China Mobile (941) Q2 2026 earnings summary

Executive summary

• Demonstrated resilience in business operations despite a challenging environment, with ongoing enhancements in network capabilities and innovation in management systems.

• Focused on safeguarding shareholder returns, optimizing dividend policy, and maintaining robust ESG performance.

• Operating revenue for H1 2026 was RMB 538,035 million, down 1.1% year-over-year, but up on a comparable basis due to VAT policy changes.

• Net profit attributable to equity shareholders was RMB 78,934 million, down 6.3% year-over-year, but up on a comparable basis; EBITDA was RMB 173,626 million, down 6.6%.

• Interim dividend per share increased 0.3% to RMB 2.51, with new RMB/HKD payment options for shareholders.

Financial highlights

• Principal business revenue was RMB 452,700 million, down 3.1% year-over-year; other business revenue rose 11.2% to RMB 85,400 million.

• Net cash from operating activities was RMB 114,900 million, up 37.0% year-over-year; free cash flow surged 111.6% to RMB 53,869 million.

• Earnings per share were RMB 3.64 (basic) and RMB 3.62 (diluted).

• Interim dividend payout ratio expected to remain stable or rise for the full year.

Outlook and guidance

• Targets stable and healthy revenue growth and coordinated profit growth on a comparable basis for full-year 2026.

• Aims for net additions of 10 million mobile customers and 18 million integrated broadband network customers, plus over 48,000 PFLOPS in intelligent computing capacity.

• Focus on integrated deployment and innovation in communications, computing, and AI networks.

• Strategic emphasis on AI, expansion in computing services, and consolidation of communications services.

• External environment and VAT policy changes expected to add uncertainty.