Tencent Music Entertainment Group Class A · HKEX:1698
Tencent Music Entertainment Group Class A — Q4 2025 Earnings Presentation
20 slides from Tencent Music Entertainment Group Class A's earnings presentation, Mar 17, 2026
Slide 1: Tencent Music Entertainment Group Investor Presentation
Tencent Music Entertainment Group Investor Presentation (NYSE: TME & HKEX: 1698) March 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Tencent Music Entertainment Group (the “Company”) solely for informational purposes and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, adviser
Slide 3: Company Overview
01 COMPANY OVERVIEW
Slide 4: Relentless Commitment to the Healthy Development of China's Music Industry
Relentless Commitment to the Healthy Development of China’s Music Industry High-quality content and services continuously driving paying user loyalty 24.1% 127.4 TME online music paying users (mm) TME online music paying ratio 1 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2
Slide 5: Our Dual Engine Content-and-Platform Strategy
Our Dual Engine Content-and-Platform Strategy QQ Music Kugou Music Kuwo Music WeSing Lazy Audio TME Live Listen Discover Reach Monetization Unique user Enrich content Sing offerings experience Content Users Content Provider Copyright Monetization Empower creation Protection and distribution Platform
Slide 6: All-in-one Online Music and Audio Entertainment Destination
All-in-one Online Music and Audio Entertainment Destination All-around suite of music and audio entertainment products and services Online Music Online Karaoke Live Streaming Long-form Audio QQ Kugou Kuwo WeSing Kugou Kugou Kuwo Lazy Audio Music Music Music Changchang Live Live Live Events Original
Slide 7: Leading Online Music and Audio Entertainment Platform in China
Leading Online Music and Audio Entertainment Platform in China Leading Platform High-quality Growth Extensive Content Innovative Technology Strong Monetization 127.4mm 528mm Online music subscribers2 300mm+ Winner RMB38.04bn Online music MAUs2 Total music & audio tracks3 of the world-renowned MIREX
Slide 8: Business Overview
02 BUSINESS OVERVIEW
Slide 9: Our Content: Most Comprehensive Music Library in China
Our Content: Most Comprehensive Music Library in China Leading music library with diversified genres Hundreds of domestic and international music label partners1 with 300mm+ music and audio tracks1 Head-start period partnerships with top domestic and overseas labels and artists Various trendy genres
Slide 10: Our Platform: Listen, Watch, Sing and Play
Our Platform: Listen, Watch, Sing and Play Product matrix + multi-pronged membership TME platform offerings cater to the varying needs of music consumers hosted various offline concerts, with enhanced SVIP: capturing evolving user capabilities in end- 20mm+ demands and deepening music to-end large-s
Slide 11: Our Industry-leading Technology
Our Industry-leading Technology Data Technology Value Propositions Listening / watching / Data Analytics and Prediction Superior Sound Quality and Effects download history Algorithms and multi-dimensional data Optimized sound quality and effects: Dolby Feed browsing insights, recommending music base
Slide 12: Our Diverse Monetization Opportunities
Our Diverse Monetization Opportunities Solid subscription and strong non-subscription growth driven by differentiated content and diverse services Subscription Advertising Multi-faceted Models Ads Membership Premium Membership Super VIP Membership Innovative and Diverse Ad Formats Live events Long-f
Slide 13: Music-centric Live Streaming
Music-centric Live Streaming Leading music-centric live streaming platform in collaboration with online music services For Users Music-centric For Live Streamers Diversified categories Live Streaming Talent discovery Leading technologies Curation and promotion Community & interest groups Private dom
Slide 14: Financial Highlights
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Slide 15: Strong Monetization and Profitability
Strong Monetization and Profitability Monetization Profitability 7.10bn RMB 44.7% +21.7% YoY +1.1ppt YoY 4Q25 Revenue from online music services 4Q25 Gross margin RMB4.56bn RMB2.54bn +13.2% YoY 2.58bn RMB +40.8% YoY +7.6% YoY Revenue from music Revenue from other online subscriptions music services
Slide 16: Diverse Revenue Streams and Healthier Revenue Mix
Diverse Revenue Streams and Healthier Revenue Mix Robust online music revenue performance Subscription as a key growth driver Total Revenues Online Music Revenues (RMB mm) (RMB mm) 6,854 6,969 7,099 5,831 5,804 2,476 2,467 2,536 13,000 1,801 1,588 12,000 82% 82% 81% 11,000 79% 1 4,216 4,378 4,502 4,
Slide 17: Expanded Gross Margin and Healthy Profitability
Expanded Gross Margin and Healthy Profitability Gross profit and margin Non-IFRS net profit1 and margin (RMB mm) (RMB mm) 32.2% 31.3% 30.3% 29.3% 29.9% 44.7% 44.4% 44.1% 43.6% 43.5% 2,640 3,862 2,581 3,749 3,682 2,477 2,399 2,226 3,253 3,242 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Gross pr
Slide 18: Solid Cash Position and Valuable Investment
Solid Cash Position and Valuable Investment Strong cash position & cash generation ability Equity investments RMB 38.04bn RMB 26.23bn Cash, cash equivalents, term deposits Financial assets at fair value through other comprehensive and short-term investments1 income1 RMB 2.39bn RMB 1.66bn Operating c
Slide 19: Appendix: Unaudited Non-IFRS Financial Measure
Appendix Unaudited Non-IFRS Financial Measure TENCENT MUSIC ENTERTAINMENT GROUP UNAUDITED NON-IFRS FINANCIAL MEASURE Three Months Ended December 31 Year Ended December 31 2024 2025 2024 2025 RMB RMB US$ RMB RMB US$ Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited (in millions, except per
Slide 20: Contact Us
Contact Us ir@tencentmusic.com https://ir.tencentmusic.com THANK YOU!
Tencent Music Entertainment Group — Q4 2025 Earnings Presentation on 6ix