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Trip.com Group — Presentation / slide deck (8-K exhibit)
Trip.com Group (TCOM) · 8 slides · Filed Apr 28, 2026
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Slide 1 — RECONCILIATION BETWEEN U.S. GAAP AND INTERNATIONAL FINANCIAL REPORTING
Trip.com Group Limited 2025 Annual Report RECONCILIATION BETWEEN U.S. GAAP AND INTERNATIONAL FINANCIAL REPORTING STANDARDS The consolidated financial statements are prepared in accordance with U.S. GAAP, which differ in certain respects from International Financial Reporting Standards (“IFRS”). The effects of material differences between the consolidated financial statements of the Group prepared under U.S. GAAP and IFRS are as follows: Reconciliation of consolidated statements of income/(loss) For the year ended December 31, 2025 IFRS adjustments RMB (in millions) Amounts as reported under U.S. GAAP Share-based compensation Leases Equity securities without readily determinable fair values Equity method investments Available- for-sale debt investments Convertible senior notes Issue Cost Software Business combinations Amounts under IFRS Note (i) Note (ii) Note (iii) Note (iv) Note (v) Note (vi) Note (vii) Note (viii) Note (ix) Product development (15,136) (205) — — — — — — — — (15,341) Sales and marketing (14,904) (38) — — — — — — — — (14,942) General and Administrative (4,474) (202) 22 — — — — — — — (4,654) Income from Operations 15,773 (445) 22 — — — — — — — 15,350 Interest expense (849) (35) — — — 134 — — — (750) Fair value changes on investments measured at fair value through profit or loss — — — (22) — 110 — — — — 88 Fair value changes of convertible senior notes — — — — — — (90) — — — (90) Other income/(expense) 21,321 — — 7 126 (115) — — — (1) 21,338 Income/(loss) before income tax expense and equity in income/(loss) of affiliates 38,848 (445) (13) (15) 126 (5) 44 — — (1) 38,539 Income tax expense (5,815) — — (1) — 7 — — — — (5,809) Equity in income/(loss) of Affiliates 353 — — — (109) — — — — — 244 Net Income/(loss) 33,386 (445) (13) (16) 17 2 44 — — (1) 32,974 Exhibit 99.1
Slide 2 — For the year ended December 31, 2024
For the year ended December 31, 2024 IFRS adjustments RMB (in millions) Amounts as reported under U.S. GAAP Share-based compensation Leases Equity securities without readily determinable fair values Equity method investments Available- for-sale debt investments Convertible senior notes Issue Cost Software Amounts under IFRS Note (i) Note (ii) Note (iii) Note (iv) Note (v) Note (vi) Note (vii) Note (viii) Product development (13,139) (83) — — — — — — — (13,222) Sales and marketing (11,902) (15) — — — — — — — (11,917) General and Administrative (4,086) (77) 44 — — — — — — (4,119) Income from Operations 14,177 (175) 44 — — — — — — 14,046 Interest expense (1,735) — (34) — — — 76 — — (1,693) Fair value changes on investments measured at fair value through profit or loss — — — (14) — (140) — — — (154) Fair value changes of convertible senior notes — — — — — — (2,722) — — (2,722) Other income/(expense) 2,220 — — 30 (34) 1,180 — — — 3,396 Income/(loss) before income tax expense and equity in income of affiliates 17,003 (175) 10 16 (34) 1,040 (2,646) — — 15,214 Income tax expense (2,604) — — 0 — (64) — — — (2,668) Equity in income of Affiliates 2,828 — — — 601 — — — — 3,429 Impairment of investments accounted for using equity method — — — — (553) — — — — (553) Net Income/(loss) 17,227 (175) 10 16 14 976 (2,646) — — 15,422
Slide 3 — Trip.com Group Limited
Trip.com Group Limited 2025 Annual Report For the year ended December 31, 2023 IFRS adjustments RMB (in millions) Amounts as reported under U.S. GAAP Share-based compensation Leases Equity securities without readily determinable fair values Equity method investments Available- for-sale debt investments Issuance Cost Software Amounts under IFRS Note (i) Note (ii) Note (iii) Note (iv) Note (v) Note (vii) Note (viii) Product development (12,120) 35 — — — — — — (12,085) Sales and marketing (9,202) 6 — — — — — — (9,196) General and administrative (3,743) 33 31 — — — — — (3,679) Income from operations 11,324 74 31 — — — — — 11,429 Interest expense (2,067) — (33) — — — — — (2,100) Fair value changes on investments measured at fair value through profit or loss — — — (11) — (801) — — (812) Other (expense)/income (667) — — — — 115 — — (552) Income/(loss) before income tax expense and equity in income/(loss) of affiliates 10,680 74 (2) (11) — (686) — — 10,055 Income tax expense (1,750) — — (2) — 162 — — (1,590) Equity in income/(loss) of affiliates 1,072 — — — (19) — — — 1,053 Net Income/(loss) 10,002 74 (2) (13) (19) (524) — — 9,518
Slide 4 — Reconciliation of consolidated balance sheets
