JOYY

SINGAPORE, Aug. 26, 2026 /PRNewswire/ -- JOYY Inc. (NASDAQ: JOYY) ("JOYY" or the "Company"), a leading global technology company, today announced its unaudited financial results for the second quarter ended June 30, 2026. In the second quarter, JOYY generated total revenues of US$590.8 million, up 16.3% year over year and 6.3% quarter over quarter. Social entertainment revenue was US$422.7 million, up 7.4% year over year and 5.6% quarter over quarter. BIGO Ads revenue reached US$133.7 million, up 53.1% year over year. SHOPLINE revenue reached US$34.4 million, with year-over-year growth further accelerating to 28.6%. Non-livestreaming revenue accounted for 31.8% of total revenues for the quarter, further increasing as JOYY's diversified ecosystem continued to advance. Non-GAAP1 operating profit reached US$49.1 million, up 28.2% year over year and 29.4% quarter over quarter, while non-GAAP1 EBITDA reached US$56.9 million, up 18.1% year over year and 24.4% quarter over quarter. Operating cash inflow for the quarter was US$64.9 million. As of June 30, 2026, the Company held US$3.06 billion in net cash. Supported by a better-than-expected operational performance in 1H26 and enhanced operating leverage from improved efficiency across its business segments, JOYY now expects the Group's non-GAAP1 operating income growth to accelerate to approximately 20% year over year for the full year 2026. In May, JOYY updated its three-year shareholder return plan, establishing a US$1.5 billion shareholder return program running through the end of 2028. Since the start of this year, the Company has accelerated its capital returns. From January 1 to August 21, 2026, JOYY repurchased US$216.4 million of shares and paid US$142.4 million in dividends, returning a total of US$358.8 million to shareholders. Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, "Building on a strong start to the year, we delivered another solid result in the second quarter, recording revenue growth both year over year and quarter over quarter. Our Social Entertainment, BIGO Ads, and SHOPLINE businesses all advanced in tandem, while our globally diversified ecosystem continued to unlock growth momentum. AI is a foundational technology driving broader application and deeper integration across our core operations, fueling our multi-engine growth strategy. Looking ahead, as we continue to strengthen the core competitiveness and profitability profile of our three business segments, we expect to drive JOYY's long-term value creation into its next phase." Second Quarter 2026 Financial Highlights Net revenues in the second quarter of 2026 were US$590.8 million, representing an increase of 16.3% from US$507.8 million in the second quarter of 2025 and an increase of 6.3 % from US$555.7 million in the first quarter of 2026. - Social Entertainment revenue was US$422.7 million, representing an increase of 7.4% from US$393.8 million in the second quarter of 2025 and an increase of 5.6% from US$400.4 million in the first quarter of 2026. - BIGO Ads revenue was US$133.7 million, representing an increase of 53.1% from US$87.3 million in the second quarter of 2025 and an increase of 7.1% from US$124.8 million in the first quarter of 2026. - SHOPLINE revenue was US$34.4 million, representing an increase of 28.6% from US$26.7 million in the second quarter of 2025 and an increase of 12.5% from US$30.5 million in the first quarter of 2026. Operating income was US$13.8 million, representing an increase of 138.1% from US$5.8 million in the second quarter of 2025, and an increase of 102% from US$6.8 million in the first quarter of 2026. Non-GAAP1 operating income was US$49.1 million, representing an increase of 28.2% from US$38.3 million in the second quarter of 2025 and an increase of 29.4% from US$38 million in the first quarter of 2026. Non-GAAP1 EBITDA was US$56.9 million, representing an increase of 18.1% from US$48.2 million in the second quarter of 2025 and an increase of 24.4% from US$45.7 million in the first quarter of 2026. Net cash as of June 30, 2026 was US$3,059.3 million. Net cash from operating activities was US$64.9 million. Second Quarter 2026 Business Highlights Social Entertainment Business In the second quarter, the Company's social entertainment business continued its steady growth momentum, with revenue increasing 7.4% year over year and 5.6% quarter over quarter. Within this segment, livestreaming revenue grew 7.3% year over year and 5.9% quarter over quarter. The number of core livestreaming paying users grew 3.9% year over year and 1.7% quarter over quarter, while ARPPU increased 2.4% year over year and 3% quarter over quarter. In terms of the overall user scale, JOYY's global average mobile MAUs reached 277.1 million, up 5.5% year over year. Bigo Live, the Company's flagship product, recorded stronger sequential growth in the second quarter. This momentum was driven by ongoing enhancements to its streamer-incentive and growth mechanisms, a richer content ecosystem, and AI-powered improvements to content distribution and payment experiences. Together, these efforts effectively drove user engagement and greater willingness to pay. In the second quarter, Bigo Live's average daily active streamers increased 4.4% quarter over quarter, while newly signed streamers going live increased 5.4% quarter over quarter. Bigo Live continues to develop and refine its AI-driven content understanding capabilities. In particular, its focus is on improving onboarding content for new users and deepening user consumption. Through effectively identifying and distributing high-quality content across regions, Bigo Live can better match content with users' interests, improving their consumption experiences. To improve payment experience, Bigo Live has been expanding its AI-generated content and interactive virtual gifts. In May, these gifts accounted for 34.3% of total virtual gift consumption. On the operating side, Bigo Live has continued to strengthen its global ecosystem by leveraging cultural events, local activities, and content partnerships. During the second quarter, Bigo Live launched integrated online and offline campaigns around major cultural celebrations, including Thailand's Songkran Festival, Cinco de Mayo in Los Angeles, and the Atlanta Juneteenth Festival, facilitating multicultural exchanges and strengthening connections across diverse communities. Meanwhile, Bigo Live successfully hosted MISS BIGO 2026 in Vietnam and launched BIGO Miss America 2026, spanning North America and Latin America. These initiatives further reinforced Bigo Live's commitment to empowering women by providing a platform for them to express confidence, embrace diversity and showcase their individuality. In the MENA region, Bigo Live entered into a strategic partnership with MLBB to exclusively restream MPL MENA Season 9, further expanding its esports content portfolio and strengthening engagement with regional gaming communities. During the summer football season, Bigo Live launched a dedicated interactive content zone, leveraging football-themed content and creator-led activities to drive user engagement and foster greater community participation. BIGO Ads Advertising Technology Business In the second quarter, BIGO Ads generated revenue of US$133.7 million, up 53.1% year over year and 7.1% quarter over quarter. Notably, its third-party Audience Network ad revenue maintained strong momentum, delivering 74.1% year-over-year growth and 9.3% quarter-over-quarter growth. On the supply side, BIGO Ads' developer ecosystem and global traffic coverage continued to expand. Its SDK traffic maintained a steady increase, up 37.7% year over year in the second quarter. On the demand side, BIGO Ads' strategic presence across multiple verticals, combined with AI-driven algorithm iterations, growing traffic scale, and regional market expansion, drove strong advertiser demand. As a result, performance advertising demand across multiple channels, including Web and IAA, delivered standout results. Web-based demand grew 91.7% year over year, while IAA demand recorded 70.6% year-over-year growth. On the algorithm side, continued investments in algorithm and engineering infrastructure, platform algorithmic capabilities, and cost efficiency are compounding into a positive cycle that will drive the next stage of BIGO Ads' development. As it accumulates more advertiser feedback data and continues to refine its multi-channel attribution capabilities, its user profiling and targeting capabilities are improving. Building on this, BIGO Ads continues to iterate its vertical-specific models and strengthen its platform capabilities. The business is focusing on traffic segmentation and budget matching, traffic bidding, and post-campaign optimization. Together, these efforts are improving the matching efficiency between budget and traffic, and overall monetization efficiency. At the same time, BIGO Ads is advancing upgrades to its algorithm and engineering systems and continuously optimizing compute scheduling and server costs, which allows it to manage infrastructure costs more efficiently even as request volumes grow rapidly. As BIGO Ads builds out its three-layer system of vertical algorithms, platform algorithm capabilities, and engineering infrastructure, the data accumulated from a growing customer and traffic base is expected to further feed back into model optimization. This will help drive a virtuous cycle across delivery performance, advertiser budgets, and traffic monetization efficiency, providing stronger technological momentum for the next stage of BIGO Ads' scaled growth. SHOPLINE E-Commerce Business In the second quarter, SHOPLINE generated revenue of US$34.4 million, up 28.6% year over year and 12.5% quarter over quarter, with revenue growth speeding up from the first quarter. Business from cross-border merchants sustained strong growth of 73.5% year over year, driving the acceleration in overall revenue expansion. As AI opens up new traffic and transaction entry points, commercial scenarios are becoming increasingly diverse and fragmented, driving growing demand among merchants for a unified, open, and connectable e-commerce infrastructure. This trend further highlights SHOPLINE's value as an omnichannel commerce infrastructure. SHOPLINE has expanded its integrations with multiple leading AI Agents. This enables merchants to capture the traffic and transactions from these new entry points, while converting orders, customer relationships, and operating data across channels into a lasting asset for merchants. In the first half, for SHOPLINE merchants, page views from AI channels grew nearly 15-fold year over year and order volume grew over 35-fold year over year. In addition, SHOPLINE Copilot is being rolled out in phases and has entered closed beta testing, enabling merchants to manage their online stores more efficiently using natural language. This marks another step in SHOPLINE's efforts to gradually integrate AI across the entire merchant operating journey and help merchants connect with consumers, manage operations, and drive business growth more efficiently. SHOPLINE's long-term growth is aligned with merchant success. High-retention subscription services provide a stable revenue foundation. Value-added services such as payments and marketing allow SHOPLINE to participate more deeply in merchant GMV growth. As its merchant base and GMV continue to increase, value-added services are expected to deliver stronger operating leverage and contribute more momentum to SHOPLINE's business growth. 1.This press release includes certain non-GAAP financial measures as additional clarifying items to aid investors in further understanding the Company's performance and the impact that these items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. For details of the non-GAAP measures, including the reconciliations of GAAP measures to non-GAAP measures, please refer to the press release titled "JOYY Reports Second Quarter 2026 Unaudited Financial Results" issued by the Company on August 26, 2026. 