Youdao, Inc. · NYSE:DAO
Youdao — Q4 2025 Earnings Presentation
18 slides from Youdao's earnings presentation, Feb 11, 2026
Slide 1: 4Q25 Investor Presentation
$a ZB NETEASE Pane] youdao 4Q25 Investor Presentation )
Slide 2: Safe Harbor Statement
Fase youdao SAFE HARBOR STATEMENT This presentation contains forward-looking statements. These statements are made under the “sale harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995, Statements that are not historical facts, including statements about the Company’s belie
Slide 3: Youdao's Position
| Youdao’s Position Fase youdao An AI solutions provider specializing in learning and advertising
Slide 4: Youdao Premium Courses
Youdao Youdao Youdao Premium Courses Lingshi Dictionary Youdao Desktop Hi Echo Mr. P AI Tutor Translation
Slide 5: AI + Learning Services, Smart Devices, Online Marketing Services
AI + Learning Services AI AI + + Online Smart Marketing Devices Services
Slide 6: Revenues by segment (RMB Millions)
RMB Millions RMB Millions 5,909.0 5,625.9 1,628.6 1,564.6 1,417.5 1,339.8 1,298.3 1,975.0 2,538.8 739.7 660.9 481.7 632.9 505.4 903.6 739.6 176.5 240.4 126.8 245.8 190.5 2,747.3 2,630.6 657.8 727.2 617.7 602.4 643.1 Learning Services Smart Devices Online Marketing Services
Slide 7: RMB Millions
RMB Millions RMB Millions 250 250 200 200 150 150 221.3 100 100 148.8 104.0 50 84.2 50 60.2 28.8 28.3 0 0 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025
Slide 8: RMB Millions
RMB Millions RMB Millions 4Q24 1Q25 2Q25 3Q25 4Q25 2024 2025 300 300 200 200 100 100 158.2 185.0 184.2 55.2 0 0 （58.6） (67.9) （255.5） （100） （100） （200） （200） （300） （300） （400） （400）
Slide 9: Digital Content Services: Youdao Lingshi
) Digital Content Services: Youdao Lingshi FRE youdao Products & Services Learning Personalized Tiered Al quiz Small-class AI Essay Live streaming Al-based college diagnosis learning path instructional recommendation study Grading counseling admission recommendation videos experience service adviser
Slide 10: Youdao Dictionary Youdao Desktop Translation
Youdao Dictionary Youdao Desktop Hi Echo Mr. P AI Tutor U-Dictionary iRecord Translation LectMate iArch Baby Genius One Translate Youdao AI Podcast Youdao Translator Assistant Anydub
Slide 11: AI-Powered Advertising
)) Al-Powered Advertising FR youdao ( YO Data Management Platform Programmatic Ad >) Attribution & Optimization ee ) ous she Nea y \ Ad Creative Production Platform
Slide 12: AI Ad Placement Optimizer 2.0
)) AI Ad Placement Optimizer 2.0 Ai youdao Ad Creatives AIGC-Enhanced Creativity & Efficiency Attribution Analysis Auto-Generated Placement Reports AI-Powered Q&A Real-Time Ad Placement Consultant =z Sy ae Ee Lo ? Audience Targeting AlJ-Driven Precised Audience Sy Data Iteration Deepening Customer I
Slide 13: Driven by strengthened NetEase synergy and active expansion of third-party clients
Driven by strengthened NetEase synergy and active expansion of third-party clients Global footprint expanded to 50+ countries in 2025 Capitalizing on the flourishing LLM ecosystem and increased marketing demand for AI apps
Slide 14: Solid Advertising Client Base in Gaming Industry
™ Solid Advertising Client Base in Gaming Industry —gesjeese AB youcco ea Ty Ey A, lilith WE ROAR BSE SH AAA Zie AMES Where Winds Meet Marvel Rivals EGGYPARTY _Life After (EF NetEase meno eatin G Games i2 63 yy i} ‘ TAS BARE | Rt ZR KBR Paleo 4 De ES NN Harry Potter Infinite Borders Racing Master Ri
Slide 15: Smart Devices: Significant Health Improvement in 2025
) Smart Devices: Significant Health Improvement in 2025 faiG youdao Youdao Tutoring Pen > Feature Upgrade: Enhanced AI video explanations with new Panoramic Puzzles & Intelligent Visual Knowledge Cards > User Stickiness: active users utilizing the tutoring function an average of over 10 times per da
Slide 16: Summary of Key Financial Information
Summary of Key Financial Information (in RMB’000) Key balance sheet items December 31, 2025 December 31, 2024 Cash Assets* 740,011 659,352 Accounts Receivable, Net 381,243 418,644 Inventories 140,776 174,741 Total Current Assets 1,722,506 1,486,768 Total Assets 1,975,045 1,814,395 Contract Liabiliti
Slide 17: Summary of Key Financial Information
Summary of Key Financial Information (in RMB’000, except for percentages) Key Income Statement Items 4Q25 3Q25 4Q24 Net Revenues 1,564,692 1,628,524 1,339,798 Learning Services 727,233 643,086 617,673 Smart Devices 176,545 245,780 240,444 Online Marketing Services 660,914 739,658 481,681 Cost of Rev
Slide 18: Thank You
THANK YOU