Youdao, Inc. · NYSE:DAO
Youdao — Q1 2026 Earnings Presentation
20 slides from Youdao's earnings presentation, May 21, 2026
Slide 1: 1Q26 Investor Presentation
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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: Youdao Premium Courses
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: Net Revenues by Segment (RMB Millions)
RMB Millions 1,628.6 1,564.6 1,417.5 1,298.3 1,348.0 1,975.0 2,538.8 739.7 660.9 632.9 505.4 611.1 176.5 245.8 190.5 126.8 109.4 657.8 727.2 602.4 643.1 627.5 Learning Services Smart Devices Online Marketing Services
Slide 7: Income from Operations (RMB Millions)
RMB Millions 150 100 104.0 50 60.2 57.5 28.8 28.3 0 1Q25 2Q25 3Q25 4Q25 1Q26
Slide 8: Cash Flow (RMB Millions)
RMB Millions 1Q25 2Q25 3Q25 4Q25 1Q26 300 200 100 185.0 184.2 0 （58.6） （93.1） （255.5） （100） （200） （300） （400）
Slide 9: Digital Content Services: Youdao Lingshi
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Slide 10: Youdao Dictionary
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Slide 11: AI-driven Subscription: New Agents
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Slide 12: AI-Powered Advertising
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Slide 13: AI Ad Placement Optimizer 2.0
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Slide 14: InfunEase Upgraded in 1Q26
InfunEase Upgraded in 1Q26 #38 youdao InfunEase : our one-stop AI platform for KOL marketing Workflow Syn Enable brands to manage the full collaboration top-tier influencers to KOCs, through a strear workflow that significantly shortens collab: Al-powered Self-s« Automate influencer recommendations
Slide 15: Solid Advertising Client Base in Gaming Industry
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Slide 16: Captured Emerging Opportunities in Fast-growing Sectors in 2Q26
Captured Emerging Opportunities in Fast-growing Sectors in 1Q26 j# youdao Advertising for Advertising for AI Application Short-form Drama bd = 4 » 4 = 8 4 Revenue growth: over 50% year-over-year for both industries
Slide 17: Smart Devices: Strong External Recognition
Smart Devices: Strong External Recognition #AiB youdao @® ‘eociiuid « smart Future $B werease | Fai youdao ABAISHRSE SEAR GH UA fil 2025 33982026 MBN KCo0l Tool Awards SMART FUTURE REAR EAR ili, —— - SMALE RRR - #14 BENE BEms BAERS 2026 ARE RERABE GRE © a & 0 oy ae RAI ( ABAIS RZ Space X } a
Slide 18: Summary of Key Financial Information
Summary of Key Financial Information (in RMB’000) Key balance sheet items March 31, 2026 December 31, 2025 Cash Assets* 511,995 740,011 Accounts Receivable, Net 326,381 381,243 Inventories 116,763 140,776 Total Current Assets 1,420,018 1,722,506 Total Assets 1,672,983 1,975,045 Contract Liabilities
Slide 19: Summary of Key Financial Information
Summary of Key Financial Information (in RMB’000, except for percentages) Key Income Statement Items 1Q26 4Q25 1Q25 Net Revenues 1,348,022 1,564,692 1,298,262 Learning Services 627,477 727,233 602,414 Smart Devices 109,405 176,545 190,498 Online Marketing Services 611,140 660,914 505,350 Cost of Rev
Slide 20: Thank You
THANK YOU