106,440		15,431
Total Sunlands Technology Group shareholders’ equity	945,554		1,007,271		146,024
Non-controlling interest	(1,487	)	(1,487	)	(216	)
TOTAL SHAREHOLDERS’ EQUITY	944,067		1,005,784		145,808
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,047,218		1,998,390		289,706

SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for share and per share data, or otherwise noted)
	For the Three Months Ended March 31,
	2025		2026
	RMB		RMB		US$
Net revenues	487,625		440,660		63,882
Cost of revenues	(72,336	)	(59,539	)	(8,631	)
Gross profit	415,289		381,121		55,251

Operating expenses
Sales and marketing expenses	(300,444	)	(241,860	)	(35,062	)
Product development expenses	(6,242	)	(6,594	)	(956	)
General and administrative expenses	(34,459	)	(35,869	)	(5,200	)
Total operating expenses	(341,145	)	(284,323	)	(41,218	)
Income from operations	74,144		96,798		14,033
Interest income	5,407		5,220		757
Interest expense	(407	)	–		–
Other income, net	6,617		4,641		673
Income before income tax expenses
and loss from equity method investments	85,761		106,659		15,463
Income tax expenses	(9,774	)	(28,805	)	(4,176	)
Loss from equity method investments	(811	)	(1,007	)	(146	)
Net income	75,176		76,847		11,141

Less: Net loss attributable to non-controlling interest	–		–		–
Net income attributable to Sunlands Technology Group	75,176		76,847		11,141
Net income per share attributable to ordinary shareholders of
Sunlands Technology Group:
Basic and diluted	11.12		11.48		1.66
Weighted average shares used in calculating net income
per ordinary share:
Basic and diluted	6,759,187		6,696,498		6,696,498

SUNLANDS TECHNOLOGY GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in thousands)
	For the Three Months Ended March 31,
	2025		2026
	RMB		RMB		US$
Net income	75,176		76,847		11,141
Other comprehensive loss, net of tax effect of nil:
Change in cumulative foreign currency translation adjustments	(3,596	)	(9,156	)	(1,327	)
Unrealized loss on available-for-sale investments, net of tax effect of nil	(11,259	)	(5,974	)	(866	)
Total comprehensive income	60,321		61,717		8,948
Less: comprehensive income attributable to non-controlling interest	–		–		–
Comprehensive income attributable to Sunlands Technology Group	60,321		61,717		8,948

SUNLANDS TECHNOLOGY GROUP RECONCILIATION OF GAAP AND NON-GAAP RESULTS (Amounts in thousands)
	For the Three Months Ended March 31,
	2025		2026
	RMB		RMB
Net revenues	487,625		440,660
Less: other revenues	(58,920	)	(60,529	)
Add: tax and surcharges	22,290		16,223
Add: ending deferred revenue	891,617		500,548
Add: ending refund liability	98,516		57,553
Less: beginning deferred revenue	(916,510	)	(585,294	)
Less: beginning refund liability	(112,342	)	(64,393	)
Gross billings (non-GAAP)	412,276		304,768



Net income	75,176		76,847
Add: income tax expenses	9,774		28,805
Add: depreciation and amortization	7,218		7,170
Add: interest expense	407		–
Less: interest income	(5,407	)	(5,220	)
EBITDA (non-GAAP)	87,168		107,602
Add: Impairment loss on long-lived assets	–		–
Adjusted EBITDA (non-GAAP)	87,168		107,602

May 26, 2026 4:03 am

IBM and Abertis are Driving the Future of Mobility with a Global Technology Modernization Agreement

PR Newswire

The five-year alliance aims to increase digitalization in five of the group’s subsidiaries, modernize systems that process millions of daily transactions across those subsidiaries, and enhance the user experience on an international scale.

MADRID, May 26, 2026 /PRNewswire/ — IBM (NYSE: IBM) has announced a new five-year global agreement with Abertis, a leading infrastructure and mobility management group, to modernize Abertis’s technological infrastructure. The collaboration includes migrating to SAP S/4HANA, and aims to improve system scalability, reliability and user experience across multiple countries. This new agreement extends more than a decade of collaboration and supports Abertis’s digital transformation.

Abertis is one of the world’s leading motorway operators, with a presence in Europe, the Americas and Asia. The agreement covers the comprehensive evolution of the systems supporting the group’s operations, ranging from user management to high-volume transaction processing and incident management. These systems require high levels of reliability, security and performance, regardless of the operational scale or complexity of each environment.

