WeRide Inc. Q4 FY2025 earnings call

• Global leader in autonomous driving with record high revenue of RMB 685 million in 2025, up 90% y/y, driven by Robotaxi deployments, RoboBus, etc. - Robotaxi fleet size reached 1,125 vehicles globally. Total cost of ownership decreased by ~38% in 2025. - In China, commercial and testing fleet grew to over 800 robotaxis covering over 1,000 sq km. Launched flexible free PUDU feature and broadened access via major mobility platforms. Registered users of Robotaxi service saw over 900% y/y growth in Q4 2025. - Internationally, deployed in 12 countries with 8 having official permits. Europe, Middle East, Asia Pacific had progress. Robotaxi fleet in international markets surpassed 250 vehicles. Expected global robo-taxi fleet to reach 2,600 by end of 2026. - Diversified into other autonomous mobility areas: global AV fleet grew from 1,089 to 2,113 vehicles. Robo-bus business up 190% in 2025. L2 Plus ADAS system vPILOT 3.0 adopted by leading OEMs and Tier 1 suppliers. - Innovation: WeRide Genesis simulation platform developed, integrating physical AI and generative AI. Partnership with GDFriesen advanced, GXR robotaxi with HPC 3.0 platform, production time under 10 minutes.

In Q4 2025, total revenue was RMB 314 million, up 123%. Product revenue rose 309% to RMB 211 million, mainly from robo-taxis and robo-buses. Service revenue grew 15% to RMB 103 million. For full year 2025, total revenue reached a record high of RMB 685 million, up 90%. Product revenue was RMB 360 million (up 310%) and service revenue was RMB 325 million (up 19%). Robotaxi revenue in Q4 2025 was RMB 51 million, up 66% year-over-year, and for full year 2025, it was RMB 148 million, up 210% year-over-year. Overseas markets contributed approximately 29% of total revenue in full year 2025.

• Expect global robo-taxi fleet to reach 2,600 by end of 2026, subject to regulatory approvals and market conditions. - Board of directors authorized a share repurchase program to repurchase up to US $100 million of Class A ordinary shares over next 12 months.

Q: First question is on view of competition in L4 Robotaxi and differentiation in ADAS capability.

A: Welcomes competition but emphasizes difference between L2++ and L4. WeRide is only company good at both, won China Urban Intelligent Driving Competition three times in a row. Secret sauce includes one-stage end-to-end system training, Genesys model generating data and reducing cost.

Q: Second question is on robot taxi expansion plan in China and international markets, and deployment timeline with Uber.

A: China focuses on cities with supportive policies, like Guangzhou and Beijing. Internationally, Middle East, Europe, Asia Pacific have progress. Signed 2,000 vehicle agreement with Geely Verizon. Plan to add 1,000 vehicles in Middle East with Uber by 2027.

Q: Question on Robotaxi homogenization challenge and differentiation.

A: Emphasizes own HPC 3.0 auto grade computational platform and Genesis simulation platform, which are advanced and not easily replicable.

Q: Question on global partnership with Uber and enhancing visibility.

A: WeRide is key operator and provider in key markets, holds autonomous driving permits in eight countries, building brand recognition in various cities.

Q: Question on fleet utilization in China and unit economics implications, and overseas business key figures and 2026 guidance.

A: In China, steps to improve utilization, expecting contribution margins over 40% as fleet expands. Overseas revenue in Q4 2025 up 140% y/y, full year 2025 up 305% y/y. Expect revenue growth to continue in 2026.

Q: Question on key cost reductions and technology innovations behind upgraded GXR and share buyback plan.

A: TCO reduced via remote assistant ratio improvement and BOM cost reduction. Share buyback program to repurchase up to US $100 million of shares over 12 months.

Q: Question on revenue structure and future cash deployment plan.

A: Revenue structure with RoboTaxi, RoboBus, L2++ as core engines. Cash reserve strong, net cash burn rate low, revenue growth accelerating, continuing to invest with discipline.