Reconciliation of consolidated balance sheets As of December 31, 2025 IFRS adjustments RMB (in millions) Amounts as reported under U.S. GAAP Share-based compensation Leases Equity securities without readily determinable fair values Equity method investments Available- for-sale debt investments Convertible senior notes Issuance Cost Software Business combinations Amounts under IFRS Note (i) Note (ii) Note (iii) Note (iv) Note (v) Note (vi) Note (vii) Note (viii) Note (ix) Land use rights 151 — (151) — — — — — — — — Property, equipment and software 5,445 — — — — — — — (188) — 5,257 Investments 61,375 — — (338) 269 (970) — — — — 60,336 Investments measured at fair value through profit or loss — — — 435 — 970 — — — — 1,405 Goodwill 62,268 — — — — — — — — (213) 62,055 Intangible assets 12,862 — — — — — — — 188 — 13,050 Right-of-use assets 881 — 54 — — — — — — — 935 Total assets 267,387 — (97) 97 269 — — — — (213) 267,443 Other payables and accruals 9,897 — — — — — (5) — — — 9,892 Long-term debt 11,430 — — — — — 2,584 — — — 14,014 Deferred tax liabilities 3,949 — — 12 — — — — — — 3,961 Total liabilities 94,787 — — 12 — — 2,579 — — — 97,378 Additional paid-in Capital 103,953 1,755 — — 329 — — 40 — (307) 105,770 Accumulated other comprehensive loss (2,661) — — (1) 38 (50) 23 — — — (2,651) Retained earnings 76,597 (1,755) (97) 86 (98) 50 (2,602) (40) — 2 72,143 Non-controlling interests 1,651 — — — — — — — — 92 1,743 Total equity 172,600 — (97) 85 269 — (2,579) — — (213) 170,065
Slide 5 — Trip.com Group Limited
Trip.com Group Limited 2025 Annual Report As of December 31, 2024 IFRS adjustments RMB (in millions) Amounts as reported under U.S. GAAP Share-based compensation Leases Equity securities without readily determinable fair values Equity method investments Available- for-sale debt investments Convertible senior notes Issuance Cost Software Amounts under IFRS Note (i) Note (ii) Note (iii) Note (iv) Note (v) Note (vi) Note (vii) Note (viii) Land use rights 77 — (77) — — — — — — — Property, equipment and software 5,053 — — — — — — — (153) 4,900 Investments 47,194 — — (369) (13) (941) — — — 45,871 Investments measured at fair value through profit or loss — — — 484 — 941 — — — 1,425 Intangible assets 12,763 — — — — — — — 153 12,916 Right-of-use assets 755 — (7) — — — — — — 748 Total assets 242,581 — (84) 115 (13) — — — — 242,599 Other payables and accruals 9,661 — — — — — (3) — — 9,658 Long-term debt 20,134 — — — — — 2,689 — — 22,823 Deferred tax liabilities 4,098 — — 11 — — — — — 4,109 Total liabilities 99,099 — — 11 — — 2,686 — — 101,796 Additional paid-in Capital 101,187 1,310 — — — — — 40 — 102,537 Accumulated other comprehensive loss (1,431) — — 2 102 (48) (40) — — (1,415) Retained earnings 45,251 (1,310) (84) 102 (115) 48 (2,646) (40) — 41,206 Total equity 143,482 — (84) 104 (13) — (2,686) — — 140,803
Slide 6 — (i)
(i) Share-based compensation Under U.S. GAAP, the Company has elected to recognize compensation expense using the straight-line method for all employee equity awards granted with graded vesting over the requisite service period. Under IFRS, the graded vesting method is required to recognize compensation expense for all employee equity awards granted with graded vesting. (ii) Leases Under U.S. GAAP, for operating leases, the amortization of right-of-use assets and the interest expense element of lease liabilities are recorded together as lease expenses, which are measured on a straight-line basis and are recorded in the consolidated statements of income/(loss). Under IFRS, the right-of-use assets are generally depreciated on a straight-line basis while the interest expense related to the lease liabilities are measured under the effective interest method, which results in higher expenses at the beginning of the lease term and lower expenses near the end of the lease term. (iii) Equity securities without readily determinable fair values Under U.S. GAAP, the Company elected to measure an equity security without a readily determinable fair value using a measurement alternative that measures the securities at cost minus impairment, if any, plus or minus changes resulting from qualifying observable price changes reported in the profit or loss. Under IFRS, the Company measured the investments in equity instruments at fair value through profit or loss (FVTPL). Fair value changes of these investments are recognized in the profit or loss. (iv) Equity method investments Under U.S. GAAP and IFRS, the investor should adjust the results of its associates to align the investee’s accounting policies with its own policies. The reconciliation items mainly arise from different accounting the associates applied under each GAAP. Additionally, under U.S. GAAP, when an investor records an other-than-temporary impairment charge for an equity method investment, the impairment charge should generally be included as a component of the investor’s share of the earnings or losses of the investee. Under IFRS, the impairment of equity method investments does not form part of the share of the results of associate and might be presented adjacent to the share of associate’s results under equity method.
