Tencent Holdings: In the fourth quarter of 2025, capital expenditure was 22.4 billion yuan, mainly for supporting the development of AI businesses.

Tencent Holdings released its financial report for 2025. As of December 31, 2025, the group's net cash was 107.1 billion yuan, and the net cash as of September 30, 2025 was 102.4 billion yuan. The net cash increased month-on-month, mainly driven by free cash flow, partially offset by the repurchase of shares in the amount of 19.6 billion yuan, and a net cash outflow of 6.9 billion yuan mainly related to investments in other companies. The free cash flow in the fourth quarter of 2025 was 34 billion yuan, reflecting a net cash generated from operating activities of 66.5 billion yuan, partially offset by capital expenditures of 22.4 billion yuan, media content payments of 8.1 billion yuan, and lease liability payments of 2 billion yuan.