TENCENT ANNOUNCES 2025 THIRD QUARTER RESULTS

Solid Revenue Growth with Continued Operating Leverage

AI InvestmentsContributing to Business Growth and Efficiency Enhancement

Tencent Holdings Limited (HKEX: 00700 (HKD Counter) and 80700 (RMB Counter), “Tencent” or “the Company”), a world-leading Internet and technology company in China, today announced the unaudited consolidated results for the quarter ended 30 September 2025 (“3Q2025”).

Mr. Ma Huateng, Chairman and CEO of Tencent, said, “During the third quarter of 2025, we achieved solid revenue and earnings growth, reflecting healthy trends across games, marketing services, and fintech and business services. Our strategic investments in AI are benefitting us in business areas such as ad targeting and game engagement, as well as in efficiency enhancement areas such as coding, and game and video production. We are upgrading the team and architecture of our HunYuan foundation model, whose image and 3D generation models are now industry leading. As HunYuan's capabilities continue to improve, our investment in growing Yuanbao adoption, and our effort in developing agentic AI capabilities within Weixin, will gain further traction.”

3Q2025Financial Highlights

Revenues: +15% YoY, gross profit: +22% YoY, non-IFRS[1] operating profit: +18% YoY

— Total revenues were RMB192.9 billion, up 15% over the third quarter of 2024.

— Gross profit was RMB108.8 billion, up 22% YoY.

— On a non-IFRS basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:

— Operating profit was RMB72.6 billion, up 18% YoY. Operating margin increased to 38% from 37% last year.

— Net profit was RMB 72.8 billion, up 19% YoY.

— Net profit attributable to equity holders of the Company for the period was RMB70.6 billion, up 18% YoY.

— Basic earnings per share were RMB7.769. Diluted earnings per share were RMB7.575.

— On an IFRS basis:

— Operating profit was RMB63.6 billion, up 19% YoY. Operating margin increased to 33% from 32% last year.

— Net profit was RMB64.9 billion, up 20% YoY.

— Net profit attributable to equity holders of the Company for the quarter was RMB63.1 billion, up 19% YoY.

— Basic earnings per share were RMB6.952. Diluted earnings per share were RMB6.779.

— Capital expenditure was RMB13.0 billion, down 24% YoY.

— Free cash flow was RMB58.5 billion, flat YoY. Total cash was RMB493.3 billion, up 16% YoY. Net cash position totalled RMB102.4 billion, up 7% YoY.

— The fair value of our shareholdings[2] in listed investee companies (excluding subsidiaries) totalled RMB800.8 billion as at 30 September 2025, compared to RMB714.3 billion as at 30 June 2025. The carrying book value of our shareholdings in unlisted investee companies (excluding subsidiaries) was RMB345.2 billion as at 30 September 2025, compared to RMB342.3 billion as at 30 June 2025.

— During 3Q2025, the Company repurchased approximately 35.4 million shares on the Hong Kong Stock Exchange for an aggregate consideration of approximately HKD21.1 billion.

[1] Non-IFRS adjustments excludes share-based compensation, M&A related impact such as net (gains)/losses from investee companies, amortisation of intangible assets, impairment provisions/(reversals), SSV & CPP, income tax effects and others[2] Including those held via special purpose vehicles, on an attributable basis

3Q2025Management Discussion and Analysis

Revenues from VAS increased by 16% year-on-year to RMB95.9 billion for 3Q2025. Domestic Games revenues were RMB42.8 billion, up 15% year-on-year, primarily reflecting contributions from recently released games such as Delta Force, growth in revenues from evergreen games such as Honour of Kings and Peacekeeper Elite, and the expansion of VALORANT from PC to mobile.International Games revenues were RMB20.8 billion, representing a 43% year-on-year increase (42% on a constant-currency basis), mainly 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. Social Networks revenues rose by 5% year-on-year to RMB32.3 billion, due to growth in Video Accounts live streaming revenue, music subscription revenue and Mini Games platform service fees.

Revenues from Marketing Services were RMB36.2 billion for 3Q2025, up 21% year-on-year. The growth was due to higher ad impressions, benefitting from increased user engagement and ad load, coupled with higher eCPMs, driven by AI-powered ad targeting. Advertising spending increased across all major industry categories during the quarter.

