Tencent FY2025 Q4 Earnings Release

2025Fourth Quarter and
Annual Results Presentation
March18, 2026

This presentation may contain forward -looking statements relating to the forecasts, targets, outlook, estimates of financial performance, opportunities,
challenges, business developments, business plans and growth strategies of Tencent Holdings Limited (the “Company ” or “Tencent ”) and its group
companies .These forward- looking statements are based on information currently available to Tencent and are stated here on the basis of the outlook at
the time that this presentation was produced .The Company undertakes no obligation to publicly update any forward – looking statement, whether written
or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. The forward -looking statements
are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control .The forward -looking statements may
prove to be incorrect and may not be realised in the future. Underlying the forward -looking statements are a large number of risks and
uncertainties .Therefore you should not rely on any of these forward -looking statements .Please see our various other public disclosure documents for a
detailed discussion of those risks and uncertainties .
This presentation also contains some unaudited non -IFRS financial measures which should be considered in addition to, but not as a substitute f o r,
measures of the Company’s financial performance prepared in accordance with IFRS .In addition, these non -IFRS financial measures may be defined
differently from similar terms used by other companies . The Company’s management believes that the non -IFRS financial measures provide investors
with useful supplementary information to assess the performance of the Company ’s core operations by excluding certain non-cash items and certain
impact of acquisitions . For further explanation of our non -IFRS measures and reconciliations between our IFRS and non -IFRS results, please refer to our
earnings announcement .
In addition, information relating to other companies and the market in general presented in these materials has been obtained from publicly available
information and other sources. The accuracy and appropriateness of that information has not been verified by Tencent and cannot be guaranteed . All
materials contained within this presentation are protected by copyright law and may not be reproduced, distributed, transmitted, displayed, published or
broadcast without the prior, express written consent of Tencent .
The reporting currency of the company is Renminbi .For the purpose of this presentation, all figures quoted in US dollars are based on the exchange rate
of US $1 to RMB 7.0288 for 4 Q 2025 .
2
Cautionary Note

3
1.Overview

2025 Annual Highlights
AI investment to unlock new opportunities
• Upgraded team with top -tier AI talent, built processes for improving foundation model intelligence in a systematic way
• Began deploying new AI capabilities in Yuanbao and Weixin, and strengthened AI products available in cloud
Achieved high quality growth with evergreen products and services, reinforced by application of AI
• Widened evergreen game portfolio with breakout success of Delta Force, and reinforced existing evergreen games such as Honour of
Kings and Peacekeeper Elite ;AI accelerates content production, improves user experience and marketing efficiency
• Time spent in Video Accounts increased over 20%, via recommendation algorithm upgrade andenriched contentecosystem
• Engagement with mini shops, mini games, and other content -related Mini Programs grew rapidly Yo Y
• Marketing Services revenue growth exceeded industry, as we upgraded adtech model and introduced automated campaign solution AIM+
• Sustained healthy FinTech revenue growth through deepened cooperation with licensed financial institutions and prudent risk management
• Cloud achieved profit at scale on increased enterprise demand, market-leading PaaS and SaaS products, and optimised supply chain
Accelerated international expansion
• International Games surpassed USD10 billion revenue, on sustained growth of evergreen games and rapid expansion of content -driven games
• Cloud products accelerated international growth as we expanded global footprint and partnered with key clients
4

In billion RMB 4Q2025
YoYQoQFY2025 YoY
Total Revenue 194.4
+13%+0.8% 751.8+14%
Value- added Services 89.9
+14% -6% 369.3 +16%
Social Networks 30.6
+3% -5% 127.7 +5%
Domestic Games
1 38.2 +15% -11 % 164.2 +18%
International Games 21.1
+32% +1%77.4+33%
Marketing Services 41.1
+17% +13% 145.0+19%
FinTech and Business Services 60.8
+8% +5%229.4 +8%
Others 2.6
+10% -3% 8.1+4%
Gross Profit 108.3
+19% -0.5% 422.6 +21%
Non-IFRS
Operating Profit 69.5+17% –
4%
280.7 +18%
Operating Margin 35.8%+1.3ppt –
1.8ppt
37.3%+1.3ppt
Net Profit Attributable to Equity Holders 64.7+17% –
8%
259.6 +17%
Financial Highlights
1. Domestic Games refers to our games business in the PRC excluding the Hong Kong Special Administrative Region, the Macao Speci al Administrative Region and Taiwan
5

