First Take: 2Q26 - Beat, raise, and cash return; a great quarter Our First Take: In a tough China consumer/leisure reporting season, HTHT delivered what has become a rarity: a clean beat-and-raise. 2Q EBITDA beat consensus by 9%, helped by stronger-than-expected M&F revenues (+25%, vs. estimated 15%), with the upside seemingly driven by higher take-rates. The bigger surprise, in our view, was the FY26 revenue guide being lifted to +4-8% y/y, up 2%pts, despite an operating environment that remains far from e ...