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1 Optimizing Momentum, Pushing Frontiers Investor Presentation Q4 2025 3 February 2026
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Disclaimer All of the information herein has been prepared by trivago N.V. (“the Company”) solely for use in this presentation. The info rma tion contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness o f t he information or the opinions contained herein. The information contained in this presentation should be considered in the context of the circumstances prevailing at that time and has not been, and will not be, updated to reflect material devel opm ents which may occur after the date of the presentation. The Company may alter, modify or otherwise change in any manner the content of this presentation, without an obligation to notify any person of such revision or changes. All trademarks, service marks and trade names appearing in this presentation are, to the Company’s knowledge, the property of th eir respective owners. The Company does not intend its use or display of other companies’ trademarks, service marks, copyrights or trade names to imply a relationship with, or endorsement or sponsorship of the Company by, any other com pan ies. Special Note Regarding Forward - Looking Statements This presentation contains “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 19 95. These statements are not guarantees of future performance. These forward - looking statements are based on management’s expectations as of the date of this presentation and assumptions which are inherently subject to uncertainties, ris ks and changes in circumstances that are difficult to predict. The use of words such as "will," “intend”, “aim” and “expect,” among others, generally identify forward - looking statements. However, these words are not the exclusive means of ident ifying such statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward - looking statements and may include statements relating to future revenue, expenses, margins, profitability, net income / (loss), earnings per share and other measures of results of operations and the prospects for future growth of the Company’s business. Actual results and the timing and outcome of events ma y differ materially from those expressed or implied in the forward - looking statements for a variety of reasons, including, among others: • the extent to which our strategy of increasing brand marketing investments positively impacts the volume of direct traffic to ou r platform and grows our revenue in future periods without reducing our profits or incurring losses; • the continuing negative impact of having almost completely ceased television advertising in 2020 and only having resumed such ad vertising at reduced levels in recent years on our ability to grow our revenue; • our reliance on search engines, particularly Google, whose search results can be affected by a number of factors, many of whi ch are not in our control; • the promotion by Google of its own product and services that compete directly with our hotel and accommodation search; • our continued dependence on a small number of advertisers for our revenue and adverse impacts that could result from their re duc ed spending or changes in their cost - per - click, or (CPC), bidding or cost - per - acquisition (CPA) strategy; • our ability to generate referrals, customers, bookings or revenue and profit for our advertisers on a basis they deem to be c ost - effective; • factors that contribute to our period - over - period volatility in our financial condition and result of operations; • the potential negative impact of a worsening of the economic outlook and inflation on consumer discretionary spending; • any further impairment of intangible assets and goodwill; • geopolitical and diplomatic tensions, instabilities and conflicts, including war, civil unrest, terrorist activity, sanctions or other geopolitical events or escalations of hostilities, such as the ongoing military conflict between Russia and Ukraine, th e ongoing conflicts affecting the Middle Eastern region, potential changes in U.S. tariff policy and other countries' responses th ereto, or other developments resulting in heightened cross - border controls; • increasing competition in our industry; • our ability to innovate, integrate, and provide tools and services that are useful to our users and advertisers; • our business model's dependence on consumer preferences for traditional hotel - based accommodation; • our dependence on relationships with third parties to provide us with content; • changes to and our compliance with applicable laws, rules and regulations; • the potential operating difficulties and other harmful consequences from the integration of acquired assets and businesses; • acquisitions may not achieve anticipated strategic or financial benefits, may involve unanticipated costs or liabilities, may re sult in goodwill or intangible asset impairments, or may divert management attention from other priorities; • the impact of any legal and regulatory proceedings to which we are or may become subject; and • potential disruptions in the operation of our systems, security breaches and data protection, as well as other risks and uncertainties detailed in our public filings with the SEC, including the Company’s Annual Report o n F orm 20 - F for the fiscal year ended December 31, 2024, as such risks and uncertainties may be updated from time to time. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue rel ian ce on such statements. Many of these risks are outside of our control and could cause our actual results to differ materially from those we thought would occur. The forward - looking statements included in this presentation are made only as of t he date hereof. Except as required by law, we do not undertake, and specifically decline, any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events o r d evelopments. Special Note Regarding Non - GAAP Financial Measures This presentation contains non - GAAP financial measures, including adjusted EBITDA, adjusted EBITDA Margin and Overhead costs. In formation needed to reconcile such non - GAAP financial measures to the most directly comparable measures under US GAAP can be found in this presentation in the Appendix and should be carefully evaluated. These non GAAP measures ar e n ot based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non GAAP measures used by other companies. In addition, these non GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP.
