Bilibili FY2026 Q1 Earnings Release

Investor
Presentation
May 2026

2
This announcement contains forward -looking statements .These statements are made under the “safe harbor” provisions of the U.S.Private
Securities Litigation Reform Act of 1995 . These forward -looking statements can be identified by terminology such as “will,” “expects,”
“anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions .Among
other things, quotations from management in this announcement, Bilibili’s strategic and operational plans, contain forward -looking statements .
Bilibili may also make written or oral forward -looking statements in its periodic reports to the U .S.Securities and Exchange Commission (the
“SEC”), in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock
Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made
by its officers, directors or employees to third parties .Statements that are not historical facts, including but not limited to statements about
Bilibili’s beliefs and expectations, are forward -looking statements .Forward -looking statements involve inherent risks and uncertainties .A number
of factors could cause actual results to differ materially from those contained in any forward -looking statement, including but not limited to the
following :results of operations, financial condition, and stock price ;Bilibili’s strategies ;Bilibili’s future business development, financial condition
and results of operations ;Bilibili’s ability to retain and increase the number of users, members and advertising customers, provide quality content,
products and services, and expand its product and service offerings ;competition in the online entertainment industry ;Bilibili’s ability to maintain
its culture and brand image within its addressable user communities ;Bilibili’s ability to manage its costs and expenses ;PRC governmental
policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and
assumptions underlying or related to any of the foregoing .Further information regarding these and other risks is included in the Company’s
filings with the SEC and the Hong Kong Stock Exchange .All information provided in this presentation is as of the date of the presentation, and
the Company undertakes no duty to update such information, except as required under applicable law .
Safe Harbor Statement

115mn
DAUs (1) (2)
119min s
Avg. daily time spent (1) (4)
Notes:(1) In 26Q1 (2) Active users are counted as the sum of active users on our mobile apps and on PC during a given period. Active users on mobil e a pps refer to total number of mobile devices (including smart TV and other smart devices) that have launched our mobile apps during a given period. Active users on PC refer to the sum of valid logged -in users who visit our website at www.bilibili.com on PC and who engage in PC application during a given period, after eliminating duplicates (3) Paying users refer to users who make payments for various products and services on our platform, including purchases in mobil e g ames offered on our platform and payments for VAS (excluding purchases on our e -commerce platform). A user who makes payments across different products and services offered on our platform using the same registered account is counted as one p ayi ng user and we add the number of paying users of Maoer and the number of paying users of smart TVs towards our total paying users without eliminating duplicates. Average monthly paying users is calculated by dividing the sum of monthly paying users dur ing the specified period by the number of months in the specified period (4) Average daily time spent per active user on our mobile apps is calculated by dividing the total time spent on our mobile apps (including smart TV and other smart devices) during the specified period (excluding time spent on Bilibili operating games, Bil ibili Comic and Maoer ) by the average number of active users per day during such period, further divided by the number of days during the specifie d p eriod
An Iconic Brand and a Leading Video Community for Young Generations
376m n
MAUs (1) (2)
34mn+
MPUs (1) (3)
3

Operational Highlights: Strong Growth of DAUs and Daily Time Spent
4
Average Daily Time Spent Per User
(mins)
DAUs
(mn )
79
94
102
107
115
22Q1 23Q1 24Q1 25Q1 26Q1
95 96
105 108
119
22Q1 23Q1 24Q1 25Q1 26Q1
10%
YOY
8%
YOY

5
Financial Highlights : Improv ing Margins and Profits
Note:(1) Excluding share -based compensation expenses, amortization expense related to intangible assets acquired through business acquisi tions, income tax related to intangible assets acquired through business acquisitions, gain/loss on fair value change in investments in publicly traded companies, and gain/loss on repurchase of convertible senior notes
Net Profit (1)
(Non -GAAP; RMB mn )
Gross Profit
(RMB mn )
2,539 2,676 2,818
3,081
2,773
25Q1 25Q2 25Q3 25Q4 26Q1
36.3% 36.5% 36.7% 37.0% 37.1%
(1)
362
561
786
878
585
25Q1 25Q2 25Q3 25Q4 26Q1
62%
YOY
GPM
9%
YOY
NPM
5.2% 7.6% 10.2% 10.6% 7.8%

