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    Hanyi Cai • CITIC Securities

    Hanyi Cai's questions to Duolingo Inc (DUOL) leadership

    Hanyi Cai's questions to Duolingo Inc (DUOL) leadership • Q2 2025

    Question

    Hanyi Cai of CITIX asked if the slower-than-expected adoption of Duolingo Max was partly due to rapid user growth in China, where the feature is not yet available. She also inquired about the planned areas of investment in the second half of the year, given the implied margin profile in the full-year guidance.

    Answer

    CEO Luis von Ahn acknowledged that rapid growth in China, where Max is unavailable, might be a small factor in Super's outperformance, but he believes the primary reason is simply better execution on the Super plan. CFO Matt Skaruppa detailed that back-half investments are focused on the product, including hiring new graduates and a new team for the Music vertical. He also mentioned a small incremental marketing spend. Skaruppa noted the guided quarterly EBITDA margin trend is consistent with the prior year, where Q2 was the peak.

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    Hanyi Cai's questions to Duolingo Inc (DUOL) leadership • Q2 2025

    Question

    Hanyi Cai of CITIC Securities asked if rapid growth in China, where Max is unavailable, contributed to slower-than-expected Max adoption. She also inquired about investment priorities for the second half of the year, given the implied EBITDA margin in the guidance.

    Answer

    CEO Luis von Ahn acknowledged that strong growth in China could be a small factor but maintained the primary reason for slower Max growth was simply better execution on the Super subscription tier. CFO Matthew Skaruppa outlined back-half investments, including hiring for product development (notably for Music) and incremental marketing spend. He noted the guided quarterly EBITDA margin trend is consistent with the prior year, where Q2 was the peak.

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