Under the agreement, IBM will support Abertis in modernizing its platform on SAP S/4HANA technology to:

Increase flexibility to adapt to different operating models
Improve scalability to manage increasing transaction volumes
Incorporate advanced analytics capabilities in near real-time
Lay the groundwork for incorporating new services related to mobility

Where mobility becomes a system

With increased pressure on infrastructure and traffic, diverse operating models, and more demanding users, having common, scalable and reliable systems is a key enabler for multi-country operators.

The five-year agreement addresses a common technological framework for Abertis operations in Spain, France, the United Kingdom, Chile and Puerto Rico, with options to extend to additional markets primarily in Europe and America. This international approach is based on a shared technological architecture, adaptable to different regulations and reinforces the efficiency and scalability of the business.

Governance and delivery

IBM Consulting will provide consulting, implementation and technology management services, and will work with Abertis’s IT and business teams under a joint governance model that includes defined success metrics, quality gates and change‑management activities designed to minimize business disruption.

“We are seeing how the infrastructure sector is entering a phase in which technology ceases to be a project and becomes a structural condition,” said José Miguel, Partner, Distribution and Industrial Sector Leader at IBM Spain, IBM Consulting. “Agreements like this respond to that need to provide stability, coherence and a long-term vision to systems that are critical to daily operations.”

Direct impact on user experience

Modernizing systems extends beyond internal operations. Under the agreement, IBM will help support Abertis in the development and of web portals and mobile applications aimed at the end user.

These solutions facilitate the management of accounts, vehicles, and payment methods, as well as the quick and secured viewing of trips and the making of payments, offering an integrated, transparent experience aligned with current user expectations. At the same time, the robustness of the systems contributes to efficient traffic and toll collection management. This is designed to reduce operational friction and reinforce the reliability of the service.

“This allows us the opportunity to make decisions with a long-term perspective and reduce complexity in a very diverse environment. Having a common framework gives us more predictability and more room to focus on business development and relationships with users,” said Miguel Ángel Medina CIO of Abertis.

About IBM

IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service.

Visit www.ibm.com For more information.

About Abertis

Abertis is a leading international operator in the management of highways and high-capacity infrastructures, as well as intelligent mobility solutions. The Group manages close to 8,000 kilometres of infrastructure across 15 countries in Europe, the Americas and Asia.

With more than 60 years of experience, Abertis promotes an efficient, innovative and sustainable mobility model, integrating technology and expertise to address the challenges of the mobility of the future.

Road safety is Abertis’ top priority. The company continuously invests in technology, maintenance and advanced engineering to ensure safe, comfortable and seamless journeys for its users across all its highways.

Media contacts:

Samantha Desmarais
IBM
[email protected]

Camila Cuetos
IBM
[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/ibm-and-abertis-are-driving-the-future-of-mobility-with-a-global-technology-modernization-agreement-302781379.html

SOURCE IBM

May 26, 2026 4:03 am

Hyperscale Data Bitcoin Treasury Reaches Approximately 700 Bitcoin

PR Newswire

LAS VEGAS, May 26, 2026 /PRNewswire/ — Hyperscale Data, Inc. (NYSE American: GPUS), an artificial intelligence (“AI“) data center company anchored by Bitcoin (“Hyperscale Data” or the “Company“), today announced that, as of May 24, 2026, it held 699.6865 Bitcoin representing an aggregate value of approximately $53.9 million based on the Bitcoin closing price of $76,981 on May 24, 2026.

In aggregate, the Company’s wholly owned subsidiaries, Sentinum, Inc. (“Sentinum“) and Ault Capital Group, Inc. (“ACG“), held 699.6865 Bitcoin as of May 24, 2026. During the week ended May 24, 2026, ACG acquired approximately 2.0000 Bitcoin in the open market. Based on the Bitcoin closing price of $76,981 on May 24, 2026, these collective holdings had an approximate market value of $53.9 million.

Hyperscale Data intends to fully deploy the cash allocated to its digital asset treasury strategy into Bitcoin purchases over time.

For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

About Hyperscale Data, Inc.

Through its wholly owned subsidiary Sentinum, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging AI ecosystems and other industries. Hyperscale Data’s other wholly owned subsidiary, ACG, is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

Hyperscale Data currently expects the divestiture of ACG (the “Divestiture“) to occur in the second quarter of 2027. Upon the occurrence of the Divestiture, the Company would be an owner and operator of data centers to support high-performance computing services, as well as a holder of the digital assets. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, equipment rental services, defense/aerospace, industrial, automotive and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through Ault Lending, LLC, a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the “Series F Preferred Stock“) to all common stockholders and holders of the Series C Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the “ACG Shares“). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be shareholders of ACG upon the occurrence of the Divestiture.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at hyperscaledata.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hyperscale-data-bitcoin-treasury-reaches-approximately-700-bitcoin-302781478.html

SOURCE Hyperscale Data Inc.

