Hello Group (NASDAQ: MOMO) posts mixed 2025 results and special dividend

Rhea-AI Filing Summary

Hello Group Inc. reported mixed results for the fourth quarter and full year 2025, combining modest top-line pressure with stronger profitability in the latest quarter and increased capital returns.

In Q4 2025, net revenues were RMB2,575.8 million, down 2.3% year over year, as mainland China revenues fell while overseas revenues grew from RMB357.1 million to RMB608.2 million, driven by audio- and video-based products in the MENA region and dating brands elsewhere. Cost and expenses declined 5.4%, lifting income from operations to RMB307.1 million from RMB236.7 million and net income to RMB237.8 million from RMB187.2 million. Non-GAAP net income rose to RMB281.8 million.

For full year 2025, net revenues edged down 1.9% to RMB10,367.1 million, while net income attributable to Hello Group decreased to RMB804.0 million from RMB1,039.6 million, and non-GAAP net income attributable to the company fell to RMB993.5 million from RMB1,232.9 million. Net cash provided by operating activities declined to RMB1,183.1 million from RMB1,640.0 million. Combined cash, deposits, investments and restricted cash totaled RMB8,677.6 million as of December 31, 2025, down from RMB14,728.5 million, mainly due to bank loan repayments, a special cash dividend, acquisitions, investments and share repurchases.

The board declared a special cash dividend of US$0.28 per ADS (US$0.14 per ordinary share), with an aggregate payout of about US$42.6 million, payable on April 30, 2026. As of March 18, 2026, the company had repurchased 60.3 million ADSs for US$378.9 million at an average price of US$6.26 per ADS, with US$107.2 million remaining under its repurchase program. For the first quarter of 2026, Hello Group expects total net revenues between RMB2.3 billion and RMB2.4 billion, implying a year-over-year decline of 8.8% to 4.8%.

Positive

• Overseas revenue growth and portfolio expansion: Overseas net revenues increased from RMB1,170.9 million to RMB2,000.0 million in 2025, with Q4 overseas revenue rising from RMB357.1 million to RMB608.2 million, indicating strong traction for audio- and video-based products and dating brands outside mainland China.
• Shareholder capital returns: The company declared a special cash dividend of US$0.28 per ADS (about US$42.6 million) and has repurchased 60.3 million ADSs for US$378.9 million, with US$107.2 million remaining under its repurchase program.

Negative

• Full-year earnings and cash flow decline: Net income attributable to Hello Group fell from RMB1,039.6 million to RMB804.0 million in 2025, non-GAAP net income decreased from RMB1,232.9 million to RMB993.5 million, and net cash provided by operating activities declined from RMB1,640.0 million to RMB1,183.1 million.
• Softer revenue outlook: Guidance for Q1 2026 total net revenues of RMB2.3–2.4 billion represents a projected year-over-year decline of 8.8% to 4.8%, suggesting ongoing top-line pressure despite overseas growth.
• Reduced liquidity following payouts and repayments: Combined cash, deposits, investments and restricted cash decreased from RMB14,728.5 million to RMB8,677.6 million as of December 31, 2025, mainly due to bank loan repayments, special dividend distribution, acquisitions, investments and share repurchases.

Insights

Equity analyst

Q4 margin improvement and overseas growth offset, but do not fully counter, weaker full-year earnings and a softer 2026 revenue outlook.

Hello Group showed resilience in Q4 2025: revenue dipped 2.3% year over year to RMB2,575.8 million, but lower costs lifted income from operations to RMB307.1 million and net income to RMB237.8 million. Overseas revenue expansion to RMB608.2 million, from RMB357.1 million, highlights successful product growth in MENA and beyond.

Over the full year, however, trends were less favorable. Net revenues slipped 1.9% to RMB10,367.1 million, and net income attributable to the company fell to RMB804.0 million from RMB1,039.6 million. Operating cash flow declined to RMB1,183.1 million, while total cash, deposits, investments and restricted cash dropped to RMB8,677.6 million, reflecting bank loan repayments, a prior special dividend, acquisitions and substantial buybacks.

Capital return remains prominent: the board declared a special dividend of US$0.28 per ADS, totaling about US$42.6 million, and the company has repurchased 60.3 million ADSs for US$378.9 million, with US$107.2 million still authorized. Management’s revenue outlook of RMB2.3–2.4 billion for Q1 2026, implying an 8.8%–4.8% year-over-year decline, signals a cautious near-term demand environment despite overseas momentum.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number: 001-36765

Hello Group Inc.