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trivago at a glance 7M+ Accommodation Listings 1 Countries with leading rankings for unaided brand awareness vs. peers as of Q3 2025 are color - marked; countries shaded grey are not tracked. Unaided brand awareness indicates that the options for choosing a certain brand were not given to respondents. Question asked: “When you think of travel, which travel w ebs ites or apps come immediately to mind?” Source: MIM Brand tracker. 2 Rounded number as of December 31, 2025, excluding call center employees from trivago Deals Ltd, employees on leave and students. 3 Qualified Visits are visits that had a meaningful interaction with trivago’s platform. €549M FY 2025 Total revenue High unaided brand awareness in key travel markets worldwide 1 Mexico Brazil Spain Japan Germany Sweden Netherlands Australia UK France Canada United States Italy Portugal trivago (NASDAQ:TRVG) is a global hotel search and price comparison platform. Our Mission: When price - savvy travelers are searching for a “Hotel?” , we want the obvious choice to be “trivago” . 50+ Localized websites and Apps 580M+ 2025 Qualified Visits 3 €15.8M FY 2025 Adjusted EBITDA 600+ Employees 2 +19% +€5.6M 3 Türkiye Austria
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In the full year 2025, we beat our top - and bottom - line expectations, delivering 19% year - over - year total revenue growth and €15.8m in adj. EBITDA. We closed the year with an exceptionally strong fourth quarter, achieving 27% year - over - year total revenue growth, making this the fourth consecutive quarter of double - digit growth, with profitability higher than anticipated. Our increased brand investments since mid - 2023 are paying off. Branded traffic revenue growth has outpaced topline revenue growth significantly in the recent years. We are seeing compounding effects and sustained high return on incremental spend. Our AI - powered brand marketing campaigns have run in 30 countries and have delivered substantial Referral Revenue growth across all geographical segments in 2025. Our hotel search product continues to advance quickly. In 2025, we have further improved conversion reaching 37% increase versus 2023, materially enhancing our unit economics. These gains are powered by AI and hundreds of experiments. We have evolved our member proposition, driving revenue from logged - in members to more than 25% of Referral Revenue. Our investments in empowering partners are translating into meaningful gains. Our partners reach more qualified leads than ever, and our transaction - based CPA - Model continues to exceed expectations, with over 140 partners live. Referral Revenue flowing through our higher - converting trivago Book & Go platform has increased by 137% in Q4 2025 compared to Q4 2023. For 2026, we expect double - digit total revenue growth and are targeting at least €20 million of adjusted EBITDA. Despite strong comparables in H1, we anticipate our fifth consecutive quarter of double - digit total revenue growth in Q1 at higher profitability compared to previous year. Performance Drivers and Key Initiatives Guidance 2026 Financial Performance 2025 4 2025 Highlights 2026 Guidance
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Adjusted EBITDA 2 (€m) Net Income (€m) % of Total Revenue % of Total Revenue Total Revenue (€m) ROAS 1 (%) 202 4 20 25 % YoY 94.8 460.8 120.0 548.9 Q4 FY Q4 FY 163% 148% 132% 128% 11.1 10.2 11.3 15.8 Q4 FY Q4 FY 11.7% 9.4% 2.2% 2.9% 5.1 (23.7) 14.5 11.2 Q4 FY Q4 FY 5.3% 12.1% (5.1%) 2.0% (15) ppts Q4 2025 Financials – Exceeded bottom - line and top - line expectations. 27% 19% (4) ppts 5 1 Refers to “ROAS”, or Return on Advertising Spend, is the ratio of Referral Revenue to Advertising Spend as a percentage. 2 Adjusted EBITDA is a non - GAAP measure and adjusted for impairment of, and gains and losses on disposals of, property and equipm ent, impairment of intangible assets and goodwill, share - based compensation , and certain other items including restructuring, acquisition and integration costs, significant legal settlements and court - ordered penalties . A reconciliation to reported results is included in the Appendix.