无无无无无无无无
2. Strategy Review

7
Our key franchises are resilient in age of AI
Criteria for product/service resilience to AI
Our key franchises possess a lot of resilience criteria, and are highly defensible
• Network effects mean human
users gravitate to services with
most human users
• Internal data, not available on
world wide web
Communications
• Multi -player games (especially PvP
games) present massive network
effects
• Evergreen games cultivate strong IP
• AI not currently capable of creating
innovative gameplay -centric games
due to difficulty in providing balance,
and generating consistent outcomes
from similar inputs
Games
• Network effects (consumer to consumer, consumer to content creator, consumer to business)
• Depth and value added along supply chain
• Regulatory environment and license requirements
• Scarce/unique resource (physical property or intellectual property)
• Low take rate compared to value provided or switching cost
• Private data versus public data
• Heavily regulated and licensed
• Require rails intomultitude of partner
banks, merchants, and consumers
• Payment platforms have significant
network effects
• Low take rate versus global peers
FinTech

8
• During early stage, our initial AI priority was to be a pioneer in using AI to reinforce our core businesses
• We believe that in each of our core businesses, we are now a China and global leader in leveraging AI to strengthen and accelerate growth
• Use of AI is already showing positive initial results for our businesses, demonstrated by user engagement and revenue trends
Games
• Generative AI accelerates in-game content production speed and scale
• Multimodal capabilities enable virtual teammates in PvP games to provide coaching and support, and LLMs to power realistic
NPCs in PvE games
• Generative AI facilitates new user acquisition and existing user retention
• Together with evergreen initiatives and new game successes, pioneering use of AI contributed to Tencent games revenue
outgrowing global industry in 2025 : + 22% vs. + 7%
1
1. Source: Newzoo
2. Source: Company data and Bloomberg
Marketing
Services
• Scaled-up foundation model for matching relevant ads with receptive users enables higher ad conversions …
• …and results in better user experience at equivalent ad load (enable us to increase Video Accounts ad load at measured pace)
• Generative AI facilitates advertisers creating more ads, more efficiently, and with greater relevance to users
• Automated ad targeting, bidding and placement with AIM+ solution, improving advertisers’ return on marketing investments
• Together, contribute to Tencent advertising revenue outgrowing industry in 2025 : + 19% vs. + 14% 2
We are a leader in strengthening our core businesses
with AI

9
FinTech
• Lightweight FinTech AI models enhance credit scoring process to determine loan approval more intelligently, and facilitate
fraud detection
• Our lending products have demonstrated credit quality, and above initiatives contributed to further reducing non-performing
loan rates in 2025
Enterprise
SaaS
• Provide useful AI tools, e.g ., AI Delegate for generating meeting minutes in Tencent Meeting, and intelligent summaries of
customer service history in WeCom
• Tencent Meeting #1 video conferencing software by user time and revenue in China; WeCom # 1 CRM software by revenue
in China
1
Video
Accounts
• Long -sequence large model enhances intelligence of content recommendation, boosting user growth, user engagement, and
content distribution
• Consequently, now # 2 short video service by DAU in China , and growing at fastest rate by total time spent 1
Digital
Content
• Improve production efficiency, e.g ., automated frame generation for anime
• Provide intelligent recommendation and efficient user discovery for music, videos and literature
• Clear leader in music and long -form video industries, by DAU and revenue
1. Source: Company data and QuestMobile
We are a leader in strengthening our core businesses
with AI

