ZKH Group Limited · NYSE:ZKH
ZKH — Q2 2026 Earnings Presentation
18 slides from ZKH's earnings presentation, August 2026
Slide 1: 2Q2026 Earnings Presentation
NYSE: ZKH 2Q2026 Earnings Presentation
Slide 2: Disclaimer
Disclaimer The following document has been prepared by ZKH GROUP LIMITED (“ZKH” or the “Company”) solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitati
Slide 3: 01 2Q2026 Highlights
ZK ints 01 2Q2026 Highlights
Slide 4: 2Q2026 Earnings Highlights
2Q2026 Earnings Highlights • Strongest topline growth in recent quarters: GMV RMB2.9B, +18.9% YoY vs. +12.9% in 1Q26. Accelerated Revenue RMB2.4B, +12.8% YoY vs. +9.2% in 1Q26. growth momentum • Robust growth in regional SME customers, with GMV increasing by c.30% YoY. • Industry key accounts &
Slide 5: 2Q 2026 Earnings Highlights (Continued)
2Q 2026 Earnings Highlights (Continued) • Achieved operating profitability for the first time. Significant • Delivered significant bottom-line turnaround. turnaround in profitability Non-GAAP EBITDA RMB41.9M vs. non-GAAP EBITDA loss RMB38.7M in 2Q25. Non-GAAP net profit RMB38.5M vs. net loss RMB
Slide 6: 02 Financial Review
ZK ints 02 Financial Review Pe
Slide 7: GMV and Revenues Growth
GMV and Revenues Growth GMV Net Revenues (RMB mm) (RMB mm) By Platform: ZKH Platform %1 91.2% 90.4% 89.8% 89.5% 90.4% 88.6% 91.6% Net Product Revenues %3 95.6% 96.4% 97.5% 97.5% 97.4% 97.6% 97.3% GBB Platform %1 8.8% 9.6% 10.2% 10.5% 9.6% 11.4% 8.4% Net Service Revenues %3,4 3.5% 2.8% 1.9% 1.9% 2.0%
Slide 8: Gross Profit and Gross Margin
Gross Profit and Gross Margin Gross Profit and Gross Margin1 ZKH Platform – Product Sales (1P) (RMB mm) (RMB mm) Gross As % of Total 14.2% 16.0% 15.9% 16.3% 16.6% 16.0% 16.7% 16.7% 17.2% 16.4% 16.8% 17.2% 16.5% 17.6% Margin Net Revenues 1,192 1,231 1,046 As % of GMV 13.1% 14.4% 14.6% 15.0% 14.7% 14.
Slide 9: Operating Leverage
Operating Leverage Operating Expenses (RMB mm, as % of Total Net Revenues) 2025 vs. 2024 2Q2026 vs. 2Q2025 1,851 1,849 Operating Leverage Operating Leverage (21.2%) (21.1%) Improvement Improvement 1,689 (18.8%) 439 392 (5.0%) (4.5%) -2.3 pts -2.4 pts 362 (4.0%) 642 -0.5 pts -0.5 pts 701 (7.3%) 585 (
Slide 10: Path to Profitability
Path to Profitability Operating (Loss)/Profit Adjusted Net (Loss)/Profit1 (RMB mm) (RMB mm) As % of Net As % of Net (4.6%) (3.9%) (2.4%) (3.7%) (0.4%) (3.3%) 0.2% (3.3%) (1.8%) (1.0%) (2.1%) 0.9% (1.7%) 1.6% Revenues Revenues As % of GMV (3.6%) (3.2%) (2.1%) (3.3%) (0.3%) (3.0%) 0.1% As % of GMV (2.
Slide 11: Quarterly Performance
Quarterly Performance (RMB mm) 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026 2Q2026 2,609 2,894 3,207 2,755 2,686 2,690 2,623 2,918 2,878 2,373 2,349 2,172 2,420 2,453 GMV 2,265 2,444 2,250 2,281 2,370 2,167 2,328 2,557 2,444 1,939 2,073 1,860 1,935 2,114
Slide 12: Cashflows
Cashflows Net Cash (Used in)/Provided Net Cash (Used in)/Provided Net Cash Provided by/(Used Cash and Cash Equivalents, by Operating Activities by Investing Activities in) Financing Activities Restricted Cash and Short- Term Investments (RMB mm) (RMB mm) (RMB mm) (RMB mm) 2,061 1,918 1,674 229 276 9
Slide 13: 03 Appendix
03 Appendix ZK ints
Slide 14: Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss) (All amounts in thousands) For the three months ended June 30, For the six months ended June 30, 2025 2026 2025 2026 RMB RMB USD RMB RMB USD Net revenues 2,166,774 2,443,750 360,164 4,102,146 4,557,569 671,703 Net product reve
Slide 15: Reconciliation of GAAP and Non-GAAP Results
Reconciliation of GAAP and Non-GAAP Results (All amounts in thousands) For the three months ended June 30, For the six months ended June 30, 2025 2026 2025 2026 RMB RMB USD RMB RMB USD Net (loss)/profit (53,509) 26,687 3,933 (120,232) 16,584 2,446 Add: Income tax (benefits)/expenses (52) 965 142 195
Slide 16: Unaudited Condensed Consolidated Balance Sheet
Unaudited Condensed Consolidated Balance Sheet (All amounts in thousands) As of Dec 31, 2025 As of June 30, 2026 RMB RMB USD Assets Cash and cash equivalents 1,030,573 896,485 132,126 Restricted cash 61,871 39,844 5,872 Short-term investments 825,289 736,098 108,487 Derivatives Asset - 2,038 300 Acc
Slide 17: Unaudited Condensed Consolidated Balance Sheet (Continued)
Unaudited Condensed Consolidated Balance Sheet (Continued) (All amounts in thousands) As of Dec 31, 2025 As of June 30, 2026 RMB RMB USD Liabilities Short-term borrowings 240,000 235,000 34,635 Current portion of long-term borrowings 2,305 2,305 340 Accounts and notes payable 2,718,941 2,796,496 412
Slide 18: For investor and media inquiries, please contact
For investor and media inquiries, please contact: ZKH Group Limited IR Department E-mail: IR@zkh.com Christensen Advisory Email: zkh@christensencomms.com 18