Tencent FY2024 Q4 Earnings Release

1
Mar 19, 2025
2024 Fourth Quarter and
Annual Results Presentation

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 for,
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 7.1884 for 4Q2024 .
2
Cautionary Note

3
1. Overview

2024 Annual Highlights
Reinforcing long -term franchise value of our key services
• Deepened Weixin ecosystem via launch of Mini Shops and upgrade of Weixin Search
• Grew Video Accounts user time rapidly YoY, benefitting from enhanced algorithms and more local content ; number of creators that
generated revenue from Video Accounts doubled YoY
• Expanded evergreen games portfolio 1 from 12 in 2023 to 14 in 2024 ; nurturing potential future evergreen games, such as Delta Force
and Path of Exile 2
• Tencent Video retained #1 position 2 in long -form video, with 3 self -commissioned drama series ranked among top 5 industry -wide 3 in
2024 ; Tencent Music #1 in music, and grew to 121 million subscribers
• Marketing Services delivered 20 % revenue growth, benefiting from enhanced ad tech and traffic growth
• Upgraded our risk controls for FinTech services and optimised payment funding costs, strengthening franchise and profitability
• Advanced HunYuan Foundation Model 4 capabilities, deployed AI for internal use cases such as ad targeting, and prepared for
breakout growth in consumer AI interactions in Yuanbao , Weixin , and other Tencent services
1. Games surpassing average quarterly DAU of 5 million for mobile or 2 million for PC, and generating over RMB 4 billion annual gro ss receipts
2. By paying users and subscription revenue
3. Source: Enlightent, by video views across all online platforms in China
4. HunYuan Foundation Model will be referred to as HY Foundation Model
High quality growth, substantial shareholder returns
• Revenue growth generally improved during 2024 , achieved double -digits YoY growth rate in 4Q 24
• Gross profit and operating profit growth exceeded revenue growth on mix shift to high quality revenue streams and cost optimisation
• Delivered share buyback of HKD 112 billion (+ 127 % YoY) in FY 24 , and paid cash dividend of HKD 32 billion (+ 39 % YoY) in May 24
4

In billion RMB 4Q2024 YoY QoQ FY2024 YoY
Total Revenue 172.4 +11% +3% 660.3 +8%
Value -added Services 79.0 +14% -4% 319.2 +7%
Social Networks 29.8 +6% -3% 121.5 +2%
Domestic Games 1 33.2 +23% -11% 139.7 +10%
International Games 16.0 +15% +10% 58.0 +9%
Marketing Services 2 35.0 +17% +17% 121.4 +20%
FinTech and Business Services 56.1 +3% +6% 212.0 +4%
Others 2.3 +18% +62% 7.7 +44%
Gross Profit 90.7 +17% +2% 349.2 +19%
Non -IFRS
Operating Profit 59.5 +21% -3% 237.8 +24%
Operating Margin 34.5% +2.8ppt -2.1ppt 36.0% +4.5ppt
Net Profit Attributable to Equity Holders 55.3 +30% -8% 222.7 +41%
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
2. Starting 3Q24, we have renamed this revenue segment from ‘Online Advertising’ to ‘Marketing Services’ to better represent the breadth of our marketing solutions and accompanying technology
services across our online marketing properties.
5

2. Investing in AI for Growth

7
Adopting multi -model strategy to provide best AI experience to users 2
Building HY Foundation Model: significant investment and progress 1
Stepping up investment in AI 5
Unlocking growth multiplier for existing businesses 4
Accelerating AI integration into enterprise -facing services 3
Investing in AI for Growth

