Youdao, Inc. · NYSE:DAO
Youdao — Q2 2026 Earnings Presentation
20 slides from Youdao's earnings presentation, Aug 20, 2026
Slide 1: 2Q26 Investor Presentation
S82) NevEase [== youdao 2Q26 Investor Presentation
Slide 2: Safe Harbor Statement
ass youdao SAFE HARBOR STATEMENT . Private “safe harbor” provisions of the U. This presentation contains forward-looking statements. These statements are made under the Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s belief
Slide 3: Youdao's Position
) Youdao’s Position #i@ youdao An AI solutions provider specializing in learning and advertising
Slide 4: Premium Courses and Products
Youdao Youdao Youdao Premium Courses Lingshi Dictionary Youdao Desktop Hi Echo Mr. P AI Tutor Translation
Slide 5: AI Learning Services
AI + Learning Services AI AI + + Online Smart Marketing Devices Services
Slide 6: Learning Services
RMB Millions RMB Millions 2,814.9 1,628.6 2,715.8 1,564.6 1,466.9 1,417.5 1,348.0 1,195.6 739.7 1,138.2 660.9 584.5 632.9 611.1 196.2 86.8 317.3 176.5 245.8 126.8 109.4 795.6 1,423.1 657.8 643.1 727.2 1,260.3 627.5 Learning Services Smart Devices Online Marketing Services
Slide 7: RMB Millions
RMB Millions RMB Millions 150 150 169.0 100 100 132.8 111.5 50 50 60.2 57.5 28.8 28.3 0 0 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26
Slide 8: RMB Millions
RMB Millions RMB Millions 2Q25 3Q25 4Q25 1Q26 2Q26 1H25 1H26 400 400 300 300 334.2 200 200 241.1 100 185.0 184.2 100 0 0 （58.6） （70.5） （93.1） （100） （100）
Slide 9: Youdao Lingshi Products & Services
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Slide 10: Youdao Dictionary
Youdao Youdao Desktop Hi Echo Mr. P AI Tutor U-Dictionary iRecord LectMate Dictionary Translation iArch Baby Genius One Translate Youdao AI Podcast Youdao LobsterAI Youdao Translator Assistant Anydub Baoku
Slide 11: WAIC stands for World Artificial Intelligence Conference
*WAIC stands for World Artificial Intelligence Conference
Slide 12: AI-Powered Advertising
AlI-Powered Advertising #@iH youdao Data Man | Progra Attributic Youdao DMP ge | Youdao Smart Ads Platform . Y, . BZ AI Ad Placement Optimizer YK - Ad Creative NN 25m a InfunEase = WF: o iMagicBox _ SS _ SS
Slide 13: AI Ad Placement Optimizer
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Slide 14: InfunEase: One-stop AI Platform for KOL Marketing
InfunEase : One-stop AI Platform for KOL Marketing ZULIZ ule ~ MY 2025.12 TuyaExpe -uK/Us Workflow Syn Enable brands to manage the full collaboration | top-tier influencers to KOCs, through a strear workflow that significantly shortens collabo Al-powered Self-s¢ Automate influencer recommendations a
Slide 15: Solid Advertising Client Base in Gaming Industry
Solid Advertising Client Base in Gaming Industry State of Survival King of Avalon €Q Guns of Glory: Lost Island v Project Entropy G mors & MOONTON g ROTA BPE Where Winds Meet Marvel Rivals NetEase a Games oy) Jat Ported AR RAR +I Harry Potter Magic Awakened ia Genshin Infinite Borders my: SSH Honkai
Slide 16: Strong Momentum from AI Application and Short-Form Drama Clients
Strong Momentum from AI application and Short-Form Drama Clients 7aié youdao Advertising for Advertising for AI Application Short-form Drama bd = 4 » a Pa * aw \\ Revenue growth: over 50% year-over-year for the second consecutive quarter
Slide 17: Smart Devices: Overall Operational Health Improved
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Slide 18: Summary of Key Financial Information
Summary of Key Financial Information (in RMB’000) Key balance sheet items June 30, 2026 December 31, 2025 Cash Assets* 846,012 740,011 Accounts Receivable, Net 332,255 381,243 Inventories 114,043 140,776 Total Current Assets 1,694,495 1,722,506 Total Assets 1,956,585 1,975,045 Contract Liabilities 8
Slide 19: Summary of Key Financial Information
Summary of Key Financial Information (in RMB’000, except for percentages) Key Income Statement Items 2Q26 1Q26 2Q25 Net Revenues 1,466,861 1,348,022 1,417,541 Learning Services 795,607 627,477 657,838 Smart Devices 86,822 109,405 126,821 Online Marketing Services 584,432 611,140 632,882 Cost of Reve
Slide 20: Thank You
THANK YOU