We are developing new AI capabilities and products to
capture exciting new opportunities
10
From a position of strength in our core businesses, we are now adding development of new AI capabilities and products to our priorities
New AI capabilities will unlock new opportunities, as well as further differentiate our core businesses
Combination of a strong foundation model with configuring for core use cases (e.g ., chat bot, coding, multimodal and
agentic applications) provides greatest near -term opportunity ; AGI opportunity further in future
We were not first mover in LLM, but have recently revamped team and processes, improved data quality and rebuilt
infrastructure for pre -training and reinforcement learning, enabling us to iterate more intelligent models, more rapidly
HY 3 .0 now in internal testing, aiming to provide substantial improvement over HY 2 .0 ; will progressively make HY 3 .0
available externally commencing from April
• We are relatively early mover in multimodalities and industry leader in areas such as 3D, text to image and World models,
leveraging proprietary data and abundant use cases
Foundation
models
Yuanbao
AI chat bot
• AI chat apps act as information aggregators, and currently most overlap with, and substitute, search use cases ; therefore
represent expansion opportunity more than threat to us
• Progressively upgrading capabilities and seeking user breakout opportunities for own AI chat app, as we did in payments
• Rapidly iterating user experience via better search integration, improved speech recognition, easier access to multimodal
capabilities
• Core experience will benefit from HY 3.0 deployment and future improvement within Yuanbao

11
• Embedding AI across the Weixin ecosystem to enhance user experience, spanning social interactions, information
retrieval and analysis, content consumption, merchandise recommendation and customer service
• Building next -gen agentic services in Weixin to connect users with our extensive Mini Programs content, social and
payment ecosystem
• Will also benefit from HY’s increasing intelligence in the future
• Adding agents to Weixin boosts ecosystem activity and therefore generates revenue itself
Weixin AI
Productivity
AI
• Introduced a suite of autonomous AI agent products and tools ( WorkBuddy and Qclaw), along with our upgraded agent –
related infrastructure ( Tencent Cloud Lighthouse and AI Agent Security Sandbox), to retrieve information, coordinate
workflows, and perform actions across applications ; transforming AI from passive chatbots to active agents, translating
intelligence directly into deliverables through autonomous workflows and continuous task execution
• We have industry leading communication platforms in which to best embed our Agent solutions, enabling users to
command multiple agents directly from chat interface, and to leverage our diverse content ecosystem and extensive
merchant/developer network
• These autonomous AI agents also enable users to conveniently invoke skills from our SkillHub and leverage security
infrastructure provided by Tencent Cloud, which in turn shall benefit our cloud business
We are developing new AI capabilities to capture exciting
new opportunities

12
Incubating New AI Products with strategic investment
Substantial investment in New AI Products in 2025
• Existing businesses are resilient and will benefit from AI
• New AI products are investments for new opportunities
• Costs and expenses for our new AI products were RMB7 billion in 4Q25 and RMB18 billion in 2025 – including talent, data, training for
HY, inference and marketing for Yuanbao (excluding AI initiatives supporting existing products and services, excluding purchase of
GPUs for external use in Tencent Cloud )
Strategic nature of investment to unlock future value
• We expect to more than double investments in New AI Products in 2026
• Increased profits from our existing businesses should more than cover incremental investments in these New AI Products
• In this transformational period, we view these substantial front -loaded investments as similar to CAPEX or investments in affiliates in
nature, which are more like upfront investments as opposed to ongoing costs, and thus should be viewed separately from the profit
generated by the existing businesses
• Over time, we are confident we will monetise new AI capabilities, unlocking new value for the future and becoming profitable

13
Building Tencent Cloud into an evergreen business
through strategic investment
• We are a leading cloud service provider, leveraging our understanding of software and hardware to support external customers across
industries and worldwide
• As one of the biggest internet platforms and thus users of technology in China, we have substantial “internal cloud” needs which we do not
include in our reported “external cloud” revenue, but which result in substantial purchasing power
• We started to focus on high -quality cloud revenue growth in 2022 , and restructured to focus
on higher margin businesses, which enabled us to reach breakeven in 2024
• During 2025, we grew revenue at an improving rate and delivered RMB 5 billion adjusted
operating profit, despite constrained availability of GPUs and our decision to prioritise
internal AI services
• Now seeing better pricing environment (especially for memory and CPU), strong AI demand,
and overseas expansion, we expect external cloud services revenue to grow robustly in
2026 , while sustaining solid profitability and returns
• Our GPU capacity is on track to step up during course of 2026 and 2027 , benefiting internal
use cases and Tencent Cloud
• We were a relative late c o m e r, but through patience, iteration, and leveraging our ecosystems, Tencent Cloud is now on sustainable revenue
and margin trajectory to become an evergreen business for us
• Analytically, initial losses in Tencent Cloud can be viewed as a fixed sum of cash investments, and separate from profit of the core businesses
FY21 FY22 FY23 FY24 FY25
Cloud services adjusted operating
profit/(loss)
In billion RMB
0

