trivago N.V. · NASDAQ:TRVG
trivago — Q4 2025 Earnings Presentation
36 slides from trivago's earnings presentation, Feb 3, 2026
Slide 1: Optimizing Momentum, Pushing Frontiers
Optimizing Momentum, Pushing Frontiers Investor Presentation Q4 2025 1 3 February 2026
Slide 2: Disclaimer
Disclaimer All of the information herein has been prepared by trivago N.V. (“the Company”) solely for use in this presentation. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no re
Slide 3: trivago at a glance
trivago at a glance 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 High unaided brand awareness in key travel markets worldwide1 choice to be “trivago”. 7M+ 580M+ Netherlands Acco
Slide 4: 2025 Highlights and 2026 Guidance
2025 Highlights 2026 Guidance In the full year 2025, we beat our top- and bottom-line expectations, delivering 19% year-over-year Financial total revenue growth and €15.8m in adj. EBITDA. We closed the year with an exceptionally strong Performance fourth quarter, achieving 27% year-over-year total r
Slide 5: Q4 2025 Financials – Exceeded bottom-line and top-line expectations
Q4 2025 Financials – Exceeded bottom-line and top-line expectations. 2024 2025 % YoY Total Revenue (€m) ROAS1 (%) Adjusted EBITDA2 (€m) Net Income (€m) 15.8 14.5 11.2 548.9 11.1 11.3 5.1 10.2 460.8 163% 148% 132% 128% (23.7) Q4 FY Q4 FY % of Total Revenue % of Total Revenue 120.0 94.8 11.7% 12.1% 9.
Slide 6: Revenue growth in Q4 confirms strong momentum
Revenue growth in Q4 confirms strong momentum. Total Revenue - quarterly, €m Total Revenue dynamics year-over-year 27% 22% 17% 165.6 13% 157.9 146.1 139.3 124.4 124.1 3% 118.6 120.0 111.0 101.4 91.7 94.8 (5%) (9%) (13%) (7%) (14%) (14%) Q2’24 Q3’24 Q1’24 Q2’23 Q3’23 Q4’23 Q2’25 Q3’25 Q4’25 Q4’24 Q1’
Slide 7: We see significant growth potential across the globe
We see significant growth potential. Our business is well-diversified, with opportunities across the globe. FY 2025 Referral Revenue Total Revenue, €m per Reportable Segment 1,035 21% 915 37% 839 754 535 549 493 485 461 361 42% 249 Americas 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Slide 8: Unlocking value: strong fundamentals and low EV/Revenue multiple
Unlocking value: Building on strong fundamentals, profitable growth momentum and a low EV/Revenue multiple. TRVG share price Market cap: $202.7M $6.00 ≈ €171.2M Last close: $2.87 $5.00 Cash and Cash Equivalents1: €130.9M $4.00 $3.00 Loans2: €0M $2.00 Total Revenue $1.00 FY 2025: €549M (+19% YoY) $0.
Slide 9: Selected Focus Areas
We are laser-focused on executing our strategic priorities to drive sustainable growth and long-term profitability. Marketing Hotel Search Partnerships Capturing Demand Matching Demand and Supply Aggregating Supply Brand Search Deals Book Partnerships Guiding Lights Elevate our Offer Be a leader Fac
Slide 10: Marketing: Jürgen Klopp in AI powered global campaign
Marketing: We featured global icon and soccer coach Jürgen Klopp in our AI powered global campaign, amplified by localized campaigns. View our latest TV Spots: You have to check Say it again The Answer is trivago Creative Insights: Alongside strong activation and increased brand awareness, brand att
Slide 11: Marketing: Summer brand campaign results
Marketing: Our summer brand marketing campaign has demonstrated strong results since its launch in May, driving branded visitor growth. Example: US Branded Visitor Development1 Comments 2024 2025 • Example: Our US branded visitor growth has been significantly higher than in prior years. A result of
Slide 12: Marketing: Testing and measuring brand campaigns
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. Body Swap New Ads that we have tested, building on the successful “You have to chec
Slide 13: Hotel Search: Increased number of tests
Hotel Search: We substantially increased the number of tests on our platform, demonstrating accelerated execution and learning. Number of launched tests on our platform Comments Index: 2023 = 100% • We have focused our technology 212% investments on enhancing our hotel search and price comparison +1
Slide 14: Hotel Search: Testing velocity lifts conversion
Hotel Search: Our testing velocity translates into a more compelling user journey lifting conversion and strengthening our unit economics. Conversion rate (Visits-to-Book ratio) Comments Index: 2023 = 100% • As a result of our accelerated testing velocity and ongoing product enhancements, we have in
Slide 15: Hotel Search: AI Smart Search and Smart Filters
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 Comments Free text search • We launched our AI Smart Search in Q4 2024, becoming the first hotel search platform to offer this Top matc
Slide 16: Hotel Search: AI-generated Highlights and Guest Reviews
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 Hotel Highlights AI Summaries Guest Sentiment 16
Slide 17: Hotel Search: Project Trinity price display
Hotel Search: We completed "Project Trinity”, a new way of displaying our prices to simplify our price comparison experience. Comments • Comparing the direct rate, great deals and rates from other popular sites has Comparison become more intuitive and easier. • Users can see the different prices mor
Slide 18: Hotel Search: Member base growth