Multi -modal
foundation models
Core LLM
8
• Rapid iteration of model architecture : Mixture of Experts （ MoE ) → Heterogeneous MoE →
Hybrid -Mamba -Transformer MoE
• Turbo S: fast -thinking and significantly reduced computational complexity
• T1: deep -thinking, Long Chain of Thought 1 (CoT) , comparable performance to leading model
• HY image generation models :ranked #1 by FlagEval 2 in Dec 2024
• HY Video Generation : ranked #1 on Hugging Face 3 in Dec 2024
• HY 3D Generation : industry’s first open -source model supporting text – and image -conditioned
3D asset generation
Open -sourced
multiple HY models • HY 3D Generation ,HY Video Generation , HY Large , HY DiT Text -to -Image
Milestones
➢ Established AI lab in 2016. Since 2023, investing heavily in our proprietary HY Foundation Model
➢ Investment in HY allows us to: 1) develop end -to -end foundation model capabilities in terms of infrastructure, algorithm, traini ng,
alignment, and data management; 2) fulfill customised internal and external needs
Thesis
1. CoT: Chain of Thought is an approach in artificial intelligence that simulates human -like reasoning processes by delineating com plex tasks into a sequence of logical steps towards a final resolution.
2. #1 in image generation capabilities on FlagEval
3. #1 in Penguin Video Benchmark on Hugging Face
Building HY Foundation Model: Significant Investment
and Progress

9
Multi -model strategy
• Seek to provide best user experience leveraging all
available models
• Different AI models optimised for different capabilities,
performance metrics and use cases – combination of
various models can handle complex tasks better than a
single model
• Our experience in software businesses (such as online
games) demonstrates synergies in being a developer
and an operator
• Investing in our own foundation models allows us to
fully leverage our proprietary data, meet highly customised
internal and customer needs
• Open -source ecosystem is gaining momentum, providing
many more model options; making use of external
models allows us to benefit from innovations across the
industry
Yuanbao , breakout AI -native application
• Users can select among multiple models (CoT reasoning
models, fast thinking models), and whether to integrate
web search results
• Provides access to proprietary high -quality content from
Tencent ecosystem
• Processes prompts in image, voice, and document
formats
• Ensures stable and uncapped access to leading models
• DAU increased more than 20 -fold in Feb and Mar to
become #3 among AI apps 1
Testing AI features in Weixin
• AI -powered search, language input, content generation
• Will add additional AI features in the future
Consumer -facing applications
1. Source: QuestMobile
Adopting Multi – Model Strategy to Provide Best AI
Experience to Users

10
• Hyper Computing Cluster (HCC) enables enterprises to run high -performance AI training and inference with low latency
and elastic scalability
• Hyper Application Inventor (HAI) provides “one click” deployment of mainstream foundation models for developers through
visual interfaces
IaaS
• TI Platform for fine -tuning and running inference on AI models
• LLM Knowledge Engine solution helps enterprises build customer support and coding assistants tuned with their own
proprietary data
• Tencent CloudB ase enables developers to generate mini programs and mobile applications through natural language
prompts and uploading design mockups
PaaS
SaaS
• Tencent Meeting AI -powered real -time transcription, recording and automated summary functions – M AUs doubled YoY to
15 million
• Tencent Docs boosted documentation productivity in content generation and processing
➢ AI cloud revenue approximately doubled YoY in FY 24 ; however, increasing usage of GPUs for internal use cases has limited our
provision of GPUs to external clients, and thus our Cloud Services revenue growth
➢ We have prioritised GPUs available for external workloads toward high value use cases and clients
➢ From 4Q 24 onward, we have stepped up our purchases of GPUs ; as we deploy those GPUs, we expect to accelerate revenue growth
for our overall Cloud Services
Accelerating AI Integration into Enterprise – facing
Services

11
AI boosts ad targeting & ad content creation
• Enhanced our ad system with neural network AI
capabilities since 2015
• Rebuilt our ad tech platform with large model capabilities
since 2020, enabling:
– Analysis of long sequence user behaviour across multiple
properties
– Improved ad ranking mechanism, resulting in increased
user engagement and higher click through rates
• Adding LLM capabilities from 2023 , enabling :
– Faster and more accurate approval of ad content
– Better understanding of merchandise categories and user
commercial intent
– Automation and acceleration of ad creative production for
advertisers
• Marketing Services revenue increased 20% YoY in 2024 ,
benefiting from AI targeting and gen -AI created ads
AI enhances entertainment content
production & experience
Game s
• Adopted machine learning technology in our PvP games
since 2017 :
– Leveraged AI to optimise matching experience, improve
game balance, and power AI coaching
• Now integrating LLM capabilities into our high production
value games :
– Enhance production efficiency of 3D content leveraging
digital assets and proprietary tools
– Empower in -game chatbots, which increase user
engagement
Video and music
• Improving productivity in animation, live action video, and
music content creation
• Providing intelligent recommendation and efficient user
discovery of short videos, music, and long -form videos
Unlocking Growth Multiplier for Existing Businesses

