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November 1 , 2021 Dear shareholders , Over the last few months , significant progress has been made to mitigate the impact of the COVID - 19 pandemic across many markets . Many countries have lifted restrictions on daily life and permitted the resumption of regular office work , schooling and even large events . Travel restrictions are also gradually being lifted , although more slowly than many had anticipated . With the reopening of the transatlantic travel routes in November , almost all relevant western travel restrictions will have been lifted , while travel within and to Asia remains heavily restricted . Exhibit 99.2 Despite these positive developments , we do not expect a full rebound in travel over winter as there continues to be some uncertainty about the development of the pandemic in the Northern hemisphere over the coming months . However , for spring and early summer 2022 , we expect travel demand and behavior to approach pre - pandemic levels in Americas and Europe , with a strong rebound of city and international travel in those regions . Asia is likely to lag , and we expect that the recovery in our segment Rest of World will take more time . Trivago in H2 2021 and 2022 Significant progress with vaccination programs in many countries in Europe and the Americas has led to a noticeable recovery in our revenue in the third quarter compared to the same period in 2020 , although they remain well below the levels in the same period in 2019 , and the recovery trajectory flattened in October as compared to the summer month given the remaining travel restrictions . Based on our performance in the third quarter , we have come out of summer with confidence : we believe our strategic direction is right and offers significant opportunities for 2022 and beyond . The diversification of our product offering and our revenue streams has shown early success , and we believe it will be a driving force going forward . In 2022 , we plan to focus on four strategic levers across the company : ( 1 ) improve conversion and quality of our core product , ( 2 ) improve and manage customer lifetime value , ( 3 ) offer inspiration through upper - funnel products and ( 4 ) launch and scale new B2B solutions . This focus is a continuation of our strategy in 2021. We have made significant progress and have benefited from our learnings so far : ● We have seen a significant improvement in our auction dynamics . In markets where travel demand has recovered strongly , advertisers became more active and increased their bids . In addition , we have seen that a growing number of advertisers are leveraging our CPA payment model to optimize their overall campaigns . We are on track with our cloud migration and expect the migration of all live applications to be completed by year end . This will improve the overall reliability and scalability of our products . The unprecedented impact of the COVID - 19 pandemic has helped us better understand our brand marketing performance . We believe our prior television advertising campaigns continued to have a significant positive effect on direct traffic volumes , even in periods after the advertising was aired . As we significantly reduced advertising on television in 2020 and resumed such advertising at reduced levels in 2021 , we anticipate that we will not benefit in the same way from prior campaigns in the next years as it had been the case in the past . As a result , we anticipate that we would need to invest in television advertising campaigns in the next years to rebuild our pre - pandemic direct traffic baseline . 1