Building 203, Block A10

Jiuxianqiao North Road

Chaoyang District, Beijing 100015

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒     Form 40-F ☐

Exhibit Index

Exhibit 99.1—Press Release

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Hello Group Inc.
By:		/s/ Cathy Hui Peng
Name:		Cathy Hui Peng
Title:		Chief Financial Officer

Date: March 18, 2026

Exhibit 99.1

Hello Group Inc. Announces Unaudited Financial Results for the Fourth Quarter and Fiscal Year 2025

BEIJING, CHINA, March 18, 2026 – Hello Group Inc. (NASDAQ: MOMO) (“Hello Group” or the “Company”), a leading player in Asia’s online social networking space, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2025.

Fourth Quarter of 2025 Highlights

• Net revenues decreased by 2.3% year over year to RMB2,575.8 million (US$368.3 million^*) in the fourth quarter of 2025.

• Net revenues from overseas increased by 70.3% year over year to RMB608.2 million (US$87.0 million) in the fourth quarter of 2025.

• Net income attributable to Hello Group Inc. was RMB237.3 million (US$33.9 million) in the fourth quarter of 2025, compared to RMB187.2 million in the same period of 2024.

• Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB281.3 million (US$40.2 million) in the fourth quarter of 2025, compared to RMB230.5 million in the same period of 2024.

• Diluted net income per American Depositary Share (“ADS”) was RMB1.44 (US$0.21) in the fourth quarter of 2025, compared to RMB1.05 in the same period of 2024.

• Non-GAAP diluted net income per ADS (note 1) was RMB1.70 (US$0.24) in the fourth quarter of 2025, compared to RMB1.30 in the same period of 2024.

• For the Momo app total paying users was 3.9 million for the fourth quarter of 2025, compared to 5.7 million for the same period last year, and 3.7 million from last quarter. Tantan had 0.6 million paying users for the fourth quarter of 2025 compared to 0.9 million from the year ago period and 0.7 million from last quarter.

Full Year 2025 Highlights

• Net revenues decreased by 1.9% year over year to RMB10,367.1 million (US$1,482.5 million) for the full year of 2025.

• Net revenues from overseas increased by 70.8% year over year to RMB2,000.0 million (US$286.0 million) for the full year of 2025.

• Net income attributable to Hello Group Inc. was RMB804.0 million (US$115.0 million) for the full year of 2025, compared to RMB1,039.6 million during the same period of 2024.

• Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB993.5 million (US$142.1 million) for the full year of 2025, compared to RMB1,232.9 million during the same period of 2024.

• Diluted net income per ADS was RMB4.75 (US$0.68) for the full year of 2025, compared to RMB5.57 during the same period of 2024.

• Non-GAAP diluted net income per ADS (note 1) was RMB5.87 (US$0.84) for the full year of 2025, compared to RMB6.60 during the same period of 2024.

^*  This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rate solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB 6.9931 to US$1.00, the effective noon buying rate for December 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board.

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“In the second half of 2025, our domestic business faced fresh external headwinds. That said, through the team’s agile response and strong execution, we maintained stable performance of our cash-cow business while sustaining a healthy ecosystem.” commented Yan Tang, Chairman and CEO of Hello Group. “Our overseas business has posted exceptional results over the past year, fueled by organic product incubation and targeted mergers and acquisitions. This has enabled us to diversify and enrich our brand portfolio while rapidly expanding our global presence, resulting in accelerated overseas revenue momentum. The overseas business has now solidified as an important revenue contributor for the Group and stands as the key engine for our future overall growth.”

Fourth Quarter of 2025 Financial Results

Net revenues

Total net revenues were RMB2,575.8 million (US$368.3 million) in the fourth quarter of 2025, a decrease of 2.3% from RMB2,636.5 million in the fourth quarter of 2024.

Value-added service revenues mainly include virtual gift revenues from various audio, video and text- based scenarios, and membership subscription revenues. Total value-added service revenues were RMB2,533.1 million (US$362.2 million) in the fourth quarter of 2025, a decrease of 2.3% from RMB2,591.6 million during the same period of 2024. The decrease was primarily due to external factors that influenced the operational focus of certain broadcasters and agencies as well as the weak consumer sentiment on Momo app, and to a lesser extent, the decline in Tantan resulting from a decline in user base. The decrease was largely offset by the revenue growth from our overseas apps, driven by the rapid expansion from multiple social entertainment and dating brands across our rich portfolio.