2.6 3.4
10.7
2022 2023 2024 2025
12
Realign teams for AI
• Reorganised our AI teams to sharpen focus on both fast product
innovation and deep model research
Deploy CAPEX on AI
• Support internal business needs, such as ad tech, content
recommendation and games
• Train foundation models
• Provide inference for new AI applications, such as Yuanbao and Weixin AI
• Offer Cloud Services to external customers
Allocate more OPEX to AI
• Allocate R&D resources to develop our own models, deploy open -source
models, and enable each Business Group to accelerate development of AI
applications
• Allocate marketing support to build user awareness and promote adoption
of new AI products, including Yuanbao
Stepping Up Investment in AI
CAPEX as % of revenue
CAPEX (billion USD)
3% 4% 12% Low teens %

3. Business Review

+0.1% -3% -2% +0.5% +11% +11% +10% +7% +6% +8% +8% +11%
Revenue
14
22% 21% 21% 20% 21% 20% 19% 18% 19% 19% 18% 17%
24% 24% 22% 19% 23% 21% 21% 18% 22% 21% 22% 20%
8% 8% 9% 10%
9% 9% 9% 9%
8% 9% 9% 9%
13% 14% 15% 17% 14% 17% 16% 19%
17% 19% 18% 20%
32% 32% 32% 33% 32% 32% 34% 35% 33% 31% 32% 33%
1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
135.5 134.0 140.1 145.0 150.0 149.2 154.6 155.2 159.5 161.1 167.2 172.4
1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
Revenue Growth (YoY %)
Revenue by Segment (billion RMB)
21% 19% 19%
22% 21% 21%
9% 9% 9%
15% 17%
18%
32%
33%
32% 1%
1%
1%
554.6
609.0
660.3
FY2022 FY2023 FY2024
-1% +10% +8%

-9% -8% -1% +7% +19% +22% +23% +25% +23% +21% +16% +17%
64% 63% 61% 57%
63% 57% 55% 48%
54% 52% 53% 49%
12% 13% 16% 18%
13% 17% 18% 22%
17% 19% 18% 22%
24% 24%
24% 26%
25% 26%
28% 31%
28% 28% 29% 29%
57.1 57.9
62.0 61.9
68.2 70.8
76.5 77.6
83.9 85.9 88.8 90.7
1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
Gross Profit
15
Gross Profit Growth (YoY %)
Gross Profit by Segment (billion RMB)
61% 55% 52%
15%
18%
19% 24%
28%
29%
238.7
293.1
349.2
FY2022 FY2023 FY2024
-3% +23% +19%

Social Networks
• 4Q 24 revenue up 6% YoY, driven by increased revenue from app -based games
item sales, music subscriptions, and Mini Games platform service fees
• Music subscription revenue increased 18 % YoY, as subscribers grew to 121
million 1. TME deepened cooperation with labels and artists, and boosted Super
VIP membership privileges
• Long -form video subscription revenue increased 3% YoY . Video subscribers
grew to 113 million 2. Self -commissioned drama series, Love Game in Eastern
Fantasy , ranked #1 industry -wide 3 in Nov 24
Domestic Games
• Revenue grew 23 % YoY against a low -base quarter, driven by robust growth
from evergreen games HoK , Peacekeeper Elite and VALORANT , and
contributions from recently released games DnF Mobile and Delta Force
International Games
• Revenue increased 15 % YoY, or 16 % in constant currency, on robust
performances from Brawl Stars and PUBG Mobile , and early access release of
Path of Exile 2
118.5 121.5
126.7 139.7
53.2
58.0
298.4
319.2
FY2023 FY2024
+10%
+2%
+9%
Value – added Services
Revenue in billion RMB
16
Social Networks Domestic Games International Games
+7% YoY
28.2 29.8 30.9 29.8
27.0
33.2 37.3 33.2
13.9
16.0
14.5
16.0 69.1
79.0
82.7
79.0
4Q23 4Q24 3Q24 4Q24
+14% YoY -4% QoQ
+23%
+6%
-11%
-3%
+15%
+10%
1. The average number of paying users as of the last day of each month during 4Q24
2. The average daily number of paying users for 4Q24
3. Source: Enlightent, by video views across all online platforms in China for Nov 2024

