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July 29 , 2021 Dear shareholders , Exhibit 99.2 With the arrival of summer in the Northern Hemisphere , we have seen a long - awaited pick up in travel activity . The environment remains volatile , however , with the COVID - 19 pandemic still impacting travel around the globe . Despite these most recent challenges , we are more confident that a sustainable recovery has started . Many countries have made significant progress in respect of their vaccination programs , allowing them to remain open even as new virus variants emerge . Step by step , our daily lives and travel are becoming closer to normal , and the desire to travel is as strong as ever . In our key markets in Europe and North America , we have observed strong pent - up demand coming out of the most recent lockdown , and local travel has resumed almost everywhere . This has led to an initial surge in referrals above 2019 levels in some countries . Overall , Referral Revenue and Qualified Referrals in the second quarter of 2021 were down by 58 % and 44 % , respectively , compared to the same period in 2019 while trending much higher than the lockdown - related travel pause in 2020. International and city travel continues to be challenging in most parts of the world , and we expect that these types of travel will be slow to recover until the overall situation has stabilized further and travel restrictions between countries are fully lifted . With new variants of the COVID - 19 virus emerging and uncertainty increasing around the effectiveness of vaccines against variants that could be more contagious and potentially more severe , we expect some travel restrictions , such as those that have recently been imposed on international travel within Europe , and uncertainty around international travel , more generally , to persist well into 2022 . For the remainder of the summer travel period , we expect travel demand to continue to improve compared to 2020 , although we expect Qualified Referrals to continue to be well below 2019 levels . For autumn and winter , we expect the outlook to largely depend on the development of the COVID - 19 pandemic and the extent to which increasing rates of infections in countries with high vaccination levels will result in significant increases in severe cases of COVID - 19 . Industry dynamics Last year , we saw a strong shift in demand towards alternative accommodations . However , as travel demand overall has recovered , we have observed that hotels have recently gained a relatively higher share of the total accommodation market . Even though we believe that hotels are better suited to increase capacity quickly and pick up incremental demand , we expect that alternative accommodations will have gained market share post pandemic - although are likely to stabilize at a lower share than last years ' data might suggest . We also believe , especially in light of recent developments in respect of the COVID - 19 pandemic , that the trend toward local and regional travel will go on and that international and intercontinental destinations will continue to lag behind other types of travel for the foreseeable future . trivago in Q2 2021 and H2 2021 A significant drop in COVID - 19 infection levels in late spring and the end of mobility restrictions in the US and later in Europe have led to a surge in travel activity . Huge pent - up demand has led , in many markets , to an immediate and steep increase in summer holiday bookings compared to earlier in the year which resulted in higher - than - expected traffic to our platforms in the second quarter of 2021 , although at levels well below those in the same period in 2019. Even as demand is improving in most markets , we expect the spread of the Delta variant to cause elevated volatility in our core markets in Europe in the third quarter of 2021 and a more challenging environment in August and September compared to June and July 2021 . 1