Nomura: Tencent Music Entertainment (TME.US) – Q2 Results Ahead, Soft 3Q and FY26 Guidance
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Nomura has published a review of Tencent Music Entertainment (TME.US) following the company's second-quarter results. The headline takeaway is that Q2 performance came in ahead, but momentum is not expected to carry through: guidance for the third quarter and for full-year fiscal 2026 was flagged as weak, prompting the bank to weigh the strength of the quarter against a softer forward outlook. The note is built around three exhibits. The first reviews the 2Q26 results, summarizing headline performance for the quarter. The second breaks down the revenue structure, illustrating how the top line is composed across the business. The third examines capital return, covering the mechanisms through which the company distributes value to shareholders. Together, the charts frame the discussion of whether a solid quarter can offset disappointing guidance, and they provide the factual backbone of quarterly results, revenue composition and shareholder payouts that investors would need to assess the sustainability of TME's earnings trajectory and cash returns into the remainder of fiscal 2026.
Key exhibits
Exhibit 1
Exhibit 2
Exhibit 3
