SCHEDULE: Baillie Gifford Boosts Duolingo Stake to 7.12%

Baillie Gifford & Co, an investment adviser, reported a 7.12% beneficial ownership stake in Duolingo, Inc. as of September 30, 2025.

Summary

• Baillie Gifford & Co, an investment adviser based in the United Kingdom, filed an Amendment No. 9 to Schedule 13G regarding its ownership in Duolingo, Inc.
• As of September 30, 2025, Baillie Gifford & Co beneficially owned 2,827,834 shares of Duolingo's Common Stock.
• This ownership represents 7.12% of the class of securities.
• Baillie Gifford & Co holds sole voting power over 2,244,252 shares and sole dispositive power over 2,827,834 shares.
• The securities are held on behalf of investment advisory clients, including investment companies, employee benefit plans, pension funds, or other institutional clients.
• The acquisition and holding of these securities are stated to be in the ordinary course of business and not for the purpose of changing or influencing control of Duolingo.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. A Schedule 13G is a routine ownership disclosure. The positive aspect comes from a reputable institutional investor maintaining a significant stake, which can be interpreted as a vote of confidence in the company's long-term prospects.

Positives

• A significant 7.12% stake held by a prominent institutional investor like Baillie Gifford & Co can signal long-term confidence in Duolingo's business model and growth prospects.
• The filing indicates a passive investment strategy, suggesting Baillie Gifford is not seeking to influence control, which can be viewed positively by current management and other shareholders.

Future Outlook

This filing is an ownership disclosure and does not contain forward-looking statements or guidance from Duolingo, Inc. or Baillie Gifford & Co regarding Duolingo's future performance.

Management Comments

• Baillie Gifford & Co certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of Duolingo, Inc.

Industry Context

Baillie Gifford is known for its long-term growth-oriented investment philosophy, often investing in innovative companies. Their continued significant stake in Duolingo aligns with a broader industry trend of increasing investment in the education technology (EdTech) sector, driven by digital transformation and global demand for accessible learning platforms.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, potentially reinforcing confidence in the stock due to a major investor's continued stake.

Key Dates

Recommendation

Baillie Gifford & Co, a prominent investment adviser, maintaining a significant 7.12% stake in Duolingo suggests continued institutional confidence in the company. While this filing is purely an ownership disclosure and does not provide operational or financial performance updates, the sustained large position by a respected long-term investor supports a 'hold' recommendation for existing shareholders. There is no new information to warrant a 'buy' or 'sell' based solely on this filing.

Keywords

Duolingo, Baillie Gifford, Investment Adviser, Beneficial Ownership, Schedule 13G, Common Stock, Institutional Investor, EdTech