Revenues from FinTech and Business Services rose by 10% year-on-year to RMB58.2 billion for 3Q2025. FinTech Services revenue grew at a high single-digit percentage rate year-on-year, primarily due to higher revenues from commercial payment activities and consumer loan services. Business Services revenues grew at a teens percentage rate year-on-year, reflecting higher cloud services revenues, including those driven by increased enterprise customer demand for AI-related services, and higher eCommerce technology service fees arising from growth in Mini ShopsGMV.

Operating Metrics

As at As at Year- As at Quarter- 30September 30 September on-year 30 June on-quarter 2025 2024 change 2025 change (in millions, unless specified)Combined MAU of Weixin 1,414 1,382 2% 1,411 0.2%and WeChatMobile device MAU of QQ 517 562 -8% 532 -3%Fee-based VAS 265 265 stable 264 0.4%subscriptions[3][3] Average daily number of subscriptions during the quarter

3Q2025Business Review and Outlook

— For Mini Shops, we are systematically building a more vibrant transaction ecosystem, resulting in continued rapid growth in GMV. For example, we used foundation model capabilities to better understand user interests and thus improve merchandise recommendations.

— We enhanced AI features in Weixin to provide new services to users and to promote greater usage of Yuanbao with encouraging results.

— For our domestic games, Delta Force ranked among the top 3 games industry-wide by gross receipts during the quarter[4]. VALORANT MOBILE has become China's most successful mobile game launch year-to-date[5].

— For our international games, Clash Royale's monthly DAU and gross receipts achieved all-time highs in September 2025. Newly released game, Dying Light: The Beast, has attained a “Very Positive” average user review score on Steam[6].

— Tencent Video maintained its lead in the long-form video industry with 114 million[7] subscriptions, and Tencent Music similarly maintained its lead in the music streaming industry with 126 million[8] subscriptions.

— We introduced our automated ad campaign solution, AIM+, under which advertisers can automate targeting, bidding and placement, as well as optimise ad creation, improving their return on marketing investment.

— Commercial payment volume grew at a faster rate than during the second quarter, as online payment volume grew robustly while offline payment volume trend improved, particularly in the retail and transportation categories.

— We enhanced HunYuan Large Language Model's complex reasoning capabilities, especially in coding, mathematics, and science. HunYuan image generation model is ranked first globally among text-to-image models by LMArena[9].

[4] Company data and Sensor Tower[5] QuestMobile and Sensor Tower, by first month DAU and gross receipts of new releases, for 1 January to 12 November 2025[6] 87% positive player review as of 12 November 2025[7] The average daily number of subscriptions for 3Q2025[8] The average number of subscriptions as of the last day of each month during 3Q2025[9] As of 12 November 2025

For other detailed disclosure, please refer to our website https://www.tencent.com/en-us/investors.htmlhttp://www.tencent.com/ir, or follow us via Weixin Official Account (Weixin ID: TencentGlobal):

About Tencent

Tencent uses technology to enrich the lives of Internet users.

Our communication and social services, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives more convenient. Our targetedmarketing serviceshelps advertisers reach out to hundreds of millions of consumers in China. Our FinTech and business services support partners' business growth and assist their digital upgrade.

Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China, in 1998. Tencent has been listed on the Main Board of the Stock Exchange of Hong Kong since 2004.

Investor contact: IR@tencent.com

Media contact: GC@tencent.com

Non-IFRS Financial Measures

To supplement the consolidated results of the Group (“the Company and its subsidiaries”) prepared in accordance with IFRS, certain additional non-IFRS financial measures (in terms of operating profit, operating margin, profit for the period, profit attributable to equity holders of the Company, basic EPS and diluted EPS) have been presented in this press release. These unaudited non-IFRS financial measures should be considered in addition to, not as a substitute for, measures of the Group'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 Group's core operations by excluding certain non-cash items and certain impact of investment-related transactions. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Group's major associates based on available published financials of the relevant major associates, or estimates made by the Company's management based on available information, certain expectations, assumptions and premises.

Forward-Looking Statements

This press release contains forward-looking statements relating to the business outlook, estimates of financial performance, forecast business plans and growth strategies of the Group. These forward-looking statements are based on information currently available to the Groupand are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realised in the future. Underlying these forward-looking statements are a lot of risks and uncertainties. In light of the risks and uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as representations by the Board or the Company that the plans and objectives will be achieved, and investors should not place undue reliance on such statements.