Other services revenues were RMB42.7 million (US$6.1 million) in the fourth quarter of 2025, compared to RMB44.9 million during the same period of 2024.

Net revenues from Chinese mainland decreased from RMB2,279.4 million in the fourth quarter of 2024 to RMB1,967.6 million (US$281.4 million) in the fourth quarter of 2025, primarily due to the decrease in net revenues from Momo app and Tantan app. Net revenues from overseas increased from RMB357.1 million in the fourth quarter of 2024 to RMB608.2 million (US$87.0 million) in the fourth quarter of 2025, driven by the growth of audio- and video-based products in the Middle East and North Africa(“MENA”) region, primarily by the new apps, along with incremental revenue from dating brands outside of MENA.

Cost and expenses

Cost and expenses were RMB2,278.4 million (US$325.8 million) in the fourth quarter of 2025, a decrease of 5.4% from RMB2,407.8 million in the fourth quarter of 2024. The decrease was primarily attributable to: (a) a RMB94.1 million in production costs incurred in connection with films in the fourth quarter of 2024, and (b) a decrease in revenue sharing with broadcasters on Momo apps, partially offset by an increased revenue sharing with virtual gift recipients on overseas apps.

Non-GAAP cost and expenses (note 1) were RMB2,231.4 million (US$319.1 million) in the fourth quarter of 2025, compared to RMB2,364.6 million during the same period of 2024.

Income from operations

Income from operations was RMB307.1 million (US$43.9 million) in the fourth quarter of 2025, compared to RMB236.7 million during the same period of 2024.

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Non-GAAP income from operations (note 1) was RMB354.1 million (US$50.6 million) in the fourth quarter of 2025, compared to RMB279.9 million during the same period of 2024.

Income tax expenses

Income tax expenses were RMB68.9 million (US$9.9 million) in the fourth quarter of 2025, compared to RMB89.5 million in the fourth quarter of 2024.

Net income

Net income was RMB237.8 million (US$34.0 million) in the fourth quarter of 2025, compared to RMB187.2 million during the same period of 2024.

Non-GAAP net income (note 1) was RMB281.8 million (US$40.3 million) in the fourth quarter of 2025, compared to RMB230.5 million during the same period of 2024.

Net income attributable to Hello Group Inc.

Net income attributable to Hello Group Inc. was RMB237.3 million (US$33.9 million) in the fourth quarter of 2025, compared to RMB187.2 million during the same period of 2024.

Non-GAAP net income (note 1) attributable to Hello Group Inc. was RMB281.3 million (US$40.2 million) in the fourth quarter of 2025, compared to RMB230.5 million during the same period of 2024.

Net income per ADS

Diluted net income per ADS was RMB1.44 (US$0.21) in the fourth quarter of 2025, compared to RMB1.05 in the fourth quarter of 2024.

Non-GAAP diluted net income per ADS (note 1) was RMB1.70 (US$0.24) in the fourth quarter of 2025, compared to RMB1.30 in the fourth quarter of 2024.

Cash and cash flow

As of December 31, 2025, the Company’s cash, cash equivalents, short-term deposits, long-term deposits, short-term investments, short-term restricted cash and long-term restricted cash totaled RMB8,677.6 million (US$1,240.9 million), compared to RMB14,728.5 million as of December 31, 2024. The decrease in cash was primarily driven by bank loan repayments, the distribution of a special cash dividend, settlement of withholding tax accrued for prior periods, certain acquisitions and investments, and payment under the company’s Share Repurchase Program.

Net cash provided by operating activities in the fourth quarter of 2025 was RMB549.7 million (US$78.6 million), compared to RMB423.6 million in the fourth quarter of 2024.

Full Year 2025 Financial Results

Net revenues for the full year of 2025 were RMB10,367.1 million (US$1,482.5 million), a decrease of 1.9% from RMB10,563.0 million in the same period of 2024.

Net income attributable to Hello Group Inc. was RMB804.0 million (US$115.0 million) for the full year of 2025, compared to RMB1,039.6 million during the same period of 2024.

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Non-GAAP net income attributable to Hello Group Inc. (note 1) was RMB993.5 million (US$142.1 million) for the full year of 2025, compared to RMB1,232.9 million during the same period of 2024.

Diluted net income per ADS was RMB4.75 (US$0.68) during the full year of 2025, compared to RMB5.57 in the same period of 2024.

Non-GAAP diluted net income per ADS (note 1) was RMB5.87 (US$0.84) during the full year of 2025, compared to RMB6.60 in the same period of 2024.

