# EDGAR Filing Document

**Accession Number:** 0001683825
**File Stem:** 0001683825-25-000043
**Filing Date:** 2025-11
**Character Count:** 133730
**Document Hash:** 98f9e09d6cd615ebe35f6d19fc6623c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683825-25-000043.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001683825-25-000043

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** trivago N.V.
- **CENTRAL INDEX KEY:** 0001683825
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37959
- **FILM NUMBER:** 251449000

**BUSINESS ADDRESS:**
- **STREET 1:** KESSELSTRASSE 5 - 7
- **CITY:** DUSSELDORF
- **STATE:** 2M
- **ZIP:** 40221
- **BUSINESS PHONE:** 4921154065110

**MAIL ADDRESS:**
- **STREET 1:** KESSELSTRASSE 5 - 7
- **CITY:** DUSSELDORF
- **STATE:** 2M
- **ZIP:** 40221

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** travel B.V.
- **DATE OF NAME CHANGE:** 20161114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Travel B.V.
- **DATE OF NAME CHANGE:** 20161014

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Turbo Travel Holding B.V.
- **DATE OF NAME CHANGE:** 20160902

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO SECTION 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of November, 2025** 

**Commission File Number: 001-37959**

**trivago N.V.**

**(Exact Name of Registrant as Specified in Its Charter)** 

**Kesselstraße 5 - 7** 

**40221 Düsseldorf** 

**Federal Republic of Germany** 

**+49 211 54065110**

**(Address of principal executive offices)** 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

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**EXPLANATORY NOTE**

On November 5, 2025, trivago N.V. will hold a conference call regarding its unaudited financial results for the third quarter ended September 30, 2025. Copies of the operating and financial review for the third quarter of 2025 and the unaudited condensed consolidated interim financial statements as of September 30, 2025 are furnished as Exhibits 99.1 and 99.2 hereto.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **trivago N.V.** |
| Date: November 4, 2025 | By: | /s/ Dr. Wolf Schmuhl |
|  |  | Dr. Wolf Schmuhl |
|  |  | Chief Financial Officer |

---

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| Exhibit <br>No. | Description |
| 99.1 | <u>[Operating and Financial Review for the Third Quarter of 2025](exhibit991_q3x2025.htm)</u>. |
| 99.2 | <u>[Unaudited Condensed Consolidated Interim Financial Statements as of September 30, 2025](exhibit992_q3x2025financia.htm)</u>. |

---

## Exhibit 99.1

**Exhibit 99.1**

**Operating and Financial Review** 

**DÜSSELDORF, GERMANY** - November 4, 2025 – trivago N.V. (NASDAQ: TRVG) (the "Company", "we," "us," "our," or "trivago,") announced financial results for the third quarter ended September 30, 2025.

**Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue grew 13% year-over-year to €165.6 million in the third quarter, driven by an 11% increase in Referral Revenue, which reached €161.6 million, compared to the same prior year period, marking our fourth consecutive quarter of growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third consecutive quarter achieving double-digit year-over-year total Referral Revenue growth compared to the same prior year period, primarily driven by continued strong double-digit branded channel traffic<sup>1</sup> growth across trivago's Core segments<sup>2</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income was €11.0 million, representing our strongest third quarter result as a publicly-listed company, partly driven by an other income gain of €3.2 million related to the consolidation of Holisto Limited ("Holisto", renamed to trivago DEALS Limited), while Adjusted EBITDA<sup>3</sup> was €16.0 million, exceeding the prior year by 18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed our strategic acquisition of Holisto on July 31, 2025, which has been consolidated with our results on a one month lag basis<sup>4</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For full-year 2026, we expect to achieve an Adjusted EBITDA of around €20 million<sup>5</sup>, while maintaining a double-digit total revenue growth rate.

"We're encouraged by the strength and durability of our momentum. Revenue grew 13% year-over-year, marking our third consecutive quarter of double-digit growth. The third quarter exceeded our expectations for both total revenue and Adjusted EBITDA. The quality of this growth gives us confidence. It's led by our strong double-digit branded channel traffic revenue growth, which continues to outperform our expectations and benefits from compounding effects. We achieved this growth despite major foreign exchange headwinds, while improving Adjusted EBITDA by 18% year-over-year. Our AI-powered marketing campaign featuring brand ambassador Jürgen Klopp and our local productions made a strong impact this summer. Our product has significantly improved quarter after quarter, delivering a better user experience and stronger marketing efficiency." said Chief Executive Officer Johannes Thomas.

"We experienced yet another quarter of double-digit year-over-year total revenue growth, with especially strong momentum in the Americas and Rest of World segments with 14% and 12% Referral Revenue growth, respectively. We maintained a stable Return on Advertising Spend even as we increased our brand investments, where elasticities are attractive but returns come over time. Despite foreign exchange related headwinds, we continue to expect mid-teens percentage revenue growth and positive Adjusted EBITDA of at least €10 million<sup>5</sup> for the full year of 2025. For 2026, we also expect mid-teens percentage revenue growth and to achieve an Adjusted EBITDA of around €20 million." said Chief Financial Officer Dr. Wolf Schmuhl.

<sup>(1)</sup> *Branded channel traffic refers to traffic to our platform through: one of our localized platform websites, one of our downloadable mobile applications, branded search engine optimization marketing channels (or "branded free traffic") for keyword searches that are inclusive of the trivago brand name, and/or paid keyword searches that include the trivago brand name, such as "trivago" or "trivago hotel".* 

<sup>(2)</sup> *trivago Core segments refers to our three reportable segments: Americas, Developed Europe and Rest of World (RoW).*

<sup>(3)</sup> *"Adjusted EBITDA" is a non-GAAP measure. Please see "Definitions of Non-GAAP Measures" and "Tabular Reconciliations for Non-GAAP Measures" on pages 12 to 13 herein for explanations and reconciliations of non-GAAP measures used.*

<sup>(4)</sup> *The financial information of this subsidiary has been and will continue to be consolidated using a one month reporting lag, with the exception of significant transactions or events that occur during the intervening one month period. As the transaction closed on July 31, 2025, only one month of financial information has been consolidated for the three and nine months ended September 30, 2025. For the trivago Core segments, all intersegment revenue from July 31, 2025 to September 30, 2025 has been eliminated upon consolidation.* 

<sup>(5)</sup> *Please refer to the section "Definitions of Non-GAAP measures" on pages 12 and 13 herein for further details on the Adjusted EBITDA outlook.* 

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**Financial Summary & Operating Metrics (€ millions, unless otherwise stated)** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **Δ Y/Y** | **2025** | **2024** | **Δ Y/Y** |
| Total revenue | 165.6 | 146.1 | 13% | 429.0 | 366.1 | 17% |
| Referral Revenue | 161.6 | 145.3 | 11% | 423.5 | 362.7 | 17% |
| Return on Advertising Spend | 134.1% | 134.1% | — ppts | 124.1% | 125.9% | (1.8) ppts |
| Net income/(loss) | 11.0 | (15.4) | n.m. | (3.3) | (28.8) | (89)% |
| Adjusted EBITDA | 16.0 | 13.6 | 18% | 4.5 | (0.9) | n.m. |

---

**About trivago N.V.** 

trivago N.V. (NASDAQ: TRVG) is a leading global hotel search and price comparison platform and one of the most recognized travel brands in the world. When price savvy travelers are searching for a hotel, we want trivago to be the obvious choice. We aim to help travelers find the best place to stay and the best time to go. trivago aims to enable them to book with confidence, saving travelers valuable time and money. By leveraging cutting-edge technology, we seek to personalize and simplify the hotel search experience for millions of travelers every month. We provide access to more than 5.0 million hotels and other types of accommodation in over 190 countries.

**Discussion of Results**

The discussion of results should be considered together with our unaudited financial information included with this review and the periodic reports we file with the Securities and Exchange Commission, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2024. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") have been omitted from this review.

**Recent Trends**

Total revenues grew 13% year-over-year to €165.6 million in the third quarter, primarily driven by Referral Revenue of €161.6 million, which increased 11% compared to the same prior year period. The strong results represent our fourth consecutive quarter of revenue growth and the third consecutive quarter of achieving double-digit revenue growth. The quarter began with single digit year-over-year total revenue growth due to strong prior-year comparatives, before accelerating to strong double-digit growth levels for the remainder of the quarter. We continued to observe strong growth across our marketing channels and higher traffic volumes across all reportable segments, particularly in Developed Europe and Americas, in response to our continuous strategic marketing investments.

Momentum for our branded channel traffic revenue sustained year-over-year, particularly in Americas and Developed Europe, maintaining growth at double-digit levels in the third quarter across all trivago Core segments. The solid performance was driven by a continued strong response to our branded channel traffic marketing investments made throughout the third quarter, which continue to resonate with our target audience. The continued growth observed this quarter confirms our strategic brand initiatives are effectively working as planned.

During the third quarter, we continued to further increase our Advertising Spend investments year-over-year, which increased by 13% year-over-year, or €13.6 million, compared to the same period in 2024. We continued on our disciplined approach to our brand and performance marketing investments, focusing on long-term sustainability and profitability. Despite the increased levels of brand investments, we maintained a strong Global ROAS of 134.1%, which was particularly driven by strong performance in our Americas segment. We believe these results reflect our ability to effectively further scale our marketing strategy, particularly within our branded marketing channels, while simultaneously growing our revenue baseline at

------

profitable levels. Looking ahead, we remain focused on executing a long-term growth strategy that prioritizes sustainable, scalable results over short-term profit maximization.