a a
17
Communications & Social Networks
Mini Shops
• Mini Shops , our platform for indexed and standardised
merchandise, is introducing several new features to stimulate
new and repeat transactions
• Among which, gifting feature leverages Weixin ’s social
interactions and people’s desire to gift each other fun or trendy
items that they like
• Gifting feature also requires recipients to fill in delivery
addresses, facilitating future shopping convenience and delivery
efficiency
Weixin Search
• Weixin Search continued solid growth in QV and revenue
• Integrating HunYuan and DeepSeek LLM capabilities enabled
us to enhance relevance and quality of search results
• Tencent’s own model -powered results now cover over 90 % of
question -based search QV
Leverage content
from Official Accounts
Share search results in
Weixin chat or Moments
Gifting feature in
CCTV Spring
Festival Gala live
streaming
Recipient fills in
delivery address
to accept gift

Domestic Games
18
Appealing content boosted evergreen games during 4Q 24
• HoK : Gross receipts grew by double -digit % YoY on higher DAU, IP tie -in with Detective Conan
• VALORANT : Gross receipts more than doubled YoY on higher DAU, collaborations with EDG and
Arcane S.2
• Fight of the Golden Spatula : Gross receipts increased by double -digit % YoY on Arcane S.2-
themed chibi champions
Fight of the Golden Spatula x Arcane S.2
HoK x Detective Conan
Delta Force
Nurturing and developing new games with evergreen potential
• Delta Force : PC + mobile gross receipts exceeded RMB 1 billion in 4Q 24 , benefitting from new
support character, new map, and new weapon set
• Highly -anticipated pipeline : The Hidden Ones , Light of Motiram, GODDESS OF VICTORY : NEW
HOPE, VALORANT Mobile …
Top 5 games during 2025 Spring Festival period 1 each grew DAU vs . 2024 Spring Festival
• Peacekeeper Elite : Tang Dynasty -themed map
• HoK : social space featuring personalised fireworks, selfie spots
1. Spring Festival period refers to 7 -day period starting from Spring Festival Eve of relevant year

International Games
19
Brawl Stars
• Ranked #3 mobile game by DAU
in international markets in 2024 1
• Gross receipts grew several times
YoY in 4Q 24 , benefitting from
content updates and redesigned
battle pass
Warframe
• Major expansion pack Warframe :
1999 boosted DAU and gross
receipts in 4Q 24
• FY 24 gross receipts up over 30 %
YoY
1. Source: Sensor Tower
2. Source: Steam
Path of Exile 2
• Action RPG with highly customisable
and in -depth character development
system
• Ranked #1 pay -to -own game by
revenue on Steam for 6 weeks, from
early access release in Dec 2024 2

29.8
35.0
30.0
35.0
4Q23 4Q24 3Q24 4Q24
+17% YoY
+17% QoQ
Marketing Services
Revenue in billion RMB
20
Overall
• 4Q 24 revenue grew 17 % YoY, benefitting from higher user engagement
and ongoing AI upgrade of advertising platform
• Enhanced AI models facilitate more holistic understanding of users’
interests and how users are responding to ads, enabling more relevant
ad recommendations
• Marketing services revenue increased YoY from most industries
Weixin
• Video Accounts marketing services revenue grew over 60 % YoY,
benefitting from higher engagement, AI enhancements, and consumer
transactions within Video Accounts
• Mini Programs marketing services revenue increased rapidly YoY
• Weixin Search revenue more than doubled YoY on more commercial
queries and AI optimisations boosting click through rates
101.5
121.4
FY2023 FY2024
+20% YoY

