Hello Group Inc. Q4 FY2025 earnings call

• In 2025 H2, domestic faced external headwinds while overseas achieved excellent growth via organic product incubation and M&A, becoming a key growth engine. - For Momo, maintained cash cow productivity, upgraded AI greeting and chat assist models, optimized real-time chat scenarios, optimized user acquisition to reduce costs, and saw 3.9 million paying users in Q4 2025. - For Tantan, aimed to build dating experience for Asian users, optimized product, adjusted channels, and expected future profitability. - Overseas business in 2025 grew rapidly, in 2026 focused on strengthening regional operation, separated Tantan domestic and overseas versions, and acquired Happen to expand markets

Q4 25: Total group revenue was 2.58 billion RMB, down 2% year over year. Domestic revenue reached 1.97 billion RMB, down 14% year over year. Overseas revenue was 608 million RMB, up 70% year over year. Overseas revenue accounted for 24% compared to 14% in the same period last year. Adjusted operating income was 354 million RMB, up 26% year over year, with a margin of 13.7%. For fiscal 2025, total group revenue was 10.37 billion RMB, a slight decrease of less than 2% year-over-year. Domestic revenue reached 8.37 billion RMB, down 11% year-over-year. Overseas revenue reached 2 billion RMB, up 71% year-over-year. Overseas revenue now accounts for 19% of our total, up from 11% in 2024. Adjusted operating income was 1.55 billion RMB, down 10% year-over-year, with a margin of 15%. Momo: Q4 revenue was 1.68 billion RMB, down 14% yoy and 6% qoq. Full year 2025 revenue was 7.09 billion RMB, down 11% yoy. Tantan: Q4 domestic revenue was 136 million RMB, down 41 million yoy and 16 million qoq. Full year 2025 domestic revenue was 613 million RMB, compared to 733 million in 2024. Overseas business: Q4 overseas revenue was 608 million RMB, up 70% yoy. Full year 2025 overseas revenue was 2 billion RMB, up 71% yoy, driven by audio and video social products in MENA region like YahaLand and Amar, and acquisition of Happen

• Estimated Q1 2026 revenue ranges from 2.3 billion RMB to 2.4 billion RMB, down 8.8% to 4.8% yoy, with domestic expected to decline mid to high single digits and overseas expected to grow high 40s% yoy. - Expected domestic revenue in 2026 to decline low to mid single digits yoy, overseas revenue expected to rise from 2 billion RMB in 2025 to around 3 billion RMB in 2026. - Overseas business still in investment phase, new businesses expected to achieve profitability through optimization but specific timing uncertain

• Regulatory policy changes, such as tax policies affecting domestic business. - Uncertainty of macroeconomic environment affecting user consumption willingness. - Overseas market expansion less than expected, slow localization process affecting growth. - External events like war may affect business in specific overseas regions

• Q: About domestic business trend and measures, A: Looked back 2025 situation, adjusted strategy focusing on small and medium consumption users, strengthened AI and social games, in 2026 continued the strategy, expected revenue pressure to continue but profit stable. - Q: About overseas business 2025 contribution, 2026 growth, war impact, profitability, A: 2025 overseas driven by new MENA products, 2026 focused on regional operation, war had limited impact on business, overseas still in investment phase, new businesses expected to gradually achieve profitability. - Q: About gross margin, revenue balance, profit guidance, A: Q4 gross margin better than expected, 2026 revenue expected to be stable or slightly down, overseas investment phase profit may be lower than 2025, maintaining flexible cost control