**Outlook**

We continue to see significant opportunities to further scale our marketing efforts at profitable levels and we remain committed to pursuing promising advertising opportunities to maintain our positive momentum. We expect these initiatives will enable us to continue expanding our audience reach, driving long-term revenue growth. With the strategic acquisition of Holisto completed, we look forward to further enhancing the user experience by expanding trivago Book & Go, our facilitated booking funnel offering, to deliver long-term growth. With our strong capitalization and positioning, we are well-prepared to fuel continued growth.

We anticipate delivering our fourth consecutive quarter of double-digit year-over-year total revenue growth during the last quarter of 2025, with the full year delivering mid-teens percentage growth as previously guided. We anticipate positive Adjusted EBITDA for the fourth quarter to deliver full-year 2025 positive Adjusted EBITDA that is at least comparable to last year's performance. For the full-year 2026, we expect to maintain our double-digit total revenue growth rate and to achieve an Adjusted EBITDA of around €20 million.

**Revenue, Advertising Spend, and Return of Advertising Spend**

**Referral Revenue & Other Revenue**

We match our users' searches with large numbers of hotel and other accommodation offers through our auction platform, which we call our marketplace. With our marketplace, we provide advertisers a competitive forum to access user traffic by facilitating a vast quantity of auctions on any particular day. Advertisers submit hotel room and other accommodation rates and participate in our marketplace primarily by making bids for each user click on an advertised rate for a hotel or other accommodation on a cost-per-click, or CPC, basis. We also offer the option for our advertisers to participate in our marketplace on a cost-per-acquisition, or CPA, basis.

We earn substantially all of our revenue when users of our websites and apps click on hotel and accommodation offers or advertisements in our search results and are referred to one of our advertisers, or when a user makes a booking on the advertiser's website ultimately from a referral from our platform. We call this our Referral Revenue.

Management has identified three reportable segments: Americas, Developed Europe and Rest of World (RoW), collectively referred to as trivago Core segments. Our Americas segment is comprised of Argentina, Brazil, Canada, Chile, Colombia, Ecuador, Mexico, Peru, the United States and Uruguay. Our Developed Europe segment is comprised of Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. Our RoW segment is comprised of all other countries. In the third quarter of 2025, the most significant countries by revenue in that segment were Japan, Turkey, Australia, Poland and New Zealand. We have also determined that our trivago DEALS operating segment does not meet the quantitative thresholds of a separate reportable segment for the three and nine months ended September 30, 2025.

We also earn revenue by providing travelers with online platforms for direct hotel booking services and offering our advertisers business-to-business (B2B) solutions such as data product offerings and subscription fees earned from advertisers for the trivago Business Studio subscriptions. Additionally, we have agreements with certain hotel service providers and affiliates to receive consideration based on achievement of sales volume targets or gross transaction volume of affiliate services, respectively. These revenue streams, which include existing other revenue streams and revenue resulting from the acquisition of Holisto, do not represent a significant portion of our total revenue.

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**Referral Revenue by Segment & Other Revenue (€ millions)**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** | **Δ €** | **Δ €** | **Δ %** | **2025** | **2025** | **2024** | **2024** | **Δ €** | **Δ €** | **Δ % Y/Y** |
| Americas | € | 58.8 | € | 51.6 | € | 7.2 | 14% | € | 156.5 | € | 137.6 | € | 18.9 | 14% |
| Developed Europe | 69.7 | 69.7 | 64.2 | 64.2 | 5.5 | 5.5 | 9% | 178.2 | 178.2 | 155.1 | 155.1 | 23.1 | 23.1 | 15% |
| Rest of World | 33.0 | 33.0 | 29.4 | 29.4 | 3.6 | 3.6 | 12% | 88.7 | 88.7 | 70.0 | 70.0 | 18.7 | 18.7 | 27% |
| **Total Referral Revenue** | **€** | **161.6** | **€** | **145.3** | **€** | **16.3** | **11%** | **€** | **423.5** | **€** | **362.7** | **€** | **60.8** | **17%** |
| Other revenue | 4.0 | 4.0 | 0.8 | 0.8 | 3.2 | 3.2 | n.m. | 5.4 | 5.4 | 3.4 | 3.4 | 2.0 | 2.0 | 59% |
| **Total revenue** | **€** | **165.6** | **€** | **146.1** | **€** | **19.5** | **13%** | **€** | **429.0** | **€** | **366.1** | **€** | **62.9** | **17%** |

---

*Note: Some figures may not add up due to rounding.*

***Referral Revenue***

Referral Revenue increased by €16.3 million and €60.8 million during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. The increases in all trivago Core segments were primarily driven by growth from branded channel traffic in response to our continuous brand marketing investments, as well as growth from other marketing channels driven by higher traffic volumes and improved booking conversion. We continue to observe overall healthy bidding dynamics on our platform compared to the same periods in 2024, particularly in Americas. These increases were partly offset by the weakening of local currencies against the Euro.

***Other Revenue***

Other revenue increased by €3.2 million and €2.0 million during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, primarily driven by revenues resulting from our recent acquisition of Holisto. During the nine months ended September 30, 2025, this was partly offset by the discontinuation of other B2B revenue sources in the middle of 2024.

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**Advertiser Concentration**

We generate the majority of our Referral Revenue from online travel agencies, or OTAs. For brands affiliated with Expedia Group, including Brand Expedia, Hotels.com, Orbitz, Travelocity, Hotwire, Wotif, Vrbo and ebookers, the share of our Referral Revenue was 30% and 34% during the three and nine months ended September 30, 2025, respectively, compared to 36% and 38% in the same periods in 2024. For brands affiliated with Booking Holdings, including Booking.com, Agoda and priceline.com, the share of our Referral Revenue was 44% and 40% during the three and nine month periods ended September 30, 2025, respectively, compared to 40% and 39% in the same periods in 2024.

**Advertising Spend** 

Advertising Spend is used in the calculation of our primary operating metric for trivago Core segments as further described in the "*Return on Advertising Spend (ROAS)*" section below. It is included in selling and marketing expense and consists of fees that we pay for our various marketing channels including TV, search engine marketing, display and affiliate marketing, email marketing, online video, app marketing, content marketing, and sponsorship and endorsement for our trivago Core segments. Other expenses not related to trivago Core segments' Advertising Spend are included in the "*Selling and Marketing"* section below.

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (in € millions) | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| (in € millions) | **2025** | **2025** | **2024** | **2024** | **Δ €** | **Δ €** | **Δ %** | **2025** | **2025** | **2024** | **2024** | **Δ €** | **Δ €** | **Δ % Y/Y** |
| Americas | € | 44.5 | € | 40.9 | € | 3.6 | 9% | € | 133.4 | € | 113.8 | € | 19.6 | 17% |
| Developed Europe | 49.7 | 49.7 | 42.5 | 42.5 | 7.2 | 7.2 | 17% | 134.8 | 134.8 | 115.3 | 115.3 | 19.5 | 19.5 | 17% |
| Rest of World | 27.8 | 27.8 | 25.0 | 25.0 | 2.8 | 2.8 | 11% | 74.8 | 74.8 | 58.9 | 58.9 | 15.9 | 15.9 | 27% |
| **Total Advertising Spend** | **€** | **122.0** | **€** | **108.4** | **€** | **13.6** | **13%** | **€** | **342.9** | **€** | **288.0** | **€** | **54.9** | **19%** |

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*Note: Some figures may not add up due to rounding.*

Advertising Spend increased by €13.6 million and €54.9 million during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, primarily driven by continuous increases in brand marketing investments across all trivago Core segments aimed at increasing the volume of direct traffic to our platforms.

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**Return on Advertising Spend (ROAS)**

Our chief operating decision makers ("CODMs") manage our business and evaluate operating performance for our trivago Core segments using our primary metrics, Return on Advertising Spend ("ROAS") Contribution and ROAS expressed as a percentage. Both metrics use Referral Revenue before intersegment eliminations from our trivago DEALS operating segment as a basis for the calculation, in line with how our CODMs manage the business. For further details, see *Note 14: Segment information* in the unaudited condensed consolidated financial statements as of September 30, 2025. ROAS Contribution is the difference between Referral Revenue before intersegment eliminations and Advertising Spend. ROAS is the ratio of Referral Revenue before intersegment eliminations to Advertising Spend. We believe that both are indicators of the efficiency of our advertising.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** |
| | **ROAS Contribution (in € millions)** | **ROAS Contribution (in € millions)** | **ROAS Contribution (in € millions)** | **ROAS Contribution (in € millions)** | **ROAS Contribution (in € millions)** | **ROAS Contribution (in € millions)** | **ROAS (in %)** | **ROAS (in %)** | **ROAS (in %)** |
| | **2025** | **2025** | **2024** | **2024** | **Δ €** | **Δ €** | **2025** | **2024** | **Δ ppts** |
| Americas | € | 15.8 | € | 10.7 | € | 5.1 | 135.4% | 126.3% | 9.1 ppts |
| Developed Europe | 20.5 | 20.5 | 21.8 | 21.8 | (1.3) | (1.3) | 141.2% | 151.2% | (10.0) ppts |
| Rest of World | 5.3 | 5.3 | 4.4 | 4.4 | 0.9 | 0.9 | 119.2% | 117.6% | 1.6 ppts |
| **Global**  | **€** | **41.5** | **€** | **36.9** | **€** | **4.6** | **134.1%** | **134.1%** | **— ppts** |