May 26, 2026 4:03 am

InterDigital to Spotlight Sensing Expertise and Innovation at IEEE ICC’26

InterDigital leaders to be featured speakers and present latest ISAC research milestones

WILMINGTON, Del., May 26, 2026 (GLOBE NEWSWIRE) — InterDigital, Inc. (Nasdaq: IDCC), a wireless, video, and AI technology research and development company, announced that the company will showcase integrated sensing and communication (ISAC) innovation and expertise at the 2026 IEEE International Conference on Communications (ICC).

The Institute of Electrical and Electronics Engineers (IEEE) is the world’s largest technical professional society with more than 400,000 members in 150 countries, providing authority on topics ranging from aerospace systems, computers and telecommunications to biomedical engineering, electric power, and consumer electronics. ICC is one of IEEE’s flagship conferences, attracting nearly 2,000 attendees from over 70 countries to engage in a program of keynotes, tutorials and workshops, and industry and technical paper sessions addressing the latest research and innovations in communications and networking technology.

ISAC Milestones: Collaborative Sensing and Efficient Data Utilization

During the show, InterDigital engineers will demonstrate ISAC milestones, including Architectural enhancements for efficient sensing data utilization in 6G ISAC and a world’s first implementation of collaborative cellular and Wi-Fi sensing built on a preliminary 6G architecture. The collaborative sensing demo fuses sensing measurements from cellular and Wi-Fi signals, leveraging their complementary propagation characteristics to improve detection accuracy, spatial resolution, and coverage continuity while reducing blind spots in indoor environments. Real-time signal processing and data fusion enable reliable detection of human presence and environmental changes without cameras or wearable devices, revealing potential for applications in smart manufacturing, device-free healthcare monitoring, and intelligent building situational awareness.

ISAC Towards 6G: Where Do We Stand and What Comes Next?

On Wednesday, May 27^th from 14:00 – 15:30 UK time, InterDigital’s Head of Wireless Lab Europe Alain Mourad will deliver an industry presentation on ISAC towards 6G. As Chair of the ETSI ISAC ISG, Alain will introduce the road ahead for ISAC, provide an update on the technology’s adoption status in 5G-Advanced, and outline ongoing discussions around ISAC in 6G studies in 3GPP and the ITU-R IMT-2030. Learn more here.

Integration of Sensing and Communication with Physical AI

On Wednesday, May 27^th from 16:00 – 17:30 UK time, Alain Mourad will participate in a panel alongside peers from academia and industry to examine the integration of sensing, communication, and physical AI to advance responsive, adaptive, and trustworthy systems in real-world environments, and potential challenges like scalability, latency, privacy, security, and ethics. Learn more here.

IEEE ICC will take place in Glasgow, Scotland from May 26 – 28, 2026. Register and learn more here.

About InterDigital
^®

InterDigital is a global research and development company focused primarily on wireless, video, artificial intelligence (“AI”), and related technologies. We design and develop foundational technologies that enable connected, immersive experiences in a broad range of communications and entertainment products and services. We license our innovations worldwide to companies providing such products and services, including makers of wireless communications devices, consumer electronics, IoT devices, cars and other motor vehicles, and providers of cloud-based services such as video streaming. As a leader in wireless technology, our engineers have designed and developed a wide range of innovations that are used in wireless products and networks, from the earliest digital cellular systems to 5G and today’s most advanced Wi-Fi technologies. We are also a leader in video processing and video encoding/decoding technology, with a significant AI research effort that intersects with both wireless and video technologies. Founded in 1972, InterDigital is listed on Nasdaq.

InterDigital^® is a registered trademark of InterDigital, Inc.

For more information, visit: www.interdigital.com.

InterDigital Contact:

Roya Stephens
Email: [email protected]
+1 (202) 349-1714

May 26, 2026 4:03 am

IQOS One of the Most Valuable Global Brands, According to Kantar’s BrandZ 2026 Ranking

IQOS One of the Most Valuable Global Brands, According to Kantar’s BrandZ 2026 Ranking

Recognition reinforces the growing consumer relevance of IQOS and the strength of Philip Morris International’s smoke-free vision

STAMFORD, Conn.–(BUSINESS WIRE)–
Philip Morris International’s (PMI) (NYSE: PM) IQOS, the #1 tobacco heating system¹, has been listed for the first time as one of the top 100 most valuable brands in the world in Kantar’s BrandZ 2026 Most Valuable Global Brands. This ranking solidifies IQOS’s global momentum and its emergence as a culturally relevant, iconic brand for adult nicotine users seeking better alternatives to cigarettes.