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This article first appeared on GuruFocus. Total Net Revenues: $591 million, up 16.3% year-over-year and 6.3% quarter-over-quarter. Social Entertainment Revenue: $423 million, up 7.4% year-over-year and 5.6% quarter-over-quarter. Bigo Ads Revenue: $134 million, up 53.1% year-over-year and 7.1% quarter-over-quarter. Shopline Revenue: $34 million, up 28.6% year-over-year and 12.5% quarter-over-quarter. Gross Profit: $202 million, up 8.8% year-over-year and 6.5% quarter-over-quarter; gross margin at 34.1%. Non-GAAP Operating Income: $49 million, up 28.2% year-over-year and 29.4% quarter-over-quarter. Non-GAAP EBITDA: $57 million, up 18.1% year-over-year and 24.4% quarter-over-quarter. Non-GAAP Net Income: $63 million, representing a non-GAAP net margin of 10.7%. Operating Cash Flow: $65 million for the quarter. Net Cash Position: $3.06 billion as of June 30, 2026. Shareholder Returns: $359 million returned year-to-date through August 21, 2026, via share repurchases ($216 million) and dividends ($142 million). Warning! GuruFocus has detected 7 Warning Signs with JOYY. Is JOYY fairly valued? Test your thesis with our free DCF calculator. Release Date: August 26, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. JOYY Inc (NASDAQ:JOYY) delivered strong Q2 2026 results with total revenue of $591 million, up 16.3% year-over-year and 6.3% quarter-over-quarter, exceeding expectations. The company's third-party advertising business, Bigo Audience Network, showed exceptional growth, with revenue up 74.1% year-over-year and 9.3% sequentially, driven by strong demand and algorithm improvements. Shopline's revenue growth accelerated to 28.6% year-over-year, with cross-border merchant revenue surging 73.5%, positioning the segment for continued expansion and a path to profitability by 2028. JOYY Inc (NASDAQ:JOYY) maintained a strong balance sheet with $3.06 billion in net cash and generated $65 million in operating cash flow, supporting ongoing shareholder returns. The company raised its full-year 2026 non-GAAP operating income growth guidance to around 20% year-over-year, up from previous teens-level expectations, reflecting improved operating leverage. Shareholder returns were robust, with $359 million returned year-to-date through dividends and buybacks, exceeding the total for the full year 2025, and management remains committed to further buybacks. JOYY Inc (NASDAQ:JOYY) recorded a significant unrealized foreign exchange loss of $40 million in Q2 2026 due to the weakening US dollar, which negatively impacted non-GAAP net income. Gross margin for the overall company declined sequentially to 34.1%, driven by a revenue mix shift toward lower-margin third-party advertising and Shopline value-added services. The company's social entertainment business is expected to grow only at a moderate single-digit rate in Q3 2026, indicating slower momentum compared to other segments. Operating expenses increased year-over-year, with sales and marketing costs rising in line with revenue growth and G&A expenses up due to higher share-based compensation. The company faces ongoing uncertainty from foreign exchange fluctuations, which could continue to impact net income in future quarters, as noted in the Q3 outlook. Despite strong growth, the third-party advertising business is still in a rapid expansion phase, requiring continued investment in R&D, sales, and infrastructure, which may pressure near-term profitability. Q: Could management elaborate on the sustainability of the live streaming business recovery and share your view on the longer-term outlook?A: In Q2, our live streaming business grew 5.9% sequentially, with year-over-year growth accelerating to 7.3%, driven by growth in both paying users and ARPPU. Core live streaming paying users grew 3.9% year-over-year. The recovery is driven by revenue growth in developed markets and solid sequential growth in the Middle East, supported by our new voice product portfolio. We are confident that our social entertainment business will achieve full-year revenue growth in 2026 and sustain a steady growth trajectory beyond. Q: How should we look at the outlook for the third-party advertising business in the second half of this year in terms of growth rate and margin profile?A: Our third-party advertising business sustained strong momentum with revenue increasing 74.1% year-over-year and 9.3% quarter-over-quarter, exceeding expectations. Web-based demand grew 91.7% year-over-year, while in-app advertising spending grew 70.6%. We are highly confident this business will continue to deliver strong growth. While it is still in a rapid expansion phase requiring continued investment, the business has healthy unit economics, giving us confidence we can remain profitable while steadily improving margins over the medium term as we scale. Q: Can management comment on the 2026 revenue and profit guidance across different business segments?A: For Q3 2026, we expect total revenue growth of 11.4% to 15.2% year-over-year. Social entertainment should deliver moderate single-digit growth, Bigo Ads strong double-digit growth, and Shopline more than 25% growth. For the full year, we expect social entertainment to deliver steady growth, Bigo Ads strong mid-double-digit growth, and Shopline to exceed 20% growth. Based on better-than-expected first-half performance, we now expect full-year 2026 non-GAAP operating profit to grow around 20% year-over-year, up from our previous expectation of teens-level growth. Q: What is the latest development and growth drivers for Shopline, and what would be the profit breakeven roadmap?A: AI is creating new growth opportunities for Shopline as new traffic and transaction entry points emerge. Revenue from cross-border merchants grew 73.5% year-over-year in Q2, driving overall acceleration. Our business model aligns with merchant success: subscription fees provide stable recurring revenue, while value-added services like payments and marketing allow us to participate in GMV growth. R&D expense has largely stabilized, and continued growth in revenue and gross profit is driving operating leverage. We are confident Shopline will further narrow losses in 2026 and reach operating breakeven by 2028. Q: What will be the pace of future buybacks, and how does the group balance growth investments versus cash returns?A: Since the beginning of the year to August 21, we have bought back $216 million of shares. There is no inherent trade-off between investing for growth and returning capital. We hold a net cash position of $3.06 billion, and all three business segments are on well-defined growth trajectories. We believe the current share price does not fully reflect our long-term growth potential. We will continue to actively return capital to shareholders, and as operating profit grows, shareholders can look forward to greater returns in the long run. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

SINGAPORE, Aug. 26, 2026 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: JOYY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the second quarter of 2026. Second Quarter 2026 Financial Highlights1 Net revenues were US$590.8 million, an increase of 16.3% from US$507.8 million in the corresponding period of 2025, and an increase of 6.3% from US$555.7 million in the first quarter of 2026. Operating income was US$13.8 million, an increase of 138.1% from US$5.8 million in the corresponding period of 2025, and an increase of 102.0% from US$6.8 million in the first quarter of 2026. Non-GAAP EBITDA2 was US$56.9 million, an increase of 18.1% from US$48.2 million in the corresponding period of 2025, and an increase of 24.4% from US$45.7 million in the first quarter of 2026. Net income from continuing operations attributable to controlling interest of JOYY3 was US$51.8 million, compared with US$60.8 million in the corresponding period of 2025 and US$50.7 million in the first quarter of 2026. Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY4 was US$63.5 million, compared with US$77.0 million in the corresponding period of 2025 and US$55.9 million in the first quarter of 2026. Net Cash5 as of June 30, 2026 was US$3,059.3 million. Net Cash from operating activities was US$64.9 million, compared with US$57.6 million in the corresponding period of 2025. Second Quarter 2026 Business Highlights Global community: Global average mobile MAUs6 reached 277.1 million in the second quarter of 2026, up by 5.5% from 262.5 million in the corresponding period of 2025, and up by 0.3% from 276.3 million in the first quarter of 2026. The Company continued to optimize its marketing strategies to focus on return on investment (ROI) and high-value users. Social Entertainment: In the second quarter, Social Entertainment revenues increased by 7.4% year over year to US$422.7 million, with live streaming revenues reaching US$402.6 million, a 7.3% increase from the corresponding period of 2025. By region, live streaming revenues in developed markets grew 11.8% year over year, reflecting strong performance in key geographies. In the second quarter, core live streaming paying users7 increased by 3.9% year over year to 1.56 million, while ARPPU8 increased by 2.4% year over year to US$220.5. The Company continued to make enhancements to its streamer incentive and growth mechanisms, including a richer content ecosystem, AI-powered improvements to content distribution and payment experience, and localized operating initiatives. Average daily active streamers increased by 4.4% quarter over quarter, and newly signed streamers going live increased by 5.4% quarter over quarter. In content distribution, the Company continued to develop its AI-driven content understanding capabilities, focusing on onboarding content for new users and deepening user consumption, allowing high-quality content to be more precisely matched to interested users across regions. In May 2026, AI-generated interactive virtual gifts accounted for 34.3% of total virtual gift consumption on Bigo Live. B2B Initiatives: Advertising Technology and Smart Commerce Beginning in 2022, the Company ramped up efforts to diversify its revenue streams, cultivating its new initiatives in advertising technology and smart commerce. The Company has made steady progress advancing towards its strategic positioning as a global tech company powered by multiple growth engines. In the second quarter, total non‑live streaming revenues reached US$188.1 million, up by 42.1% year over year, representing 31.8% of total net revenues of the Company, compared with 26.1% in the corresponding period of 2025. BIGO Ads: BIGO Ads is a global AI-powered programmatic advertising platform. Launched to provide one-stop marketing and monetization solutions, it leverages deep learning, real-time bidding, and smart bidding models (such as oCPC and ROAS optimization) to enable brands to scale user acquisition and app developers to effectively unlock monetization potential through connecting premium global demand. In the second quarter, BIGO Ads’ total revenues grew by 53.1% year over year to US$133.7 million. In particular, BIGO Audience Network, which includes third-party advertising revenues generated on network partners’ traffic properties, continued to demonstrate strong momentum, with revenues increasing by 74.1% year over year. BIGO Ads has access to a vast traffic pool, comprising the Company’s own global average mobile MAU base and an extensive network of third-party traffic through seamless integration of developer traffic across major channels. During the second quarter, Software Development Kit (SDK) traffic maintained steady growth, with SDK advertising requests up 37.7% year over year. BIGO Ads continued to invest in its algorithm and engineering infrastructure during the quarter. By strengthening multi-channel attribution and accumulating customer feedback data, BIGO Ads further enhanced its user profiling and targeting capabilities. In parallel, the continuous iteration of vertical-specific models improved budget matching, traffic bidding, and post-campaign optimization efficiency. Furthermore, intelligent upgrades to compute scheduling and system architecture allowed the platform to optimize infrastructure costs effectively, even amid rapid request volume growth. Broader traffic coverage, multi-vertical advertiser expansion, and ongoing algorithm optimization fueled accelerated growth. Web-based demand grew 91.7% year over year. In-App Advertising (IAA) spending recorded 70.6% year-over-year growth. Shopline: Shopline serves as a global AI-powered operating system for modern retail. Beyond storefront creation, Shopline offers a deeply integrated suite of merchant services across payments, logistics, marketing, and data analytics. It is an open, extensible omnichannel platform that enables merchants to manage the full commerce value chain from store setup and transactions to fulfillment, customer acquisition, and lifecycle engagement. Shopline has helped merchants in diverse industries across multiple markets to launch and scale their businesses. Shopline currently generates revenues from recurring software subscription fees and a suite of transaction-based value-added services, including localized payment processing (Shopline Payments) and marketing solutions. In the second quarter, Shopline generated revenues of US$34.4 million, up 28.6% year over year and 12.5% quarter over quarter, with revenue growth accelerating from the first quarter. Cross-border merchants revenue sustained strong growth of 73.5% year over year, driving the acceleration in overall revenue growth. With AI-driven discovery emerging as an e-commerce scenario, Shopline expanded its integrations with multiple AI agents during the quarter to help merchants effectively capture traffic and convert cross-channel orders, customer relationships, and operational data into long-term proprietary assets. Shopline fuels AI with complete business context to deliver actionable insights and continuously boost operational and decision-making efficiency. Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, “We are pleased to report another quarter of strong performance. Total revenues for the second quarter reached US$590.8 million, up 16.3% year over year, with revenue growth accelerating and operating income improving notably. Our Social Entertainment, BIGO Ads, and Shopline businesses all advanced in tandem, and our globally diversified ecosystem continued to unlock new growth opportunities as we forged ahead towards the next stage of our development. We remain committed to delivering shareholder value, returning a total of US$358.8 million year-to-date through August 21, 2026, comprising US$142.4 million in dividends and US$216.4 million in share repurchases. Social Entertainment revenues grew 7.4% year over year, with live streaming revenue up 7.3% year over year, and core live streaming paying users and ARPPU both improving. BIGO Ads revenues grew 53.1% year over year to US$133.7 million, with our third-party BIGO Audience Network sustaining strong growth of 74.1% year over year. Shopline revenues reached US$34.4 million, up 28.6% year over year, with growth accelerating from the first quarter on continued strength from cross-border merchants. For the full year of 2026, we remain confident in delivering solid revenue growth across the Group. On the profitability front, supported by a better-than-expected operational performance in the first half of the year and enhanced operating leverage from improved efficiency across our business segments, we expect the Group’s full-year 2026 non-GAAP operating income to achieve approximately 20% year-over-year growth. AI remains the technology foundation of our long-term strategy, driving measurable improvements across our streamer ecosystem, content distribution, advertising models, and merchant operations on Shopline. Together, these efforts reinforce the closed-loop system across our three business segments, and we remain confident this multi-engine strategy will continue to drive long-term value for JOYY and our shareholders.” Second Quarter 2026 Financial Results NET REVENUES Net revenues were US$590.8 million, representing an increase of 16.3% from US$507.8 million in the corresponding period of 2025, and an increase of 6.3% from US$555.7 million in the first quarter of 2026. Social Entertainment net revenues increased by 7.4% to US$422.7 million from US$393.8 million in the corresponding period of 2025, and by 5.6% from US$400.4 million in the first quarter of 2026. The year-over-year and quarter-over-quarter increases were primarily driven by higher live streaming revenues, as expanded content categories and enhanced localized operations contributed to stronger user engagement and spending across key markets. BIGO Ads net revenues increased by 53.1% to US$133.7 million from US$87.3 million in the corresponding period of 2025, and by 7.1% from US$124.8 million in the first quarter of 2026. The year-over-year and quarter-over-quarter increases were driven by expansion of traffic, elevated advertiser demand across regions and verticals, and enhanced algorithm performance that resulted in improved advertisement delivery efficiency and higher advertiser spending. Shopline net revenues increased by 28.6% to US$34.4 million from US$26.7 million in the corresponding period of 2025, and by 12.5% from US$30.5 million in the first quarter of 2026. The year-over-year and quarter-over-quarter increases were mainly due to continued merchant adoption and deeper penetration of value-added services. COST OF REVENUES AND GROSS PROFIT Cost of revenues was US$389.2 million in the second quarter of 2026, compared with US$322.5 million in the corresponding period of 2025 and US$366.4 million in the first quarter of 2026. Social Entertainment’s cost of revenues increased by 6.5% year-over-year to US$264.6 million, and by 3.4% from US$256.0 million in the first quarter of 2026. The year-over-year and quarter-over-quarter increases were primarily attributable to higher revenue-sharing fees and content costs of US$25.0 million and US$10.9 million, respectively. BIGO Ads’ cost of revenues increased by 77.5% year over year to US$106.3 million, and by 11.1% from US$95.6 million in the first quarter of 2026. The year-over-year and quarter-over-quarter increases were primarily attributable to higher traffic acquisition costs paid to third-party partners in relation to the expansion of BIGO Audience Network. Shopline’s cost of revenues increased by 29.4% year over year to US$18.3 million, and by 23.8% from US$14.8 million in the first quarter of 2026. The year-over-year and quarter-over-quarter increases were primarily attributable to higher payment processing costs, reflecting an increased contribution from payment services to Shopline’s revenue mix. Gross profit was US$201.6 million in the second quarter of 2026, compared with US$185.2 million in the corresponding period of 2025 and US$189.3 million in the first quarter of 2026. Gross margin was 34.1% in the second quarter of 2026, compared with 36.5% in the corresponding period of 2025 and 34.1% in the first quarter of 2026. OPERATING EXPENSES AND INCOME Operating expenses were US$188.2 million in the second quarter of 2026, compared with US$179.8 million in the same period of 2025 and US$183.4 million in the first quarter of 2026. Among the operating expenses, sales and marketing expenses were US$79.6 million, compared with US$71.9 million in the corresponding period of 2025 and US$79.6 million in the first quarter of 2026. Research and development expenses were US$53.0 million, compared with US$60.1 million in the corresponding period of 2025 and US$61.2 million in the first quarter of 2026. General and administrative expenses were US$55.6 million, compared with US$47.9 million in the corresponding period of 2025 and US$42.6 million in the first quarter of 2026. Operating income was US$13.8 million, compared with US$5.8 million in the corresponding period of 2025 and US$6.8 million in the first quarter of 2026. Non-GAAP operating income9 was US$49.1 million in the second quarter of 2026, compared with US$38.3 million in the corresponding period of 2025 and US$38.0 million in the first quarter of 2026. Non-GAAP operating income margin10 was 8.3% in the second quarter of 2026, compared with 7.5% in the corresponding period of 2025 and 6.8% in the first quarter of 2026. Non-GAAP EBITDA was US$56.9 million, compared with US$48.2 million in the corresponding period of 2025 and US$45.7 million in the first quarter of 2026. Non-GAAP EBITDA margin11 was 9.6%, compared with 9.5% in the corresponding period of 2025 and 8.2% in the first quarter of 2026. NET INCOME Net income from continuing operations attributable to controlling interest of JOYY was US$51.8 million, compared with US$60.8 million in the corresponding period of 2025 and US$50.7 million in the first quarter of 2026. Net income margin was 8.8% in the second quarter of 2026, compared with 12.0% in the corresponding period of 2025 and 9.1% in the first quarter of 2026. Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$63.5 million, compared with US$77.0 million in the corresponding period of 2025 and US$55.9 million in the first quarter of 2026. Non-GAAP net income margin12 was 10.7% in the second quarter of 2026, compared with 15.2% in the corresponding period of 2025 and 10.1% in the first quarter of 2026. NET INCOME PER ADS Diluted net income from continuing operations per ADS13 was US$1.01 in the second quarter of 2026, compared with US$1.13 in the corresponding period of 2025 and US$1.00 in the first quarter of 2026. Non-GAAP diluted net income from continuing operations per ADS14 was US$1.24 in the second quarter of 2026, compared with US$1.44 in the corresponding period of 2025 and US$1.11 in the first quarter of 2026. BALANCE SHEET AND CASH FLOWS As of June 30, 2026, the Company had net cash of US$3,059.3 million, compared with US$3,258.0 million as of December 31, 2025. For the second quarter of 2026, net cash from operating activities was US$64.9 million. SHARES OUTSTANDING As of June 30, 2026, the Company had a total of 979.5 million common shares outstanding, representing the equivalent of 49.0 million ADSs assuming the conversion of all common shares into ADSs. Business Outlook For the third quarter of 2026, the Company expects net revenues to be between US$602 million and US$622 million. This forecast reflects the Company’s current and preliminary views on the market, operational conditions, and business strategies, which are subject to change, particularly as to the potential impact from macroeconomic uncertainties. Share Repurchase Programs Pursuant to the Company’s up-to-US$600 million share repurchase program authorized in May 2026, or the 2026 Share Repurchase Program, which is effective through the end of 2028, the Company had repurchased approximately 1.1 million ADSs for an aggregate consideration of US$72.9 million on the open market during the second quarter of 2026. In addition, under the previous share repurchase program, which was authorized in March 2025 and replaced by the 2026 Share Repurchase Program in May 2026, the Company repurchased approximately 0.6 million ADSs for an aggregate consideration of US$35.0 million on the open market during the second quarter of 2026. Between July 1, 2026 and August 21, 2026, the Company repurchased an additional approximately 0.8 million ADSs, for an aggregate consideration of US$55.5 million under the 2026 Share Repurchase Program. The remaining unutilized amount under the 2026 Share Repurchase Program was approximately US$471.6 million as of August 21, 2026. Quarterly Dividend Program On May 22, 2026, the board of directors of the Company authorized a quarterly dividend program, or the 2026 Dividend Program, under which a total of approximately US$900 million in cash will be distributed on a quarterly basis between 2026 and 2028. Pursuant to the 2026 Dividend Program, the board of directors has accordingly declared a dividend of US$1.55 per ADS, or US$0.0775 per common share, for the second quarter of 2026, which is expected to be paid on October 16, 2026 to shareholders of record as of the close of business on September 30, 2026. The ex-dividend date will be September 30, 2026. Conference Call Information The Company will hold a conference call at 9:00 PM U.S. Eastern Time Tuesday, August 25, 2026 (9:00 AM Singapore/Hong Kong Time on Wednesday, August 26, 2026). Details for the conference call are as follows: All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email. PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10056759-hu76t5.html A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.joyy.com. The replay will be accessible through September 2, 2026, by dialing the following numbers: About JOYY Inc. JOYY (NASDAQ: JOYY) is a leading global technology company, dedicated to building a self-reinforcing ecosystem that integrates social entertainment, programmatic advertising, and omnichannel e-commerce infrastructure, powered by AI and data intelligence. Headquartered in Singapore and operating across the globe, JOYY empowers creators, merchants and enterprises worldwide. JOYY’s ADSs have been listed on the NASDAQ since November 2012. Safe Harbor Statement This press release 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 terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), 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 JOYY’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: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the global online social entertainment, advertising and smart commerce market; JOYY’s ability to attract and retain users and customers; JOYY’s expectations regarding demand for and market acceptances of its products and services; JOYY’s ability to adopt the latest technology to enhance its operations; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Use of Non-GAAP Financial Measures The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). JOYY uses non-GAAP operating (loss) income, non-GAAP operating income (loss) margin, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY, non-GAAP net income (loss) margin attributable to controlling interest and common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) from continuing operations per ADS, all of which are non-GAAP financial measures adjusted from the most comparable U.S. GAAP results. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain (loss) on deconsolidation and disposal of subsidiaries and business. Non-GAAP operating income (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations is net income (loss) from continuing operations excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments (referring to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP EBITDA is non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions), and non-GAAP EBITDA margin is non-GAAP EBITDA as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY is net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) from continuing operations attributable to non-controlling interest shareholders. Non-GAAP net income (loss) margin is non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY is net income (loss) from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, gain on repurchase of redeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) from continuing operations attributable to non-controlling interest shareholders. Basic and diluted non-GAAP net income (loss) from continuing operations per ADS is non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income (loss) per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses, amortization of intangible assets from business acquisitions, and interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) from continuing operations attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures in isolation from or as an alternative to the financial measures prepared in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, 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 “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release. Investor Relations Contact JOYY Inc.Investor RelationsEmail: [email protected] 1 The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. Starting from the first quarter of 2026, the Company reports three segments, Social Entertainment, BIGO Ads and Shopline, to reflect changes made to the reporting structure whose financial information is reviewed by the chief operating decision makers of the Company under its evolving operating strategies. Social Entertainment mainly includes live streaming services on our social entertainment platforms including but not limited to Bigo Live, Likee, imo, and others. BIGO Ads mainly engages in advertising services on the Company’s own properties (specifically Likee and imo) and third-party network partners’ properties. Shopline mainly engages in providing omnichannel smart commerce solutions for merchants. Prior period segment information has been recast to conform to the current period’s presentation. 