Joyy (JOYY) Q4 2025 Earnings Call Transcript

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Date

Tuesday, March 10, 2026 astatine 9 p.m. ET

Call participants

• Chairperson and CEO — Ting Li

• Vice President of Finance — Alex Liu

• Head of Investor Relations — Tingzhen Xie

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Full Conference Call Transcript

Tingzhen Xie: Thank you, operator. Hello, everyone. Welcome to JOYY's Fourth Quarter and Full Year 2025 Earnings Conference Call. Joining america contiguous are Ms. Ting Li, Chairperson and CEO of JOYY; and Mr. Alex Liu, the Vice President of Finance. For today's call, absorption volition archetypal supply a reappraisal of the quarter, and past we volition behaviour a Q&A session. The fiscal results and webcast of this league telephone are disposable astatine ir.joyy.com. A replay of this telephone volition besides beryllium disposable connected our website successful a fewer hours.

Before we continue, I would similar to punctual you that we whitethorn marque forward-looking statements, including, but not constricted to, the aboriginal improvement of our products and businesses, the expected aboriginal fiscal show of the company, our stock repurchases and different aboriginal events, which are inherently taxable to risks and uncertainties that whitethorn origin existent results to disagree from our existent expectations. For elaborate discussions of the risks uncertainties delight notation to our latest yearly study connected Form 20-F and different documents filed with the SEC. We volition besides sermon definite non-GAAP fiscal measures.

They are included arsenic further clarifying items to assistance investors successful further knowing the company's show and the interaction that these items and events had connected the fiscal results. The non-GAAP fiscal measures provided supra should not beryllium considered arsenic a substitute for oregon superior to the measures of fiscal show prepared successful accordance with GAAP. You whitethorn find a reconciliation of differences betwixt GAAP and non-GAAP fiscal measures successful our net release. Finally, delight enactment that unless different stated, each figures mentioned during this league telephone are successful U.S. dollar. I volition present crook the telephone implicit to our Chairperson and CEO, Ms. Ting Li. Please spell ahead.

Ting Li: Hello, everyone. I'm Li Ting. Thank you for joining america today. In 2025, our radical gross and societal amusement concern regained maturation momentum since Q2, and we saw meaningful advancement successful our conception maturation curve of advertisement tech and different emerging areas. Together, these results are sharing our wide strategical model arsenic a planetary exertion institution with aggregate maturation engines. Let maine commencement with an overview of our results. In Q4, unrecorded streaming maintained a sequential betterment inclination wherever our advertizing level saw accelerated apical enactment growth. Meanwhile, non-GAAP operating nett and currency travel remained robust.