According to the BrandZ 2026 Most Valuable Global Brands, IQOS achieved a ranking of #74 globally.

With more than 35 million IQOS users worldwide—most of whom have fully switched away from cigarettes²—the brand continues to lead from the front and champion in a smoke-free era through science-backed innovation and consumer-centric design. Within 10 years of inception, IQOS surpassed $10 billion in annual net revenues, reaching this milestone faster than some of the world’s most recognized technology companies—and making up the large majority of Philip Morris International’s smoke-free business which reached close to $17 billion in net revenues in 2025.

“This milestone is a powerful validation of the journey we are on,” said Oggie Kapetanovic, President Heat-Not-Burn Products at Philip Morris International. “IQOSis not only the world’s leading smoke-free brand – it is becoming a truly iconic brand, built on science, innovation, and consumer trust. This recognition reaffirms IQOS’s continued growth and its pivotal role in transforming the industry. It inspires us to go further, faster, in delivering better alternatives for adults who would otherwise smoke.”

BrandZ charts the way in which global brands have continued to evolve and innovate. Now in its 21st edition, it spotlights the importance of building meaningful difference where a brand meets consumer needs, stands out from competitors and remains top-of-mind in its sector for a prolonged period.

“The brand era has changed. People now interact with brands in thousands of different ways. Many of these are shaped by AI, like personalized feeds or LLMs that influence what we see. Machines are increasingly surfacing and prioritizing content. That means brands need to work harder than ever to stand out as meaningful and different,” said Martin Guerrieria, Head of Kantar BrandZ.

IQOS’s inclusion in the Kantar Top 100 for the first time underscores its growing role beyond product innovation — positioning the brand at the intersection of technology, design, and culture, aiming to meet the preferences of adult nicotine users. This recognition marks another important step toward achieving a future where cigarettes can become obsolete.

Other notable brands featured in this year’s BrandZ 2026 global rankings include Google, Claude and Chinese-based companies like Alibaba and Xiaomi, highlighting industry leaders driving global brand value. Kantar BrandZ is a global ranking that assesses brand value by combining financial data and extensive brand equity research, offering an in-depth view of over 22,000 brands in 54 markets.

IQOS is not risk-free and provides nicotine, which is addictive. Only for use by adults who would otherwise smoke or use nicotine products.

¹ PMI global estimates of total in Market Sales of Heated Tobacco Units as of December 2025

² Source: PMI Q4 2025 Earnings Release

Philip Morris International: A Global Smoke-Free Champion

Philip Morris International is a leading international consumer goods company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, nicotine pouch and e-vapor products. Our smoke-free products are available for sale in over 105 markets, and as of December 31, 2025, PMI estimates they were used by over 43 million legal-age consumers around the world, many of whom have moved away from cigarettes or significantly reduced their consumption. The smoke-free business accounted for 43% of PMI’s first-quarter 2026 total net revenues. Since 2008, PMI has invested over $16 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables – the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumablesand General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness areas. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.

Forward-Looking and Cautionary Statements

This press release contains projections of future results and goals and other forward-looking statements, including statements regarding business plans and strategies. Achievement of future results is subject to risks, uncertainties, and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.

PMI’s business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco and/or nicotine use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; the impact and consequences of Russia’s invasion of Ukraine; changes in adult smoker behavior; the impact of natural disasters and pandemics on PMI’s business; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; adverse changes in the cost, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices; and the integrity of its information systems and effectiveness of its data privacy policies. PMI’s future profitability may also be adversely affected should it be unsuccessful in its attempts to introduce, commercialize, and grow smoke-free products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; if it is unable to attract and retain the best global talent; or if it is unable to successfully integrate and realize the expected benefits from recent transactions and acquisitions. Future results are also subject to the lower predictability of our smoke-free products’ performance.

PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI’s Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2024 and the Quarterly Report on Form 10-Q for the second quarter ended June 30, 2025. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.

About Kantar

Kantar is the world’s leading marketing data and analytics business. We deliver the intelligence needed to power brand growth.

We provide the signals that help organizations act quickly and confidently. We empower brands to make effective marketing decisions based on predictive evidence. And we help them craft powerful growth strategies rooted in the connection between consumers, brands and enterprise value. All this is powered by our uniquely robust human and synthetic data, our unrivalled IP, our AI-native platform and the team of global brand experts that bring this all together.

