Ke Holdings, Inc. Class A · HKEX:2423
Ke Holdings, Inc. Class A — Q4 2025 Earnings Presentation
19 slides from Ke Holdings, Inc. Class A's earnings presentation, Mar 16, 2026
Slide 1: Investor Presentation 2025 Q4
NYSE: BEKE HKEX: 2423 Investor Presentation 2025 Q4
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by KE Holdings Inc. (the “Company”) solely for information purpose. By viewing or accessing the information contained in this material, you hereby acknowledge and agree that no representations, warranties or undertakings, express or implied, are made by
Slide 3: Company Overview
01 COMPANY OVERVIEW
Slide 4: Leading Integrated Online and Offline Platform for Housing Transactions and Services
Leading Integrated Online and Offline Platform for Housing Transactions and Services Start to find your dream home Existing homes New homes Home rentals Home renovation and furnishing RMB 3,183.3 Billion RMB 94.6 Billion 43.8 Million (US$455.2 Billion) (US$13.5 Billion) Monthly Active Mobile Total G
Slide 5: Efficiency-Driven Strategy Upgrade
EFFICIENCY-DRIVEN STRATEGY UPGRADE RESILIENT PERFORMANCE & OPTIMIZED MIX STRONG COMMITMENT ON SHAREHOLDER RETURNS 2025 Total Shareholder Return 2025 Total GTV 2025 Total Revenues RMB 3,183.3 bn -5% YoY RMB 94.6 bn +1.2% YoY $1.2 bn +9% YoY Representing 170% of Non-GAAP net income Resilient topline a
Slide 6: Existing Home Transaction Services
EXISTING HOME TRANSACTION SERVICES RESILIENCE GAINED FROM PLATFORM MODEL SERVICE UPGRADE FOR “DECISION-MAKING” SUPPORT Record volume: Company’s 2025 existing home sales volume Customer-centric service: Optimize service workflows, a record high, +11.2% YoY. upgrade lead allocation, promote agent spec
Slide 7: New Home Transaction Services
NEW HOME TRANSACTION SERVICES RESILIENT PERFORMANCE VS. CHALLENGING INDUSTRY EVOLUTION: FROM “TRAFFIC” TO “INTEGRATED SERVICE PARTNER” 2025 new home GTV -8.2% YoY，vs. China’s new home To Developers: Pioneer integrated services incl. pre-project market GTV -13% YoY1. analysis, marketing and sell-thro
Slide 8: Home Renovation and Furnishing
HOME RENOVATION AND FURNISHING STABLE SCALE & HEALTHIER MARGIN Annual Revenue & Contribution Margin Transition into a scalable and margin-improving business, with focus shifted from scale expansion to 18.0 32.0% capability building and UE improvement. 16.0 15.4 31.5% 14.8 14.0 31.4% 31.0% PROFITABIL
Slide 9: Home Rental Services
HOME RENTAL SERVICES RAPID EXPANSION & UE OPTIMIZATION AI-DRIVEN SCALABILITY & EFFICIENCY: AI across the entire workflows incl. property acquisition, leasing, inventory management, and operational Units Under Management 2025 Revenue 2025 Contribution Margin decision-making, enabling scalability and
Slide 10: Financial Highlights
02 FINANCIAL HIGHLIGHTS
Slide 11: Financial Highlights
Financial Highlights Revenue in 2025Q4 RMB Multiple Monetization Avenues with Healthy Take Rates 22.2bn Adjusted Net Profit in 2025Q4 RMB A Streamlined Cost Structure Bolsters Profitability 0.5bn Total liquidity incl. long- term cash items, excl. customer deposits payable as of Dec. 31, 2025 RMB Rob
Slide 12: Scaling with a Diversified Business Structure
Scaling with a Diversified Business Structure GTV of Existing Home, New Home, Other GTV1 Businesses (RMB bn) (RMB bn) Beike：-35.3% Beike：-41.7% Beike：-19.5% 3,349 3,143 3,183 133 112 141 2,610 93 970 1,003 891 940 745 1,144 44 482 2,028 2,247 2,152 724 355 1,576 35 355 207 207 44 745 482 35 2022 202
Slide 13: Multiple Monetization Avenues with Healthy Contribution Margin
Multiple Monetization Avenues with Healthy Contribution Margin Revenue Breakdown1 Segment Contribution Analysis1 (RMB mn) (RMB mn) 35.9% 30.2% 26.5% 28.7% 24.5% 47.2% 43.2% 39.3% 40.4% 40.4% 39.3% 36.0% 32.4% 42.0% 32.7% 26.6% 24.8% 25.0% 25.6% 28.3% 14.0% 15.8% 16.3% 13.2% 16.3% 29.0% 30.7% 31.4% 2
Slide 14: Efficient Cost and Expense Structure
Efficient Cost and Expense Structure Cost of Revenue Operating Expenses (RMB mn) (RMB mn) 27.9% 24.6% 21.4% 23.0% 21.4% 21.8% 20.5% 19.1% 19.8% 22.1% 74,368 17.4%4 17.7%4 17.3%4 17.8%4 20.5%4 70,513 75,000 2,384 2,139 2,852 19,179 18,101 65,000 56,059 2,855 16,921 152 1,883 13,620 20,021 116 55,000
Slide 15: Resilient Profitability
Resilient Profitability Adjusted Net Income1 Adjusted EBITDA2 (RMB mn) (RMB mn) 12.6% 7.7% 5.3% 4.3% 2.3% 14.6% 10.2% 7.3% 7.5% 4.1% 11,345 9,798 9,534 7,211 6,877 5,017 2,343 1,344 910 517 2023 2024 2025 2024Q4 2025Q4 2023 2024 2025 2024Q4 2025Q4 % Margin % Margin 1 Adjusted net income (loss) is de
Slide 16: Robust Balance Sheet with Strong Liquidity
Robust Balance Sheet with Strong Liquidity Key Balance Sheet Items (RMB mn) As of Dec. 31, As of Dec. 31, As of Dec. 31, 2023 2024 2025 Cash and Cash Equivalents 19,635 11,443 7,773 Restricted Cash 6,223 8,858 8,171 Short term Investments 34,258 41,318 39,580 Total Liquidity 60,115 61,619 55,524 Tot
Slide 17: Appendix
03 APPENDIX
Slide 18: GAAP to Adjusted / Non-GAAP Measures Reconciliation
GAAP to Adjusted / Non-GAAP Measures Reconciliation For the Three Months Ended Dec. 31, For the Year Ended Dec. 31, (RMB mm) 2024 2025 % YoY 2024 2025 % YoY Net income 577 82 (86%) 4,078 2,991 (27%) Add: Share-based compensation expenses 595 438 (26%) 2,726 1,905 (30%) Amortization of intangible ass
Slide 19: Slide 19