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Total Revenue - quarterly, €m Total Revenue dynamics year - over - year Revenue growth in Q4 confirms strong momentum. 111.0 124.4 157.9 91.7 101.4 118.6 146.1 94.8 124.1 139.3 165.6 120.0 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 (14%) Q2’23 (14%) Q3’23 (13%) Q4’23 (9%) Q1’24 (5%) Q2’24 (7%) Q3’24 3% Q4’24 22% Q1’25 17% Q2’25 13% Q3’25 27% Q4’25 6
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493 754 1,035 915 839 249 361 535 485 461 549 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Covid Impact Total R evenue , €m 37% 42% 21% Americas Developed Europe Rest of World FY 2025 Referral Revenue per R eportable Segment We see significant growth potential. Our business is well - diversified, with opportunities across the globe. 7
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Last close: $2.87 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Source: LSEG; trivago SEC filings (data as of February 2 nd , 2026) 1 As of December 31, 2025. 2 We had no outstanding loans during the year ended December 31, 2025. Unlocking value: Building on strong fundamentals, profitable growth momentum and a low EV/Revenue multiple. TRVG share price Market cap: $202.7M ≈ €171.2M Cash and Cash Equivalents 1 : €130.9M Total Revenue FY 2025: €549M (+19% YoY) Adj. EBITDA FY 2025: € 15.8M (+€5.6M YoY) Loans 2 : €0M 8
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Elevate our trivago brand across the globe Offer a superior hotel search experience Be a leader in price and best in deals discovery Empower our partners to realize their full potential Search Deals Partnerships Marketing Hotel Search Partnerships Member Proposition & Personalization Goal : Increase share of revenue from logged - in members AI Smart Search & Content Goal: Improve conversion Core Feature Improvement Goal: Improve conversion Deal Discovery & Exposure Goal: Improve conversion Selected Focus Areas Guiding Lights Brand Capturing Demand Matching Demand and Supply Aggregating Supply Transaction based CPA - Model Goal: Increase share of revenue We are laser - focused on executing our strategic priorities to drive sustainable growth and long - term profitability. 9 Book Facilitate a seamless booking experience trivago Book & Go Goal: Improve conversion Deal Acquisition & Optimization Goal: More attractive deals for our members Brand Marketing Goal: Drive revenue growth and efficiency Performance Marketing Goal: Increase efficiency
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10 Marketing : We featured global icon and soccer coach Jürgen Klopp in our AI powered global campaign, amplified by localized campaigns. You have to check Say it again Creative Insights: Alongside strong activation and increased brand awareness, brand attribution to “saving money” has strengthened across most markets exposed to our new campaigns. This demonstrates a sustainable recovery of our core brand positioning. A person and a child smiling AI-generated content may be incorrect. The Answer is trivago View our latest TV Spots:
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11 Marketing : Our summer brand marketing campaign has demonstrated strong results since its launch in May, driving branded visitor growth. Example: US Branded Visitor Development 1 May Jun Jul 2024 2025 1 Branded Visitors are defined as Qualified Visits from branded traffic channels • Example: Our US branded visitor growth has been significantly higher than in prior years. A result of our summer brand marketing campaign. • Branded traffic revenue growth has outpaced topline revenue growth significantly in the recent years. • We are seeing compounding effects and sustained attractive return on incremental brand marketing spend. • We are steadily improving our marketing efficiency and have diversified into additional brand marketing channels. Comments
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12 Marketing : We relentlessly test and measure the impact of our brand campaigns. We are seeking clarity on what drives performance. Alternative Anchor Testing, to understand the impact of Jürgen Klopp in our creatives. New Ads that we have tested, building on the successful “You have to check” concept. Body Swap
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13 Hotel Search: We substantially increased the number of tests on our platform, demonstrating accelerated execution and learning. • We have focused our technology investments on enhancing our hotel search and price comparison product. • We have significantly increased the number of experiments conducted on our website. • We are doing hundreds of tests a year and have up to 200 tests live on our platform. • Running more tests resulted in substantial improvements in user experience and conversion rates. Number of launched tests on our platform 100% 212% 2023 2024 2025 +112% Index: 2023 = 100% Comments