2 Non-GAAP EBITDA is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions). Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 3 Net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations less net (loss) income from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders. 4 Non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY is a non-GAAP financial measure, which is defined as net income (loss) from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, interest expenses related to the convertible bonds amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 5 Net cash is calculated as the sum of cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits, short-term investments, long-term deposits and held-to-maturity investments, less short-term and long-term loans. 6 Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s active mobile users for each month of such period, by (ii) the number of months in such period. 7 Core live streaming paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the relevant period. 8 Average revenue per user is calculated by dividing the Company’s total revenues from live streaming on Bigo Live, Likee and imo during a given period by the number of paying users for the Company’s live streaming services on these platforms for that period. 9 Non-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain (loss) on deconsolidation and disposal of subsidiaries and business. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 10 Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 11 Non-GAAP EBITDA margin is a non-GAAP financial measure, which is defined as non-GAAP EBITDA as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 12 Non-GAAP net income (loss) margin is non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY as a percentage of net revenues. 13 ADS refers to American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS. 14 Non-GAAP diluted net income (loss) from continuing operations per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

This article first appeared on GuruFocus. Total Revenue: $556 million, up 12.4% year over year. Social Entertainment Revenue: $400 million, up 3.2% year over year. BIGO Ads Revenue: $125 million, up 55.6% year over year. SHOPLINE Revenue: $31 million, up 16.1% year over year. Non-GAAP Operating Profit: $38 million, up 22.5% year over year. EBITDA: $46 million, up 13.2% year over year. Operating Cash Flow: $46 million. Net Cash Position: $3.18 billion as of March 31, 2026. Shareholder Returns: $157 million returned through share buybacks and dividends. Gross Profit: $189.3 million with a gross margin of 34.1%. Non-GAAP Net Income: $55.9 million with a net income margin of 10.1%. Q2 Revenue Guidance: $562 million to $581 million, implying 10.7% to 14.4% year-over-year growth. Warning! GuruFocus has detected 7 Warning Signs with JOYY. Is JOYY fairly valued? Test your thesis with our free DCF calculator. Release Date: May 26, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. JOYY Inc (NASDAQ:JOYY) reported a strong year-over-year revenue growth of 12.4% for Q1 2026, marking its strongest growth rate in recent years. The Social Entertainment segment returned to year-over-year growth with a 3.2% increase, driven by a 2.4% rise in live streaming revenue. BIGO Ads achieved exceptional growth, with revenue up 55.6% year over year, and the BIGO Audience Network saw a 78.8% increase. SHOPLINE, reported as a standalone segment for the first time, delivered a 16.1% year-over-year revenue growth, with cross-border merchant revenue growing over 60%. JOYY Inc (NASDAQ:JOYY) announced a new three-year shareholder return program totaling $1.5 billion, reflecting strong confidence in the company's long-term potential. Despite the positive growth, the company faced a significant unrealized FX loss of $13.6 million due to the weakening US dollar. BIGO Ads' gross margin declined quarter over quarter due to a shift in revenue mix towards lower-margin network revenues. The company anticipates continued FX fluctuations, which may impact net profit levels in the short term. Operating expenses increased year over year, driven by higher sales and marketing expenses and increased share-based compensation. SHOPLINE, while showing growth, is still on the path to breakeven by 2028, indicating ongoing operational losses in the near term. Q: Can management elaborate on the sustainability of the positive year-on-year growth in Social Entertainment, particularly live streaming revenue, and provide the full-year outlook for 2026? A: Ting Li, Chairperson and CEO, explained that Social Entertainment revenue grew by 3.2% year over year in Q1, with live streaming revenue up 2.4%. This growth is attributed to structural enhancements, including improved streamer incentive mechanisms. Despite Q1 being a low season, active streamers and streaming hours increased. The company expects steady positive growth in Social Entertainment revenue for 2026, with Q2 guidance indicating low- to mid-single-digit year-over-year growth. Q: What are the expectations for revenue and profit growth across JOYY's business segments for 2026? A: Alex Liu, Vice President, stated that for Q2, the group expects 10.7% to 14.4% year-over-year revenue growth. Social Entertainment is expected to deliver low- to mid-single-digit growth, BIGO Ads mid-double-digit growth, and SHOPLINE's growth to accelerate to about 25% year over year. For the full year, all segments are expected to deliver positive growth, with continued improvements in operating profit and EBITDA. Q: Can you provide insights into BIGO Ads' performance and future growth drivers? A: Ting Li highlighted that BIGO Ads grew by 55.6% year over year in Q1, driven by a multi-vertical strategy and algo optimization. The company is seeing improvements in monetization efficiency and expects the algo flywheel to be a primary engine for advertising revenue growth, particularly in the second half of the year. Partnerships with mediation platforms are also expected to expand traffic coverage. Q: What is the latest update on SHOPLINE, and what is the path to breakeven and profitability? A: Ting Li explained that SHOPLINE is positioned as an AI-native omnichannel e-commerce infrastructure. The monetization model includes subscription fees and value-added services. With stabilized R&D spending and improved revenue, SHOPLINE's losses are narrowing. The company aims for SHOPLINE to reach breakeven by 2028. Q: What is the rationale behind the new $1.5 billion shareholder return plan? A: Alex Liu stated that the new plan, which includes $600 million in share buybacks and $900 million in dividends over three years, reflects the company's growth trajectory and strong cash position. The plan is a direct expression of management's confidence in JOYY's long-term potential and aims to enable shareholders to benefit from operational improvements. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

SINGAPORE, May 26, 2026 /PRNewswire/ -- JOYY Inc. (NASDAQ: JOYY) ("JOYY" or the "Company"), a leading global technology company, today announced its unaudited financial results for the first quarter ended March 31, 2026. In the first quarter, JOYY's globally diversified ecosystem continued to take shape, with its three business pillars—social entertainment, advertising, and e-commerce—bolstering one another in a self-reinforcing strategic flywheel. The Company's total revenues for the quarter grew 12.4% year over year to US$555.7 million, the highest year-over-year growth rate the Company has delivered in recent years. Social entertainment revenue was US$400.4 million, up 3.2% year over year, while the Company's second growth engine, BIGO Ads ad tech and SHOPLINE e-commerce, continued to scale with strong momentum. BIGO Ads contributed US$124.8 million, up 55.6% year over year, while SHOPLINE revenue increased 16.1% year over year to US$30.5 million. In the first quarter, non-GAAP[1] operating income and non-GAAP[1] EBITDA came in at US$38.0 million and US$45.7 million, up 22.5% and 13.2% year over year, respectively. Operating cash inflow for the quarter was US$46.0 million. Simultaneously, JOYY announced a new share repurchase program, under which the Company is authorized to repurchase up to US$600 million of its shares until the end of 2028, and a new quarterly dividend program, under which a total of approximately US$900 million in cash will be distributed on a quarterly basis between 2026 and 2028. The new shareholder return program, totaling US$1.5 billion, represents a significant increase compared to the previous program (US$900 million) announced in 2025. From January 1 to May 22, 2026, JOYY had returned a total of US$156.8 million to shareholders through US$87.9 million in share repurchases and US$68.9 million in dividends, under its 2025 program. Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, "We delivered a strong start to 2026. Total revenues for the first quarter reached US$555.7 million, up by 12.4% year over year, our strongest year-over-year growth rate in recent years. This quarter marks the first time we are reporting results under our new three-segment structure: Social Entertainment, BIGO Ads, and SHOPLINE. Our AI-driven globally diversified ecosystem is taking shape with social entertainment, advertising, and e-commerce reinforcing one another in a powerful strategic flywheel. With AI serving as the backbone of our entire operations—driving content recommendation, advertising efficiency, and merchant intelligence across all three segments—our business pillars form a closed-loop system that deepens our competitive moat and drives long-term value creation for JOYY and our shareholders." First Quarter 2026 Financial Highlights Net revenues in the first quarter of 2026 were US$555.7 million, representing an increase of 12.4% from US$494.4 million in the first quarter of 2025. - Social Entertainment revenue increased by 3.2% to US$400.4 million from US$387.8 million in the first quarter of 2025. - BIGO Ads revenue increased by 55.6% to US$124.8 million from US$80.2 million in the first quarter of 2025. - SHOPLINE revenue increased by 16.1% to US$30.5 million from US$26.3 million in the first quarter of 2025. Operating income was US$6.8 million. Non-GAAP[1] operating income was US$38.0 million, representing an increase of 22.5% from US$31.0 million in the first quarter of 2025. Non-GAAP[1] EBITDA was US$45.7 million, representing an increase of 13.2% from US$40.4 million in the first quarter of 2025. Net cash as of March 31, 2026 was US$3,175.1 million. Net cash from operating activities was US$46.0 million. First Quarter 2026 Business Highlights Social Entertainment Business In the first quarter, global average mobile MAUs reached 276.3 million, up 6.1% year over year and 1.5% quarter over quarter. Social entertainment revenue increased by 3.2% year over year to US$400.4 million, with livestreaming revenue up 2.4% year over year. Core livestreaming paying users grew 5.9% year over year. For flagship product Bigo Live, the Company improved its streamer incentive structure, launched targeted support programs for high-quality content categories, and integrated new AI capabilities. These initiatives drove ongoing gains in both content engagement and payment conversion. Number of active streamers increased 1.5% quarter over quarter, and average effective streaming hours per streamer rose 1.4% quarter over quarter. The Company has now fully rolled out AI smart tools for streamers across core markets, meaningfully improving interaction efficiency. In April, AI-generated interactive virtual gifts accounted for 34% of total virtual gift consumption on Bigo Live. On the operating side, Bigo Live successfully hosted BIGO Awards Gala 2026 in South Korea along with regional galas in countries including Indonesia and the Philippines during the first quarter. These events underscore Bigo Live's continued commitment to recognizing creator excellence, strengthening regional creator ecosystems, and connecting diverse communities worldwide. Bigo Live continued to pursue content innovation and successfully launched the inaugural BIGO Content Award in North America, drawing over 300 top-tier, highly active streamers to drive measurable growth in DAUs and user retention. Additionally, Bigo Live launched a Ramadan-themed initiative featuring a digital revival of traditional content, which drove user engagement during a key cultural period and reinforced its capability to deliver scalable and localized content experiences across diverse markets. BIGO Ads Advertising Technology Business In the first quarter, broader traffic coverage, multi-vertical advertiser expansion, and ongoing algorithm optimization fueled the growth momentum of JOYY's ad tech business. BIGO Ads generated US$124.8 million in advertising revenue, up 55.6% year over year, with third-party