Tencent FY2025 Q3 Earnings Release

1
November 13, 2025
2025 Third Quarter
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 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 7.1055 for 3 Q 2025 .
2
Cautionary Note

3
1.Overview

In billion RMB 3Q2025
3Q2024 YoY2Q2025 QoQ
Total Revenue 192.9
167.2+15% 184.5 +5%
Value- added Services 95.9
82.7+16% 91.4+5%
Social Networks 32.3
30.9+5% 32.2+0.2%
Domestic Games
1 42.8 37.3+15% 40.4+6%
International Games 20.8
14.5+43% 18.8+ 11 %
Marketing Services 36.2
30.0+21% 35.8+1%
FinTech and Business Services 58.2
53.1+10% 55.5+5%
Others 2.6
1.4+83% 1.8+41%
Gross Profit 108.8
88.8+22% 105.0 +4%
Non-IFRS
Operating Profit 72.661.3+18%
69.2+5%
Operating Margin 37.6%36.6%+1.0ppt
37.5%+0.1ppt
Net Profit Attributable to Equity Holders 70.659.8+18%
63.1+12%
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
4

Weixin & WeChat
• #1 mobile community
• MAU at 1,414m
QQ
• Mobile devices MAU at
517m
Mobile Payment
• #1 by MAU & DAU
Mobile Browser
• #1 by MAU
Language Input
• #1 by MAU
Key Services Update
Games
Communications
& Social Networks
Utilities
5 1. All rankings above refer to China market, unless otherwise stated. Company data and QuestMobile, 3Q25
2. IDC Quarterly Public Cloud Services Tracker, 2Q25
IaaS
• Large scale, high- performance
IaaS network
PaaS
• #2 by revenue 2
SaaS
• #1 productivity office software
applications by total user time
spent
China
• #1 by users and revenue
Global
• #1 by revenue
Video
• #1 by paid subscriptions
Music
• #1 by paid subscriptions
Literature
• #1 by users’ paid revenue
FinTech
Cloud
Digital
Content

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2. Business Review

-2% +0.5% +11%+11%+10% +7%+6%+8%+8%+11% +13%+15%+15%
Revenue
7
21%
20%21%
20%19%
18%19%
19%18%
17%18%
18%17%
22%
19%23%
21%21%
18%22%
21%22%
20%24%
22%22%
9%
10% 9%
9%9%
9%8%
9%9%
9%9%
10% 11%
15% 17%14%
17%16%
19%17%
19%18%
20%18%
19%19%
32%
33%32%
32%34%
35%33%
31%32%
33%30%
30%30%
1% 1%1%
1%1%
1%1%
1%1%
1%1%
1%1%
140.1 145.0 150.0 149.2 154.6 155.2 159.5 161.1 167.2 172.4 180.0 184.5
192.9
3Q22
4Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q25
Revenue Growth (YoY %)
Revenue by Segment (billion RMB)

-1% +7% +19% +22%+23%+25%+23%+21%+16%+17%+20%+22%+22%
61%
57%63%
57%55%
48%54%
52%53%
49%55%
53%54%
16%
18%13%
17%18%
22%17%
19%18%
22%18%
20%19%
24% 26%25%
26%28%
31%28%
28%29%
29%27%
28%
27%
62.0
61.9 68.2
70.8 76.5
77.6 83.9
85.9 88.8
90.7 100.5
105.0
108.8
3Q22
4Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q25
Gross Profit
8
Gross Profit Growth (YoY %)
Gross Profit by Segment (billion RMB)