---

*Note: Some figures may not add up due to rounding.*

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **ROAS Contribution (in € millions)** | **ROAS Contribution (in € millions)** | **ROAS Contribution (in € millions)** | **ROAS Contribution (in € millions)** | **ROAS Contribution (in € millions)** | **ROAS Contribution (in € millions)** | **ROAS (in %)** | **ROAS (in %)** | **ROAS (in %)** |
| | **2025** | **2025** | **2024** | **2024** | **Δ €** | **Δ €** | **2025** | **2024** | **Δ ppts** |
| Americas | € | 24.6 | € | 23.8 | € | 0.8 | 118.4% | 120.9% | (2.5) ppts |
| Developed Europe | 43.9 | 43.9 | 39.8 | 39.8 | 4.1 | 4.1 | 132.6% | 134.5% | (1.9) ppts |
| Rest of World | 14.1 | 14.1 | 11.1 | 11.1 | 3.0 | 3.0 | 118.8% | 118.9% | (0.1) ppts |
| **Global**  | **€** | **82.5** | **€** | **74.7** | **€** | **7.8** | **124.1%** | **125.9%** | **(1.8) ppts** |

---

*Note: Some figures may not add up due to rounding.*

Global ROAS remained stable during the three months ended September 30, 2025, compared to the same period in 2024. Higher ROAS in Americas, where we observed the strongest response to our previous marketing investments, was offset by lower ROAS in Developed Europe, due to increased Advertising Spend in this segment. Strong responses observed in response to our brand investments made in the first half of 2025 gave us confidence to continue accelerating our brand marketing efforts in Developed Europe during the third quarter of 2025.

During the nine months ended September 30, 2025, global ROAS decreased by 1.8 ppts primarily due to continuous increases in brand marketing investments across all trivago Core segments with the intention of increasing the volume of direct traffic to our platforms in the long term. This was partly offset by improved performance marketing efficiency across all trivago Core segments.

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**Expenses**

**Expenses by Cost Category (€ millions)**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **As a % of Revenue**  | **As a % of Revenue**  |
| | **2025** | **2025** | **2024** | **2024** | **Δ €** | **Δ €** | **Δ %** | **2025** | **2024** |
| Cost of revenue | € | 4.0 | € | 2.9 | € | 1.1 | 38% | 2% | 2% |
| Selling and marketing | 128.1 | 128.1 | 113.6 | 113.6 | 14.5 | 14.5 | 13% | 77% | 78% |
| &nbsp;&nbsp;&nbsp;&nbsp; *Advertising Spend* | *122.0* | *122.0* | *108.4* | *108.4* | *13.6* | *13.6* | *13 %* | *74 %* | *74 %* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Other selling and marketing*  | *6.1* | *6.1* | *5.2* | *5.2* | *0.9* | *0.9* | *17 %* | *4 %* | *4 %* |
| Technology and content | 12.4 | 12.4 | 12.3 | 12.3 | 0.1 | 0.1 | 1% | 7% | 8% |
| General and administrative | 8.5 | 8.5 | 6.9 | 6.9 | 1.6 | 1.6 | 23% | 5% | 5% |
| Amortization of intangible assets | 0.5 | 0.5 |  |  | 0.5 | 0.5 | 0% | 0% | 0% |
| Impairment of intangible assets and goodwill |  |  | 30.0 | 30.0 | (30.0) | (30.0) | (100)% | 0% | 21% |
| **Total costs and expenses** | **€** | **153.4** | **€** | **165.7** | **€** | **(12.3)** | **(7)%** | **93%** | **113%** |

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*Note: Some figures may not add up due to rounding.*

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **As a % of Revenue**  | **As a % of Revenue**  |
| | **2025** | **2025** | **2024** | **2024** | **Δ €** | **Δ €** | **Δ %** | **2025** | **2024** |
| Cost of revenue | € | 9.4 | € | 8.6 | € | 0.8 | 9% | 2% | 2% |
| Selling and marketing | 362.3 | 362.3 | 304.6 | 304.6 | 57.7 | 57.7 | 19% | 84% | 83% |
| &nbsp;&nbsp;&nbsp;&nbsp; *Advertising Spend* | *342.9* | *342.9* | *288.0* | *288.0* | *54.9* | *54.9* | *19 %* | *80 %* | *79 %* |
| &nbsp;&nbsp;&nbsp;&nbsp; *Other selling and marketing* | *19.4* | *19.4* | *16.6* | *16.6* | *2.8* | *2.8* | *17 %* | *5 %* | *5 %* |
| Technology and content | 38.3 | 38.3 | 37.8 | 37.8 | 0.5 | 0.5 | 1% | 9% | 10% |
| General and administrative | 24.0 | 24.0 | 25.0 | 25.0 | (1.0) | (1.0) | (4)% | 6% | 7% |
| Amortization of intangible assets | 0.5 | 0.5 | 0.0 | 0.0 | 0.5 | 0.5 | 0% | 0% | 0% |
| Impairment of intangible assets and goodwill |  |  | 30.0 | 30.0 | (30.0) | (30.0) | (100)% | 0% | 8% |
| **Total costs and expenses** | **€** | **434.4** | **€** | **406.0** | **€** | **28.4** | **7%** | **101%** | **111%** |

---

*Note: Some figures may not add up due to rounding.*

**Cost of Revenue**

Cost of revenue increased by €1.1 million and €0.8 million during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, primarily due to transaction processing and verification costs and customer support-related costs resulting from our recent acquisition of Holisto. This was partly offset in the nine months ended September 30, 2025 by a decrease in certain IT and cloud-related service provider costs that are closely related to revenue generation.

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**Selling and Marketing** 

Selling and marketing expense increased by €14.5 million and €57.7 million during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. Of the total selling and marketing expenses, Advertising Spend represented 95% for both the three and nine months ended September 30, 2025. See "*Advertising Spend*" above for further details.

Other selling and marketing expense increased by €0.9 million and €2.8 million during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. The increases were driven by higher personnel costs, increased costs to market our platform to new hoteliers, higher digital services taxes, as well as traffic acquisition costs and third-party customer service-related expenses resulting from our recent acquisition of Holisto. Personnel costs increased primarily from higher headcount combined with a higher compensation base due to our annual salary review process in the trivago Core segments, and additional compensation expense from the recent Holisto acquisition. The increase in the nine months ended September 30, 2025 was predominately driven by higher television advertisement production costs incurred in the second quarter in conjunction with our brand advertising campaigns. This was partly offset by the non-recurrence of the recognition of retroactive Canadian digital services taxes in the second quarter of 2024, as well as lower marketing expenses due to the end of our long-term sponsorship agreement in June 2024.

**Technology and Content** 

Technology and content expense increased by €0.1 million and €0.5 million during the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. These increases were primarily due to higher compensation expense in the trivago Core segments resulting mostly from higher headcount combined with a higher compensation base due to our annual salary review process, and additional compensation expense from the recent Holisto acquisition. The increase in the nine months was further driven by headcount-based allocated office repair costs incurred in the first quarter of 2025. The increases during the three and nine months ended September 30, 2025 were partly offset by lower cloud and IT-related service provider costs that were not closely related to revenue generation, which more than offset the additional IT-related third party service provider costs resulting from the acquisition of Holisto. Higher capitalization of our developers' salaries, and lower share-based compensation expense, compared to the same periods in 2024 were further offsetting the increases in the three and nine months ended September 30, 2025.

**General and Administrative** 

General and administrative expense increased by €1.6 million during the three months ended September 30, 2025 and decreased by €1.0 million during the nine months ended September 30, 2025, compared to the same periods in 2024.

The increase during the three months ended September 30, 2025 was primarily driven by the non-recurrence of the capitalization of certain professional fees incurred in connection with our equity investment in Holisto in the third quarter of 2024. It was further driven by costs related to the acquisition of the remaining equity interest in Holisto in the third quarter of 2025, higher personnel costs resulting from higher overall leadership team compensation costs, and additional headcount from the Holisto acquisition.

The decrease during the nine months ended September 30, 2025 was primarily driven by lower costs resulting from the release of prior-year accruals and lower costs related to changes in the executive leadership, partly offset by Holisto acquisition costs and higher compensation expense as described above.

**Amortization of Intangible Assets** 

Amortization of intangible assets was €0.5 million during the three and nine months ended September 30, 2025, primarily attributable to Holisto intangible assets acquired in the third quarter of 2025.