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14 Hotel Search: Our testing velocity translates into a more compelling user journey lifting conversion and strengthening our unit economics. • As a result of our accelerated testing velocity and ongoing product enhancements, we have increased our conversion rate by 37% since 2023. We expect this higher conversion rate to further improve user satisfaction and retention. • This dynamic has a substantial positive impact on our unit economics and marketing efficiency. • It also makes us an even more attractive marketing channel for our partners, as we deliver higher - intent, incremental users at compelling returns on investment. Note: The accuracy of the conversion metrics heavily depends on the quality of data provided by our partners, which sometimes le ads to the volatility of the parameters 100% 137% 2023 2024 2025 Conversion rate (Visits - to - Book ratio) Index: 2023 = 100% +37% Comments
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15 Hotel Search: AI Smart Search and Smart Filters enable our users to experience new ways of searching and finding hotels. AI Smart Search enables free text searching Free text search Top matches • We launched our AI Smart Search in Q4 2024, becoming the first hotel search platform to offer this capability. It is an advanced free - text search powered by large language models (LLMs) that lets users find hotels using natural, conversational queries. • Since launch, we have steadily increased its visibility and continuously refined both the UX and the underlying logic. As a result, we are seeing strong and growing user adoption. • We rolled out AI search across all platforms, locales, and languages, and expect adoption to continue to grow as coverage and functionality expand. Comments
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16 Hotel Search: We scaled AI - generated Highlights and Guest Reviews allowing users to take more confident decisions faster. AI - generated highlights AI - generated Guest Reviews Guest Sentiment Hotel Highlights AI Summaries
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Hotel Search: We completed "Project Trinity”, a new way of displaying our prices to simplify our price comparison experience. Comparison Deal D irect Popular Site • Comparing the direct rate, great deals and rates from other popular sites has become more intuitive and easier. • Users can see the different prices more visibly in our search results list, which tangibly improved user experience and conversion rates. • Users that visit us the first time understand our value proposition more intuitively which we expect to lead to higher retention over time. • In our price slide out users can compare price components (cancellation, breakfast, room type etc ) which allows trading off value for money. 17 Comments
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18 Hotel Search: We grew our member base substantially to increase retention among core users. Share of Referral Revenue generated by logged - in members 100% 193% Q4’23 Q4’24 Q4’25 Index: Q4’23 = 100% Exclusive Deals Call to log - in +93%
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19 Partnerships: We focused on expanding trivago Book & Go to further improve our UX and drive conversion as well as user retention. • We have significantly expanded trivago Book & Go across our platform. Since Q4 2023, revenue generated through this funnel has increased by 137%. • Through our trusted brand and a seamless, trivago - branded booking funnel, we create value and build trust for both users and partners. • As we continue to elevate the user experience, partners can leverage the strength of our brand and the optimized funnel to increase conversion and competitiveness within our marketplace. 100% 237% Q4’23 Q4’24 Q4’25 +137% 1 Includes revenue from trivago DEALS and facilitated bookings with other partners Index: Q4’23 = 100% Comments Share of Referral Revenue generated through Book & Go 1
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More on the topic and the acquisition of Holisto in our blog: https://company.trivago.com/2024/07/30/trivago - announces - investment/ 20 Partnerships: We focused on expanding trivago Book & Go to further improve our UX and drive conversion as well as user retention.