Va l u e-added Services
In billion RMB
9
Social Networks
30.9 32.3
32.2 32.3
37.3
42.8
40.4 42.8
14.5
20.8
18.8 20.8
82.7 95.9
91.4
95.9
3Q24
3Q252Q253Q25
Domestic Games International Games
+16%
YoY +5%
QoQ
+15%
+5% +6%
+0.2%
+43%
+11%
Social
Networks
• Revenue was up 5% Yo Y, driven by increased revenue from Video Accounts
live streaming service, music subscriptions and Mini Games platform service
fees
• Music subscription revenue increased 17 % Yo Y, boosted by growth in ARPU
and subscribers. Music subscribers grew 6% Yo Y to 126 million
1
• Long -form video subscription revenue decreased 3 % Yo Y . ARPU was stable
while video subscribers declined 2% Yo Y to 11 4 million
2 due to delay of top –
tier drama series, Love ’s Ambition . Following its release at the end of the
quarter, Love’s Ambition ranked among the most viewed drama series
industry -wide year -to-date
3
Domestic Games
• Revenue grew 15 % Yo Y, primarily driven by Delta Force , HoK , and
VALORANT
International Games
• Revenue increased 43% YoY, or 42% in constant currency, due to higher
revenues from Supercell’s games, recognising revenue upfront on copy sales
of new game release, and to consolidation of recently acquired studios
1. The average number of subscriptions as of the last day of each month during 3Q25
2. The average daily number of subscriptions for 3Q25
3. Source: Enlightent, by video views across all long-form video platforms in China, Jan 1 – Nov 12, 2025

Communications & Social Networks
10
More vibrant transaction ecosystem, driving
continued rapid growth in GMV
• Enhanced merchandise recommendation with foundation model capabilities to deepen
understanding of user interests based on content consumption within Weixin ecosystem,
driving higher sales conversions in Mini Shops
• Added “gifting” capabilities in Weixin Order and Card page, leveraging Weixin social graph
to broaden customer reach for merchants
• Upgraded image search feature in Weixin, which can identify objects and direct users to
related merchandise in Mini Shops
Enhanced AI features in Weixin, fueling greater
usage of Yuanbao
• Provided @Yuanbao feature in Video Accounts and Official Accounts comment boxes, to
generate summaries of content and encourage users to ask follow -up questions
• Enriched Tencent News feed in Weixin with Yuanbao- generated content, and facilitated
user exploration of relevant topics via direct link to Yuanbao app
Interaction with
user
Yuanbao in Video Accounts
comment box
Content
comprehension
Weixin
Order and Card page
Added “gifting” tabs
Added “gifting” tab

Domestic Games
11 11
HoK
• Gross receipts grew Yo Y in 3Q25 ,
benefitting from collaborations with
China Literature IPs, Lord of the
Mysteries and Fox Spirit Matchmaker
• DAU reached 139 million on the
game’s 10
th anniversary in Oct,
featuring hero and minion outfits
inspired by Bronze Age Shu Kingdom
artefacts
Delta Force VALORANT Franchise
• Mobile version released on Aug 19
and became China’s most successful
mobile launch YTD by first month DAU
and gross receipts
2
• After mobile launch, VALORANT
franchise MAU more than doubled
from Jul to Oct, exceeding 50 million
• PC DAU and gross receipts reached
record high in Sep on new eSports –
themed weapon items
• Ranked among top 3 games industry –
wide by gross receipts in 3Q25
1
• Achieved over 30 million DAU in Sep,
including more than 10 million on PC,
fueled by new season content with
enriched warfare mode,extensive first
anniversary events, and global
eSports tournament
1. Source: Company data, Sensor Tower
2. Source: QuestMobile, Sensor Tower, for Jan 1 – Nov 12, 2025

12
Clash Royale
Dying Light :
The Beast
International Games
PUBG Mobile
• Gross receipts increased Yo Y in 3 Q25 , benefitting from popular Egyptian –
themed outfits, innovative X- suit with emote sound effects and a 2 -player
glider, and collaborations with Transformers and Lotus Cars
1. Received 87% positive player review as of Nov 12, 2025
• Open-world action survival game on PC & console based on Dying Light IP,
developed and operated by subsidiary Techland; offers the engaging Beast
Mode and a well -crafted world featuring the return of original protagonist
• Received “Very Positive” 1 user review scores on Steam since launchinSep
• Released new auto- chess mode Merge Tactics and extended Trophy Road
achievement system, driving higher player engagement
• Monthly DAU and gross receipts in Sep achieved all -time highs since launch in
2016 . Gross receipts increased more than 400 % Yo Y in 3Q25