------

**Income Taxes, Net Income/(loss) and Adjusted EBITDA (€ millions)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** | **Δ €** | **Δ €** | **2025** | **2025** | **2024** | **2024** | **Δ €** | **Δ €** |
| Operating income/(loss) | € | 12.2 | € | (19.6) | € | 31.8 | € | (5.4) | € | (40.0) | € | 34.6 |
| Other income/(expense) |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (0.0) | (0.0) | (0.0) | (0.0) | 0.0 | 0.0 | (0.0) | (0.0) | (0.0) | (0.0) | 0.0 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 0.5 | 0.5 | 0.8 | 0.8 | (0.3) | (0.3) | 1.8 | 1.8 | 2.7 | 2.7 | (0.9) | (0.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 3.5 | 3.5 | 0.4 | 0.4 | 3.1 | 3.1 | 3.9 | 3.9 | 0.4 | 0.4 | 3.5 | 3.5 |
| **Total other income, net** | **€** | **4.0** | **€** | **1.2** | **€** | **2.8** | **€** | **5.7** | **€** | **3.1** | **€** | **2.6** |
| Income/(loss) before income taxes | 16.1 | 16.1 | (18.4) | (18.4) | 34.5 | 34.5 | 0.3 | 0.3 | (36.9) | (36.9) | 37.2 | 37.2 |
| Expense/(benefit) for income taxes | 4.6 | 4.6 | (3.8) | (3.8) | 8.4 | 8.4 | 1.4 | 1.4 | (9.1) | (9.1) | 10.5 | 10.5 |
| **Income/(loss) before equity method investments** | **€** | **11.5** | **€** | **(14.5)** | **€** | **26.0** | **€** | **(1.1)** | **€** | **(27.8)** | **€** | **26.7** |
| Loss from equity method investments | (0.5) | (0.5) | (0.9) | (0.9) | 0.4 | 0.4 | (2.1) | (2.1) | (1.0) | (1.0) | (1.1) | (1.1) |
| **Net income/(loss)** | **€** | **11.0** | **€** | **(15.4)** | **€** | **26.4** | **€** | **(3.3)** | **€** | **(28.8)** | **€** | **25.5** |
| **Adjusted EBITDA** | **€** | **16.0** | **€** | **13.6** | **€** | **2.4** | **€** | **4.5** | **€** | **(0.9)** | **€** | **5.4** |

---

*Note: Some figures may not add up due to rounding.*

**Net Other Income**

Net other income of €3.5 million and €3.9 million during the three and nine months ended September 30, 2025, respectively, was primarily driven by a €3.2 million gain (the "Step Acquisition Gain") from revaluing our previous equity interest in Holisto and derecognition of the share purchase option upon completing the acquisition of the remaining interest in Holisto in the third quarter of 2025. Additionally, an intangible asset acquired through the weekengo GmbH acquisition was sold in the third quarter of 2025 for a gain of €0.2 million.

**Income Taxes**

Income tax expense was €4.6 million during the three months ended September 30, 2025 compared to a benefit of €3.8 million in the same period in 2024. The total weighted-average tax rate for the three months ended September 30, 2025 was 30.3%, which primarily reflects the German statutory tax rate of approximately 31.2% and the estimated permanent effects for the full year, specifically, non-tax-deductible expenses and deductible taxes impacting the tax base. Our effective tax rate for the three months ended September 30, 2025 was 28.7%, compared to 20.8% in the same period in 2024. The change in effective tax rate during the three months ended September 30, 2025 compared to the same period in 2024 is primarily related to the difference in the pre-tax profit and loss position between the two periods, as well as the difference in deferred tax adjustments related to temporary items between the two periods, including a deferred tax benefit resulting from an upcoming change in the German statutory tax rate.

Income tax expense was €1.4 million during the nine months ended September 30, 2025, compared to a benefit of €9.1 million in the same period in 2024. Our effective tax rate for the nine months ended September 30, 2025 was 522.5%, compared to 24.7% in the same period in 2024. The effective tax rate during the nine months ended September 30, 2025 is significantly higher than the same period in 2024 because the pre-tax income position for the nine months ended September 30, 2025 is relatively close to zero. A low pre-tax income causes any tax expense to result in a disproportionately high effective tax rate.

------

The difference between the weighted average tax rates and the effective tax rates for the three and nine months ended September 30, 2025 primarily relates to share-based compensation expense, which is not deductible for tax purposes. For the nine months ended September 30, 2025, the effective tax rate is also impacted by the marginal pre-tax income mentioned above, which amplifies the impact of discrete tax items.

The uncertain tax position related to unrecognized tax benefits from the deductibility of expenses was €8.8 million as of September 30, 2025. The liability associated with these tax benefits is included in accrued expenses and other current liabilities in the unaudited condensed consolidated balance sheets.

As a result of the Holisto acquisition, we recognized net deferred tax assets of €1.7 million in our unaudited condensed consolidated balance sheets, resulting mostly from net operating loss carryforwards and deductible research and development costs, partly offset by the tax effects of intangible assets acquired.

**Net Income/(Loss) and Adjusted EBITDA** 

Net income was €11.0 million and Adjusted EBITDA was €16.0 million during the three months ended September 30, 2025, primarily driven by a favorable return on our advertising investments. Net income was further driven by the €3.2 million Step Acquisition Gain as described in the "*Net Other Incom*e" section above.

Net loss was €3.3 million during the nine months ended September 30, 2025. This is primarily a result of the higher selling and marketing expenses incurred in the first half of the year to invest in our brand marketing activities as part of our strategy towards long-term growth. These fully offset net income from the three months described above. Adjusted EBITDA of €4.5 million during the nine months ended September 30, 2025 was only partly offset by the losses incurred in the first half of the year.

------

**Balance Sheet and Cash Flows**

Total cash, cash equivalents and restricted cash were €106.3 million as of September 30, 2025, compared to €134.1 million as of December 31, 2024. The decrease of €27.8 million during the nine months ended September 30, 2025, was mainly driven by €14.6 million cash used in investing activities and €11.6 million cash used in operating activities.

Cash used in investing activities during the nine months ended September 30, 2025, was primarily driven by the net cash used in the acquisition of the remaining equity interest in Holisto of €15.0 million and capital expenditures, including internal-use software and website development of €3.3 million. These were partly offset by sales and maturities of investments of €3.4 million and cash received from the German tax authority of €1.0 million relating to tax credits that were originally recorded in the fourth quarter of 2024.

Cash used in operating activities during the nine months ended September 30, 2025, was primarily driven by net cash outflows of €14.0 million from changes in operating assets and liabilities, partly offset by €2.4 million of net loss adjusted by non-cash items.

Consistent with our seasonal fluctuations, higher revenues in the third quarter of 2025 compared to the fourth quarter of 2024 resulted in an increase of accounts receivable of €28.3 million as of September 30, 2025 compared to December 31, 2024. This increase was partly offset by increased accounts payable of €9.1 million as of September 30, 2025 compared to December 31, 2024 resulting from higher Advertising Spend. Further, prepaid expense and other assets decreased by €3.4 million and taxes payable increased by €1.9 million. The net loss of €3.3 million was fully offset by non-cash items of share based compensation of €5.9 million, depreciation of €3.1 million, and the Step Acquisition Gain of €3.2 million.

Due to the acquisition of Holisto, the balance of advances from travelers of €42.0 million as of September 30, 2025 represented cash received from travelers, net of deferred revenue, that will be remitted to hotel partners after the guest check-in. Additionally, the acquisition resulted in the recognition of definite-lived intangible assets of €31.4 million and goodwill of €14.2 million, as well as the derecognition of €6.0 million in equity method investments as of September 30, 2025. Please refer to *Note 3: Holisto Acquisition* in the unaudited condensed consolidated financial statements as of September 30, 2025 for the complete disclosure of net assets acquired in the Holisto acquisition.

------

**Notes & Definitions:** 

**Definitions of Non-GAAP Measures** 

**Adjusted EBITDA:** 

We report Adjusted EBITDA as a supplemental measure to U.S. Generally Accepted Accounting Principles ("GAAP").

We define Adjusted EBITDA as net income/(loss) adjusted for: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• income/(loss) from equity method investments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expense/(benefit) for income taxes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• total other (income)/expense, net,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• depreciation of property and equipment and amortization of intangible assets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairment of, and gains/(losses) on disposals of, property and equipment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairment of intangible assets and goodwill,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• share-based compensation, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain other items, including restructuring, acquisition and integration costs, and significant legal settlements and court-ordered penalties.

From time to time, we may exclude from Adjusted EBITDA the impact of certain items that affect the period-to-period comparability of our operating performance.

Adjusted EBITDA is a non-GAAP financial measure. A "non-GAAP financial measure" refers to a numerical measure of a company's historical or future financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with U.S. GAAP in such company's financial statements. We present these non-GAAP financial measures because they are used by management to evaluate our operating performance, formulate business plans, and make strategic decisions on capital allocation. We also believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating performance and consolidated results of operations in the same manner as our management, and the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure in comparing financial results between periods as these costs may vary independent of core business performance.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results reported in accordance with U.S. GAAP, including net income/loss. Some of these limitations are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA does not reflect expenses, such as restructuring and other related reorganization costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although depreciation, amortization and impairments are non-cash charges, the assets being depreciated, amortized or impaired may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other companies, including companies in our own industry, may calculate Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures.

We periodically provide an Adjusted EBITDA outlook. We are, however, unable to provide a reconciliation of our Adjusted EBITDA outlook to net income/(loss), the comparable GAAP measure, because certain items that are excluded from Adjusted EBITDA cannot be reasonably or reliably predicted or are not in our control, including, in particular, the timing or magnitude of share-based compensation, interest, taxes, impairments,

------

restructuring related costs and/or significant legal settlements and court-ordered penalties without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, net income/(loss) in the future.