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Partnerships: Our transaction - based CPA - Model has exceeded expectations in terms of adoption and performance. 100% 300% Q4’23 Q4’24 Q2’25 +200% Index: Q4'23 = 100% • Our transaction - based CPA - Model has achieved broad adoption among small - and mid - sized partners. More than 140 partners have adopted this operating model, with over 25% of Referral Revenue now processed through it. • Our partners often lack the resources and data scale needed to optimize bids and exposure effectively in our auction. By shifting risk and optimization complexity away from bidding, the CPA - Model helps smaller partners compete more effectively on our platform. 21 Comments Referral Revenue share of transaction - based model
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Advertiser revenue share as % of Referral Revenue 37% 39% 43% 40% 45% 52% 50% 46% 43% 40% 46% 43% 39% 37% 40% 39% 40% 37% 44% 38% 36% 35% 32% 31% 34% 29% 34% 37% 37% 40% 34% 34% 37% 41% 36% 35% 35% 38% 30% 33% 27% 26% 25% 29% 21% 19% 16% 17% 21% 20% 20% 23% 24% 22% 24% 26% 25% 25% 26% 29% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Booking Holdings Expedia Group All others Note: For 2019 the advertiser revenue share is presented as % of total Revenue 2019 2022 2023 2024 … 2025 Partnerships: Our partner mix remains healthy while the s hare of revenue from other partners has steadily returned to 2019 levels. 22
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23 AI across the organization: With 600 people, we create the impact of 6,000. Every talent at trivago should aim to have 10x impact. Organization Productivity AI Learning and Adoption AI Coding Solutions Finished an extensive evaluation of major enterprise AI vendors and decided to further invest in our in - house solution. Why Our Solution Wins: • Multi - model flexibility (20+ AI providers) vs. vendor lock - in • Deep trivago context integration vs. generic enterprise features • Custom agents and workflows vs. one - size - fits - all solutions • Real cases example: IT Support & B2B Support Chatbots, AI Data Analysis agents. We have transitioned big part of our tech org to Cursor as IDA and AI coding assistance. • 90% adoption : With 80% higher throughput improving efficiency • Used in 60% on complex tasks : Based on scope and number of files involved. • Background Agents : Started deploying AI coding agents handling end2end a task completion, until PR creation. • Real case example for Developer Productivity: 1 - month migration of 130 modules using AI assistance. We introduced cross - functional AI Ambassadors to drive strategic, inclusive adoption. • AI Learning: Platform for learning and experimentation including practical workshops and real use cases, piloting and benchmarking AI solutions. • trivago Copilot: 500+ employees are engaging with it daily. Internal research shows, 30 – 60 minutes saved per day is the most common response across all teams. 15 – 20% of employees, especially in technical and product roles, save over an hour daily. Fallback Option for previous slide
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Travel is a large and expanding market: Travel market CAGR 2024 - 27E: 5.2%; online segment projected growth is even higher at 7.4% 1 trivago is a highly relevant product: Users can save up to 40% and search more than 7M accommodations from 100+ booking sites trivago is a leading global travel brand: Among the most recognized brands in most key travel markets across the globe 2 Attractive profit potential and growth trajectory: Strong revenue growth potential with a focus on cost discipline for adjusted EBITDA margin 3 expansion without long - term debt Demonstrated strong execution on our strategy: Laser - focused on elevating our brand and further enhancing our core product by implementing AI capabilities Investment Highlights 24 1 2 3 4 5 Source: 1. Phocuswright Global Travel Market Report 2025; CAGR is an acronym for Compound Annual Growth Rate 2. MIM Brand tracker; 3. Adjusted EBITDA margin is a non - GAAP measure. It is calculated as Adjusted EBITDA divided by total Revenue. A reconciliation to reported results is included in the Appendix
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25 Source for all market size data on slide: Phocuswright Global Travel Market Report 2025 ; breakdown for 2024 Online hotel booking landscape Search layer Hotels/ Accommodations Travelers Booking layer 1 Hotel segment size $500bn+ 44% 35% 9% 7% 4% 2% Air Hotel Rail Package Car Rental Cruise $1.6 trln Global travel market breakdown by segments We are positioned at the top of a $1.6 trillion market funnel. The hotel segment is highly attractive in terms of margin and size.
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GWI Travel, Q3’25, internet users aged 16 - 64, travelers Value - for - money Competitive price Free cancellation Easy - to - use service Good customer service Special offers / deals Flexible booking policies 56% 50% 43% 41% 39% 35% 34% I compare deals / prices with hotel sites / apps directly I compare deals / prices between different booking sites I often look at special offers and promotions when browsing I make decisions of what to book based on reviews I use the map to help decide what I will book I want them to provide inspiration and new ideas I want AI to suggest personalized travel options 44% 42% 39% 29% 23% 17% 15% Travel Service Influences in US (Q3’25) Travel Service Preferences in US (Q3’25) 26 Wide selection of options available I prefer using a travel booking app rather than a website 33% 11% 2 Travelers are price - conscious, and a significant segment compares prices.
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Partnerships (Supply) Marketing (Demand) Branded traffic • A leading brand across the globe 1 • World class brand marketing team and AI - powered Ads strategy • Differentiated value proposition trivago Book & Go • Allows users to 'book on' the trivago platform • Helps our partners to improve conversion rate • Offers a more consistent booking experience for our core price - savvy users Invested ~$2bn in brand marketing over the last decade. Brand campaigns in 25+ markets planned in 2026. Users can save up to 40% and search more than 7M accommodations from 100+ booking sites. 1 Source: MIM Brand tracker 27 2 trivago is a marketplace that matches demand with supply. Our goal is to capture demand efficiently and make it easily accessible for our partners.
