Business Highlights - WeRide has a global presence in 11 countries and 30+ cities, conducting trials and commercial operations with permits in 8 countries[9] - The company boasts one of the largest AV fleets globally, with nearly 750 robotaxis and over 1,600 L4 vehicles, accumulating approximately 55 million km of L4 mileage[9] - WeRide was granted the world's first city-level fully driverless robotaxi permit outside of the US, specifically in Abu Dhabi, UAE[11] - In Dubai, UAE, WeRide secured an autonomous driving trial permit and plans to kick off service on Uber within 2025, with driverless operation commencing in 2026[19] - WeRide's robotaxis in Abu Dhabi are transitioning toward unit economics profitability, expecting unit economics breakeven with a 1:3 safety officer ratio and covering approximately 50% of the city core area[14] Financial Performance (Q3 2025) - Total revenue experienced a year-over-year growth of 1443%[71] - Robotaxi revenue saw a significant year-over-year increase of 7610%, accounting for 207% of total revenue[71] - The company achieved an industry-leading gross profit margin of 329%[71] - Adjusted net loss margin was (161%), compared to (343%) in 3Q2024[74] - Capital reserves as of September 30, 2025, amounted to 308 million USD[74] Technology and Products - WeRide One serves as a universal technology platform, adaptable to diverse urban applications, enabling scalable commercial deployment of L4 vehicles and state-of-the-art L2+ solutions[59] - WeRide GENESIS is a Generative Engineered Neural Environment for Simulated Intelligence in Self-driving[61]

Financial Performance - Revenue decreased by 9% from Q3 2024 to Q3 2025 [11] - Total costs and expenses (excluding D&A) decreased by 12% from Q3 2024 to Q3 2025 [11] - Profit for the period net of tax increased by 60% from $15 million in Q3 2024 to $24 million in Q3 2025 [13] - Adjusted EBITDA increased by 53% from $17 million in Q3 2024 to $26 million in Q3 2025 [14, 33] Operating Metrics - Bookings decreased by 4% from $94 million in Q3 2024 to $90 million in Q3 2025 [19] - Monthly Paying Users (MPUs) decreased by 16% from 314,000 in Q3 2024 to 263,000 in Q3 2025 [20] - Average Bookings Per Paying User (ABPPU) increased by 16% from $92 in Q3 2024 to $107 in Q3 2025 [20] Cost Structure - Platform commissions accounted for 55% of total costs in Q3 2024, decreasing to 51% in Q3 2025 [16] - Selling and marketing expenses accounted for 26% of total costs in Q3 2024, increasing to 29% in Q3 2025 [16] Diversification - Pixel Gun 3D accounted for 34% of game revenue in Q3 2024, decreasing to 32% in Q3 2025 [24] - Hero Wars: Dominion Era accounted for 30% of game revenue in Q3 2024, increasing to 34% in Q3 2025 [24]

Financial Performance (9 Months Ended Sep 30, 2025 vs Sep 30, 2024) - Deliveries decreased by 40%, from 7,673 units to 4,612 units[14] - Revenues decreased by 46%, from $652.823 million to $355.758 million[14, 45] - Cost of revenues decreased by 45%, from $593.708 million to $327.016 million[14, 45] - Gross profit decreased by 51%, from $59.115 million to $28.742 million[14, 45] - Operating loss decreased by 40%, from $597.745 million to $357.090 million[14, 45] - Net loss decreased by 43%, from $666.520 million to $378.455 million[14, 45] Financial Performance (3 Months Ended Sep 30, 2025 vs Sep 30, 2024) - Revenues decreased by 46%, from $254.708 million to $137.432 million[14, 47] - Cost of revenues decreased by 49%, from $246.505 million to $126.556 million[14, 47] - Gross profit increased by 33%, from $8.203 million to $10.876 million[14, 47] - Operating loss decreased by 41%, from $160.039 million to $93.662 million[14, 47] - Net loss decreased by 68%, from $206.268 million to $65.415 million[14, 47]

Apollo's Origination Platform Strategy - Apollo's origination platforms power Athene and grow Apollo, focusing on investment-grade assets with excess spread and a track record of low losses[21] - Apollo has invested billions of dollars over 10+ years to build a large origination ecosystem[21, 70] - Apollo's asset-backed finance franchise has experienced low losses over a long period, especially for investment-grade tranches and post-crisis for all tranches[44, 45] - Apollo's ABF business has over \$200 billion in asset-backed originations to date[50, 55] Private Credit Market - The private credit market is large, with an addressable market of approximately \$40 trillion, and Apollo is focused on areas with attractive risk/reward[41, 42, 43] - The majority of private credit across Apollo is investment grade, with the origination ecosystem primarily focused on asset-backed finance[43] MidCap Financial - MidCap Financial has over \$14 billion in assets originated LTM 3Q'23 and cumulative credit losses of 27 bps since 2008[125] - MidCap Financial manages \$48.4 billion in total managed commitments as of 3Q 2023[125, 137] - MidCap generates a ~17% return on equity[152, 153] Wheels - Wheels has approximately \$4 billion in assets originated LTM 3Q'23 and average charge-offs of less than 1bp over the last 15 years[165, 209] - Wheels manages a vehicle fleet of approximately 800,000 vehicles as of 3Q'23[165] ATLAS SP Partners - ATLAS SP Partners had approximately \$40 billion in funded AUM at launch in February 2023 and has originated approximately \$10 billion in assets since acquisition[216] - ATLAS SP Partners has less than 1bp in aggregate impairments on originations over the last 7 years[216, 247] Earnings Power - Apollo has approximately \$95 billion of directly originated assets within Athene's investment portfolio[281] - Apollo's capital solutions fees were approximately \$420 million YTD 3Q'23[299]

Company Strategy and Focus - The company is committed to connecting consumers to businesses and financial institutions (2C2B2F)[12] - Priorities remain unchanged in execution, focusing on compliance, risk management, customer relationship, and organizational efficiency[21] - The company is optimizing its customer development strategy to deal with external uncertainty, focusing on premium customers, customer credit identification, and customer acquisition efficiency[28] - The company's ecosystem aims to acquire high-quality customers through multi-scenarios, leveraging a huge funding pool and diverse consumption scenarios[45] Financial Performance (Q3 2025) - Loan origination reached 509 billion RMB, a decrease of 37% QoQ[49] - Net income was 521 million RMB, an increase of 19% QoQ[49] - Total operating revenue was 3417498 million RMB, a decrease of 47% QoQ[50] - Credit facilitation service income was 2616805 million RMB, an increase of 153% QoQ[50] - Tech-empowerment service income was 456044 million RMB, a decrease of 451% QoQ[50] - Installment e-commerce platform service income was 344649 million RMB, a decrease of 293% QoQ[50]

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