**Tabular Reconciliations for Non-GAAP Measures** 

**Adjusted EBITDA (€ millions)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Net income/(loss) | € | 11.0 | € | (15.4) | € | (3.3) | € | (28.8) |
| Loss from equity method investments | (0.5) | (0.5) | (0.9) | (0.9) | (2.1) | (2.1) | (1.0) | (1.0) |
| **Income/(loss) before equity method investments** | **€** | **11.5** | **€** | **(14.5)** | **€** | **(1.1)** | **€** | **(27.8)** |
| Expense/(benefit) for income taxes | 4.6 | 4.6 | (3.8) | (3.8) | 1.4 | 1.4 | (9.1) | (9.1) |
| **Income/(loss) before income taxes** | **€** | **16.1** | **€** | **(18.4)** | **€** | **0.3** | **€** | **(36.9)** |
| Add/(less): |  |  |  |  |  |  |  |  |
| Interest expense | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Interest income | (0.5) | (0.5) | (0.8) | (0.8) | (1.8) | (1.8) | (2.7) | (2.7) |
| Other income, net | (3.5) | (3.5) | (0.4) | (0.4) | (3.9) | (3.9) | (0.4) | (0.4) |
| **Operating income/(loss)** | **€** | **12.2** | **€** | **(19.6)** | **€** | **(5.4)** | **€** | **(40.0)** |
| Depreciation of property and equipment and amortization of intangible assets | 1.5 | 1.5 | 1.1 | 1.1 | 3.5 | 3.5 | 3.3 | 3.3 |
| Impairment of, and gains and losses on disposals of, property and equipment | 0.0 | 0.0 |  |  | 0.0 | 0.0 |  |  |
| Impairment of intangible assets and goodwill |  |  | 30.0 | 30.0 |  |  | 30.0 | 30.0 |
| Share-based compensation | 2.0 | 2.0 | 2.2 | 2.2 | 5.9 | 5.9 | 5.8 | 5.8 |
| Certain other items, including restructuring, acquisition and integration costs, significant legal settlements and court-ordered penalties<sup>(1)</sup> | 0.4 | 0.4 |  |  | 0.5 | 0.5 |  |  |
| **Adjusted EBITDA** | **€** | **16.0** | **€** | **13.6** | **€** | **4.5** | **€** | **(0.9)** |

---

*Note: Some figures may not add up due to rounding.*

<sup>(1)</sup> *In completing the acquisition of Holisto Ltd.,we incurred total transaction costs of €1.4 million, of which €0.9 million was capitalized in 2024 as part of our initial equity method investment and thus did not impact reported Adjusted EBITDA in that period. Upon completing the acquisition in 2025, €0.5 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.*

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**Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995** 

This review contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance. These forward-looking statements are based on management's expectations as of the date of this review and assumptions which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The use of words such as "will," "intend" and "expect," among others, generally identify forward-looking statements. However, these words are not the exclusive means of identifying 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 trivago N.V.'s business. Actual results and the timing and outcome of events may differ materially from those expressed or implied in the forward-looking statements for a variety of reasons, including, among others: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the extent to which our strategy of increasing brand marketing investments positively impacts the volume of direct traffic to our platform and grows our revenue in future periods without reducing our profits or incurring losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continuing negative impact of having almost completely ceased television advertising in 2020 and only having resumed such advertising at reduced levels in recent years on our ability to grow our revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on search engines, particularly Google, whose search results can be affected by a number of factors, many of which are not in our control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the promotion by Google of its own product and services that compete directly with our hotel and accommodation search;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our continued dependence on a small number of advertisers for our revenue and adverse impacts that could result from their reduced spending or changes in their cost-per-click, or (CPC), bidding or cost-per-acquisition (CPA) strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to generate referrals, customers, bookings or revenue and profit for our advertisers on a basis they deem to be cost-effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• factors that contribute to our period-over-period volatility in our financial condition and result of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential negative impact of a worsening of the economic outlook and inflation on consumer discretionary spending;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any further impairment of intangible assets and goodwill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, the ongoing conflicts affecting the Middle Eastern region, potential changes in U.S. tariff policy and other countries' responses thereto, or other developments resulting in heightened cross-border controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing competition in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to innovate, integrate, and provide tools and services that are useful to our users and advertisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business model's dependence on consumer preferences for traditional hotel-based accommodation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on relationships with third parties to provide us with content;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to and our compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential operating difficulties and other harmful consequences from the integration of acquired assets and businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisitions may not achieve anticipated strategic or financial benefits, may involve unanticipated costs or liabilities, may result in goodwill or intangible asset impairments, or may divert management attention from other priorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of any legal and regulatory proceedings to which we are or may become subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 trivago's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, as such risks and uncertainties may be updated from time to time. Except as required by law, we undertake no obligation to update any forward-looking or other statements in this review, whether as a result of new information, future events or otherwise.

## Exhibit 99.2

**Exhibit 99.2**

**trivago N.V.**

**Unaudited Condensed Consolidated Interim Financial Statements as of September 30, 2025**

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**trivago N.V.** 

**Condensed consolidated statements of operations**

(€ thousands, except per share amounts, unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | 116060 | 91844 | 278213 | 227289 |
| Revenue from related party | 49516 | 54243 | 150739 | 138785 |
| **Total revenue** | **165576** | **146087** | **428952** | **366074** |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue, including related party, excluding amortization <sup>(1)</sup> | 3981 | 2906 | 9369 | 8592 |
| &nbsp;&nbsp;Selling and marketing, including related party <sup>(1)(3)</sup> | 128090 | 113567 | 362266 | 304632 |
| &nbsp;&nbsp;Technology and content, including related party <sup>(1)(2)(3)</sup> | 12361 | 12335 | 38316 | 37754 |
| &nbsp;&nbsp;General and administrative, including related party <sup>(1)(3)</sup> | 8523 | 6892 | 23951 | 25045 |
| &nbsp;&nbsp;Amortization of intangible assets <sup>(2)</sup> | 457 |  | 490 | 23 |
| &nbsp;&nbsp;&nbsp;Impairment of intangible assets and goodwill |  | 30000 |  | 30000 |
| **Operating income/(loss)** | **12164** | **(19613)** | **(5440)** | **(39972)** |
| Other income/(expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (11) | (4) | (17) | (13) |
| &nbsp;&nbsp;&nbsp;Interest income | 517 | 827 | 1783 | 2710 |
| &nbsp;&nbsp;&nbsp;Other income, net | 3464 | 419 | 3945 | 373 |
| **Total other income, net** | **3970** | **1242** | **5711** | **3070** |
| **Income/(loss) before income taxes** | **16134** | **(18371)** | **271** | **(36902)** |
| Expense/(benefit) for income taxes | 4636 | (3827) | 1416 | (9099) |
| **Income/(loss) before equity method investments** | **11498** | **(14544)** | **(1145)** | **(27803)** |
| Loss from equity method investments | (471) | (887) | (2125) | (954) |
| **Net income/(loss)** | **11027** | **(15431)** | **(3270)** | **(28757)** |
| **Earnings per share available to common stockholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 0.03 | (0.04) | (0.01) | (0.08) |
| &nbsp;&nbsp;&nbsp;Diluted | 0.03 | (0.04) | (0.01) | (0.08) |
| **Shares used in computing loss per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 352098 | 349118 | 352095 | 349199 |
| &nbsp;&nbsp;&nbsp;Diluted | 357462 | 349118 | 352095 | 349199 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| (1) Includes share-based compensation as follows: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenue | € | 29 | € | 31 | € | 90 | € | 90 |
| &nbsp;&nbsp;&nbsp;Selling and marketing | 132 | 132 | 115 | 115 | 401 | 401 | 347 | 347 |
| &nbsp;&nbsp;&nbsp;Technology and content | 223 | 223 | 333 | 333 | 757 | 757 | 1002 | 1002 |
| &nbsp;&nbsp;&nbsp;General and administrative | 1604 | 1604 | 1707 | 1707 | 4667 | 4667 | 4378 | 4378 |
| (2) Includes amortization as follows: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Amortization of internal use software and website development costs included in technology and content | € | 787 | € | 795 | € | 2338 | € | 2394 |
| &nbsp;&nbsp;&nbsp;Amortization of acquired technology and other assets included in amortization of intangible assets | 457 | 457 |  |  | 490 | 490 | 23 | 23 |
| (3) Includes related party expense as follows: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing | € | 4 | € | 16 | € | 100 | € | 26 |
| &nbsp;&nbsp;&nbsp;Technology and content | 348 | 348 | 440 | 440 | 1289 | 1289 | 1122 | 1122 |
| &nbsp;&nbsp;&nbsp;General and administrative | 15 | 15 | 12 | 12 | 52 | 52 | 43 | 43 |