Net cash provided by operating activities was RMB1,183.1 million (US$169.2 million) during the full year of 2025, compared to RMB1,640.0 million in the same period of 2024.

Recent Development

Declaration of a special cash dividend

Hello Group’s board of directors has declared a special cash dividend in the amount of US$0.28 per ADS, or US$0.14 per ordinary share. The cash dividend will be paid on April 30, 2026 to shareholders of record at the close of business on April 10, 2026. The ex-dividend date will be April 10, 2026. The aggregate amount of cash dividends to be paid is approximately US$42.6 million, which will be funded by available cash on the Company’s balance sheet.

Share repurchase program

As of March 18, 2026, the Company has repurchased 60.3 million ADSs for US$378.9 million on the open market under the Share Repurchase Program announced on June 7, 2022 and amended on March 14, 2024 and March 12, 2025, at an average purchase price of US$6.26 per ADS. The remaining size of the program is US$107.2 million.

Business Outlook

For the first quarter of 2026, the Company expects total net revenues to be between RMB2.3 billion to RMB2.4 billion, representing a decrease of 8.8% to 4.8% year over year. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Note 1: Non-GAAP measures

To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), we, Hello Group, use various non-GAAP financial measures that are adjusted from the most comparable GAAP results to exclude share-based compensation, amortization of intangible assets from business acquisitions and tax impacts related to the amortization of intangible assets from business acquisitions.

Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.

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

Our non-GAAP information (including non-GAAP cost and operating expenses, income from operations, net income, net income attributable to Hello Group Inc., and diluted net income per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation, amortization of intangible assets from business acquisitions, and tax impacts related to the amortization of intangible assets from business acquisitions. A limitation of using these non-GAAP financial measures is that share-based compensation, amortization of intangible assets from business acquisitions and tax impacts related to the amortization of intangible assets from business acquisitions have been and will continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for such limitation by providing reconciliations of our non-GAAP measures to our U.S. GAAP measures. Please see the reconciliation tables at the end of this earnings release.

Conference Call

Hello Group’s management will host an earnings conference call on Wednesday, March 18, 2026, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on March 18, 2026).

Participants can register for the conference call by navigating to:

https://s1.c-conf.com/diamondpass/10053257-1s7egv.html.

Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

A telephone replay of the call will be available after the conclusion of the conference call through March 27, 2026. The dial-in details for the replay are as follows:

U.S. / Canada: 1-855-883-1031

Hong Kong: 800-930-639

Passcode: 10053257

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Hello Group’s website at https://ir.hellogroup.com.

About Hello Group Inc.

We are a leading player in Asia’s online social networking space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates social interactions based on location, interests and a variety of online recreational activities. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. Starting from 2019, we have incubated a number of other new apps, such as Hertz, Soulchill, and Duidui, which target more niche markets and more selective demographics.

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For investor and media inquiries, please contact:

Hello Group Inc.

Investor Relations

Phone: +852-3157-1669

Email: ir@hellogroup.com

Christensen

In China

Ms. Xiaoyan Su

Phone: +86-10-5900-1548

E-mail: Xiaoyan.Su@christensencomms.com

Safe Harbor Statement

This news release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management quotes, our financial outlook for the first quarter of 2026, as well as the amount of, timing, methods and funding sources for repurchases of our shares under the share repurchase program.

Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the fourth quarter of 2025 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the first quarter of 2026 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth. Moreover, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our ability to retain and grow our user base, our ability to attract and retain sufficiently trained professionals to support our operations, our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers, the market price of the Company’s stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company’s cash flows from operations, general economic conditions, and other factors. For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission.

All information provided in this press release and in the attachments is as of the date of the press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release.

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Hello Group Inc.

Unaudited Condensed Consolidated Statement of Operations

(All amounts in thousands, except share and per share data)