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+11%+11%+10% +7%+6%+8%+8%+11% +13%+15%+15%+13%
Revenue
15
Revenue Growth (YoY %)
Revenue by Segment (billion RMB)
19% 19%17%
21%
21%22%
9%
9%10%
17% 18%19%
33%
32%31%
1% 1%1%
609.0
660.3
751.8
FY2023
FY2024FY2025
+10%+8%+14%
21%
20%19%
18%19%
19%18%
17%18%
18%17%
16%
23%
21%21%
18%22%
21%22%
20%24%
22%22%
20%
9%
9%9%
9%8%
9%9%
9%9%
10% 11%
11%
14%
17%16%
19%17%
19%18%
20%18%
19%19%
21%
32%
32%34%
35%33%
31%32%
33%30%
30%30%
31%
1% 1%1%
1%1%
1%1%
1%1%
1%1%
1%
150.0 149.2 154.6 155.2 159.5 161.1 167.2 172.4 180.0 184.5
192.9 194.4
1Q23
2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25

+19%+22%+23%+25%+23%+21%+16%+17%+20%+22%+22%+19%
Gross Profit
16
Gross Profit Growth (YoY %)
Gross Profit by Segment (billion RMB)
55% 52%53%
18%
19%20%
28% 29%28%
293.1
349.2
422.6
FY2023
FY2024FY2025
+23%+19%+21%
63%
57%55%
48%54%
52%53%
49%55%
53%54%
49%
13%
17%18%
22%17%
19%18%
22%18%
20%19%
23%
25% 26%28%
31%28%
28%29%
29%27%
28%
27%
28%
68.2 70.8 76.5
77.6 83.9
85.9 88.8
90.7 100.5
105.0
108.8 108.3
1Q23
2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25

Social Networks
• 4Q25 revenue was up 3% Yo Y, driven by increased revenue from Video
Accounts live streaming service and music subscriptions
• Music subscription revenue increased 13 % Yo Y, due to growth in ARPU and
subscribers.
• Long -form video subscription revenue increased 1 % Yo Y . Video subscriber Yo Y
growth benefitted from self -commissioned drama series Love ’s Ambition ,
variety show Natural High 3, and animated series Renegade Immortal; each
ranked #1 in their respective genre industry -wide
1 in 4Q25
Domestic Games
• 4Q25 revenue grew 15% Yo Y, mainly due to Delta Force, VALORANT franchise
(PC and mobile), and Wuthering Waves
International Games
• 4Q25 revenue increased 32% YoY, mainly driven by Supercell’s games, PUBG
Mobile and Wuthering Waves
121.5 127.7
139.7 164.2
58.0
77.4
319.2 369.3
FY2024
FY2025
+18%
+5%
+33%
Va l u e
-added Services
Revenue in billion RMB
17
Social Networks Domestic Games International Games +16%
YoY
29.8 30.6 32.3
30.6
33.2
38.2 42.8
38.2
16.0
21.1
20.8
21.1
79.089.9
95.9
89.9
4Q24
4Q253Q254Q25
+14%
YoY –
6%
QoQ
+15%
+3% –
11%
– 5%
+32%
+1%
1. Source: Enlightent, by video views across all long-form video platforms in China for 4Q25