Hotel Search: We grew our member base substantially to increase retention among core users. Share of Referral Revenue generated by logged-in members Index: Q4’23 = 100% 193% +93% Exclusive Deals 100% Q4’23 Q4’24 Q4’25 Call to log-in 18
Slide 19: Partnerships: Expanding trivago Book & Go
Partnerships: We focused on expanding trivago Book & Go to further improve our UX and drive conversion as well as user retention. Share of Referral Revenue generated through Book & Go 1 Comments Index: Q4’23 = 100% • We have significantly expanded 237% trivago Book & Go across our platform. Since Q4
Slide 20: Partnerships: Book & Go and Holisto acquisition
Partnerships: We focused on expanding trivago Book & Go to further improve our UX and drive conversion as well as user retention. 20 More on the topic and the acquisition of Holisto in our blog: https://company.trivago.com/2024/07/30/trivago-announces-investment/
Slide 21: Partnerships: Transaction-based CPA-Model
Partnerships: Our transaction-based CPA-Model has exceeded expectations in terms of adoption and performance. Referral Revenue share of transaction-based model Comments Index: Q4'23 = 100% • Our transaction-based CPA-Model 300% has achieved broad adoption among small- and mid-sized partners. More th
Slide 22: Partnerships: Healthy partner mix
Partnerships: Our partner mix remains healthy while the share of revenue from other partners has steadily returned to 2019 levels. Advertiser revenue share as % of Referral Revenue 21% 19% 16% 17% 20% 20% 20% 27% 26% 25% 23% 24% 22% 24% 26% 25% 25% 26% 29% 29% 29% 34% 34% 37% 34% 32% 37% 40% 34% 30%
Slide 23: AI across the organization
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 Coding Solutions AI Learning and Adoption Finished an extensive evaluation of We have transitioned big part of our We introduced cross-funct
Slide 24: Investment Highlights
Travel is a large and expanding market: 1 Travel market CAGR 2024-27E: 5.2%; online segment projected Investment growth is even higher at 7.4%1 Highlights trivago is a highly relevant product: 2 Users can save up to 40% and search more than 7M accommodations from 100+ booking sites trivago is a lead
Slide 25: Top of a $1.6 trillion market funnel
1 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. Online hotel booking landscape Global travel market breakdown by segments 2% 4% Travelers 7% Air 9% Hotel 44% Rail $1.6 trln Package Search layer Car Rental Cruise 35%
Slide 26: Travelers are price-conscious and compare prices
2 Travelers are price-conscious, and a significant segment compares prices. Travel Service Influences in US (Q3’25) Travel Service Preferences in US (Q3’25) 56% I compare deals / prices 44% Value-for-money with hotel sites / apps directly Competitive price 50% I compare deals / prices 42% between di
Slide 27: trivago is a marketplace matching demand with supply
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. Marketing (Demand) Partnerships (Supply) Branded traffic • A leading brand across the globe1 • World class brand marketing team and AI- powered Ads st
Slide 28: trivago is a leading brand in core travel markets
3 trivago is a leading brand in numerous core travel markets worldwide. It is a key asset and source of future success. trivago’s unaided brand awareness Q3 2025 Brand 1 1 2 2 1 2 2 2 2 2 3 3 4 5 3 3 Rank Source: MIM Brand tracker. Q3’2025. % total. When you think of travel, which travel websites or
Slide 29: Rebuilding our brand with further brand investment
3 We are rebuilding our brand, recognizing significant potential for further increase in brand investment. Referral Revenue and Advertising Spend Comments Referral Revenue Ad spend • Investing in our brand is essential to being top of mind when people are planning their trips. • COVID-19 had a very
Slide 30: Healthy ROAS in core markets; EBITDA margin decomposition
4 We already see healthy ROAS levels in several core markets. Overall adj. EBITDA margin is diluted by deliberate cross-subsidization of new markets. 2025 trivago’s adjusted EBITDA margin decomposition Comments 100% ROAS = 128% • We expect that strengthening our brand and focusing on growth can enha
Slide 31: Optimizing marketing spend to expand adjusted EBITDA margins
4 We are optimizing marketing spend to enhance ROAS while maintaining cost discipline to expand adjusted EBITDA margins over the long run. Other Overhead Adjusted Referral Contribution revenue as % Overhead costs as % of EBITDA Revenue, €m ROAS, % margin, % of total revenue costs1, €m total revenue
Slide 32: Strategic initiatives delivering strong momentum
5 As we progress on our strategic initiatives, our brand investments and product enhancements have delivered a strong momentum. • Launched AI-powered global and localized brand campaigns to effectively elevate our brand across the globe Marketing During 2025 our TV campaign was Elevate our • Execute
Slide 33: Investor Relations resources and key highlights
For more detailed insights on trivago and our strategy, please visit our Investor Relations website at ir.trivago.com. Key Highlights Resources Earnings Release Q4 2024 Reached the turning point and set the stage for 2025 topline growth Prepared Remarks February 2025 Investor Presentation Stro
Slide 34: Appendix
Appendix
Slide 35: Adjusted EBITDA, Adjusted EBITDA margin, and Overhead Costs
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
Slide 36: IR contacts
IR contacts: [email protected]