---

*See accompanying notes*

------

**trivago N.V.**

**Condensed consolidated statements of comprehensive income/(loss)**

(€ thousands, unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Net income/(loss) | € | 11027 | € | (15431) | € | (3270) | € | (28757) |
| Other comprehensive income/(loss): |  |  |  |  |  |  |  |  |
| Currency translation adjustments, net | (427) | (427) |  |  | (1014) | (1014) | 3 | 3 |
| Net reclassification of foreign currency translation adjustments into total other, net | 180 | 180 | (218) | (218) | 180 | 180 | (62) | (62) |
| Total other comprehensive loss | (247) | (247) | (218) | (218) | (834) | (834) | (59) | (59) |
| **Comprehensive income/(loss)** | **€** | **10780** | **€** | **(15649)** | **€** | **(4104)** | **€** | **(28816)** |

---

*See accompanying notes*

------

**trivago N.V.** 

**Condensed consolidated balance sheets** 

(€ thousands, except share and per share data, unaudited)

---

| | | |
|:---|:---|:---|
| **ASSETS** | **As of <br>September 30, 2025** | **As of <br>December 31, 2024** |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 106290 | 133745 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 50 | 342 |
| &nbsp;&nbsp;Accounts receivable, net of allowance for credit losses of €857 and €958 at September 30, 2025 and December 31, 2024, respectively | 51654 | 25652 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, related party | 31820 | 21259 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 18660 |  |
| &nbsp;&nbsp;&nbsp;Tax receivable | 57 | 2815 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 6463 | 6458 |
| **Total current assets** | **214994** | **190271** |
| Property and equipment, net | 8651 | 8210 |
| Operating lease right-of-use assets | 38267 | 39865 |
| Deferred income taxes | 1738 |  |
| Equity method investments | 4916 | 13170 |
| Investments and other assets | 2721 | 3856 |
| Intangible assets, net | 75508 | 45345 |
| Goodwill | 14192 |  |
| **TOTAL ASSETS** | **360987** | **300717** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 38091 | 24668 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 3488 | 1613 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 4203 | 1041 |
| &nbsp;&nbsp;&nbsp;Payroll liabilities | 3927 | 2327 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 19080 | 17667 |
| &nbsp;&nbsp;&nbsp;Advances from travelers | 42044 |  |
| &nbsp;&nbsp;&nbsp;Operating lease liability | 2467 | 2363 |
| **Total current liabilities** | **113300** | **49679** |
| Operating lease liability | 34490 | 36070 |
| Deferred income taxes | 14842 | 16798 |
| Other long-term liabilities | 606 | 565 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Class A common stock, €0.06 par value - 1,523,230,720 shares authorized,115,223,410 and 114,059,630 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively  | 6913 | 6843 |
| &nbsp;&nbsp;Class B common stock, €0.60 par value - 237,676,928 shares authorized, 237,476,895 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 142486 | 142486 |
| &nbsp;&nbsp;&nbsp;Reserves | 691410 | 687232 |
| &nbsp;&nbsp;&nbsp;Contribution from Parent | 122307 | 122307 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income/(loss) | (567) | 267 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (764800) | (761530) |
| **Total stockholders' equity** | **197749** | **197605** |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY** | **360987** | **300717** |

---

*See accompanying notes*

------

**trivago N.V.**

**Condensed consolidated statements of changes in equity**

(€ thousands, unaudited)

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended September 30, 2025** | **Class A common stock** | **Class A common stock** | **Class B common stock** | **Class B common stock** | **Reserves** | **Reserves** | **Accumulated**<br>**deficit** | **Accumulated**<br>**deficit** | **Accumulated other**<br>**comprehensive**<br>**income/(loss)** | **Accumulated other**<br>**comprehensive**<br>**income/(loss)** | **Contribution from<br>Parent** | **Contribution from<br>Parent** | **Total stockholders' equity** | **Total stockholders' equity** |
| Balance at July 1, 2025 | € | 6889 | € | 142486 | € | 689934 | € | (775827) | € | (320) | € | 122307 | € | 185469 |
| Net income |  |  |  |  |  |  | 11027 | 11027 |  |  |  |  | 11027 | 11027 |
| Other comprehensive loss (net of tax) |  |  |  |  |  |  |  |  | (247) | (247) |  |  | (247) | (247) |
| Share-based compensation expense |  |  |  |  | 1781 | 1781 |  |  |  |  |  |  | 1781 | 1781 |
| Issuance of common stock related to exercise of options and vesting of RSUs | 24 | 24 |  |  | (24) | (24) |  |  |  |  |  |  |  |  |
| Withholdings on net share settlements of equity awards |  |  |  |  | (281) | (281) |  |  |  |  |  |  | (281) | (281) |
| **Balance at September 30, 2025** | **€** | **6913** | **€** | **142486** | **€** | **691410** | **€** | **(764800)** | **€** | **(567)** | **€** | **122307** | **€** | **197749** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine months ended September 30, 2025** | **Class A common stock** | **Class A common stock** | **Class B common stock** | **Class B common stock** | **Reserves** | **Reserves** | **Accumulated**<br>**deficit** | **Accumulated**<br>**deficit** | **Accumulated other**<br>**comprehensive**<br>**income/(loss)** | **Accumulated other**<br>**comprehensive**<br>**income/(loss)** | **Contribution from<br>Parent** | **Contribution from<br>Parent** | **Total stockholders' equity** | **Total stockholders' equity** |
| Balance at January 1, 2025 | € | 6843 | € | 142486 | € | 687232 | € | (761530) | € | 267 | € | 122307 | € | 197605 |
| Net loss |  |  |  |  |  |  | (3270) | (3270) |  |  |  |  | (3270) | (3270) |
| Other comprehensive loss (net of tax) |  |  |  |  |  |  |  |  | (834) | (834) |  |  | (834) | (834) |
| Share-based compensation expense |  |  |  |  | 5174 | 5174 |  |  |  |  |  |  | 5174 | 5174 |
| Issuance of common stock related to exercise of options and vesting of RSUs | 70 | 70 |  |  | (70) | (70) |  |  |  |  |  |  |  |  |
| Withholdings on net share settlements of equity awards |  |  |  |  | (926) | (926) |  |  |  |  |  |  | (926) | (926) |
| **Balance at September 30, 2025** | **€** | **6913** | **€** | **142486** | **€** | **691410** | **€** | **(764800)** | **€** | **(567)** | **€** | **122307** | **€** | **197749** |

---

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended September 30, 2024** | **Class A common stock** | **Class A common stock** | **Class B common stock** | **Class B common stock** | **Reserves** | **Reserves** | **Accumulated**<br>**deficit** | **Accumulated**<br>**deficit** | **Accumulated other**<br>**comprehensive**<br>**income** | **Accumulated other**<br>**comprehensive**<br>**income** | **Contribution from<br>Parent** | **Contribution from<br>Parent** | **Total stockholders' equity** | **Total stockholders' equity** |
| Balance at July 1, 2024 | € | 6714 | € | 142486 | € | 683476 | € | (751158) | € | 234 | € | 122307 | € | 204059 |
| Net loss |  |  |  |  |  |  | (15431) | (15431) |  |  |  |  | (15431) | (15431) |
| Other comprehensive income (net of tax) |  |  |  |  |  |  |  |  | (218) | (218) |  |  | (218) | (218) |
| Share-based compensation expense |  |  |  |  | 1832 | 1832 |  |  |  |  |  |  | 1832 | 1832 |
| Issuance of common stock related to exercise of options and vesting of RSUs | 18 | 18 |  |  | (18) | (18) |  |  |  |  |  |  |  |  |
| Withholdings on net share settlements of equity awards |  |  |  |  | (131) | (131) |  |  |  |  |  |  | (131) | (131) |
| **Balance at September 30, 2024** | **€** | **6732** | **€** | **142486** | **€** | **685159** | **€** | **(766589)** | **€** | **16** | **€** | **122307** | **€** | **190111** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Nine months ended September 30, 2024** | **Class A common stock** | **Class A common stock** | **Class B common stock** | **Class B common stock** | **Reserves** | **Reserves** | **Accumulated**<br>**deficit** | **Accumulated**<br>**deficit** | **Accumulated other**<br>**comprehensive**<br>**income** | **Accumulated other**<br>**comprehensive**<br>**income** | **Contribution from<br>Parent** | **Contribution from<br>Parent** | **Total stockholders' equity** | **Total stockholders' equity** |
| Balance at January 1, 2024 | € | 6655 | € | 142486 | € | 681333 | € | (737832) | € | 75 | € | 122307 | € | 215024 |
| Net loss |  |  |  |  |  |  | (28757) | (28757) |  |  |  |  | (28757) | (28757) |
| Other comprehensive income (net of tax) |  |  |  |  |  |  |  |  | (59) | (59) |  |  | (59) | (59) |
| Share-based compensation expense |  |  |  |  | 4807 | 4807 |  |  |  |  |  |  | 4807 | 4807 |
| Issuance of common stock related to exercise of options and vesting of RSUs | 77 | 77 |  |  | (77) | (77) |  |  |  |  |  |  |  |  |
| Withholdings on net share settlements of equity awards |  |  |  |  | (904) | (904) |  |  |  |  |  |  | (904) | (904) |
| **Balance at September 30, 2024** | **€** | **6732** | **€** | **142486** | **€** | **685159** | **€** | **(766589)** | **€** | **16** | **€** | **122307** | **€** | **190111** |