Communications & Social Networks
18
Upgraded centralised eCommerce gateway page allows users to check shopping
carts, see what their friends are recommending, and receive notifications from
favourite shops, and is already generating substantial GMV in 4Q25
Introduced Likes for Discount feature, facilitating users to discover products liked
by friends and enjoy discounts through recommendation feeds in centralised
eCommerce gateway page, as well as through sharing via chats and Moments
• Upgraded marketing tools by enabling merchants to customise coupons for targeted
users and scenarios, and interactively engage users via lucky draws and fan zones
• Total user time spent increased over 20% Yo Y in 4 Q 25, driven by productivity tools,
mini games and novels
• Upgraded developer toolkits via AI plugins, such as Tencent CodeBuddy , which
support mini program development using natural language input
• Supported developers working on AI native mini programs with free compute
resources on Tencent Cloud and data analytic tools
Mini Shops
Mini Programs
Shop highly
rated by friendsNotifications
from favourite
shops and
order status
updates
Recommendation
feed tab
“Likes for
Discount” feature
Favourite shop
Frequently
visited shop
Centralised eCommerce gateway page

Domestic Games
• Delta Force – maintained its position among top 3
games industry -wide in 4Q 25
1. Peak DAU exceeded 50
million and gross receipts reached new high in Feb 2026 .
We are leveraging AI coding to boost development
efficiency, and deploying AI-powered companion to
enhance user engagement
• VALORANT PC – gross receipts increased by over 30%
Yo Y and average DAU hit record high in 4 Q25, fueled by
new flowers- meet-magic Mystbloom skins, limited-time
modes and major esports events
19
VALORANT PC Assault Fire: Future
VALORANT MOBILE – most successful new mobile
game industry -wide in 2025
2 due to PC -level shooting
experience and distinctive art style that appeals to young
players. Gross receipts achieved new high in Feb 2026
on new skins
• Assault Fire : Future – launched in Jan 2026 , multi-
platform near future PvE shooter built on owned IP and
Unreal Engine, achieving millions of DAUs and adding
content -driven experience to our action game portfolio
Record-setting evergreen games Impactful new releases
VALORANT MOBILE Delta Force
1. Source: by average DAU and gross receipts according to QuestMobile and Sensor Tower
2. Source: by gross receipts according to Sensor Tower

20
Clash Royale
W arframe
International Games
Wuthering
Waves
1. Source: Sensor Tower
• Story-rich open world action RPG, won Players’ Vo i c e at The Game Awards
(TGA) 2025
• Achieved rapid Yo Y growth in gross receipts and DAU in 4 Q 25, fueled by
new storylines, urban ruins & sci-fi aesthetic maps, and characters
• Ranked #3 mobile game by DAU in international markets in 4Q25 1, with
average DAU and gross receipts more than tripled Yo Y and achieved life-
time highs
• Launched 10 th anniversary events in March, including a limited -time
roguelite PvP game mode with chaotic modifiers
• Major cinematic update, The Old Peace, introduced new storyline, two new
game modes, and new Warframe Uriel featuring a unique summoning –
based combat mechanic ; average DAU and gross receipts reached
historical highs in Dec 2025

35.0 41.1
36.2 41.1
4Q24
4Q253Q254Q25
+17%
YoY +13%
QoQ
Marketing Services
Revenue in billion RMB
21
Overall
• 4Q25 revenue increased 17 % Yo Y . Rapid growth from categories such as
internet services and local services, partially offset by slower growth from
eCommerce and financial services categories
• We upgraded AdTech foundation model to strengthen targeting, expanded
closed -loop marketing services, and tailored ad formats for various
categories
• Entering 2026, we deepened collaboration with key eCommerce platforms
and increased inventory for rewarded ads in Video Accounts, contributing
to higher Yo Y revenue growth in 1Q26 QTD versus 4 Q25
Weixin
• Video Accounts – total time spent increased due to upgrades to content
recommendation algorithm, enabling faster growth in ad impressions,
despite ad load remaining much lower than peers
• Mini Programs – increasingly vibrant content consumption within Mini
Programs attracted more marketing spending from mini game and mini
drama studios
• Weixin Search – overall query volume grew at rapid rate due to AI
enhancement to search results, driving growth in commercial query
volume, while RPM also increased
121.4 145.0
FY2024
FY2025
+19%
YoY