Marketing Services
In billion RMB
30.0 36.2
35.8 36.2
3Q24
3Q252Q253Q25
+21%
YoY +1%
QoQ
13
Overall
• Revenue increased 21% Yo Y, underpinned by ad spend growth in all major
categories
• Impressions grew Yo Y as we enhanced engagement as well as increased ad
load across Video Accounts, Mini Programs and Weixin Search
• Average eCPM increased Yo Y as we upgraded adtech foundation model and
captured more closed-loop marketing demand
• Introduced our automated ad campaign solution AIM+
Weixin
• Video Accounts: increases in DAU and time spent per user contributed to
growth in ad impressions. Advertisers increasingly adopted our marketing
tools to drive traffic to short videos, live streams and Mini Shops
• Mini Programs : increases in activations and time spent attracted ad spend
from mini dramas and mini games, bolstering the ecosystem’s flywheel effect
• Weixin Search : increases in commercial query volume and CTRs
contributed to revenue growth . We improved relevance of search ad by
upgrading LLM capabilities and optimising sponsored results for user queries

FinTech and Business Services
FinTech Services
• Revenue grew by high single -digit % Yo Y, primarily driven by commercial
payment services and consumer loan services
• For commercial payment volume, Yo Y growth was higher than previous
quarter .Online TPV grew robustly, and offline TPV trend improved,
particularly in retail and transportation categories
• For consumer loan services, non- performing loan rates remained among the
lowest in industry and improved Yo Y
Business Services
• Revenue grew at teens % YoY despite supply chain constraints on sourcing
GPUs, driven by cloud services and fees collected on Mini Shops
eCommerce transactions
• Revenue from cloud storage and data management products grew notably
Yo Y
• WeCom launched AI summarisation feature to generate project recaps and
provide advice based on users’ emails and conversations, enhancing project
collaboration efficiency
In billion RMB
53.1 58.2
55.5 58.2
3Q24
3Q252Q253Q25
+10%
YoY +5
%
QoQ
14

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‘JOBODJBM3FWJFX

Income Statement
In billion RMB 3Q20253Q2024
YoY
2Q2025 QoQ
Revenue 192.9167.2+15% 184.5 +5%
COPS (84.1)(78.4) +7%(79.5) +6%
Gross profit 108.888.8+22% 105.0 +4%
Operating expenses (45.7)(38.5) +19%(41.3) + 11 %
Other gains (losses) , net
0.53.0-84% (3.6) N/A
Operating profit 63.653.3+19% 60.1+6%
Net gains from investments and others 2.83.1-8% 2.6+7%
Interest income 4.34.0+7% 4.1+3%
Finance costs (3.8)(3.5) +6%(3.9) -5%
Share of profit of associates & JV s, net
7.86.0+30% 4.5+76%
Income tax expense (9.8)(8.9)+10% (11.4) -14%
Net profit 64.954.0+20% 56.0+16%
Net profit attributable to equity holders 63.153.2+19% 55.6+13%
Diluted EPS in RMB 6.7795.644+20% 5.996+13%
Non -IFRS
Operating profit 72.661.3+18% 69.2+5%
Net profit attributable to equity holders 70.659.8+18% 63.1+12%
Diluted EPS
1in RMB 7.5756.340+19% 6.793+12%
Weighted average number of shares in million
2 9,232 9,360 -1% 9,247 -0.2%
16
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
2. Weighted average number of shares for calculation of diluted EPS includes the dilutive effect of share options and awarded share s as determined under the treasury stock method