---

*See accompanying notes*

------

**trivago N.V.** 

**Condensed consolidated statements of cash flows**

(€ thousands, unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Operating activities:** |  |  |  |  |
| Net income/(loss) | 11027 | (15431) | (3270) | (28757) |
| **Adjustments to reconcile net loss to net cash provided by/(used in):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation (property and equipment and internal-use software and website development) | 1022 | 1073 | 3051 | 3263 |
| &nbsp;&nbsp;&nbsp;Goodwill and intangible assets impairment loss |  | 30000 |  | 30000 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 1988 | 2186 | 5915 | 5817 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 1845 | (4176) | (1948) | (9908) |
| &nbsp;&nbsp;&nbsp;Gain on step acquisition | (3246) |  | (3246) |  |
| &nbsp;&nbsp;&nbsp;Other, net | 754 | 479 | 1867 | 595 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, including related party | 655 | (548) | (28331) | (25073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 3622 | 1543 | 3405 | 7392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (8453) | (11358) | 9071 | 8101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes payable/receivable, net | 2267 | 545 | 3615 | 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other changes in operating assets and liabilities, net | (2527) | (580) | (1747) | (272) |
| **Net cash provided by/(used in) operating activities** | **8954** | **3733** | **(11618)** | **(6685)** |
| **Investing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Business acquisition, net of cash acquired | (14986) |  | (14986) |  |
| &nbsp;&nbsp;&nbsp;Investment in equity-method investee |  | (10211) |  | (10211) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales and maturities of investments | 3409 |  | 3409 | 25225 |
| &nbsp;&nbsp;&nbsp;Capital expenditures, including internal-use software and website development | (1243) | (715) | (3309) | (2102) |
| &nbsp;&nbsp;&nbsp;Proceeds from receipt of tax credits |  |  | 1020 |  |
| &nbsp;&nbsp;&nbsp;Other investing activities, net | (709) | 4 | (701) | 4 |
| **Net cash provided by/(used in) investing activities** | **(13529)** | **(10922)** | **(14567)** | **12916** |
| **Financing activities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payment of withholding taxes on net share settlements of equity awards | (295) | (129) | (932) | (603) |
| &nbsp;&nbsp;&nbsp;Other financing activities, net | (23) | (19) | (68) | (56) |
| **Net cash used in financing activities** | **(318)** | **(148)** | **(1000)** | **(659)** |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash | (10) | (93) | (562) | 169 |
| **Net increase/(decrease) in cash, cash equivalents and restricted cash** | **(4903)** | **(7430)** | **(27747)** | **5741** |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents and restricted cash at beginning of the period | 111243 | 115360 | 134087 | 102189 |
| **Cash, cash equivalents and restricted cash at end of the period** | **106340** | **107930** | **106340** | **107930** |
| **Supplemental cash flow information:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash received for interest | 508 | 885 | 1768 | 2669 |
| &nbsp;&nbsp;&nbsp;Cash paid for taxes, net of (refunds) | 482 | (236) | 8 | (1439) |

---

*See accompanying notes*

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**trivago N.V.**

**Notes to the condensed consolidated financial statements (unaudited)**

**Note 1: Organization and basis of presentation**

**Description of business**

trivago N.V., ("trivago" the "Company," "us," "we" and "our") and its subsidiaries offer online meta-search for hotel and accommodation through online travel agencies ("OTAs"), hotel chains and independent hotels. Our search-driven marketplace, delivered on websites and apps, provides users with a tailored search experience via our proprietary matching algorithms. We generally employ a 'cost-per-click' (or "CPC") pricing structure, allowing advertisers to control their own return on investment and the volume of lead traffic we generate for them. We also offer a 'cost-per-acquisition' (or "CPA") pricing structure, whereby an advertiser pays us a percentage of the booking revenues that ultimately result from a referral.

During 2013, the Expedia Group, Inc. (formerly Expedia, Inc., the "Parent" or "Expedia Group") completed the purchase of a controlling interest in the Company. As of September 30, 2025, Expedia Group's ownership interest and voting interest in trivago N.V. is 59.3% and 83.9%, respectively.

**Basis of presentation**

We have prepared the accompanying interim unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial reporting. We have included all adjustments necessary for a fair presentation of the results of the interim period. These adjustments consist of normal recurring items. Our interim unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year.

Certain information and note disclosures normally included in the audited annual consolidated financial statements have been condensed or omitted in accordance with SEC rules. The condensed consolidated balance sheet as of December 31, 2024 was derived from our audited consolidated financial statements as of that date but does not contain all of the footnote disclosures from the annual financial statements. As such, these interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 20-F for the year ended December 31, 2024, previously filed with the Securities and Exchange Commission ("SEC").

**Seasonality**

We experience seasonal fluctuations in the demand for our services as a result of seasonal patterns in travel. For example, searches and consequently our revenue, are generally the highest in the first three quarters as travelers plan and book their spring, summer and winter holiday travel. Our revenue typically decreases in the fourth quarter. Seasonal fluctuations affecting our revenue also affect the timing of our cash flows. We typically invoice once per month, with customary payment terms. Therefore, our cash flow varies seasonally with a slight delay to our revenue, and is significantly affected by the timing of our advertising spending. Changes in the relative revenue share of our offerings in countries and areas where seasonal travel patterns vary from those described above may influence the typical trend of our seasonal patterns in the future.

**Accounting estimates**

We use estimates and assumptions in the preparation of our interim unaudited condensed consolidated financial statements in accordance with GAAP. Preparation of the interim unaudited condensed consolidated financial statements and accompanying notes requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as revenue and expenses during the periods reported. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our interim unaudited condensed consolidated

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financial statements include: business combinations, leases, recoverability of goodwill and indefinite-lived intangible assets, income taxes, and share-based compensation.

**Note 2: Significant accounting policies**

The significant accounting policies used in preparation of these unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2025 are consistent with those discussed in Note 2 to the consolidated financial statements in our Annual Report on Form 20-F for the year ended December 31, 2024, except as updated below.

**Consolidation**

Following the acquisition of the trivago DEALS Ltd. subsidiary (formerly Holisto Ltd.), the financial information of this subsidiary has been consolidated on a one month lag basis to facilitate timely preparation of our consolidated financial statements, with the exception of significant transactions or events that occur during the intervening one month period. As the transaction closed on July 31, 2025, only one month of financial information has been consolidated for the three and nine months ended September 30, 2025. Refer also to *Note 3*: *Holisto Acquisition.*

**Revenue Recognition** 

*Other Revenue*

Revenue from providing online hotel booking services is recognized when the stayed night occurs as our performance obligation includes post booking customer support services. We have determined that we are the agent in these transactions because we do not control the hotel rooms or bear inventory risk. Accordingly, revenue is recorded net of amounts paid to hotel suppliers. In transactions where travelers pay us in advance, we record the payments as advances from travelers (representing amounts payable to hotel suppliers) and deferred revenue (representing our commission). Payments to hotel suppliers are generally due within 30 days after guest check-in. We exclude taxes assessed by governmental authorities from the measurement of the transaction price.

Revenue from subscription services is recognized ratably over the contract term, which is generally 12 months or less from the subscription commencement date. Customers may choose to be billed annually or monthly via Single Euro Payments Area ("SEPA") or credit card. The price per subscription is fixed and determinable when the contract commences.

We also earn revenue by offering our advertisers business-to-business (B2B) solutions including: display advertisements, which are recognized as the services are provided; access services, which are recognized based on the volume usage; white label services, which are predominantly recognized in accordance with CPC revenue; and promotion of services on our platform, which are recognized based on achievement of sales volume targets.

These revenue streams do not represent a significant portion of our revenue.

**Recent accounting pronouncements not yet adopted**

*Income Taxes.* In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 to improve its income tax disclosure requirements. Under the new guidance, public business entities must annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). The new standard is effective for fiscal periods beginning after December 15, 2024. We will incorporate the new guidance in our tax disclosures in our consolidated financial statements for the fiscal year ended December 31, 2025.

*Expense Disaggregation Disclosures.* In November 2024, the FASB issued ASU 2024-03 which requires enhanced disaggregated disclosures regarding income statement expenses in a tabular format. The new guidance requires relevant expense captions to be disaggregated into categories, such as employee

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compensation, depreciation, and intangible asset amortization, included within each interim and annual income statement's expense caption, as applicable. Additionally, entities are required to disclose their selling expenses and their definition of selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statement disclosures.

*Credit Losses.* In July 2025, the FASB issued ASU 2025-05, which provides a practical expedient for estimating expected credit losses on current trade receivables and contract assets arising from revenue transactions under ASC 606. The new guidance allows entities to assume that current economic conditions will remain unchanged over the remaining life of these assets, thereby simplifying the application of the current expected credit loss (CECL) model. The update is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2025, with early adoption permitted. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statements.

*Internal-Use Software.* In September 2025, the FASB issued ASU 2025-06, which updates the accounting guidance for costs incurred in the development of internal-use software. The new guidance eliminates the requirement to categorize costs by project stage and instead allows entities to capitalize costs when management has authorized and committed funding for a software project and it is probable the project will be completed and used as intended, unless significant development uncertainty exists. The update is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2027, with early adoption permitted. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statements.

**Certain risks and concentration of credit risk**

Our business is subject to certain risks and concentrations including dependence on relationships with our advertisers, dependence on third-party technology providers, and exposure to risks associated with online commerce security. Our concentration of credit risk relates to depositors holding our cash and customers with significant accounts receivable balances.

