DUOL Mgmt. Meeting Takes - Managing For the LT

Research evidence excerpt

DUOL Mgmt. Meeting Takes - Managing For the LT

Global Internet

Subscription - Market Weight

DUOLINGO INC. (DUOL) June 8, 2026

DUOL Mgmt. Meeting Takes - Managing For the LT Rating:

Peer Perform

The Wolfe Byte Price: $109.03

We met with Duolingo's mgmt. team & came away incrementally positive. The co. Price Target:

is focused on operating with LT view - durable DAU growth, time spent, followed NA

by monetization. It remains early, but we are optimistic on mgmt's ability to make View DUOL Model

marked progress towards LT goals. View Comp Table

Company Information

We hosted an investor meeting last week at Duolingo's HQ in Pittsburgh with Luis 52-Week Range $90 - $513

Market Cap. (MM) $4,387

von Ahn (CEO); Gillian Munson (CFO); Robert Meese (CBO); and Debbie Belevan Enterprise Value (MM) $4,181

(Head of IR) and came away incrementally positive on the company's i) long-term Shares Out. (MM) 40.2

approach of adding durable engagement growth with frictionless monetization levers; Avg. Value Traded (MM) $119.31 Price to Earnings 13x

ii) plan to incorporate greater personalization for users; iii) emphasis on becoming SI% of Float 19.5%

more sophisticated with their marketing channels; iv) optimization of internal AI/Video FCF Yield 5.1%

EV/ EBITDA 10.7x

Call costs; and v) goal of 100MM DAUs by 2028 with international expansion across FCF/ Share $5.53

all geographies.

Key takes below: 550500

400i): Taking a long-term approach

●Historically, Duolingo was having to make the trade-off of enhancing the 300250

product vs. rapidly monetizing their user base, which resulted in over- 200150

monetization. 10050

●Now, the company is squarely focused on using FY'26 as their core reinvestment Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26