Audience Network ad revenue delivering 78.8% year-over-year growth. On the supply side, SDK traffic maintained strong growth, up 109% year over year in the first quarter. On the demand side, the Company's strategic presence across multiple verticals drove an enrichment of its advertiser mix and enhanced ecosystem density. This multi-vertical approach not only accelerated data accumulation and algorithmic iteration, but also strengthened its traffic bidding capabilities. Notably, web-based demand grew 90% year over year and delivered positive sequential growth, while IAA demand sustained 97% year-over-year growth. Geographically, BIGO Ads continued to prioritize high-value developed markets. North America remains its largest market, while Western Europe delivered notable momentum, with revenue up 27% quarter over quarter. On the algorithm side, BIGO Ads is steadily and prudently scaling its computing infrastructure and strengthening its R&D talent base. By integrating data feedback from advertisers across channels and leveraging the dual growth of traffic scale and advertiser density, BIGO Ads has built a rich behavioral data layer. This enables multi-dimensional, precise user profiling and real-time model iteration, which in turn improves ad delivery efficiency. SHOPLINE E-Commerce Business In the first quarter, SHOPLINE delivered strong results. Revenue was US$30.5 million, up 16.1% year over year, with gross margin expanding further to 51.5%. Revenue growth from cross-border merchants remained robust, sustaining over 60% year-over-year growth. This is the first quarter the Company is reporting SHOPLINE as a standalone segment, underscoring the Company's diversified growth. As global commerce enters the omnichannel era, merchants increasingly desire autonomy and full-funnel data ownership. The Company is building SHOPLINE as an AI-native, one-stop omnichannel commerce infrastructure that offers merchants a fully open and connectable retail operating system. Through deep integration of payment, logistics, and marketing modules, SHOPLINE empowers merchants across every stage of their journey, from store setup and transactions to fulfillment and full-lifecycle customer retention. SHOPLINE is accelerating the integration of a suite of AI-powered capabilities. These tools will drive SHOPLINE's evolution from an enablement tool to an AI-driven commerce engine. AI-powered traffic allocation and automated decision-making will unlock new growth opportunities and new levels of precision across omnichannel retail. This press release includes certain non-GAAP financial measures as additional clarifying items to aid investors in further understanding the Company's performance and the impact that these items and events had on the financial results. The non-GAAP financial measures provided above should not be considered as a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP. For details of the non-GAAP measures, including the reconciliations of GAAP measures to non-GAAP measures, please refer to the press release titled "JOYY Reports First Quarter 2026 Unaudited Financial Results" issued by the Company on May 26, 2026. 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SINGAPORE, May 26, 2026 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: JOYY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the first quarter of 2026. First Quarter 2026 Financial Highlights1 Net revenues were US$555.7 million, an increase of 12.4% from US$494.4 million in the corresponding period of 2025, compared with US$581.9 million in the fourth quarter of 2025. Operating income was US$6.8 million, compared with US$12.2 million in the corresponding period of 2025 and US$18.3 million in the fourth quarter of 2025. Non-GAAP EBITDA2 was US$45.7 million, compared with US$40.4 million in the corresponding period of 2025 and US$50.6 million in the fourth quarter of 2025. Net income from continuing operations attributable to controlling interest of JOYY3 was US$50.7 million, compared with US$45.4 million in the corresponding period of 2025 and US$54.3 million in the fourth quarter of 2025. Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY4 was US$55.9 million, compared with US$63.2 million in the corresponding period of 2025 and US$70.3 million in the fourth quarter of 2025. Net Cash5 as of March 31, 2026 was US$3,175.1 million. Net Cash from operating activities was US$46.0 million, compared with US$58.0 million in the corresponding period of 2025. First Quarter 2026 Business Highlights Global community： Global average mobile MAUs6 reached 276.3 million in the first quarter of 2026, up by 6.1% from 260.4 million in the corresponding period of 2025 and up by 1.5% from 272.1 million in the fourth quarter of 2025. The Company continued to optimize its marketing strategies to focus on return on investment (ROI) and high-value users. Social Entertainment ： In the first quarter, Social Entertainment revenues increased by 3.2% year over year to US$400.4 million, with live streaming revenues reaching US$380.3 million, returning to year over year growth with a 2.4% increase from the corresponding period of 2025, representing an important inflection point in the recovery of the Company’s core business. By region, live streaming revenues in developed markets grew 11.2% year over year, reflecting strong performance in key geographies. Core live streaming paying users 7 rose by 5.9% year over year to 1.54 million, while ARPPU8 reached US$214.1. The Company continued to enhance its content ecosystem through streamer incentive reforms and targeted support programs for high-quality content categories, while deepening AI-powered capabilities across content distribution and payment experiences. These initiatives drove steady improvements in user engagement and monetization. During the first quarter, the number of active streamers increased by 1.5% quarter over quarter, and average effective streaming hours per streamer rose by 1.4% quarter over quarter. AI-powered tools were fully deployed across core regions. User adoption of AI-generated virtual gifts continued to accelerate, with AI-generated interactive virtual gifts accounting for 34% of total virtual gift consumption on Bigo Live in April 2026. Recent Development on B2B Initiatives: Advertising and Smart Commerce Beginning in 2022, the Company ramped up efforts to diversify its revenue stream, cultivating its new initiatives in advertising technology and smart commerce. The Company has made steady progress advancing towards its strategic positioning as a global tech company powered by multiple growth engines. In the first quarter, total non-live streaming revenues reached US$175.4 million, up by 42.6% year over year, representing 31.6% of total net revenues of the Company, compared with 24.9% in the corresponding period of 2025. BIGO Ads: BIGO Ads is a global AI-powered programmatic advertising platform. Launched to provide one-stop marketing and monetization solutions, it leverages deep learning, real-time bidding, and smart bidding models (such as oCPC and ROAS optimization) to enable brands to scale user acquisition and app developers to effectively unlock monetization potentials through connecting premium global demand. In the first quarter, BIGO Ads' total revenues grew by 55.6% year over year to US$124.8 million. In particular, BIGO Audience Network, which includes third-party advertising revenues generated on network partners' traffic properties, continued to demonstrate strong momentum, with revenues increasing by 78.8% year over year. BIGO Ads has access to a vast traffic pool, comprising the Company’s own global average mobile MAU base and an extensive network of third-party traffic through seamless integration of developer traffic across major channels. During the quarter, Software Development Kit (SDK) advertising requests grew by 109% year over year and 7% quarter over quarter. BIGO Ads continued to enhance its deep learning and real-time bidding models. By promoting full-funnel data feedback from advertisers and capitalizing on the dual growth in traffic scale and advertiser density, BIGO Ads built a richer multi-dimensional user profile database. This enabled more precise real-time user understanding, improved ad distribution efficiency, and further strengthened its traffic bidding capabilities through continuous data accumulation and algorithm iteration. Broader traffic coverage, multi-vertical advertiser expansion, and ongoing algorithm optimization fueled accelerated growth. Web-based demand increased 90% year over year. In-app advertising (IAA) spending maintained robust growth of 97% year over year. Regionally, developed markets demonstrated strong momentum, with North America remaining the largest market and Western Europe delivering outstanding growth of 27% quarter over quarter. Shopline: Shopline serves as a global AI-powered operating system for modern retail. Beyond storefront creation, Shopline offers a deeply integrated suite of merchant services across payments, logistics, marketing, and data analytics. It is an open, extensible omnichannel platform that enables merchants to manage the full commerce value chain from store setup and transactions to fulfillment, customer acquisition, and lifecycle engagement. Shopline has helped merchants in diverse industries across multiple markets to launch and scale their businesses. Shopline currently generates revenues from recurring software subscription fees and a suite of transaction-based value-added services, including localized payment processing (Shopline Payments) and marketing solutions. In the first quarter, Shopline continued its healthy growth trajectory, generating revenue of US$30.5 million, up 16.1% year over year. Gross margin improved to 51.5%. Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, "We are pleased to report a strong start to 2026. Total revenues for the first quarter reached US$555.7 million, up by 12.4% year over year, our strongest year over year growth rate in recent years. Our social entertainment business returned to year over year growth, while our second growth curve, Ad Tech and Smart Commerce, continued to progress with strong momentum. In light of our solid operational performance and robust balance sheet, we announced an updated shareholder return program, under which we could repurchase up to US$600 million worth of our shares and distribute approximately US$900 million in dividends over the next three years. This underscores our strong confidence in long-term potential of our business and demonstrates our continued commitment to delivering sustainable value to our shareholders. Social entertainment revenues increased 3.2% year over year, with core live streaming revenues returning to 2.4% year over year growth, which marks an inflection point and a result of the strategic adjustments we’ve executed over the past several quarters. Meanwhile, BIGO Ads revenues surged 55.6% year over year to US$124.8 million, with BIGO Audience Network revenues growing 78.8% year over year. Shopline also continued its healthy growth trajectory, generating revenue of US$30.5 million, up 16.1% year over year. This quarter marks the first time we are reporting results under our new three-segment structure: Social Entertainment, BIGO Ads, and Shopline. Our globally diversified ecosystem is taking shape, with social entertainment, advertising, and smart commerce reinforcing one another in a powerful strategic flywheel. With AI serving as the backbone of our entire ecosystem — driving content recommendation, advertising efficiency, and merchant intelligence across all three segments — our business pillars form a closed-loop system that deepens our competitive moat. We are confident this will drive long-term value creation for JOYY and our shareholders." First Quarter 2026 Financial Results NET REVENUES Net revenues were US$555.7 million, representing an increase of 12.4% from US$494.4 million in the corresponding period of 2025, compared with US$581.9 million in the fourth quarter of 2025. Social Entertainment net revenues were US$400.4 million, up by 3.2% from US$387.8 million in the corresponding period of 2025, compared with US$419.1 million in the fourth quarter of 2025. The year over year increase was primarily driven by growth in live streaming revenues, as expanded content categories and enhanced localized operations contributed to stronger user engagement and spending across key markets. BIGO Ads net revenues were US$124.8 million, up by 55.6% from US$80.2 million in the corresponding period of 2025, compared with US$128.6 million in the fourth quarter of 2025. The year over year increase was driven by expansion of traffic, elevated advertiser demand across regions and verticals, and enhanced algorithm performance that resulted in improved advertisement delivery efficiency and higher advertiser spending. Shopline net revenues were US$30.5 million, representing an increase of 16.1% from US$26.3 million in the corresponding period of 2025, compared with US$34.3 million in the fourth quarter of 2025. The year over year growth was mainly due to continued merchant adoption and deeper penetration of value-added services. COST OF REVENUES AND GROSS PROFIT Cost of revenues was US$366.4 million in the first quarter of 2026, compared with US$315.7 million in the corresponding period of 2025 and US$376.3 million in the fourth quarter of 2025. Social Entertainment’s cost of revenues increased by 3.4% year over year to US$256.0 million and decreased