Notes:(1) According to iResearch , industry related to video content on video -centric platforms and non -video -centric platforms as well as mobile games. Non -vide o-centric, e -commerce, browser, and other kinds of platforms include social media, instant messaging (2) According to iResearch , the average daily time spent on video -based content by China mobile internet users among Gen Z+ (people born in 1985 -2009) po pulation (3) According to iResearch , the per capita spending of Gen Z+ internet users in the video -based market 6
Golden Opportunity from Videolization
Video becomes fundamental to information, entertainment and communication
More Time Spent (2) , More Spending (3)
(RMB) (Hours per day)
4.5
5.7
2023 2030E
2,047
5,076
2023 2030E
2.5x
+27%
Massive Video -Based Industry (1)
Infrastructure
Supply
Demand
AI, 5G, and various
video production tools
More diversified content,
more video content creators
Rising demand and
spending power
for video -based content
1,242
2,940
2023 2030E
2.4x
(RMB bn )

Notes:(1) As of Feb 2026, according to Quest Mobile (2) In 26Q1 7
Unparalleled leadership in China’s young generation High -quality user base with strong consumer buying power
26.5
7 out of every 10 Gen Z+ (1985 -2009) population in China are Bilibili
users (1)
Our Unparalleled Leadership in Gen Z+
The golden cohort and future of the video -based industry
Average age of our active user base (2)
50%
of our users are female with higher
interest in commercial contents (1)
51 %
of our users live in tier -1 or 2 cities
in China with higher demand for
better quality of life (1)
40 %
of our DAUs viewed video and live
commerce related content (2)
22.5
Average age of our new users (2)

Commercialization
Content Community
Users Ever -growing ecosystem
centered around PUGV
Highly engaged,
interactive and sticky
User -centric with
massive opportunities
Aspiring and
fast growing
8
The Story

9
Multi Categories for Constantly
Expanding Content Interests
26.5
2026
Content Community Commercialization
Average user age
21
2018
Pan -Entertainment
Pan -Knowledge
Lifestyle + Consumption
ACG
Games Anime
Auto
remix
Enter –
tainment
Music
Know –
ledge
Tech
Handi –
crafts
Painting
Daily life
Sports
Auto –
mobile
Baby &
maternity
Fashion
Fitness Home
decor
Food
Animals
Farming
Travel
Infor –
mation

(1) In 2025, content creators aged 18 -23 (2) YOY growth in 26Q1 (3) Growth as of M arch 31, 2026 compared to March 31, 2025
Young and Flourishing Creator Ecosystem
Content Community Commercialization
Supporting mechanism Up 100 Encouraging community AI -enabled algorithm Editing tools and tutoring
10
20%+
YOY
creators with
over 10k followers
creators with
over 100k followers
20%+
YOY
creators with
over 1mn followers
20%+
YOY
30%+
YOY
creators with
over 1k followers
Content creators ’growth map
Sophisticated
Emerging
Thriving
Rising
~44%
content creators aged under 24 (1)
+24%
content creators’ average income (2)
Notes:
(3)

Highly Engaged and Sticky Community
with a Strong Sense of Belonging
Notes:(1) In 26 Q1; Interactive features such as bullet chats, comments, likes, Bilibili moment posts and virtual gifting, etc. (2) As of March 31, 2026; To become an official member, user needs to take and pass a community entrance exam consisting of 100 questions covering comm uni ty etiquette and various topics
Share Bullet -chat Commentary Following Virtual
Gifting
Moment Fan
Charging
17.1 bn
monthly interactions (1)
One Click Triple -Function Combo
Coin –
casting
Add to
Favorite Like
11
291mn
official members (2)
~80% 12 -month retention rate (2)
0%
20%
40%
60%
80%
100%
0 3 6 9 12 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24
Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25
Content Community Commercialization