56.1 60.8
58.2 60.8
4Q24
4Q253Q254Q25
+8%
YoY +5
%
QoQ
FinTech and Business Services
FinTech Services
• Grew revenue by single -digit % Yo Y and gross profit at a higher rate in
4Q25 , driven by wealth management and commercial payment services
• Commercial payment volume continued to deliver positive Yo Y growth, due
to higher number of transactions, narrowed decline in value per transaction
• For wealth management, the second biggest contributor to our FinTech
revenue, average assets per user and number of users increased Yo Y
Business Services
• 4Q25 revenue grew 22% Yo Y, benefitting from cloud services and fees
collected on Mini Shops eCommerce transactions
• Cloud services revenue accelerated Yo Y growth rate, due to increased
demand and better pricing environment, as our scale advantages became
clearer amid tight supply of memory and CPU industry -wide
• Revenue from Tencent Cloud Media Services grew notably Yo Y, as clients
increasingly adopted our video and audio processing solutions due to top –
tier streaming quality
Revenue in billion RMB
212.0
229.4
FY2024 FY2025
+8%
YoY
22

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Income Statement
In billion RMB 4Q2025YoY
QoQ
FY2025 YoY
Revenue 194.4+13%+0.8% 751.8+14%
COPS (86.1)+5%+2%(329.2) +6%
Gross profit 108.3+19% -0.5% 422.6 +21%
Operating expenses (49.3)+18% +8%(177.8) +19%
Other gains (losses) , net
1.3-48% +172% (3.2)NA
Operating profit 60.3+17% -5% 241.6 +16%
Net gains from investments and others 3.3+195% +17% 10.2+143%
Interest income 4.8+22% +12% 16.9+6%
Finance costs (3.6)+42% -5% (15.1) +26%
Share of profit of associates & JV s, net
6.8-26% -13% 23.7 –
6%
Income tax expense (12.5)+7%+29% (47.5) +5%
Net profit 59.1+15% -9% 229.8 +17%
Net profit attributable to equity holders 58.3+14% -8% 224.8 +16%
Diluted EPS in RMB 6.276+14% -7% 24.153 +18%
Non -IFRS
Operating profit 69.5+17% -4% 280.7 +18%
Net profit attributable to equity holders 64.7+17% -8% 259.6 +17%
Diluted EPS
1in RMB 6.966+18% -8% 27.877 +19%
24
1.Diluted EPS is calculated using the weighted average number of outstanding shares in the period incl. the dilutive effect of share options and awarded shares as determined under the treasury stock method

Non-IFRS Adjustments
In billion RMB IFRS
4 Q2025 SBCNet
(gain s)/
losses from
investee
companies
1
Amortisation of intangible assets Impairment
provision s/
(reversals)
2
SSV & CPP 3 Tax
effects Non
-IFRS
4Q2025 YoY
change QoQ
change Non
-IFRS
FY2025 YoY
change
Operating profit 60.37.2 -1.6 -0.4 -69.5
+17% -4% 280.7 +18%
Share of profit of
associates & JVs, net 6.8
0.8 -1.5 —9.1
+18% -11% 33.5 +6%
Net profit 59.18.0(7.5) 3.13.61.3(0.9) 66.7
+18% -8% 267.0 +18%
Net profit attributable
to equity holders 58.3
7.9(7.5) 2.82.81.3(0.9) 64.7
+17% -8% 259.6 +17%
Operating margin 31.0% 35.8%+1.3ppt -1.8ppt 37.3%
+1.3ppt
25
Note:
1. Including net (gains)/losses on deemed disposals/disposals of investee companies, fair value changes arising from investee companies, and other expenses in relation to equity transactions of investee
companies.
2. Mainly including impairment provisions/(reversals) for associates, joint ventures, goodwill and other intangible assets ar ising from acquisitions.
3. Mainly including donations and expenses incurred for the Group’s Sustainable Social Value & Common Prosperity Programme initi atives.