by 1.6% from US$260.2 million in the fourth quarter of 2025. The year over year increase was primarily attributable to a US$15.5 million increase in revenue-sharing fees and content costs. BIGO Ads’s cost of revenues increased by 78.1% year over year to US$95.6 million and decreased 2.6% from US$98.1 million in the fourth quarter of 2025. The year over year increase was primarily resulting from higher traffic acquisition costs paid to third-party partners in relation to the expansion of BIGO Audience Network. Shopline’s cost of revenues increased by 1.8% year over year to US$14.8 million, and decreased by 17.4% from the fourth quarter of 2025. The quarter over quarter decrease was primarily due to the seasonal decline in revenue from the fourth quarter, as well as continued improvements in cost efficiency. Gross profit was US$189.3 million in the first quarter of 2026, compared with US$178.6 million in the corresponding period of 2025 and US$205.6 million in the fourth quarter of 2025. Gross margin was 34.1% in the first quarter of 2026, compared with 36.1% in the corresponding period of 2025 and 35.3% in the fourth quarter of 2025. OPERATING EXPENSES AND INCOME Operating expenses were US$183.4 million in the first quarter of 2026, compared with US$167.2 million in the same period of 2025 and US$187.8 million in the fourth quarter of 2025. Among the operating expenses, sales and marketing expenses were US$79.6 million, compared with US$72.1 million in the corresponding period of 2025 and US$81.4 million in the fourth quarter of 2025. Research and development expenses were US$61.2 million, compared with US$62.4 million in the corresponding period of 2025 and US$61.5 million in the fourth quarter of 2025. General and administrative expenses were US$42.6 million, compared with US$32.7 million in the corresponding period of 2025 and US$44.9 million in the fourth quarter of 2025. Operating income was US$6.8 million, compared with US$12.2 million in the corresponding period of 2025 and US$18.3 million in the fourth quarter of 2025. Non-GAAP operating income9 was US$38.0 million in the first quarter of 2026, compared with US$31.0 million in the corresponding period of 2025 and US$40.8 million in the fourth quarter of 2025. Non-GAAP operating income margin10 was 6.8% in the first quarter of 2026, compared with 6.3% in the corresponding period of 2025 and 7.0% in the fourth quarter of 2025. Non-GAAP EBITDA was US$45.7 million, compared with US$40.4 million in the corresponding period of 2025 and US$50.6 million in the fourth quarter of 2025. Non-GAAP EBITDA margin11 was 8.2%, compared with 8.2% in the corresponding period of 2025 and 8.7% in the fourth quarter of 2025. NET INCOME Net income from continuing operations attributable to controlling interest of JOYY was US$50.7 million, compared with US$45.4 million in the corresponding period of 2025 and US$54.3 million in the fourth quarter of 2025. Net income margin was 9.1% in the first quarter of 2026, compared with 9.2% in the corresponding period of 2025 and 9.3% in the fourth quarter of 2025. Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$55.9 million, compared with US$63.2 million in the corresponding period of 2025 and US$70.3 million in the fourth quarter of 2025. Non-GAAP net income margin12 was 10.1% in the first quarter of 2026, compared with non-GAAP net income margin of 12.8% in the corresponding period of 2025 and 12.1% in the fourth quarter of 2025. NET INCOME PER ADS Diluted net income from continuing operations per ADS13 was US$1.00 in the first quarter of 2026, compared with US$0.84 in the corresponding period of 2025 and US$1.03 in the fourth quarter of 2025. Non-GAAP diluted net income from continuing operations per ADS14 was US$1.11 in the first quarter of 2026, compared with US$1.18 in the corresponding period of 2025 and US$1.34 in the fourth quarter of 2025. BALANCE SHEET AND CASH FLOWS As of March 31, 2026, the Company had net cash of US$3,175.1 million, compared with US$3,258.0 million as of December 31, 2025. For the first quarter of 2026, net cash from operating activities was US$46.0 million. SHARES OUTSTANDING As of March 31, 2026, the Company had a total of 1,007.6 million common shares outstanding, representing the equivalent of 50.4 million ADSs assuming the conversion of all common shares into ADSs. Business Outlook For the second quarter of 2026, the Company expects net revenues to be between US$562 million and US$581 million. This forecast reflects the Company’s current and preliminary views on the market, operational conditions and business strategies, which are subject to changes, particularly as to the potential impact from macroeconomic uncertainties. Share Repurchase Programs On May 22, 2026, the board of directors of the Company authorized a new share repurchase program, or the 2026 Repurchase Program, under which the Company is authorized to repurchase up to US$600 million of its shares (including in the form of ADSs) until the end of 2028. The 2026 Repurchase Program is effective immediately upon approval and replaces a pre-existing share repurchase program, or the 2025 Repurchase Program, under which the Company was authorized to repurchase up to US$300 million of its shares (including in the form of ADSs) until the end of 2027. Pursuant to the 2025 Repurchase Program, the Company had repurchased approximately 0.8 million ADSs for an aggregate consideration of US$52.9 million on the open market during the first quarter of 2026. Between March 31, 2026 and May 22, 2026, the Company repurchased an additional approximately 0.6 million ADSs, for an aggregate consideration of US$35.0 million. As of the date of this announcement, the remaining unutilized amount under the 2026 Repurchase Program was approximately US$600 million. Quarterly Dividend Program and Additional Cash Dividend On May 22, 2026, the board of directors of the Company authorized a new quarterly dividend program, or the 2026 Dividend Program, under which a total of approximately US$900 million in cash will be distributed on a quarterly basis between 2026 and 2028. The 2026 Dividend Program is effective immediately upon approval and replaces a pre-existing quarterly dividend program, or the 2025 Dividend Program, under which a total of approximately US$600 million in cash would be distributed on a quarterly basis between 2025 and 2027. Pursuant to the 2026 Dividend Program, the board of directors has accordingly declared a dividend of US$1.50 per ADS, or US$0.075 per common share, for the first quarter of 2026, which is expected to be paid on July 14, 2026 to shareholders of record as of the close of business on June 29, 2026. The ex-dividend date will be June 29, 2026. Conference Call Information The Company will hold a conference call at 9:00 PM U.S. Eastern Time Monday, May 25, 2026 (9:00 AM Singapore/Hong Kong Time on Tuesday, May 26, 2026) Details for the conference call are as follows: All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email. PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10054918-5w84it.html A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.joyy.com. The replay will be accessible through June 2, 2026, by dialing the following numbers: About JOYY Inc. JOYY (NASDAQ: JOYY) is a leading global technology company, dedicated to building a self-reinforcing ecosystem that integrates social entertainment, programmatic advertising, and omnichannel e-commerce infrastructure, powered by AI and data intelligence. Headquartered in Singapore and operating across the globe, JOYY empowers creators, merchants and enterprises worldwide. JOYY’s ADSs have been listed on the NASDAQ since November 2012. Safe Harbor Statement This press release 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 terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), 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 JOYY’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: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the global online social entertainment, advertising and smart commerce market; JOYY’s ability to attract and retain users and customers; JOYY’s expectations regarding demand for and market acceptances of its products and services; JOYY’s ability to adopt the latest technology to enhance its operations; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Use of Non-GAAP Financial Measures The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). JOYY uses non-GAAP operating (loss) income, non-GAAP operating income (loss) margin, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY, non-GAAP net income (loss) margin attributable to controlling interest and common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) from continuing operations per ADS, all of which are non-GAAP financial measures adjusted from the most comparable U.S. GAAP results. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain (loss) on deconsolidation and disposal of subsidiaries and business. Non-GAAP operating income (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations is net income (loss) from continuing operations excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments (referring to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP EBITDA is non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions), and non-GAAP EBITDA margin is non-GAAP EBITDA as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY is net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) from continuing operations attributable to non-controlling interest shareholders. Non-GAAP net income (loss) margin is non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY is net income (loss) from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, gain on repurchase of redeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) from continuing operations attributable to non-controlling interest shareholders. Basic and diluted non-GAAP net income (loss) from continuing operations per ADS is non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income (loss) per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses, amortization of intangible assets from business acquisitions, and interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) from continuing operations attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures in isolation from or as an alternative to the financial measures prepared in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, 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 “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release. Investor Relations Contact JOYY Inc.Investor RelationsEmail: [email protected] 1 The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. Starting from the first quarter of 2026, the Company reports three segments, Social Entertainment, BIGO Ads and Shopline, to reflect changes made to the reporting structure whose financial information is reviewed by the chief operating decision makers of the Company under its evolving operating strategies. Social Entertainment mainly includes live streaming services on our social entertainment platforms including but not limited to Bigo Live, Likee, imo, and others. BIGO Ads mainly engages in advertising services on the Company's own properties (specifically Likee and imo) and third-party network partners’ properties. Shopline mainly engages in providing omnichannel smart commerce solutions for merchants. Prior period segment information has been recast to conform to the current period's presentation. 2 Non-GAAP EBITDA is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions). Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 3 Net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations less net (loss) income from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders. 4 Non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY is a non-GAAP financial measure, which is defined as net income (loss) from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, interest expenses related to the convertible bonds amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 5 Net cash is calculated as the sum of cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits, short-term investments, long-term deposits and held-to-maturity investments, less short-term and long-term loans. 6 Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s active mobile users for each month of such period, by (ii) the number of months in such period. 7 Core live streaming paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the relevant period. 8 Average revenue per user is calculated by dividing the Company’s total revenues from live streaming on Bigo Live, Likee and imo during a given period by the number of paying users for the Company’s live streaming services on these platforms for that period. 9 Non-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain (loss) on deconsolidation and disposal of subsidiaries and business. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 10 Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 11 Non-GAAP EBITDA margin is a non-GAAP financial measure, which is defined as non-GAAP EBITDA as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 12 Non-GAAP net income (loss) margin is non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY as a percentage of net revenues. 13 ADS refers to American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS. 14 Non-GAAP diluted net income (loss) from continuing operations per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.