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Source: MIM Brand tracker. Q3’2025. % total. When you think of travel, which travel websites or apps come immediately to mind ? Monthly data: US, DE. Quarterly data: AU, BR, CA, ES, FR, IT, JP, MX, NL, SE, UK AT, PT, TW: last wave in Feb ´ 25, TR started in May ´ 25 (YoY change for TR is not available – n.a. ). Brand Rank 1 1 2 2 1 2 2 2 2 2 3 3 4 5 3 3 trivago’s unaided brand awareness Q3 2025 28 trivago is a leading brand in numerous core travel markets worldwide. It is a key asset and source of future success. 3
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29 • Investing in our brand is essential to being top of mind when people are planning their trips. • COVID - 19 had a very negative impact on trivago, as we could not invest into our brand. • During the recovery period in 2022, trivago invested conservatively. This has changed in 2023, when the new leadership team arrived. • Brand building requires multi - year efforts with highly efficient and consistent investment. We expect compounding effects to materialize year by year. • Our current brand investment levels are still far below those of 2019. We anticipate a gradual and thoughtful increase in investments as a growth driver in 2026 and the years to come. Brand investment – current vs pre - Covid 2019 2025 c a - 32% Conservative investment in brand 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Referral Revenue Ad spend We are rebuilding our brand, recognizing significant potential for further increase in brand investment. 3 Referral Revenue and Advertising Spend Comments
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We already see healthy ROAS levels in several core markets. Overall adj. EBITDA margin is diluted by deliberate cross - subsidization of new markets. Referral Revenue 78% Ad spend Contribution margin 3 % Other revenue 21% Overhead costs trivago’s adjusted EBITDA margin 100% 22 % 3 % 2025 trivago’s adjusted EBITDA margin decomposition • We expect that strengthening our brand and focusing on growth can enhance ROAS and expand contribution margins over time. • For illustration, a market that demonstrate above - average ROAS (155%+) could secure Adj. EBITDA margin of 15%+ vs 3% 2025 trivago’s total adjusted EBITDA margin, assuming a pro - rata allocation of other revenues and overhead costs for illustrative purposes (see illustrative calculation chart). Illustrative calculation: adjusted EBITDA margin decomposition for a mature market with higher ROAS 3 Referral Revenue 60%+ Ad spend Contribution margin Other revenue 21% Overhead costs adj. EBITDA margin 100% 35%+ 3 % 15 %+ How are ROAS, contribution and adjusted EBITDA margins connected? ROAS = Referral Revenue / Ad spend Contribution margin = [Referral Revenue – Ad spend] / Referral Revenue or = 1 – [1 / ROAS] For example, if ROAS = 130%, then contribution margin = 1 – [1/130%]= 23%. If ROAS is 10 ppts higher, i.e. 140%, the contribution margin will increase to 29% by 6ppts. Other things being equal, adjusted EBITDA margin would increase as well, as it equals contribution margin minus share of overhead costs as % of total Revenue. ROAS = 128% ROAS = 155%+ 30 1 . Overhead costs is derived using the calculated Adjusted EBITDA value and subtracting total revenue and adding Advertising Spe nd. Advertising Spend is our largest variable expense which includes fees paid to various marketing channels. We believe this represents our overhead costs. A reconciliation to reported global r esu lts is included in the Appendix 2. Adjusted EBITDA margin is Adjusted EBITDA divided by total Revenue. A reconciliation to reported global results is include d i n the Appendix 3. No local results to be reported consistent with past practice. Not accounting for allocation of other revenues and overhea d c osts on the markets level. 1 1 2 2 Comments 4