About Kantar BrandZ

Kantar BrandZ is the global currency when assessing brand value, quantifying the contribution of brands to business’ financial performance. Kantar’s annual global and local brand valuation rankings combine rigorously analyzed financial data, with extensive brand equity research. Since 1998, BrandZ has shared brand-building insights with business leaders based on interviews with 4.6 million consumers, for over 22,000 brands in 54 markets. Discover more about Kantar BrandZ here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260526629537/en/

Corey Henry

Philip Morris International

T: +1 (202) 679 7296

E: [email protected]

KEYWORDS: United States North America Canada New York Connecticut

INDUSTRY KEYWORDS: Tobacco Retail

MEDIA:

Logo

Posted on May 26, 2026 3:04 am
Long Desk Days Made More Comfortable: Logitech Introduces Signature Comfort Plus Lineup

Long Desk Days Made More Comfortable: Logitech Introduces Signature Comfort Plus Lineup

Logitech’s first cushioned palm support mouse and comfort keyboard for long, full work-life days

Logitech introduces cushioned palm support mouse and a keyboard with a soft palm rest and curved typing angles, built to make long desk days feel more comfortable

SmartWheel scrolling and silent mouse clicks are paired with a quiet typing profile for shared and hybrid spaces

Multi-OS compatibility, Easy-Switch to move between your work computer, home laptop, or tablet

Business version features Logi Bolt secure wireless and Logitech Sync IT management

LAUSANNE, Switzerland & SAN JOSE, Calif.–(BUSINESS WIRE)–
Logitech (SIX: LOGN) (NASDAQ: LOGI) today announced the launch of Signature Comfort Plus, the newest addition to Logitech’s Signature Series of everyday tools designed for modern work and life. Signature Comfort Plus is designed for long days at the desk where work and personal tasks overlap. It reduces the small, repeated friction of constant switching between your tasks and devices, and makes work-life smoother across the day through enhanced comfort, quieter mouse clicks, and simple controls. The new comfort-focused lineup includes the Signature Comfort Plus M850 L mouse with palm cushion support and the MK880 Signature Comfort Plus combo. The lineup also includes the M840 L mouse without a palm cushion.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260526119043/en/

Logitech today announced the Signature Comfort Plus lineup

“People now spend long, full days at their desks, constantly moving between tasks, screens, and personal moments,” said Art O’Gnimh, General Manager of Mice & Keyboard Solutions Group at Logitech. “These are tools that don’t ask for attention, they give it back, removing small distractions and adding comfort so everything feels smoother and more effortless.”

Built for long, full desk days

Signature Comfort Plus is designed to enhance comfort and everyday ease. The M850 L mouse debuts Logitech’s palm cushion design, paired with a sculpted right-hand shape and rubber side grips for a more relaxed feel over long hours. Real-world tested by professionals, the palm cushion is tuned for the kind of long desk days people actually have. The MK880 Signature Comfort Plus combo also features a keyboard with deep cushioned keys, a dual-foam palm rest, and curved typing angles designed for extended desk sessions.

Together, they support more comfortable hand positioning and quieter mouse clicks, with Easy-Switch across up to three devices plus customizable shortcuts, meeting controls, and AI launch access.

Ready for Business

Signature Comfort Plus lineup is also adapted for enterprise deployment at scale. Signature Comfort Plus for Business combines employee comfort with secure connectivity and simplified fleet management. The Logi Bolt USB-C receiver is included for secure, reliable connectivity in high-density environments. Devices can be monitored through Logitech Sync*, giving IT teams centralized visibility into device and firmware status. Multi-OS compatibility, quiet operation, and customizable controls support employee productivity without adding IT complexity. With global availability and customer support, it’s built to scale seamlessly across your workforce.

* Logitech’s device management platform that provides a secure and scalable approach to remotely manage Logitech devices. Requires Logi Tune downloaded on individual devices.

Designed for Sustainability

Signature Comfort Plus is developed in line with Design for Sustainability principles. Plastic parts in the Comfort Plus lineup contain between 49% and 77% certified post-consumer recycled plastic, depending on the color, helping enhance circularity and lower the products’ carbon footprint. Products ship in FSC™-certified paper packaging and are designed for long battery life, reducing the frequency of battery changes.

Key features

Cushion-first comfort design: Logitech’s first palm cushion mouse paired with a keyboard featuring a soft, dual-layer foam palm rest and naturally curved typing angles.

Quiet productivity experience: Silent mouse clicks and lower noise typing help reduce distraction in shared and hybrid workspaces.

