Q4 2025 Earnings Report © 2026 Pinterest. All rights reserved. Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative) ...

Group 1 - The core viewpoint of the report is that NetEase Cloud Music's newly launched family membership plan may negatively impact the Average Revenue Per User (ARPU) due to the lower price of 4.5 yuan per user, although it is expected to drive subscription user growth [1] - The report acknowledges market concerns regarding the competitive landscape of China's online music industry but expresses confidence that NetEase Cloud Music can maintain user growth, with the belief that user acquisition strategies or low pricing strategies will last longer than previously anticipated [1] - Daiwa has lowered its earnings per share forecast for NetEase Cloud Music for 2026 to 2027 by 7% to reflect reduced ARPU assumptions and higher marketing cost assumptions; it maintains an "outperform" rating but has reduced the 12-month target price from 310 HKD to 215 HKD due to declining peer valuations and the expectation of increased short-term investments to combat intensified competition, lowering the target price-to-earnings ratio from 27x to 18x for the 2026 earnings forecast [1]