Commercialization Comes Naturally A round Users’ Interests
Desired content and services fulfilling needs Users’ diverse, expanding interests
Content Community Commercialization
Mobile
Games
VAS Advertising
IP D erivatives
and Others
Create significant
potential for monetization
Better understand users’
consumption needs and
preference
AI -enabled
algorithms
12

Value -Added Services: Multi -Faceted Commercialization
Live broadcasting
Natural extension of our
diversified content platform
Premium membership
Enjoy exclusive or advanced
high quality content
Content Community Commercialization
13
Fan charging
Support content creators and
access to exclusive PUGV content
Premium membership (1)
24mn +
Fan charging income (2)
50%+
Note ： (1) As ofMarch 31, 2026 (2) YOY growth in 26Q1

Content Community Commercialization
Value -Added Services Revenues with Steady Growth
14
(RMB mn )
4%
YOY
2,807 2,837
3,023
3,262
2,912
25Q1 25Q2 25Q3 25Q4 26Q1

Content Community Commercialization
Advertising: Bilibili is Becoming a Go -To Platform for Advertisers
N -reach brand ads Customized and innovative
native ads
Performance -based ads
with sales conversion add -on
15

Content Community Commercialization
Advertising Revenues: Robust Growth with Great Potential
30%
YOY (RMB mn )
16
1,998
2,449
2,570
3,042
2,589
25Q1 25Q2 25Q3 25Q4 26Q1

Top Game Content Community with
Strong Operation and Distribution Capabilities
Content Community Commercialization
Strong distribution capabilities
coupled with growing advertising capabilities
Proven long life cycle
IP operation capabilities Notes:(1) In 26Q1 (2) In terms ofvideo or live broadcasting watch time on Bilibili
Jointly operated games Exclusive licensed games
17
Go -to video community
for gamers
Game -related content is the
Most popular PUGV genre
Most popular live broadcasting genre (1)(2)
40%+ DAUs
viewed game -related PUGVs
or live broadcasting (1)

Expanding into Diverse Game Genres , Building Differentiated Evergreen Titles
18
Exclusively Licensed Legacy Games
San Guo:
Mou Ding
Tian Xia
(San Mou) Azur Lane Fate /
Grand Order
NCard San Wang Lumi Master
……
Escape from Duckov surpassed 4mn copies sold Years
2
Years
9
Content Community Commercialization
Pipeline Games
Self -developed Game
Years
10

OUR
FINANCIALS

Solid Growth Driven by Diverse Revenue Mix
20
(RMB mn)
40% 39% 39% 39% 39%
29%
33%
33%
37%
35%
25%
22%
20%
18%
20%
6%
6%
8%
6%
6% 7,003
7,338
7,685
8,321
7,472
25Q1 25Q2 25Q3 25Q4 26Q1
VAS Advertising Mobile games IP derivatives and others

Improving Cost Structure and Gross Margin
(1) Revenue -sharing costs consist of fees paid to game developers, distribution channels (app stores) and payment processors, as wel l as fees we pay to hosts of our live broadcasting program and content creators in accordance with our revenue – sharing arrangements (2) Content costs consist of amortized costs of self -produced and licensed content (3) Staff costs mainly consist of salaries and benefits for our employees involved in the operation of our app/websites, mobile g ame services and live broadcasting program (4) Server and bandwidth costs are the fees we pay to telecommunication carriers and other service providers for telecommunicatio n s ervices, hosting our servers at their internet data centers, and providing content and application delivery services (5) Include cost ofgoods sold associated with our IP derivatives business, depreciation and others
Notes:
Cost of Revenues
(1) (2) (5) (3)(4)
(as a percentage of revenue %)
21
38% 40% 40% 41% 38%
20% 18% 17%
17%
19%
6% 5% 7%
5%
5%
25Q1 25Q2 25Q3 25Q4 26Q1
Revenue-sharing costs Content, server and bandwidth, staff costs IP derivatives and others
36.3% 36.5% 36.7% 37.0% 37.1% GPM