		Three months												Year
		Ended December 31												Ended December 31
		2024				2025				2025				2024				2025				2025
		RMB				RMB				US$				RMB				RMB				US$
Net revenues(i):
Value-added service			2,591,615				2,533,104				362,229				10,415,580				10,213,654				1,460,533
Other services			44,881				42,665				6,101				147,391				153,442				21,942
Total net revenues			2,636,496				2,575,769				368,330				10,562,971				10,367,096				1,482,475
Cost and expenses:
Cost of revenues			(1,724,821	)			(1,611,502	)			(230,442	)			(6,447,341	)			(6,446,619	)			(921,854	)
Research and development			(222,684	)			(216,558	)			(30,967	)			(804,425	)			(779,449	)			(111,460	)
Sales and marketing			(316,699	)			(348,299	)			(49,806	)			(1,329,780	)			(1,368,658	)			(195,715	)
General and administrative			(143,621	)			(102,051	)			(14,593	)			(507,658	)			(455,393	)			(65,120	)
Total cost and expenses			(2,407,825	)			(2,278,410	)			(325,808	)			(9,089,204	)			(9,050,119	)			(1,294,149	)
Other operating income, net			8,015				9,697				1,387				59,003				37,586				5,375
Income from operations			236,686				307,056				43,909				1,532,770				1,354,563				193,701
Interest income			124,045				58,306				8,338				510,964				374,466				53,548
Interest expense			(36,846	)			(29	)			(4	)			(127,846	)			(72,438	)			(10,358	)
Other gain or loss, net			(46,639	)			3,902				558				(90,509	)			5,682				813
Income before income tax and share of (loss) income on equity method investments			277,246				369,235				52,801				1,825,379				1,662,273				237,704
Income tax expenses			(89,497	)			(68,943	)			(9,859	)			(845,022	)			(842,869	)			(120,529	)
Income before share of (loss) income on equity method investments			187,749				300,292				42,942				980,357				819,404				117,175
Share of (loss) income on equity method investments			(514	)			(62,458	)			(8,931	)			59,216				(12,879	)			(1,842	)
Net income			187,235				237,834				34,011				1,039,573				806,525				115,333
Less: net income attributable to non-controlling interest			—				499				71				—				2,512				359
Net income attributable to the shareholders of Hello Group Inc.			187,235				237,335				33,940				1,039,573				804,013				114,974
Net income per share attributable to ordinary shareholders
Basic			0.54				0.73				0.10				2.81				2.42				0.35
Diluted			0.53				0.72				0.10				2.78				2.37				0.34
Weighted average shares used in calculating net income per ordinary share
Basic			349,401,183				324,712,989				324,712,989				369,312,997				332,356,281				332,356,281
Diluted			355,325,921				330,556,192				330,556,192				373,591,974				338,597,079				338,597,079

(i) The following table presents revenues by geographic area based on the addresses of our customers of our users:

		Three months												Year
		Ended December 31												Ended December 31
		2024				2025				2025				2024				2025				2025
		RMB				RMB				US$				RMB				RMB				US$
Chinese mainland			2,279,440				1,967,582				281,360				9,392,079				8,367,094				1,196,479
Overseas			357,056				608,187				86,970				1,170,892				2,000,002				285,996
Total			2,636,496				2,575,769				368,330				10,562,971				10,367,096				1,482,475

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Hello Group Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income

(All amounts in thousands, except share and per share data)

		Three months												Year
		Ended December 31												Ended December 31
		2024				2025				2025				2024				2025				2025
		RMB				RMB				US$				RMB				RMB				US$
Net income			187,235				237,834				34,011				1,039,573				806,525				115,333
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment			322,935				(89,088	)			(12,739	)			132,248				(245,615	)			(35,122	)
Comprehensive income			510,170				148,746				21,272				1,171,821				560,910				80,211
Less: comprehensive income (loss) attributed to the non-controlling interest			7,225				(4,689	)			(671	)			5,111				(7,505	)			(1,073	)
Comprehensive income attributable to Hello Group Inc.			502,945				153,435				21,943				1,166,710				568,415				81,284

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Hello Group Inc.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except share and per share data)