54.4 56.1 53.1 56.1
4Q23 4Q24 3Q24 4Q24
+3%YoY +6 % QoQ
FinTech and Business Services
FinTech Services
• Revenue resumed low single -digit YoY growth in 4Q 24 , benefitting from
improved commercial payment volume, and increases in wealth
management and consumer loan services
• Commercial payment revenue improved to flat YoY . Number of
commercial payment transactions grew faster YoY versus previous
quarter
Business Services
• Revenue grew modestly YoY in 4Q 24 , due to Cloud Services and fees
collected on eCommerce transaction s. Allocating GPUs to our internal
use cases was however a constraint on our external Cloud Services
revenue . Gross margin increased YoY due to improved efficiency
• WeCom revenue more than doubled YoY as enterprises increasingly pay
for customer communication functionalities
• Tencent Meeting revenue grew over 40 % YoY, benefitting from increasing
adoption among enterprises
21
Revenue in billion RMB
203.8 212.0
FY2023 FY2024
+4% YoY

4. Financial Review

Income Statement
In billion RMB 4Q2024 YoY QoQ FY2024 YoY
Revenue 172.4 +11% +3% 660.3 +8%
COPS (81.7) +5% +4% (311.1) -2%
Gross profit 90.7 +17% +2% 349.2 +19%
Operating expenses (41.7) +9% +8% (149.1) +8%
Other gains , net 2.5 +27% -16% 8.0 +70%
Operating profit 51.5 +24% -3% 208.1 +30%
Net gains from investments and others 1.1 N/A -64% 4.2 N/A
Interest income 3.9 -0.2% -2% 16.0 +16%
Finance costs (2.5) -29% -29% (12.0) -2%
Share of profit of associates & JV s, net 9.3 +276% +54% 25.2 +334%
Income tax expense (11.8) +22% +32% (45.0) +4%
Net profit 51.5 +85% -5% 196.5 +66%
Net profit attributable to equity holders 51.3 +90% -4% 194.1 +68%
Diluted EPS in RMB 5.485 +95% -3% 20.486 +72%
Non -IFRS
Operating profit 59.5 +21% -3% 237.8 +24%
Net profit attributable to equity holders 55.3 +30% -8% 222.7 +41%
Diluted EPS 1in RMB 5.909 +33% -7% 23.505 +44%
23
1. Diluted EPS is calculated using the weighted average number of outstanding shares in the period incl. the dilutive effect of sha re options and awarded shares as determined under the treasury stock method

Non – IFRS Adjustments
In billion RMB IFRS
4Q20 24 SBC
Net (gain s)/
losses from
investee
companies 1
Amortisation
of intangible
assets
Impairment
provision s2 SSV &
CPP 3 Tax
effects
Non -IFRS
4Q20 24
YoY
change
QoQ
change
Non -IFRS
FY 20 24
YoY
change
Operating profit 51.5 6.2 – 1.4 – 0.4 – 59.5 +21% -3% 237.8 +24%
Share of profit of
associates & JVs, net 9.3 0.9 (3.8) 1.2 0.1 – – 7.7 +72% -9% 31.6 +143%
Net profit 51.5 7.1 (6.9) 2.6 1.8 1.1 (0.7) 56.5 +29% -7% 227.2 +40%
Net profit attributable
to equity holders 51.3 7.0 (6.9) 2.4 1.1 1.1 (0.7) 55.3 +30% -8% 222.7 +41%
Operating margin 29.9% 34.5% +2.8ppt -2.1ppt 36.0% +4.5 ppt
24
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 for associates, joint ventures, goodwill and other intangible assets arising from a cqu isitions.
3. Mainly including donations and expenses incurred for the Group’s Sustainable Social Value & Common Prosperity Programme initi atives.