Multi-device, multi-OS compatibility: It works seamlessly across operating systems with a multi-OS layout, and allows users to switch typing between up to three devices; your work computer, home laptop, tablet, or phone, using Easy-Switch keys.

Customizable controls with Logi Options+ and Logi Tune: With the Logi Options+ App, users can personalize their keyboard experience, assigning Smart Actions to automate common tasks, or using the AI Launch Key to instantly access preferred tools like Copilot, Gemini, or ChatGPT. With Logi Tune, users can assign functions for Zoom Workplace and Microsoft Teams applications.

Long-lasting, multi-year battery life: Up to three-year keyboard battery life and up to two-year mouse battery life.

Core technical highlights

Mouse*

Palm cushion support design

Right-hand sculpted shape with rubber side grips

Silent clicking and scrolling

SmartWheel precision and fast scrolling

Customizable buttons via Logi Options+

Actions ring direct access via Logi options+

Easy-Switch multi-device connectivity (up to 3 devices)

Multi-OS compatibility

Up to two-year battery life

Keyboard

Dual-foam palm rest and curved typing angles

Adjustable typing angles (0°, 4°, 8°)

Deep cushioned keys

Easy-Switch keys (connect and type on up to 3 devices)

Multi-OS layout (Windows/macOS/ChromeOS)

Customizable AI Launch Key

Supported by Logi Options+

Spill-resistant design

Up to three-year battery life

* Signature comfort plus M840 L mouse variant will have all the same features as above without the palm cushion

Business version

Logi Bolt USB-C secure wireless receiver

Compatible with Logitech Sync device management

Enterprise deployment support

Pricing and availability

Signature Comfort Plus M850 L palm cushion mouse, MK880 Signature Comfort Plus combo, and M840 L non-cushion mouse will be available globally for $49.99, $99.99 and $39.99 respectively starting June, 2026 onlogitech.com and through authorized resellers. The M850 L for Business, and MK880 combo for business will be available for $59.99 and $109.99 respectively. Products will be offered in graphite, off-white, and black, with specific color variants available by region and channel. Availability and configurations may vary.

About Logitech

Logitech designs software-enabled hardware solutions that help businesses thrive and bring people together when working, creating and gaming. As the point of connection between people and the digital world, our mission is to extend human potential in work and play, in a way that is good for people and the planet. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech and its other brands, including Logitech G, at www.logitech.com or company blog.

Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A. and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260526119043/en/

Editorial contact:

Parekhit Bhattacharjee

[email protected]

+65 84214855 // +91 8376940156

KEYWORDS: California Europe Switzerland United States North America

INDUSTRY KEYWORDS: Hardware Home Goods Chemicals/Plastics Retail Office Products Sustainability Manufacturing Consumer Electronics Technology Recycling Batteries Online Retail Environment Specialty Software Packaging

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Logitech today announced the Signature Comfort Plus lineup

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Posted on May 26, 2026 3:03 am
WeRide and Renault Group Return to Roland-Garros for Third Straight Year with Autonomous Robobus Service

PARIS, May 26, 2026 (GLOBE NEWSWIRE) — WeRide (NASDAQ: WRD, HKEX: 0800), a global leader in autonomous driving technology, today announced that it will once again deploy its autonomous Robobus at the Roland-Garros tournament – marking the third consecutive year of operations in partnership with Renault Group. Since 2024, the WeRide Robobus has provided the only autonomous public shuttle service at Roland-Garros, showcasing next-generation autonomous driving technology at one of the world’s most prestigious sporting events.

WeRide Robobus at Roland-Garros

Held annually in Paris, Roland-Garros – also known as the French Open – is one of the four Grand Slam tennis tournaments, drawing top-ranked players and hundreds of thousands of spectators each year. Its high‑density, high‑demand transport environment offers a real‑world stage to demonstrate the maturity and reliability of WeRide’s autonomous driving technology. This year, beti serves as the vehicle operator, overseeing daily on-ground operations.

During the event, the Robobus will operate along a 2.8‑kilometer route with a journey time of 12 minutes, connecting three stops – Carrefour des Anciens Combattants, Gate 5 Village Welcome Desk, and Porte d’Auteuil – along Avenue de la Porte d’Auteuil, which runs through the Roland-Garros stadium complex.

The service runs from May 24 to June 7, operating daily from 10.30am to 5pm, 6pm to 8pm, and 10pm to midnight. It also marks the second consecutive year of night‑time operations at Roland‑Garros, extending service hours following a successful rollout in 2025. This builds on WeRide and Renault Group’s broader collaboration across Europe, including the launch of a fully driverless Robobus service in France’s Drôme region in March 2025, and a pilot service in central Barcelona the same month – marking Spain’s first public‑road trial of a L4 autonomous vehicle for passenger transport.