		December 31				December 31				December 31
		2024				2025				2025
		RMB				RMB				US$
Assets
Current assets
Cash and cash equivalents			4,122,659				5,320,022				760,753
Short-term deposits			2,026,245				3,112,207				445,040
Restricted cash			4,566,477				120,612				17,247
Short-term investment			—				124,713				17,834
Accounts receivable, net of allowance for credit losses of RMB12,433 and RMB18,623 as of December 31, 2024 and 2025, respectively			192,317				246,208				35,207
Amounts due from related parties			—				21,751				3,110
Prepaid expenses and other current assets			1,104,172				791,317				113,157
Total current assets			12,011,870				9,736,830				1,392,348
Long-term deposits			3,059,860				—				—
Long-term restricted cash			953,285				—				—
Right-of-use assets, net			252,169				118,799				16,988
Property and equipment, net			897,036				1,420,030				203,062
Intangible assets, net			86,661				240,716				34,422
Rental deposits			13,280				3,585				513
Long-term investments			825,533				1,514,042				216,505
Other non-current assets			110,960				114,384				16,357
Deferred tax assets			36,066				34,614				4,950
Goodwill			136,250				596,299				85,270
Total assets			18,382,970				13,779,299				1,970,415
Liabilities and equity
Current liabilities
Accounts payable			615,254				584,557				83,593
Deferred revenue			427,702				468,221				66,955
Accrued expenses and other current liabilities			704,410				848,679				121,359
Lease liabilities due within one year			141,971				83,590				11,953
Income tax payable			157,057				44,787				6,404
Deferred consideration in connection with business acquisitions-current			28,027				47,839				6,841
Convertible Senior Notes-current			20,191				—				—
Long-term borrowings, current portion			1,938,385				2,118				303
Short-term borrowings			2,365,535				—				—
Total current liabilities			6,398,532				2,079,791				297,408
Deferred consideration in connection with business acquisitions-non current			65,694				—				—
Lease liabilities			115,105				39,986				5,718
Deferred tax liabilities			241,915				531,996				76,074
Long-term borrowings			—				3,133				448
Other non-current liabilities			129,051				39,605				5,663
Total liabilities			6,950,297				2,694,511				385,311
Shareholder’s equity (ii)			11,432,673				11,084,788				1,585,104
Total liabilities and shareholder’s equity			18,382,970				13,779,299				1,970,415

(ii): As of December 31, 2025, the number of ordinary shares outstanding was 303,566,956.

9

Hello Group Inc.

Unaudited Condensed Consolidated Statement of Cash Flows

(All amounts in thousands, except share and per share data)

		Three months												Year
		Ended December 31												Ended December 31
		2024				2025				2025				2024				2025				2025
		RMB				RMB				US$				RMB				RMB				US$
Cash flows from operating activities:
Net income			187,235				237,834				34,011				1,039,573				806,525				115,333
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment			11,868				9,563				1,367				52,847				43,040				6,155
Amortization of intangible assets			2,049				14,853				2,124				5,886				38,775				5,545
Share-based compensation			42,493				33,434				4,781				192,572				162,745				23,273
Share of loss (income) on equity method investments			514				62,458				8,931				(59,216	)			12,879				1,842
Gain or loss on fair value changes of short-term investments			—				(3,902	)			(558	)			—				(5,722	)			(819	)
Returns on investments			730				—				—				1,927				797				114
Loss on long-term investments			46,639				—				—				90,509				40				6
Gain or loss on disposal of property and equipment			—				(126	)			(18	)			(62	)			(465	)			(66	)
Provision of (income) loss on receivable and other assets			(57	)			1,008				144				3,618				6,893				986
Changes in operating assets and liabilities:
Accounts receivable			(4,347	)			(380	)			(54	)			7,605				(24,031	)			(3,436	)
Prepaid expenses and other current assets			27,035				43,467				6,216				(64,811	)			110,876				15,855
Amounts due from related parties			—				(291	)			(42	)			—				(291	)			(42	)
Rental deposits			—				213				30				(309	)			11,375				1,627
Deferred tax assets			(128	)			(892	)			(128	)			(4,323	)			1,369				196
Other non-current assets			101,561				37,285				5,332				(81,837	)			150,978				21,590
Accounts payable			8,139				33,181				4,745				(7,571	)			(37,788	)			(5,404	)
Income tax payable			63,625				25,373				3,628				62,337				(112,568	)			(16,097	)
Deferred revenue			(26,219	)			(3,565	)			(510	)			(25,651	)			17,452				2,496
Accrued expenses and other current liabilities			78,250				66,599				9,524				139,607				(136,112	)			(19,464	)
Deferred tax liabilities			(81,498	)			21,325				3,049				212,835				235,554				33,684
Other non-current liabilities			(34,247	)			(27,725	)			(3,965	)			74,458				(99,212	)			(14,187	)
Net cash provided by operating activities			423,642				549,712				78,607				1,639,994				1,183,109				169,187
Cash flows from investing activities:
Purchase of property and equipment			(21,727	)			(320,178	)			(45,785	)			(285,541	)			(492,517	)			(70,429	)
Payment for long-term investments			(35,959	)			(39,969	)			(5,715	)			(69,209	)			(482,259	)			(68,962	)
Payment for business acquisition			(136,642	)			(27,109	)			(3,877	)			(136,642	)			(633,877	)			(90,643	)
Purchase of term deposits			—				(46,993	)			(6,720	)			(2,851,946	)			(2,592,723	)			(370,754	)
Cash received on maturity of term deposits			1,247,165				1,443,669				206,442				3,047,041				4,536,981				648,780
Payment for short-term investments			—				(104,382	)			(14,926	)			—				(122,396	)			(17,502	)
Cash received from sales of long-term investment			—				—				—				2,000				—				—
Returns of investments			120				—				—				120				1,145				164
Loan to a third-party company			(168,933	)			(3,521	)			(503	)			(265,613	)			(47,735	)			(6,826	)
Loan to a related party			—				(3,000	)			(429	)			—				(3,000	)			(429	)
Other investing activities			8				196				28				903				851				122
Net cash provided by (used in) investing activities			884,032				898,713				128,515				(558,887	)			164,470				23,521
Cash flows from financing activities:
Proceeds from exercise of share options			1				—				—				18				5				1
Repurchase of ordinary shares			(425,176	)			(304,098	)			(43,485	)			(1,197,439	)			(749,983	)			(107,246	)
Deferred payment for business acquisition			—				—				—				—				(17,132	)			(2,450	)
Dividends payment			—				—				—				(716,302	)			(346,182	)			(49,503	)
Payment in relation to redemption of convertible bonds			—				—				—				—				(20,221	)			(2,892	)
Proceeds from short-term borrowings			—				—				—				2,365,535				—				—
Repayment of short-term borrowings			—				—				—				—				(2,365,535	)			(338,267	)
Repayment of long-term borrowings			—				(586	)			(84	)			(215,615	)			(1,940,122	)			(277,434	)
Net cash (used in) provided by financing activities			(425,175	)			(304,684	)			(43,569	)			236,197				(5,439,170	)			(777,791	)
Effect of exchange rate changes			172,439				(19,585	)			(2,801	)			42,205				(110,196	)			(15,765	)
Net increase (decrease) in cash and cash equivalents			1,054,938				1,124,156				160,752				1,359,509				(4,201,787	)			(600,848	)
Cash, cash equivalents and restricted cash at the beginning of period			8,587,483				4,316,478				617,248				8,282,912				9,642,421				1,378,848
Cash, cash equivalents and restricted cash at the end of period			9,642,421				5,440,634				778,000				9,642,421				5,440,634				778,000