36.7 40.6
46.3 44.2 41.7
48.9 52.3 56.8 54.8 55.6 53.0
57.7
Marketing Services (%)
50.4 50.6 51.7 49.8
53.9 54.0 55.5 53.7
57.3 57.0 57.5 55.9
Value -added Services (%)
Gross Margins
31.6 33.3 33.3 33.6 34.5 38.4 40.9 43.9 45.6 47.6 47.8 47.1
1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
FinTech and Business Services (%)
25
42.1 43.2 44.2 42.6 45.5 47.5 49.5 50.0 52.6 53.3 53.1 52.6
Overall Gross Margin (%)
50.6 54.3 56.9
42.3
50.6
55.4
33.0
39.6
47.0
FY2022 FY2023 FY2024
43.1
48.1
52.9

10.8 11.6 11.2 11.6
4Q23 4Q24 3Q24 4Q24
S&M
in billion RMB
Operating Expenses
26
R&D
in billion RMB
G&A (excl. R&D)
in billion RMB
16.4 19.8 17.9 19.8
4Q23 4Q24 3Q24 4Q24
Non -IFRS Non -IFRS Non -IFRS
11.0 10.3 9.4 10.3
4Q23 4Q24 3Q24 4Q24
-6%
YoY
+9%
QoQ
4Q24 S&M declined by 7% YoY or grew by 8% QoQ
FY2024 S&M grew by 7% YoY
+21%
YoY
+11%
QoQ
4Q24 R&D grew by 21% YoY and 8% QoQ
FY2024 R&D grew by 11% YoY
4Q24 G&A (excl. R&D) grew by 15% YoY and 21% QoQ
FY2024 G&A (excl. R&D) grew by 7% YoY
+8%
YoY
+4%
QoQ
34.2 36.4
FY2023 FY2024
+6%
YoY
64.1 70.7
FY2023 FY2024
+10%
YoY
39.4 42.0
FY2023 FY2024
+7%
YoY

25.6 25.2
27.3
25.1
30.0
30.9
33.4
31.7
36.8 36.3 36.6
34.5
1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
(%)
Non – IFRS Operating Margin
27
25.8
31.5
36.0
FY2022 FY2023 FY2024

In billion RMB 4Q2024 YoY QoQ FY2024 YoY
Operating CAPEX 34.9 +421% +138% 63.4 +267%
Non -operating CAPEX 1.7 +103% -31% 13.4 +102%
Total CAPEX 36.6 +386% +114% 76.8 +221%
Operating Cash Flow 54.0 +0.2% -31% 258.5 +16%
Less: CAPEX Paid (39.0) +317% +225% (72.1) +218%
Payments for media content (8.5) +9% +51% (24.0) -3%
Payments for lease liabilities (2.0) -23% +11% (7.1) -5%
Free Cash Flow 4.5 -87% -92% 155.3 -7%
Total Cash 415.4 +3% -2% 415.4 +3%
Less: Total Debt (338.6) -3% +3% (338.6) -3%
Net Cash 76.8 +40% -20% 76.8 +40%
CAPEX, FCF and Cash Position
28
• As at 31 Dec 2024, the f air value of our shareholdings 2 in listed investee companies (excluding subsidiaries) was ~RMB570
billion (USD79 billion) and the carrying book value of our shareholdings in unlisted investee companies (excluding
subsidiaries) was ~RMB336 billion (USD47 billion)
1. Including those held via special purpose vehicles, on an attributable basis.

In millions 2024 2023 YoY
Issued shares, at 1 January 9,483 9,569 -0.9%
Shares issued for employee share option and share award schemes 58 55 +5%
Shares repurchased and cancelled (316) (141) +124%
Issued shares, at 31 December 9,225 9,483 -3%
Share Repurchase and Annual Dividend
29
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 ~307 million shares for a consideration of ~HKD112 billion to shareholders
during FY2024
• Subject to shareholders’ approval at the 2025 AGM, proposed 2024 annual dividend of
HKD4.50 per share (up 32% YoY) or HKD41 billion for the year ended 31 December 2024
Weighted average number of shares for the calculation of diluted EPS 1 in the period 9,408 9,610 -2%

5. Q&A

Tencent Holdings Limited
2024 Fourth Quarter and
Annual Results Presentation
Thank you!
https://www.tencent.com/ir