342
573
688
838
524
25Q1 25Q2 25Q3 25Q4 26Q1
Improving Operating Profits
22 Note:(1) Excluding share -based compensation expenses, amortization expense related to intangible assets acquired through business acquisi tions
Operating Expenses (1)
(Non -GAAP; as a percentage of revenue %)
O perating Profit (1)
(Non -GAAP; RMB mn )
5% 8% 9% 10% 7% 32% 29% 28% 27% 30%
16% 14% 13% 13% 15%
5% 5% 4% 4% 5%
10% 10% 10% 10% 11%
25Q1 25Q2 25Q3 25Q4 26Q1
Sales and marketing General and administrative Research and development
% of revenue Operating Margin

(RMB mn )
Consolidated Balance Sheets
23
Dec 31, 2025 Mar 31, 2026
Assets
Cash and cash equivalents 12,184 6,595
Time deposits 5,522 8,278
Restricted Cash 51 1
Accounts receivable, net 1,268 1,321
Prepayments and other current assets 2,078 2,173
Short -term investments 6,447 9,321
Total current assets 27,550 27,689
Property and equipment, net 695 1,163
Production cost, net 1,600 1,479
Intangible assets, net 3,110 3,060
Goodwill 2,818 2,818
Long -term investments, net 4,762 4,586
Other long -term assets 633 629
Total non -current assets 13,618 13,735
Total assets 41,168 41,424
Liabilities
Accounts payable 5,497 5,951
Salary and welfare payables 1,710 1,276
Taxes payable 406 366
Short -term loan and current portion of long -term debt 4,861 4,861
Deferred revenue 4,662 4,569
Accrued liabilities and other payables 3,191 3,548
Total current liabilities 20,327 20,571
Long -term debt 4,776 4,706
Other long -term liabilities 516 538
Total non -current liabilities 5,292 5,244
Total liabilities 25,619 25,815
Total Bilibili Inc.’s shareholders’ equity 15,573 15,641
Noncontrolling interests (24) (32)
Total shareholders’ equity 15,549 15,609
Total liabilities and shareholders’ equity 41,168 41,424

(RMB mn )
Consolidated Statements of Operations and Comprehensive (Loss)/Income
24
25Q1 25Q4 26Q1 YoY Change
Net revenues
Value -added services 2,807 3,262 2,912 4%
Advertising 1,998 3,042 2,589 30%
Mobile games 1,731 1,540 1,523 -12%
IP derivatives and others 467 477 448 -4%
Total net revenues 7,003 8,321 7,472 7%
Cost of revenues (4,464) (5,240) (4,699) 5%
Gross profit 2,539 3,081 2,773 9%
Sales and marketing expenses (1,167) (1,128) (1,153) -1%
General and administrative expenses (516) (528) (533) 3%
Research and development expenses (841) (921) (920) 9%
Total operating expenses (2,524) (2,577) (2,606) 3%
Profit from operations 15 504 167 1011%
Investment (loss)/income, net (including impairments) (62) (53) 65 NA
Interest income 94 114 108 15%
Interest expense (33) (40) (39) 21%
Exchange losses (12) (35) (75) 539%
Debt extinguishment loss – 0 0 NA
Others, net (1) 18 (5) 116%
Profit before income tax 1 508 221 24190%
Income tax (expense)/benefit (12) 6 (19) 66%
Net (loss)/profit (11) 514 202 NA
Adjusted profit from operations 342 838 524 53%
Adjusted net profit 362 878 585 62%

BILIBILI Inc.
THANK YOU
IR Contacts:
Piacente Financial Communications
Juliet Yang
Tel: +86 -21 -2509 -9255 Ext. 8523
E-mail: ir@bilibili.com
Tel: +86 -10 -6508 -0677 (In China)
Tel: +1 -212 -481 -2050 (In U.S.)
E-mail: bilibili@tpg -ir.com
https://ir.bilibili.com