Europe is a key market in WeRide’s global expansion strategy, with active deployments across France, Belgium, Switzerland, and Slovakia. Beyond France and Spain, WeRide’s Robobus is now in regular commercial operation in Belgium and has removed the front‑row safety driver from its Robobus at Zurich Airport, marking a key step towards fully driverless operations. In parallel, driverless Robotaxi services are set to launch in Furttal, Switzerland, while WeRide has also recently announced its entry into Slovakia as part of Europe’s first large-scale, multi-product autonomous driving commercial deployment. Together, these developments reinforce the company’s accelerating expansion and its commitment to scaling autonomous mobility solutions across the region.

About WeRide

WeRide is a global leader and a first mover in the autonomous driving industry, as well as the first publicly traded Robotaxi company. Our autonomous vehicles have been tested or operated in over 40 cities across 12 countries. We are also the first and only technology company whose products have received autonomous driving permits in eight markets: China, the UAE, Singapore, France, Switzerland, Saudi Arabia, Belgium, and the US. Empowered by the smart, versatile, cost-effective, and highly adaptable WeRide One platform, WeRide provides autonomous driving products and services from L2 to L4, addressing transportation needs in the mobility, logistics, and sanitation industries. WeRide was named to Fortune’s 2025 Change the World and 2025 Future 50 lists. https://www.weride.ai

About Renault

Renault Group is at the forefront of a mobility that is reinventing itself. The Group relies on the complementarity of its three automotive brands – Renault, Dacia, Alpine – and its financial captive – Mobilize Financial Services – to offer sustainable and innovative mobility solutions to its customers. Established in more than 100 countries, Renault Group sold 2.337 million vehicles in 2025. It employs more than 100,000 people who embody its Purpose every day, so that mobility brings people closer.

Ready to pursue challenges both on the road and in competition, the Group is committed to an ambitious and value-generating transformation focused on the development of new technologies and services, and a new range of even more competitive, balanced, and electrified vehicles. In line with environmental challenges, Renault Group’s ambition is to achieve carbon neutrality in Europe by 2040 and worldwide by 2050. More information: http://www.renaultgroup.com/en

About beti

beti provides digital services and solutions to clients, mobility operators, and automated driving technology providers in Europe, supporting the large-scale deployment of automated shuttles and robotaxis. beti has been collaborating with WeRide in Europe since October 2024. Macif, the leading insurance group in France, is a shareholder of beti and contributes to the growth of these new mobility solutions in Europe.

Media Contact

WeRide:
[email protected]

Renault Group:
Christophe Lavauzelle
Corporate communication manager
+33 6 09 09 25 44
[email protected]

Paul Jacobsoone
Corporate communication manager
+33 6 82 76 23 96
[email protected]

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about WeRide’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in WeRide’s filings with the U.S. Securities and Exchange Commission and announcements on the website of the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release. WeRide does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3b62a76c-78f6-4441-8c7e-a9de1a2c205a

Posted on May 26, 2026 2:52 am
Poland’s Poznan University of Technology Unveils IQM Quantum Computer to Drive Research and Education

Poland’s Poznan University of Technology Unveils IQM Quantum Computer to Drive Research and Education

IQM Radiance R1 is the first on-premises quantum computer for the PUT.

The university aims to use the system to spearhead quantum education and research while boosting STEM in the country.

This is the second operational quantum computer deployed in Poland by IQM.

The university recognizes the significant long-term potential of integrating quantum computing, artificial intelligence, and high-performance computing (HPC), and intends to play a key role in shaping this transformation in Europe.

POZNAN, Poland–(BUSINESS WIRE)–
Poznan University of Technology (PUT) has launched its first locally installed quantum computer, deployed by IQM Quantum Computers, to advance education and scientific research in the field of quantum technologies.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260525424085/en/

The moment Poland switched on IQM’s second quantum computer. Minister of Science and Higher Education Dr. Marcin Kulasek, IQM CEO Jan Goetz and CCO Sylwia de Weydenthal, Rector of Poznań University of Technology Prof. Teofil Jesionowski, and industry leaders mark the occasion.

The installation of the IQM Radiance R1 system at the university aligns with the strategic objectives outlined in Poland’s quantum technology development roadmap, as well as broader European initiatives in this area.

Poland has a strong foundation in quantum technologies, particularly in STEM (Science, Technology, Engineering, and Mathematics) disciplines, built on high academic standards currently supported by significant strategic investments from the government.