Non-IFRS Adjustments
In billion RMB IFRS
3 Q2025 SBCNet
(gain s)/
losses from
investee
companies
1
Amortisation of intangible assets Impairment
provision s/
(reversals)
2 SSV & CPP 3 Others 4
Tax effects Non
-IFRS
3Q2025 YoY change
QoQ change
Operating profit
63.67.2 -1.6 -0.2 –72.6
+18% +5%
Share of profit of
associates & JVs, net 7.8
0.9(0.6) 1.8 –0.4 -10.3
+21% +63%
Net profit 64.98.11.7 3.4(4.8) 0.30.4(1.2) 72.8
+19% +12%
Net profit attributable
to equity holders 63.1
7.91.7 3.1(4.8) 0.30.4(1.1) 70.6
+18% +12%
Operating margin 33.0% 37.6%+1.0ppt +0.1ppt
17
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.
4. Primarily non-recurring compliance-related costs and expenses incurred for certain litigation settlements of the Group and/or arising from investee companies

46.3 44.2
41.7 48.9
52.3 56.8
54.8 55.6
53.0 57.7
55.5 57.6
56.7
Marketing Services (%)
51.7 49.8 53.9
54.0 55.5
53.7 57.3
57.0 57.5
55.9 59.6
60.4 61.2
Va lue -added Services (%)
Gross Margins
33.3 33.6 34.5 38.4
40.9 43.9
45.6 47.6
47.8
47.1 50.3
52.1
50.2
3Q22 4Q221Q232Q233Q234Q231Q242Q24 3Q244Q241Q252Q253Q25
FinTech and Business Services (%)
18
44.2 42.6 45.5
47.5 49.5
50.0 52.6
53.3
53.1
52.6 55.8
56.9
56.4
Overall Gross Margin (%)

11.2 11.4 11.6
11.4
3Q243Q252Q253Q25
S&M
in billion RMB
Operating Expenses
19
R&D
in billion RMB
G&A (excl. R&D)
in billion RMB
17.9 22.8
20.3 22.8
3Q24
3Q252Q253Q25
Non-IFRS Non-IFRS Non-IFRS
9.4 11.5
9.4 11.5
3Q24
3Q252Q253Q25
+22%
YoY +22%
QoQ
3Q25 S&M grew by 22% YoY and 23% QoQ
+28%
YoY +13% QoQ
3Q25 R&D grew by 25% YoY and 13% QoQ 3Q25 G&A (excl. R&D ) grew by 11% YoY and 5% QoQ
+2%
YoY – 2%
QoQ

27.3 25.1 30.0
30.9 33.4
31.7 36.8
36.3
36.6
34.5 38.5
37.5 37.6
3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
(%)
Non
-IFRS Operating Margin
20

In billion RMB 3Q2025
3Q2024 YoY2Q2025 QoQ
Operating CAPEX 12.014.7-18% 17.9-33%
Non -operating CAPEX 1.02.4-59% 1.2-19%
Total CAPEX 13.017.1-24% 19.1-32%
Operating Cash Flow 85.378.1+9% 74.4+15%
Less: CAPEX Paid (20.0)(12.0) +67%(22.9) -12%
Payments for media content (4.9)(5.6)-11 % (6.3) -22%
Payments for lease liabilities (1.9)(2.0) -3% (2.2) -14%
Free Cash Flow 58.558.5-0.1% 43.0+36%
Total Cash 493.3425.5+16% 468.4 +5%
Less: Total Debt (390.9)(330.0) +18%(393.8) -0.7%
Net Cash 102.495.5+7% 74.6+37%
CAPEX, FCF and Cash Position
21
•Repurchased ~35 million shares with an aggregated cost of ~RMB19 billion during 3Q25
• As at 30 Sep 2025, the f air value of our shareholdings
1 in listed investee companies (excluding subsidiaries) was ~RMB801
billion (USD113 billion) and the carrying book value of our shareholdings in unlisted investee companies (excluding
subsidiaries) was ~RMB345 billion (USD49 billion)
1. Including those held via special purpose vehicles, on an attributable basis.

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4. Q&A

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