SINGAPORE, March 11, 2026 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: JOYY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the fourth quarter and full year of 2025. Fourth Quarter 2025 Financial Highlights1 Net revenues were US$581.9 million, an increase of 5.9% from US$549.4 million in the corresponding period of 2024 and 7.7% from US$540.2 million in the third quarter of 2025. Live streaming revenues were US$394.4 million, compared with US$422.4 million in the corresponding period of 2024, representing an increase of 1.5% from US$388.5 million in the third quarter of 2025. Advertising revenues2 increased by 62.4% to US$145.4 million from US$89.6 million in the corresponding period of 2024 and by 29.3% from US$112.5 million in the third quarter of 2025. Other revenues increased by 12.3% to US$42.1 million from US$37.5 million in the corresponding period of 2024 and by 7.2% from US$39.2 million in the third quarter of 2025. Operating income was US$18.3 million, compared to operating loss of US$427.9 million in the corresponding period of 2024 and operating income of US$19.6 million in the third quarter of 2025. Non-GAAP EBITDA3 was US$50.6 million, compared with US$55.7 million in the corresponding period of 2024 and US$50.6 million in the third quarter of 2025. Net income from continuing operations attributable to controlling interest of JOYY4 was US$54.3 million, compared to net loss of US$304.1 million in the corresponding period of 2024 and net income of US$62.0 million in the third quarter of 2025. Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY5 was US$70.3 million, compared with US$96.1 million in the corresponding period of 2024 and US$72.4 million in the third quarter of 2025. Net Cash6 as of December 31, 2025 was US$3,258.0 million. Net cash from operating activities was US$116.0 million, compared with US$110.5 million in the corresponding period of 2024. Full Year 2025 Highlights Net revenues were US$2,124.2 million, compared with US$2,237.8 million in 2024. Live streaming revenues were US$1,529.7 million, compared with US$1,788.0 million in 2024. Advertising revenues increased by 37.1% to US$442.7 million from US$323.0 million in 2024. Other revenues increased by 19.8% to US$151.9 million from US$126.8 million in 2024. Operating income was US$55.8 million, compared to operating loss of US$405.6 million in 2024. Non-GAAP EBITDA was US$189.8 million, representing an increase of 10.9% from US$171.2 million in 2024. Net income from continuing operations attributable to controlling interest of JOYY was US$222.5 million, compared to net loss of US$146.2 million in 2024. Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$282.8 million, compared with US$298.5 million in 2024. Fourth Quarter 2025 Business Highlights Global community： Global average mobile MAUs7 reached 272.1 million in the fourth quarter of 2025, up by 3.4% from 263.1 million in the corresponding period of 2024 and up by 2.2% from 266.2 million in the third quarter of 2025. The Company continued to optimize its marketing strategies to focus on return on investment (ROI) and high-value users. Live streaming： Live streaming revenues reached US$394.4 million in the fourth quarter, including US$371.8 million from BIGO, representing an increase of 1.1% from the previous quarter and the third consecutive quarter of sequential growth. By region, live streaming revenues from developed countries and regions grew by 3.4% quarter over quarter. Total paying users of BIGO8 rose by 1.5% quarter over quarter to 1.54 million, while ARPPU9 increased moderately quarter over quarter and reached US$222.8. The Company continued to drive streamer incentive reforms and AI-powered enhancements across content distribution and payment experiences, which in turn supported steady gains in both user engagement and monetization. For example, by integrating LLM architecture and incorporating multi-modal information into its recommendation systems, Bigo Live improved its ability to understand both live-streaming content and user interests. This optimized recommendation precision and distribution efficiency led to a 5.6% increase in Bigo Live’s average viewing time per user quarter over quarter. User adoption of AI-generated virtual gifts continued to grow. In January 2026, the consumption of AI interactive gifts on Bigo Live accounted for over 30% of total virtual gift consumption. Recent Development on New Initiatives - Advertising Technology： Beginning in 2022, the Company ramped up efforts to diversify its revenue stream, cultivating its new initiatives in advertising technology and others. The Company has made steady progress advancing towards its strategic positioning as a global tech company powered by multiple growth engines. In the fourth quarter, total non-live streaming revenues reached US$187.5 million, up by 47.6% year over year, representing 32.2% of total net revenues of the Company, compared with 23.1% in the corresponding period of 2024. BIGO Ads is an AI-powered programmatic advertising platform. Launched to provide one-stop marketing and monetization solutions, it leverages deep learning, real-time bidding, and smart bidding models (such as oCPC and ROAS optimization) to enable brands to scale user acquisition and app developers to effectively unlock monetization potentials through connecting premium global demand. In the fourth quarter, BIGO Ads' total revenues grew by 61.5% year over year and by 23.3% quarter over quarter to US$128.1 million. In particular, BIGO Audience Network, which includes third-party advertising revenues generated on network partners’ traffic properties, delivered exceptional results, up by 82.5% year over year and 27.3% quarter over quarter, demonstrating accelerated growth momentum on a sequential basis for the third consecutive quarter. BIGO Ads has access to a vast traffic pool, comprising the Company’s own global average mobile MAU base and an extensive network of third-party traffic through seamless integration of developer traffic across major channels. During the quarter, Software Development Kit (SDK) advertising requests grew by 166% year over year and 23% quarter over quarter. Broader traffic coverage, multi‑vertical advertiser expansion, and ongoing algorithm optimization fueled accelerated growth. Web-based demands grew by 20% quarter over quarter. Mobile-based demands remained strong, with in-app advertising spending up by 39% quarter over quarter. Geographically, developed markets demonstrated strong momentum, with North America revenues growing by over 21% quarter over quarter and Western European revenues growing by 46% quarter over quarter. Overall, the number of key cohorts increased by 29% quarter over quarter, with total spending from key cohorts up by 34% quarter over quarter. Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, “We closed 2025 on a strong note, with fourth-quarter total revenues of US$581.9 million, up by 5.9% year over year and 7.7% quarter over quarter, our first year-over-year revenue growth since the second half of 2024. This signals a pivotal moment in our topline trajectory and our strategic transformation. Our live streaming business delivered its third consecutive quarter of sequential revenue recovery, with revenues showing a 1.5% quarter-over-quarter increase. Meanwhile, our advertising business demonstrated remarkable momentum, with BIGO Ads revenues reaching US$128.1 million, representing a 61.5% year-over-year increase and a 23.3% quarter-over-quarter increase. Looking back at the full year of 2025, we made meaningful progress in shaping our strategic framework as a global technology company with multiple, synergistic growth engines. Driven by broader traffic coverage, multi-vertical advertiser expansion, and ongoing algorithm optimization, BIGO Ads achieved a 38.5% year-over-year revenue growth in 2025, with its third-party advertising revenues, Audience Network, accelerating to 56.3% year-over-year revenue growth. Operating cash flow remained robust, and we returned US$332.0 million to shareholders through share repurchases and dividends throughout 2025. As we look ahead, we believe 2026 will be a landmark year for JOYY, marking the resolute beginning of our renewed growth journey. With our social entertainment business serving as the cornerstone of profitability and cash flow, and BIGO Ads and Shopline fueling our next stage of growth, we believe we are well-positioned for sustainable and profitable growth. Leveraging our integrated ecosystem, we remain committed to strengthening JOYY's position and delivering sustainable long-term value for our shareholders." Fourth Quarter 2025 Financial Results NET REVENUES Net revenues were US$581.9 million, representing an increase of 5.9% from US$549.4 million in the corresponding period of 2024 and 7.7% from US$540.2 million in the third quarter of 2025. Live streaming revenues were US$394.4 million, compared with US$422.4 million in the corresponding period of 2024, representing an increase of 1.5% from US$388.5 million in the third quarter of 2025. The year-over-year decrease was primarily due to proactive adjustments to the operational strategies and product features to enhance efficiency and compliance. The quarter-over-quarter increase was primarily driven by improved user spending sentiment through a more diversified content ecosystem and effective localized operations. Advertising revenues increased by 62.4% to US$145.4 million from US$89.6 million in the corresponding period of 2024, and represented an increase of 29.3% from US$112.5 million in the third quarter of 2025. The year-over-year and quarter-over-quarter increases were due to strong performance of BIGO Ads, driven by expansion of traffic, geographic and vertical market diversification, and enhanced algorithm performance that resulted in improved advertisement delivery efficiency and higher advertiser spending. Other revenues increased by 12.3% to US$42.1 million from US$37.5 million in the corresponding period of 2024 and by 7.2% from US$39.2 million in the third quarter of 2025, mainly driven by the continued steady growth of the Company’s smart commerce SaaS business. COST OF REVENUES AND GROSS PROFIT Cost of revenues was US$376.3 million in the fourth quarter of 2025, compared with US$345.7 million in the corresponding period of 2024 and US$347.1 million in the third quarter of 2025. BIGO’s cost of revenues increased by 9.3% year over year to US$333.3 million, and by 8.2% from US$308.1 million in the third quarter of 2025. The year-over-year and quarter-over-quarter sequential change was primarily attributable to a US$33.0 million and US$28.0 million increase in revenue-sharing fees and content costs, respectively, primarily resulting from higher traffic acquisition costs paid to third-party partners in relation to the expansion of the Company’s advertising business. All others’ cost of revenues increased by 5.5% year over year to US$43.1 million, and by 10.3% from the third quarter of 2025, generally in line with the increase in segment revenue. Gross profit was US$205.6 million in the fourth quarter of 2025, compared with US$203.8 million in the corresponding period of 2024 and US$193.1 million in the third quarter of 2025. Gross margin was 35.3% in the fourth quarter of 2025, compared with 37.1% in the corresponding period of 2024 and 35.8% in the third quarter of 2025. OPERATING EXPENSES AND INCOME Operating expenses were US$187.8 million in the fourth quarter of 2025, compared with US$633.5 million in the same period of 2024 and US$174.2 million in the third quarter of 2025. Among the operating expenses, sales and marketing expenses were US$81.4 million, compared with US$67.0 million in the corresponding period of 2024 and US$72.1 million in the third quarter of 2025. The year-over-year increase primarily reflected a restoration of user acquisition activity, as the Company's ROI-focused marketing spending returned to regular levels following one-off advertising savings associated with a temporary app store interruption in the fourth quarter of 2024. Research and development expenses were US$61.5 million, compared with US$67.5 million in the corresponding period of 2024 and US$63.1 million in the third quarter of 2025. The year-over-year decrease was mainly attributable to a US$5.6 million decrease in employee compensation and welfare expenses, reflecting the Company's continued prudence and discipline in spending through enhanced resource sharing and operational synergy across different business units, while strategically allocating an incremental share of research and development resources towards BIGO Ads. General and administrative expenses were US$44.9 million, compared with US$44.0 million in the corresponding period of 2024 and US$39.1 million in the third quarter of 2025. Goodwill impairment charges of US$454.9 million were recorded in the fourth quarter of 2024, primarily attributable to goodwill associated with the Company's prior acquisitions and driven by lower valuations amid market conditions at that time. No comparable charge was recorded in the fourth quarter of 2025. Operating income was US$18.3 million, compared to operating loss of US$427.9 million in the corresponding period of 2024 and operating income of US$19.6 million in the third quarter of 2025. Non-GAAP operating income10 was US$40.8 million in the fourth quarter of 2025, compared with US$46.4 million in the corresponding period of 2024 and US$40.7 million in the third quarter of 2025. Non-GAAP operating income margin11 was 7.0% in the fourth quarter of 2025, compared with 8.4% in the corresponding period of 2024 and 7.5% in the third quarter of 2025. Non-GAAP EBITDA was US$50.6 million, compared with US$55.7 million in the corresponding period of 2024 and US$50.6 million in the third quarter of 2025. Non-GAAP EBITDA margin12 was 8.7%, compared with 10.1% in the corresponding period of 2024 and 9.4% in the third quarter of 2025. NET INCOME Net income from continuing operations attributable to controlling interest of JOYY was US$54.3 million, compared to net loss of US$304.1 million in the corresponding period of 2024 and net income of US$62.0 million in the third quarter of 2025. Net income margin was 9.3% in the fourth quarter of 2025, compared with net loss margin of 55.4% in the corresponding period of 2024 and net income margin of 11.5% in the third quarter of 2025. Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$70.3 million, compared with US$96.1 million in the corresponding period of 2024 and US$72.4 million in the third quarter of 2025. Non-GAAP net income margin13 was 12.1% in the fourth quarter of 2025, compared with non-GAAP net income margin of 17.5% in the corresponding period of 2024 and 13.4% in the third quarter of 2025. NET INCOME PER ADS Diluted net income from continuing operations per ADS14 was US$1.03 in the fourth quarter of 2025, compared with diluted net loss per ADS of US$5.67 in the corresponding period of 2024 and diluted net income per ADS of US$1.15 in in the third quarter of 2025. Non-GAAP diluted net income from continuing operations per ADS15 was US$1.34 in the fourth quarter of 2025, compared with US$1.77 in the corresponding period of 2024 and US$1.36 in the third quarter of 2025. BALANCE SHEET AND CASH FLOWS As of December 31, 2025, the Company had net cash6 of US$3,258.0 million, compared with US$3,275.9 million as of December 31, 2024. For the fourth quarter of 2025, net cash from operating activities was US$116.0 million. SHARES OUTSTANDING As of December 31, 2025, the Company had a total of 999.7 million common shares outstanding, representing the equivalent of 50.0 million ADSs assuming the conversion of all common shares into ADSs. Full Year 2025 Financial Results Net revenues for the full year of 2025 were US$2,124.2 million, compared with US$2,237.8 million in 2024. Live streaming revenues for the full year of 2025 were US$1,529.7 million, compared with US$1,788.0 million in 2024. Advertising revenues for the full year of 2025 increased by 37.1% to US$442.7 million from US$323.0 million in 2024. BIGO Ads revenues for the full year of 2025 increased by 38.5% to US$398.5 million from US$287.8 million in 2024. Other revenues for the full year of 2025 increased by 19.8% to US$151.9 million from US$126.8 million in 2024. Operating income was US$55.8 million for the full year of 2025, compared with an operating loss of US$405.6 million in 2024. Operating income margin was 2.6% in 2025, compared with an operating loss margin of 18.1% in 2024. Non-GAAP operating income was US$150.8 million for the full year of 2025, compared to US$136.1 million in 2024. Non-GAAP operating income margin was 7.1% in 2025, compared to 6.1% in 2024. Non-GAAP EBITDA was US$189.8 million for the full year of 2025, representing an increase of 10.9% from US$171.2 million in 2024. Non-GAAP EBITDA margin for the full year of 2025 was 8.9%, compared with 7.6% in 2024. Net income from continuing operations attributable to controlling interest of JOYY for the full year of 2025 was US$222.5 million, compared with a net loss of US$146.2 million in 2024. Net income margin for the full year of 2025 was 10.5%, compared with a net loss margin of 6.5% in 2024. Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY for the full year of 2025 was US$282.8 million, compared to US$298.5 million in 2024. Non-GAAP net income margin for the full year of 2025 was 13.3%, compared to 13.3% in 2024. Diluted net income from continuing operations per ADS for the full year of 2025 was US$4.15, compared to diluted net loss per ADS of US$2.55 in 2024. Non-GAAP diluted net income from continuing operations per ADS was US$5.31 in 2025, compared to US$4.96 in 2024. Business Outlook For the first quarter of 2026, the Company expects net revenues to be between US$538 million and US$548 million. This forecast reflects the Company’s current and preliminary views on the market, operational conditions and business strategies, which are subject to changes, particularly as to the potential impact from macroeconomic uncertainties. Share Repurchase Programs Pursuant to the Company's share repurchase program authorized in March 2025, which is effective till the end of 2027, the Company had repurchased approximately 2.4 million ADSs for an aggregate consideration of US$134.6 million on the open market during the full year of 2025, of which approximately 1.1 million ADSs for an aggregate consideration of US$67.4 million were repurchased during the fourth quarter of 2025. Between December 31, 2025 and March 11, 2026, the Company repurchased an additional approximately 0.4 million ADSs, for an aggregate consideration of US$25.0 million. The remaining unutilized amount under the authorized share repurchase program was approximately US$140.0 million as of the date of this announcement. Quarterly Dividend Program and Additional Cash Dividend On March 19, 2025, the board of directors authorized a quarterly dividend program from 2025 to 2027, under which a total of approximately US$600 million in cash will be distributed on a quarterly basis over the three-year period. Accordingly, it is expected that a cash dividend of US$0.99 per ADS, or US$0.0495 per common share, will be paid pursuant to this quarterly dividend program. In addition, the Company is pleased to announce that, in light of its strong FY2025 performance and continued double-digit improvements in non-GAAP operational profitability, its board of directors has approved an additional cash dividend in a total amount of US$20 million (US$0.39 per ADS, or US$0.0195 per common share), representing approximately 10% of total cash dividends declared for fiscal year 2025. This additional cash dividend further demonstrates the Company's ongoing commitment to delivering shareholder value and its appreciation for shareholders' continued support for the Company's long-term growth. The additional cash dividend will be paid together with the aforementioned quarterly dividend. Aggregating the quarterly cash dividend and the additional cash dividend for the first quarter of 2026, the Company's board of directors has declared a cash dividend in the aggregate amount of US$1.38 per ADS, or US$0.069 per common share, which is expected to be paid on May 8, 2026 to shareholders of record as of the close of business on April 22, 2026. The ex-dividend date will be April 22, 2026. Anticipated Refinements to Segment Reporting In light of its evolving business developments, the Company is currently evaluating certain refinements to its internal management and segment reporting structure. The Company currently expects to adopt a revised reportable segment structure beginning in the first quarter of 2026, following the changes to its management structure and CODM reporting. Should a revised segment reporting structure be adopted, historical segment information would be adjusted retrospectively. The Company will provide further details in its quarterly earnings releases in the future. Adoption of Second Amended and Restated 2011 Share Incentive Plan The Company has adopted the Second Amended and Restated 2011 Share Incentive Plan (the “New Plan”), as approved and authorized by the board of directors of the Company and its compensation committee. The New Plan amends and restates the previously adopted Amended and Restated 2011 Share Incentive Plan in its entirety and assumes all awards granted thereunder. Under the New Plan, the maximum aggregate number of shares of the Company available for grant of awards is initially 231,950,949 Class A common shares, plus an annual increase of 20,000,000 Class A common shares on the first day of each fiscal year, beginning in 2027, or such lesser number of Class A common shares as determined by the board of directors of the Company. The New Plan will expire upon the tenth anniversary of the adoption date. Concurrently with the adoption of the New Plan, the previously adopted 2019 Share Incentive Awards Arrangement was also terminated. No more awards may be granted under the 2019 Share Incentive Awards Arrangement, and all awards that had been granted under the 2019 Share Incentive Awards Arrangement and remained outstanding were assumed by the New Plan. Conference Call Information The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Tuesday, March 10, 2026 (9:00 AM Singapore/Hong Kong Time on Wednesday, March 11, 2026). Details for the conference call are as follows: Event Title: JOYY Inc. Fourth Quarter and Full Year 2025 Earnings Conference Call Conference ID: #10053499 All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email. PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10053499-no87g5.html A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.joyy.com. The replay will be accessible through March 18, 2026, by dialing the following numbers: About JOYY Inc. JOYY (NASDAQ: JOYY) is a leading global technology company with a mission to enrich lives through technology. With a diversified product portfolio spanning live streaming, short-form videos, instant messaging, and emerging initiatives such as advertising and smart commerce SaaS, JOYY has transformed into a dynamic ecosystem powered by AI and data intelligence. Headquartered in Singapore and operating across the globe, JOYY empowers creators, merchants and enterprises worldwide. JOYY’s ADSs have been listed on the NASDAQ since November 2012. Safe Harbor Statement This press release 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 terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), 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 JOYY’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: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the global online social entertainment and advertising market; JOYY’s ability to attract and retain users and advertisers; JOYY’s expectations regarding demand for and market acceptances of its products and services; JOYY’s ability to adopt the latest technology to enhance its operations; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Use of Non-GAAP Financial Measures The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). JOYY uses non-GAAP operating (loss) income, non-GAAP operating income (loss) margin, non-GAAP EBITDA, non-GAAP EBITDA margin, non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY, non-GAAP net income (loss) margin attributable to controlling interest and common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) from continuing operations per ADS, all of which are non-GAAP financial measures adjusted from the most comparable U.S. GAAP results. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain (loss) on deconsolidation and disposal of subsidiaries and business. Non-GAAP operating income (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations is net income (loss) from continuing operations excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments (referring to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP EBITDA is non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions), and non-GAAP EBITDA margin is non-GAAP EBITDA as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY is net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. Non-GAAP net income (loss) margin is non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY is net income (loss) from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, gain on repurchase of redeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) from continuing operations attributable to non-controlling interest shareholders. Basic and diluted non-GAAP net income (loss) from continuing operations per ADS is non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses, amortization of intangible assets from business acquisitions, and interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) from continuing operations attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, 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 “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release. Investor Relations Contact JOYY Inc. Investor Relations Email: [email protected] 1 The financial information and non-GAAP financial information disclosed in this press release is presented on a continuing operations basis, unless otherwise specifically stated. For the avoidance of confusion, the continuing operations for the three months ended December 31, 2024, September 30, 2025 and December 31, 2025 and for the twelve months ended December 31, 2024 and December 31, 2025, as presented in this press release, primarily consisted of BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment. 2 The Company has been presenting advertising revenues as a separate line item in the financial statements since the third quarter of 2025, to better reflect the performance of its emerging advertising business. 3 Non-GAAP EBITDA is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) added back depreciation and amortization (other than amortization of intangible assets resulting from assets and business acquisitions). Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 4 Net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations less net (loss) income from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders. 5 Non-GAAP net income (loss) from continuing operations attributable to controlling interest and common shareholders of JOYY is a non-GAAP financial measure, which is defined as net income (loss) from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, interest expenses related to the convertible bonds amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 6 Net cash is calculated as the sum of cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits, short-term investments, long-term deposits and held-to-maturity investments, less short-term and long-term loans. 7 Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s active mobile users for each month of such period, by (ii) the number of months in such period. 8 The number of paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the relevant period. 9 Average revenue per user is calculated by dividing the Company’s total revenues from live streaming on Bigo Live, Likee and imo during a given period by the number of paying users for the Company’s live streaming services on these platforms for that period. 10 Non-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain (loss) on deconsolidation and disposal of subsidiaries and business. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 11Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 12 Non-GAAP EBITDA margin is a non-GAAP financial measure, which is defined as non-GAAP EBITDA as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details. 13 Non-GAAP net income (loss) margin is non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY as a percentage of net revenues. 14 ADS refers to American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS. 15 Non-GAAP diluted net income (loss) from continuing operations per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.