CONDENSED CONSOLIDATED INCOME STATEMENTRMB in millions, unless specified Unaudited Unaudited 3Q2025 3Q2024 3Q2025 2Q2025Revenues 192,869 167,193 192,869 184,504VAS 95,860 82,695 95,860 91,368Marketing Services 36,242 29,993 36,242 35,762FinTech and Business Services 58,174 53,089 58,174 55,536Others 2,593 1,416 2,593 1,838Cost of revenues (84,071) (78,365) (84,071) (79,491)Gross profit 108,798 88,828 108,798 105,013Gross margin 56% 53% 56% 57%Selling and marketing expenses (11,468) (9,411) (11,468) (9,410)General and administrative expenses (34,259) (29,058) (34,259) (31,921)Other gains/(losses), net 483 2,974 483 (3,578)Operating profit 63,554 53,333 63,554 60,104Operating margin 33% 32% 33% 33%Net gains/(losses) from investments 2,820 3,066 2,820 2,638and othersInterest income 4,256 3,996 4,256 4,121Finance costs (3,756) (3,531) (3,756) (3,941)Share of profit/(loss) of associates and 7,854 6,019 7,854 4,473joint ventures, netProfit before income tax 74,728 62,883 74,728 67,395Income tax expense (9,785) (8,900) (9,785) (11,351)Profit for the period 64,943 53,983 64,943 56,044Attributable to:Equity holders of the Company 63,133 53,230 63,133 55,628Non-controlling interests 1,810 753 1,810 416Non-IFRS operating profit 72,570 61,274 72,570 69,248Non-IFRS profit attributable to equity 70,551 59,813 70,551 63,052holders of the CompanyEarnings per share for profitattributable to equity holders ofthe Company(in RMB per share)- basic 6.952 5.762 6.952 6.115- diluted 6.779 5.644 6.779 5.996CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMERMB in millions, unless specified Unaudited 3Q2025 3Q2024Profit for the period 64,943 53,983Other comprehensive income, net of tax:Items that may be subsequently reclassified to profit or lossShare of other comprehensive income of associates and joint ventures (722) 155Transfer of share of other comprehensive income to profit or loss upon disposal (92) -and deemed disposal of associates and joint venturesNet (losses)/gains from changes in fair value of financial assets at fair value (18) 20through other comprehensive incomeTransfer to profit or loss upon disposal of financial assets at fair value through (5) -other comprehensive incomeCurrency translation differences (3,895) (2,909)Net movement in reserves for hedges 308 (880)Items that will not be subsequently reclassified to profit or lossShare of other comprehensive income of associates and joint ventures 12 52Net gains from changes in fair value of financial assets at fair value through 17,479 33,578other comprehensive incomeCurrency translation differences (966) (153)Net movement in reserves for hedges (14) 19 12,087 29,882Total comprehensive income for the period 77,030 83,865Attributable to:Equity holders of the Company 76,499 82,179Non-controlling interests 531 1,686OTHER FINANCIAL INFORMATIONRMB in millions, unless specified Unaudited 3Q2025 3Q2024 2Q2025EBITDA (a) 80,357 64,397 79,467Adjusted EBITDA (a) 86,698 69,656 85,122Adjusted EBITDA margin (b) 45% 42% 46%Interest and related expenses 3,206 3,145 3,541Net cash (c) 102,422 95,462 74,592Capital expenditures (d) 12,983 17,094 19,107Note:(a) EBITDA is calculated as operating profit minus other gains/(losses), net, and adding back depreciation of property, plant andequipment, investment properties as well as right-of-use assets, and amortisation of intangible assets and land use rights.Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses(b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues(c) Net cash represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, includinghighly liquid investment products held for treasury purposes, minus borrowings and notes payable(d) Capital expenditures primarily consist of investments in IT infrastructure (including computer equipment, components, andsoftware), data centres, land use rights, office premises and intellectual properties (excluding media content)CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITIONRMB in millions, unless specified Unaudited Audited As at As at 30 September, 2025 31 December, 2024ASSETSNon-current assetsProperty, plant and equipment 140,463 80,185Land use rights 22,489 23,117Right-of-use assets 16,680 17,679Construction in progress 9,542 12,302Investment properties 955 801Intangible assets 212,459 196,127Investments in associates 321,278 290,343Investments in joint ventures 6,708 