One of the key factors behind the university’s decision to select IQM’s offering was the company’s approach based on deployable, on-premises quantum systems, providing researchers, students, and engineers with direct access to a real quantum computer installed locally on campus.

This creates significantly broader opportunities for hands-on experimentation, infrastructure integration, education and hardware-level research compared to cloud-only access models.

“This is proof of our production quantum approach, where institutions such as Poznań University of Technology own their quantum computers, build internal expertise, and develop their own intellectual property,” said Jan Goetz, CEO and Co-founder of IQM Quantum Computers. “This deployment further strengthens Poland’s position as an important hub for quantum development in Central and Eastern Europe.”

The acquisition of the system also aligns with the growing quantum technology ecosystem in Poznan. Starting in October 2026, the university will begin enrolling students in a new engineering program entitled “Quantum Technologies,” further strengthening its long-term strategy for education and talent development.

In addition, the university will launch a master’s degree program focused on quantum computing and will provide access to the quantum computer for initiatives such as the emerging Polish Quantum Olympiad for secondary school students, as well as hackathons and other educational and innovation-focused events.

“The launch of a quantum computer at Poznan University of Technology is not only a milestone in the advancement of research, but above all the beginning of a new era in the education of our students. We want our students not merely to observe the technological revolution, but to actively help shape it from the very first years of their studies, using tools that are truly unique on a global scale,” said Prof. Teofil Jesionowski, Rector of Poznan University of Technology.

European and national strategies are increasingly emphasizing the importance of quantum technologies for scientific competitiveness, economic resilience and ensuring technological sovereignty. The university aims to actively engage in the development of this emerging ecosystem and contribute to its advancements.

With 23 systems sold to customers worldwide, IQM has agreed to a business combination with Real Asset Acquisition Corp. (Nasdaq: RAAQ), having recently filed an F-4 registration statement to list on the Nasdaq Stock Exchange in the U.S. IQM further intends to list on Nasdaq Helsinki after closing.

About Poznan University of Technology:

Poznan University of Technology is a modern academic institution, a leader in innovation, and a strategic partner to industry. It is the lead institution of the EUNICE (European University for Customised Education). As one of Poland’s foremost centers for research, education, and innovation, the university enjoys strong international recognition. Its strengths lie in a unique combination of world-class infrastructure, internationally accredited educational programs, and highly experienced research teams.

For years, the university has consistently strengthened its position as a center of expertise whose impact extends far beyond academia. Its assets include a fleet of training aircraft, nearly zero-energy buildings, and its own photovoltaic farm. Through active participation in major international research programs, including European Research Council grants, Horizon Europe, and Foundation for Polish Science initiatives, researchers, doctoral candidates, and students at Poznań University of Technology make significant contributions to the advancement of European science and innovation.

This vision of continuous progress is reflected in the university’s strategic investment in the technologies of tomorrow. The acquisition of a quantum computer positions Poznań University of Technology among an elite group of educational and research institutions worldwide. Thanks to this unique infrastructure, students gain an unparalleled opportunity to develop their skills through hands-on experience with one of the world’s most advanced technologies. This enables the university not only to drive breakthrough innovations in the post-silicon era, but above all to educate future leaders capable of defining new standards in global science and technology.

About IQM Quantum Computers:

IQM Finland Oy (“IQM Quantum Computers”, “IQM”, “the company”) is a global leader in superconducting quantum computers, delivering full-stack quantum systems and cloud platform access to research institutions, universities, high-performance computing centers, national laboratories and enterprises worldwide. IQM’s on-premises deployment model gives customers direct ownership and control of their quantum infrastructure. Founded in 2018, headquartered in Finland, it has over 350 employees. IQM operates across Europe, Asia, and North America. IQM has filed an F-4 registration statement to the SEC with the intention to become the first publicly listed European quantum company on Nasdaq Global Exchange in the U.S by merging with Real Asset Acquisition Corp. (Nasdaq: RAAQ).

View source version on businesswire.com: https://www.businesswire.com/news/home/20260525424085/en/

IQM Media contact:

Email: [email protected]

Mobile: +358 (0) 50 479 0845

KEYWORDS: Europe Poland North America Asia Pacific

INDUSTRY KEYWORDS: University Education Technology Semiconductor Other Technology Research Telecommunications Software Artificial Intelligence Science Hardware

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The moment Poland switched on IQM’s second quantum computer. Minister of Science and Higher Education Dr. Marcin Kulasek, IQM CEO Jan Goetz and CCO Sylwia de Weydenthal, Rector of Poznań University of Technology Prof. Teofil Jesionowski, and industry leaders mark the occasion.

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