10

Hello Group Inc.

Reconciliation of Non-GAAP financial measures to comparable GAAP measures

(All amounts in thousands, except per share data)

1. Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income (loss) to comparable GAAP measures.

		Three months																Three months																				Three months
		Ended December 31, 2024																Ended December 31, 2025																				Ended December 31, 2025
		GAAP RMB				Amortization of intangible assets from business acquisitions RMB				Share-based compensation RMB				Non-GAAP RMB				GAAP RMB				Amortization of intangible assets from business acquisitions RMB				Share-based compensation RMB				Tax impacts(iii) RMB				Non-GAAP RMB				GAAP US$				Amortization of intangible assets from business acquisitions US$				Share-based compensation US$				Tax impacts(iii) US$				Non-GAAP US$
Cost of revenues			(1,724,821	)			128				1,822				(1,722,871	)			(1,611,502	)			6,840				2,752				—				(1,601,910	)			(230,442	)			978				394				—				(229,070	)
Research and development			(222,684	)			120				10,198				(212,366	)			(216,558	)			1,727				10,926				—				(203,905	)			(30,967	)			247				1,562				—				(29,158	)
Sales and marketing			(316,699	)			521				4,480				(311,698	)			(348,299	)			5,006				3,418				—				(339,875	)			(49,806	)			716				489				—				(48,601	)
General and administrative			(143,621	)			—				25,993				(117,628	)			(102,051	)			—				16,338				—				(85,713	)			(14,593	)			—				2,336				—				(12,257	)
Cost and operating expenses			(2,407,825	)			769				42,493				(2,364,563	)			(2,278,410	)			13,573				33,434				—				(2,231,403	)			(325,808	)			1,941				4,781				—				(319,086	)
Income from operations			236,686				769				42,493				279,948				307,056				13,573				33,434				—				354,063				43,909				1,941				4,781				—				50,631
Net income attributable to Hello Group Inc.			187,235				769				42,493				230,497				237,335				13,573				33,434				(3,030	)			281,312				33,940				1,941				4,781				(433	)			40,229

11

Hello Group Inc.