7,072Financial assets at fair value through profit or loss 208,447 204,999Financial assets at fair value through other 417,503 302,360comprehensive incomePrepayments, deposits and other assets 24,556 42,828Other financial assets 1,411 1,076Deferred income tax assets 29,943 28,325Term deposits 78,685 77,601 1,491,119 1,284,815Current assetsInventories 550 440Accounts receivable 52,357 48,203Prepayments, deposits and other assets 103,016 101,044Other financial assets 4,525 4,750Financial assets at fair value through profit or loss 23,742 9,568Financial assets at fair value through other 8,256 3,345comprehensive incomeTerm deposits 226,146 192,977Restricted cash 3,579 3,334Cash and cash equivalents 159,982 132,519 582,153 496,180Total assets 2,073,272 1,780,995CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)RMB in millions, unless specified Unaudited Audited As at As at 30 September, 2025 31 December, 2024EQUITYEquity attributable to equity holders of the CompanyShare capital – -Share premium 57,750 43,079Treasury shares (2,514) (3,597)Shares held for share award schemes (7,182) (5,093)Other reserves 158,719 47,129Retained earnings 965,307 892,030 1,172,080 973,548Non-controlling interests 88,435 80,348Total equity 1,260,515 1,053,896LIABILITIESNon-current liabilitiesBorrowings 200,696 146,521Notes payable 127,382 130,586Long-term payables 11,750 10,201Other financial liabilities 5,358 4,203Deferred income tax liabilities 21,416 18,546Lease liabilities 13,069 13,897Deferred revenue 3,852 6,236 383,523 330,190Current liabilitiesAccounts payable 128,749 118,712Other payables and accruals 83,354 84,032Borrowings 52,193 52,885Notes payable 10,655 8,623Current income tax liabilities 17,222 16,586Other tax liabilities 4,601 4,038Other financial liabilities 5,121 6,336Lease liabilities 5,300 5,600Deferred revenue 122,039 100,097 429,234 396,909Total liabilities 812,757 727,099Total equity and liabilities 2,073,272 1,780,995RECONCILIATIONS OF THE GROUP'S NON-IFRS FINANCIAL MEASURES TO THE NEAREST MEASURES PREPARED IN ACCORDANCE WITH IFRS As Adjustments Non-IFRS reportedRMB in millions, Share-based Net Amortisation of Impairment SSV & CPP Others Incomeunless specified compensation (gains)/losses intangible assets provisions/ (e) (f) tax effects (a) from investee (c) (reversals) (d) (g) companies (b) Unaudited three months ended 30 September 2025Operating profit 63,554 7,188 – 1,622 – 206 – – 72,570Share of profit/(loss) of associates 7,854 909 (555) 1,755 (1) – 360 – 10,322and joint ventures, netProfit for the period 64,943 8,097 1,703 3,377 (4,798) 321 360 (1,207) 72,796Profit attributable to 63,133 7,905 1,730 3,003 (4,805) 321 360 (1,096) 70,551equity holdersOperating margin 33% 38% Unaudited three months ended 30 September 2024Operating profit 53,333 6,377 – 1,324 – 240 – – 61,274Share of profit/(loss) of associates 6,019 985 60 1,433 12 – – – 8,509and joint ventures, netProfit for the period 53,983 7,362 (6,610) 2,757 3,788 304 – (653) 60,931Profit attributable to equity holders 53,230 7,180 (6,664) 2,591 3,766 304 – (594) 59,813Operating margin 32% 37% Unaudited three months ended 30 June 2025Operating profit 60,104 7,361 – 1,614 – 169 – – 69,248Share of profit/(loss) of associates 4,473 903 (798) 1,544 226 – – – 6,348and joint ventures, netProfit for the period 56,044 8,264 (2,396) 3,158 (372) 751 – (683) 64,766Profit attributable to equity holders 55,628 8,071 (3,192) 2,848 (405) 751 – (649) 63,052Operating margin 33% 38%Note:(a) Including put options granted to employees of investee companies on their shares and shares to be issued under investee companies' share-based incentive plans which can be acquired by the Group, and otherincentives(b) 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(c) Amortisation of intangible assets resulting from acquisitions(d) Mainly including impairment provisions/(reversals) for associates, joint ventures, goodwill and other intangible assets arising from acquisitions(e) Mainly including donations and expenses incurred for the Group's Sustainable Social Value and Common Prosperity Programme (“SSV & CPP”) initiatives(f) Primarily non-recurring compliance-related costs and expenses incurred for certain litigation settlements of the Group and/or arising from investee companies(g) Income tax effects of non-IFRS adjustments

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