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17% 45% 29% 21% 22% 23% 21% 25% 37% 36% 39% 32% 24% 22% 134% 159% 156% 164% 148% 132% 128% ROAS, % Comments • Before Covid, after years of substantial brand investment, trivago successfully increased ROAS across the regions from 115% in 2017 to 134% in 2019. • Historically, more profitable regions subsidized growth in lower performing regions. Once target revenue volumes were met, ad spend was optimized for higher profitability. • The leadership team is committed to maintaining cost discipline by controlling overhead expenses. • Pre - Covid, the share of overhead costs was lower due to higher revenues. Currently, overhead costs are reduced. We believe that we could achieve a lower overhead cost share than pre - Covid levels if we reach the same revenue levels. 145 111 103 110 108 105 106 115 9 - 21% Overhead costs 1 , €m 1 . Overhead costs is derived using the calculated Adjusted EBITDA value and subtracting total revenue and adding Advertising Spe nd. Advertising Spend is our largest variable expense which includes fees paid to various marketing channels. We believe this represents our overhead costs. A reconciliation to re por ted results is included in the Appendix 2. Adjusted EBITDA margin is Adjusted EBITDA divided by total Revenue. A reconciliation to reported results is included in th e A ppendix Adjusted EBITDA margin, % 2 Covid 2% 4% 3% 2% 2% 1% 3% Overhead costs as % of total revenue Contribution margin, % Other revenue as % of total revenue 824 238 349 522 477 456 533 2019 2020 2021 2022 2023 2024 2025 Referral Revenue, €m 31 9% - 5% 10% 20% 11% 2% 3% We are optimizing marketing spend to enhance ROAS while maintaining cost discipline to expand adjusted EBITDA margins over the long run. 4 Attr . to trivago Deals (ex - Holisto) acquisition
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During 2025 our TV campaign was live in 30 markets , continuously driving branded traffic revenue growth across all segments. Improved testing velocity running 100s of experiments. AI - powered features available for +520,000 hotels. Revenue from logged - in members more than 25% of Referral Revenue 1 . Transaction based CPA - Model adopted by +140 partners. trivago Book & Go gains substantial share of referral revenue. 32 Hotel Search Enhance our core hotel search Experience Marketing Elevate our trivago brand across the globe Partnerships Empower our partners to realize their full potential • Launched AI - powered global and localized brand campaigns to effectively elevate our brand across the globe • Executed a disciplined, multi - year brand investment strategy to capture high - potential opportunities and drive profitable topline growth • Activated a diversified, multi - channel media mix to remove dependency on any single demand gatekeeper • Following a rapid testing and continuous experimentation approach to drive meaningful impact on our conversion rates • Accelerating AI - powered product improvements in search and content • Simplifying deal discovery and price comparison experience to help users to take smarter decisions faster • Expanding member features to drive user engagement and retention • Strengthening our marketplace with a transaction - based CPA - Model and smart bidding solutions that simplify auction participation for small and mid - sized partners and enhance their competitiveness • Completed Holisto acquisition in 2025, powering trivago Book & Go’s expansion and improving conversion rates for our parters 1 Data as of 31 Dec 2025 As we progress on our strategic initiatives, our brand investments and product enhancements have delivered a strong momentum. 5
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33 Key Highlights Resources Reached the turning point and set the stage for 2025 topline growth ❑ Earnings Release ❑ Prepared Remarks ❑ February 2025 Investor Presentation Strong double - digit revenue growth of 22% driven by s trategic brand marketing investments and product enhancements | AI - powered Jürgen Klopp TV creatives | Notably increased conversion rates | Raising full - year 2025 guidance ❑ Earnings Release ❑ Prepared Remarks ❑ Investor Presentation 17% revenue growth driven by sustained branded traffic growth | 20% share in Referral Revenue from logged - in users | Announced completion of Holisto acquisition to accelerate Book & Go expansion ❑ Earnings Release ❑ Prepared Remarks ❑ Investor Presentation 13% revenue growth driven by compounding effects from our brand marketing investments | Book & Go gaining traction | N oticeable conversion rate gains | CPA gaining share ❑ Earnings Release ❑ Prepared Remarks ❑ Investor Presentation Full document archive: ir.trivago.com Q1 2025 Q4 2024 Q2 2025 Q3 2025 For more detailed insights on trivago and our strategy, please visit our Investor Relations website at ir.trivago.com.