Reconciliation of Non-GAAP financial measures to comparable GAAP measures

(All amounts in thousands, except per share data)

1. Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income (loss) to comparable GAAP measures-continued.

		Year																Year																				Year
		Ended December 31, 2024																Ended December 31, 2025																				Ended December 31, 2025
		GAAP RMB				Amortization of intangible assets from business acquisitions RMB				Share-based compensation RMB				Non-GAAP RMB				GAAP RMB				Amortization of intangible assets from business acquisitions RMB				Share-based compensation RMB				Tax impacts(iii) RMB				Non-GAAP RMB				GAAP US$				Amortization of intangible assets from business acquisitions US$				Share-based compensation US$				Tax impacts(iii) US$				Non-GAAP US$
Cost of revenues			(6,447,341	)			128				7,643				(6,439,570	)			(6,446,619	)			13,345				8,406				—				(6,424,868	)			(921,854	)			1,908				1,202				—				(918,744	)
Research and development			(804,425	)			120				43,526				(760,779	)			(779,449	)			5,061				41,998				—				(732,390	)			(111,460	)			724				6,006				—				(104,730	)
Sales and marketing			(1,329,780	)			521				19,520				(1,309,739	)			(1,368,658	)			15,252				15,874				—				(1,337,532	)			(195,715	)			2,181				2,270				—				(191,264	)
General and administrative			(507,658	)			—				121,883				(385,775	)			(455,393	)			—				96,467				—				(358,926	)			(65,120	)			—				13,795				—				(51,325	)
Cost and operating expenses			(9,089,204	)			769				192,572				(8,895,863	)			(9,050,119	)			33,658				162,745				—				(8,853,716	)			(1,294,149	)			4,813				23,273				—				(1,266,063	)
Income from operations			1,532,770				769				192,572				1,726,111				1,354,563				33,658				162,745				—				1,550,966				193,701				4,813				23,273				—				221,787
Net income attributable to Hello Group Inc.			1,039,573				769				192,572				1,232,914				804,013				33,658				162,745				(6,872	)			993,544				114,974				4,813				23,273				(983	)			142,077

(iii) Includes tax impacts related to the amortization of intangible assets from business acquisition. There is no tax impact related to share-based compensation.

12

FAQ

How did Hello Group (MOMO) perform in Q4 2025?

Hello Group’s Q4 2025 revenue declined slightly, but profits improved. Net revenues were RMB2,575.8 million, down 2.3% year over year, while income from operations rose to RMB307.1 million and net income increased to RMB237.8 million, helped by a 5.4% reduction in costs and expenses.

What were Hello Group’s full-year 2025 results?

Full-year 2025 results showed stable revenue but weaker earnings. Net revenues were RMB10,367.1 million, down 1.9% from 2024. Net income attributable to Hello Group declined to RMB804.0 million, and non-GAAP net income attributable to the company fell to RMB993.5 million, while operating cash flow also decreased.

How fast is Hello Group’s overseas business growing?

Overseas operations delivered strong growth in 2025. Overseas net revenues increased from RMB1,170.9 million in 2024 to RMB2,000.0 million in 2025. In Q4 2025 alone, overseas revenues rose to RMB608.2 million from RMB357.1 million, driven by audio- and video-based apps in MENA and expanded dating brands.

What dividend did Hello Group (MOMO) declare in March 2026?

Hello Group’s board declared a special cash dividend. The dividend is US$0.28 per ADS, or US$0.14 per ordinary share, with an aggregate payout of approximately US$42.6 million, payable on April 30, 2026 to shareholders of record at the close of business on April 10, 2026.

How large is Hello Group’s share repurchase program and how much is used?

Hello Group has been actively repurchasing ADSs. As of March 18, 2026, it had bought back 60.3 million ADSs for US$378.9 million at an average price of US$6.26 per ADS. The remaining authorized size under the Share Repurchase Program was US$107.2 million.

What is Hello Group’s revenue outlook for Q1 2026?

The company expects lower year-over-year revenue in Q1 2026. Management projects total net revenues between RMB2.3 billion and RMB2.4 billion, implying a decline of 8.8% to 4.8% compared with the same quarter of 2025, reflecting its current view of market and operational conditions.

How did Hello Group’s cash and investment balances change in 2025?

Liquidity decreased during 2025 due to several uses of cash. Combined cash, cash equivalents, deposits, investments and restricted cash fell from RMB14,728.5 million to RMB8,677.6 million, mainly driven by bank loan repayments, a special cash dividend, acquisitions, investments and payments under the Share Repurchase Program.

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