Slide 7 — (v)
Trip.com Group Limited 2025 Annual Report (v) Available-for-sale debt investments Under U.S. GAAP, the available-for-sale debt investments classified within Level 3 are valued based on a model utilizing unobservable inputs which require significant management judgment and estimation. The Company reports available-for-sale debt investments at fair value at each balance sheet date with the aggregate unrealized gains and losses, net of tax, reflected in “Accumulated other comprehensive loss” in the consolidated balance sheets. Upon sale, realized gains and losses are reported in net income. Under IFRS, since those investments do not meet the definition of the equity instrument from the perspective of issuer, and the contractual cashflow could not pass the Solely Payments of Principal and Interest (the “SPPI”) test, thus they are required to be classified as financial assets measured at fair value with fair value changes recognized in the profit or loss. (vi) Convertible senior notes Under U.S. GAAP, the Company’s convertible notes are elected to be measured at amortized cost, with any difference between the initial carrying value and the repayment amount recognized as interest expense using effective interest method over the period from issuance date to maturity date. Under IFRS, the Company’s convertible notes are designated as at fair value through profit or loss such that the convertible notes are initially recognized at fair value. Subsequent to initial recognition, the amounts of changes in fair value of the convertible notes that are attributed to changes in own credit risk are presented in other comprehensive income and the remaining fair value changes are presented in the profit or loss. (vii) Issuance Cost Under U.S. GAAP, specific incremental issuance costs directly attributable to a proposed or actual offering of securities may be deferred and charged against the gross proceeds of the offering, shown in equity as a deduction from the proceeds. Under IFRS, such issuance costs apply a different criterion for capitalization when the listing involves both existing shares and a concurrent issuance of our new shares in the capital market, and are allocated to proportionately between our existing and new shares. Costs incurred to list existing shares are not equity transaction costs, which are charged to the income statement. (viii) Software Under U.S. GAAP, software is reported under property, equipment and software. Under IFRS, software is reported under the intangible asset category. Accordingly, software is reclassified from property, equipment and software to intangible assets.
Slide 8 — (ix)
(ix) Business combinations In 2025, the Company acquired a majority equity interest in a company (the “acquiree”). Under the terms of the transaction agreements, the Company is also obligated to purchase a portion of the remaining equity interest (the “Equity Interest”) of the acquiree on a specified date (or earlier if triggered by certain events) at a price determined by a predetermined formula (the “Purchase Obligation”). Under US GAAP, given that the purchase obligation is certain to occur and bundled with the acquisition, the Equity Interest was not recognized as a non-controlling interest, instead the related Purchase Obligation was recognized as a financial liability at the acquisition date and subsequently measured at fair value, with fair value changes recognized in the income statement. This financial liability was treated as part of the purchase consideration when applying acquisition accounting. Under IFRS, as it is considered that the Company undertakes the obligation to purchase the Equity Interest at fair value, the risk and reward of the shares reside with non-controlling interests. Therefore, the Company recognizes the Equity Interest as non-controlling interest on the acquisition date. IFRS also requires the Purchase Obligation to be initially recognized as a separate financial liability (with the corresponding amount debited in equity) on the acquisition date, and the Company has elected to record subsequent changes in the carrying amount of the financial liability in equity. The financial liability was not considered as part of the purchase consideration when applying acquisition accounting. The accounting treatment under IFRS resulted in a lower purchase consideration and therefore, lower goodwill recognized from the acquisition, compared with US GAAP.