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Appendix
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Adjusted EBITDA, Adjusted EBITDA margin, and Overhead Costs in millions, € For the year ended December 31, 2025 2024 2023 2022 2021 2020 Total revenue 548.9 460.8 485.0 535.0 361.5 248.9 Advertising Spend 418.2 345.4 323.2 317.3 223.6 150.0 Net income/(loss) 11.2 - 23.7 - 164.5 - 127.2 10.7 - 245.4 Gain/(Loss) from equity method investments - 2.2 - 1.7 - 0.2 - 0.4 - - 0.7 Income/(loss) before equity method investments 13.4 - 22.0 - 164.3 - 126.8 10.7 - 244.6 Expense/(benefit) for income taxes - 5.4 6.3 12.4 6.6 12.6 - 8.5 Income/(loss) before income taxes 8.0 - 28.2 - 151.9 - 120.2 23.3 - 253.1 Add/(less): Interest expense 0.0 0.0 0.0 0.1 0.4 0.3 Interest income - 2.5 - 3.6 - 5.2 - 0.6 - 0.2 - 0.2 Other, net - 4.1 - 0.4 0.4 0.5 - 13.5 0.4 Operating income/(loss) 1.5 - 32.2 - 156.6 - 120.4 10.1 - 252.7 Depreciation of property and equipment and amortization of intangible assets 5.9 3.7 4.6 6.1 8.3 10.9 Impairment of, and gains and losses on disposals of, property and equipment - 0.0 - 0.0 - 0.0 0.9 0.3 0.6 Impairment of intangible assets and goodwill - 30.1 196.1 184.6 - 207.6 Share - based compensation 7.8 8.5 9.5 15.3 17.3 15.1 Certain other items, including restructuring, acquisition and integration costs, ADS cancellation fees, significant legal settlements and court - ordered penalties (1)(2)(3)(4) (5) 0.6 - 0.5 20.7 - 1.3 6.2 Adjusted EBITDA 15.8 10.2 54.1 107.4 34.6 - 12.3 Adjusted EBITDA margin (6) 2.9% 2.2% 11.1% 20.1% 9.6% - 4 .9% Overhead Costs (7) 114.9 105.2 107.8 110.4 103.2 111.2 Overhead Costs as a % of total revenue 20.9% 22.8% 22.2% 20.6% 28.6% 44.7% Note: Some figures may not add up due to rounding. Note: We have reclassified certain amounts related to our prior period results to conform to our current period presentation. Note: In the first quarter of 2020, we expanded the definition of Adjusted EBITDA to adjust for impairments and certain other it ems such as restructuring charges and significant legal settlements. (1) In completing the acquisition of trivago DEALS, we incurred total transaction costs of €1.5 million, of which €0.9 millio n w as capitalized in 2024 as part of our initial equity method investment and thus did not impact reported Adjusted EBITDA in th at period. Upon completing the acquisition and integration in 2025, €0.6 million of acquisition costs were additionally expensed. A Step Acquisition Gain of €3 .2 million was also recorded in net other income from remeasuring our initial investment in Holisto to fair value and derecognition of the share purchase option. As both the acquisition costs and the Step Acquisition Gain are non - recurring items directly related to the acquisition, both have been excluded from Adjusted EBITDA to better reflect normalized operating results. (2)The €0.5 million presented within the certain other items line in the tabular reconciliation for the year ended December 31, 2023 i s attributable to the ADS cancellation fees incurred in connection with our equity restructuring completed in the fourth quar ter of 2023. (3) The €20.7 million presented within the certain other items line in the tabular reconciliation for the year ended December 31, 2022 is attributable to the ACCC penalty and costs imposed on us in the judgement by the Australian Federal Court in the proceeding b ro ught by the ACCC. (4) The €1.3 million presented within the certain other items line in the tabular reconciliation for the year ended December 31, 2 021 is attributable to the gain on our lease modification as a result of the lease amendment to the operating lease agreement fo r office space in our corporate headquarters. (5) The €6.2 million presented within the certain other items line in the tabular reconciliation for the year ended December 31, 20 20 is attributable to restructuring charges incurred in connection with the restructuring of our organization due to the COVI D - 1 9 pandemic. (6) Adjusted EBITDA margin is Adjusted EBITDA divided by total Revenue ( 7 ) Overhead costs is derived using the calculated Adjusted EBITDA value and subtracting total revenue and adding Advertising S pen d. Advertising Spend is our largest variable expense which includes fees paid to various marketing channels. We believe this rep resents our overhead costs.
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IR contacts: ir@trivago.com