41.7 48.9
52.3 56.8
54.8 55.6
53.0 57.7
55.5 57.6
56.7 59.7
Marketing Services (%)
53.9 54.0 55.5
53.7 57.3
57.0 57.5
55.9 59.6
60.4 61.2
59.5
Va lue -added Services (%)
Gross Margins
34.5 38.4
40.9 43.9
45.6 47.6
47.8
47.1 50.3
52.1
50.2 50.7
1Q23 2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25
FinTech and Business Services (%)
26
45.5 47.5 49.5
50.0 52.6
53.3
53.1
52.6 55.8
56.9
56.4
55.7
Overall Gross Margin (%)
54.3 56.9 60.2
50.6
55.4
57.5
39.6 47.0
50.8
FY2023 FY2024FY2025
48.1 52.9
56.2

11.6 12.5
11.4 12.5
4Q24 4Q25 3Q25 4Q25
S&M
in billion RMB
Operating Expenses
27
R&D
in billion RMB
G&A (excl. R&D)
in billion RMB
19.8 23.8
22.8 23.8
4Q24 4Q25 3Q25 4Q25
Non
-IFRS Non-IFRS Non-IFRS
10.3 13.0
11.5 13.0
4Q24 4Q25 3Q25 4Q25
+26%
YoY +13%
QoQ
4Q25 S&M grew by 29% YoY and 14% QoQ
FY2025 S&M grew by 15% YoY
+20%
YoY +4%
QoQ
4Q25 R&D grew by 22% YoY and 5% QoQ
FY2025 R&D grew by 21% YoY 4Q25
G&A (excl. R&D) grew by 0.1% YoY and 9% QoQ
FY2025 G&A (excl. R&D) grew by 8% YoY
+8%
YoY +9%
QoQ
36.4 41.7
FY2024
FY2025
+15%
YoY
70.7 85.7
FY2024 FY2025
+21%
YoY
42.0 50.4
FY2024 FY2025
+20%
YoY

30.0 30.9 33.4
31.7 36.8
36.3 36.6
34.5 38.5
37.5 37.6
35.8
1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
(%)
Non-IFRS Operating Margin
28
31.5 36.0
37.3
FY2023 FY2024 FY2025

In billion RMB 4Q2025
YoYQoQFY2025 YoY
Operating CAPEX 16.9-51% +41% 73.1+15%
Non -operating CAPEX 2.7+60% +167% 6.1-55%
Total CAPEX 19.6-46% +51% 79.2+3%
Operating Cash Flow 66.5+23% -22% 303.1 +17%
Less: CAPEX Paid (22.4)-43% +12% (88.3) +22%
Payments for media content (8.1)-5% +63% (24.6) +3%
Payments for lease liabilities (2.0)-5% +7% (7.6) +5%
Free Cash Flow 34.0+660% -42% 182.6 +18%
Total Cash 494.8+19%+0.3% 494.8+19%
Less: Total Debt (387.7)+15%-0.8% (387.7) +15%
Net Cash 107.1+40% +5%107.1 +40%
CAPEX, FCF and Cash Position
29
•As at 31 Dec 2025, the f air value of our shareholdings 1 in listed investee companies (excluding subsidiaries) was ~RMB673
billion (USD96 billion) and the carrying book value of our shareholdings in unlisted investee companies (excluding
subsidiaries) was ~RMB363 billion (USD52 billion)
1. Including those held via special purpose vehicles, on an attributable basis.

In millions20252024 Yo Y
Issued shares, at 1 January 9,2259,483 -3%
Shares issued for employee share option and share award schemes 5258-10%
Shares repurchased and cancelled (157)(316)-50%
Issued shares, at 31 December 9,1209,225 -1%
Weighted average number of shares for the calculation of diluted EPS
1 in the period
9,244 9,408 -2%
Share Repurchase and Annual Dividend
30
1. Diluted EPS is calculated using the weighted average number of outstanding shares in the period including the dilutive effect of share options and awarded shares as determined under the treasury stock
method
• Repurchased ~153 million shares for a consideration of ~HKD80 billion during FY2025
• Given we see high return opportunities from investing in AI , we will likely buy back lower
value of our shares versus 2025 to fund investment in AI, while increasing our dividends
• Subject to shareholders’ approval at the 2026 AGM, proposed 2025 annual dividend of
HKD5.30 per share (up 18% YoY) or HKD48 billion for the year ended 31 December 2025

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5. Q&A

Tencent Holdings Limited
2025 Fourth Quarter and
Annual Results Presentation
Thank you!
https://www.tencent.com/ir