Our customer base includes primarily OTAs, hotel chains, and independent hotels, as well as individual travelers. We perform ongoing credit evaluations of our customers and maintain allowances for potential credit losses. We generally do not require collateral or other security from our customers.

Expedia Group, our controlling shareholder, and its affiliates represent 30% and 34% of total revenues for the three and nine months ended September 30, 2025, respectively, compared to 36% and 38% in the same periods in 2024. Expedia Group and its affiliates represent 38% and 44% of total accounts receivable as of September 30, 2025 and December 31, 2024, respectively.

Booking Holdings and its affiliates represent 43% and 40% of total revenues for the three and nine months ended September 30, 2025, respectively, compared to 39% and 38% in the same periods in 2024. Booking Holdings and its affiliates represent 24% and 22% of total accounts receivable as of September 30, 2025 and December 31, 2024, respectively.

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**Deferred revenue** 

As of December 31, 2024, the deferred revenue balance was €1.0 million, €1.0 million of which was recognized as revenue during the nine months ended September 30, 2025. As of September 30, 2025, deferred revenue also includes the balance acquired in connection with the Holisto acquisition. Refer *Note 3 - Holisto Acquisition*.

**Foreign currency transaction gains and losses** 

Foreign currency transaction gains and losses presented within net other income for the three and nine months ended September 30, 2025 and 2024 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| **(in thousands)** | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Foreign exchange gains, net | € | 23 | € | 201 | € | 468 | € | 310 |

---

**Note 3: Holisto Acquisition**

On July 31, 2025, we exercised our share purchase option and acquired the remaining 69.2% of equity interests in Holisto Ltd. ("Holisto") for an aggregate cash purchase price of €22.3 million (USD 25.5 million) (the "step acquisition"). Immediately prior to the transaction closing, we owned a 30.8% interest in Holisto, which was accounted for as an equity method investment. The acquisition of Holisto was driven by strategic objectives to enhance trivago's product offerings and long-term growth. Holisto was subsequently renamed to trivago DEALS Ltd.

The step acquisition was accounted for as a business combination using the acquisition method of accounting. As a result, the financial results of Holisto have been included in our unaudited consolidated financial statements from the date of acquisition. We have consolidated the financial statements of Holisto after acquisition on a one month lag basis, refer to *Note 2: Consolidation*. Revenues from Holisto included in our unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2025 were €3.2 million. Net income from Holisto included in our unaudited condensed consolidated statements of operations for the same periods was €0.4 million.

The step acquisition also required remeasurement of our existing 30.8% ownership interest in Holisto and the share purchase option to fair value. We utilized the €22.3 million acquisition price to determine the fair value of the existing equity interest and along with the derecognition of the purchase option resulted in the recognition of a gain of €3.2 million (the "Step Acquisition Gain"), which is now included in net other income in our unaudited condensed consolidated statements of operations for 2025.

The following table summarizes the purchase price consideration in connection with the step acquisition (in millions):

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| | | |
|:---|:---|:---|
| Total cash paid | € | 22.3 |
| Fair value of existing 30.8% equity interest | 9.9 | 9.9 |
| **Total consideration** | **€** | **32.2** |

---

Expenses related to the step acquisition totaled approximately €0.5 million during 2025, consisting of professional fees which are classified as general and administrative expenses in the unaudited condensed consolidated statements of operations. The initial carrying value of our Holisto equity method investment in July 2024 also included €0.9 million of capitalized direct transaction costs.

We have allocated the consideration paid for Holisto to the net tangible and identifiable intangible assets based on their estimated fair values.

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The following table summarizes the final acquisition date fair values of the assets acquired and liabilities assumed:

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| | |
|:---|:---|
| **(in thousands)** | **July 31, 2025** |
| Cash and cash equivalents | €7,272 |
| Restricted cash | 51 |
| Short term deposits | 21677 |
| Accounts receivable | 8689 |
| Prepaid expenses and other current assets | 3590 |
| Deferred tax assets | 1794 |
| Other long term assets | 393 |
| Goodwill | 14192 |
| Intangible assets, net | 31445 |
| **Total assets** | **€89,103** |
| Accounts payable | (5952) |
| Advances from travelers | (46186) |
| Deferred revenue | (3251) |
| Other liabilities | (1479) |
| **Net assets acquired** | **€32,235** |

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Goodwill represents the excess of the purchase price over the fair value of the underlying net tangible and identifiable intangible assets.

**Supplemental Pro Forma Information**

The following table presents unaudited supplemental pro forma consolidated revenue and net income/(loss) for the three and nine months ended September 30, 2025 and 2024 as if the Holisto acquisition had occurred on January 1, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Revenue | €171,832 | €153,153 | €444,057 | €384,568 |
| Net income/(loss) | 5177 | (17203) | (14417) | (36344) |

---

The unaudited pro forma consolidated revenue reflects actual revenues prior to the Holisto acquisition, adjusted to eliminate intercompany transactions between trivago and Holisto that would have been eliminated had the entities been consolidated since January 1, 2024. The unaudited pro forma net income/(loss) is adjusted to (i) include amortization of acquired intangible assets, and (ii) exclude remeasurement gains and losses on certain Holisto financial instruments that were extinguished in direct connection with the acquisition, the Step Acquisition Gain, net losses from the Holisto equity method investment, and acquisition and integration costs.

The unaudited pro forma information is not necessarily indicative of the results of operations that we would have reported had the transaction actually occurred at the beginning of the period nor is it necessarily indicative of future results. The unaudited pro forma financial information does not reflect the impact of future events that may occur after the acquisition, including, but not limited to, anticipated costs savings from synergies or other operational improvements.

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**Note 4: Fair value measurement**

Financial assets measured at fair value on a recurring basis are classified using the fair value hierarchy in the tables below:

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** |
| **(in thousands)** | **Level 2** | **Level 2** |
| Cash equivalents: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term deposits | € | 52557 |
| Short-term investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term deposits | 18660 | 18660 |
| Investments and other assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term deposits | 1351 | 1351 |
| **Total** | **€** | **72568** |

---

---

| | | |
|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** |
| **(in thousands)** | **Level 2** | **Level 2** |
| Cash equivalents: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term deposits | € | 80950 |
| Investments and other assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Term deposits | 1351 | 1351 |
| **Total** | **€** | **82301** |

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We value our financial assets using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

We hold term deposit investments with financial institutions. We classify our term deposits within Level 2 in the fair value hierarchy because they are valued at amortized cost, which approximates fair value. Term deposits with a maturity of less than 3 months are classified as cash equivalents, those with a maturity of more than three months but less than one year are classified as short-term investments and those with a maturity of more than one year are classified as investments and other assets. Investments in term deposits with a maturity of more than one year are restricted by long-term obligations related to the campus building.

**Assets measured at fair value on a non-recurring basis**

Our non-financial assets, such as goodwill, intangible assets and property and equipment, as well as our equity method investment, are adjusted to fair value when an impairment charge is recognized or the underlying investment is sold. Such fair value measurements are based predominately on Level 3 inputs.

**Note 5: Prepaid expenses and other current assets**

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| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| Prepaid advertising | € | 572 | € | 2135 |
| Other prepaid expenses | 5029 | 5029 | 4022 | 4022 |
| Assets held for sale |  |  | 100 | 100 |
| Other assets | 862 | 862 | 201 | 201 |
| **Total** | **€** | **6463** | **€** | **6458** |

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**Note 6: Property and equipment, net**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **(in thousands)** | | | | |
| Building and leasehold improvements | € | 4150 | € | 4121 |
| Capitalized software and software development costs | 33939 | 33939 | 31366 | 31366 |
| Computer equipment | 15975 | 15975 | 15478 | 15478 |
| Furniture and fixtures | 3085 | 3085 | 3042 | 3042 |
| Subtotal | € | 57149 | € | 54007 |
| Less: accumulated depreciation | 48498 | 48498 | 45797 | 45797 |
| **Property and equipment, net** | **€** | **8651** | **€** | **8210** |

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**Note 7: Goodwill and intangible assets, net**

**Goodwill**

As of September 30, 2025, goodwill allocated to the trivago DEALS operating segment was €14.2 million, which did not include any accumulated impairment losses. Refer also to *Note 3*: *Holisto Acquisition.*

**Intangible assets** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **(in thousands)** | | | | |
| Intangible assets with indefinite lives | € | 45345 | € | 45345 |
| Intangible assets with definite lives, net | 30163 | 30163 |  |  |
| **Total** | **€** | **75508** | **€** | **45345** |

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Our indefinite-lived intangible assets relate principally to trade names, trademarks and domain names.

We performed a quantitative impairment assessment for our annual impairment test as of September 30th. As a result, an indefinite-lived intangible assets impairment charge of €30.0 million was recorded for the year ended December 31, 2024. The impairment was driven by the decline in revenue observed in 2024 compared to the prior year primarily resulting from the headwinds in our performance marketing channels that have delayed our previously expected growth and continued uncertainty in respect of the overall economic environment. Share price declines observed during 2024 have also reduced our total market capitalization relative to our net assets.

We base our measurement of the fair value of our indefinite-lived intangible assets using the relief-from-royalty method. This method assumes that these assets have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. The significant estimates used in this method include estimating and selecting appropriate royalty rate, discount rate and revenue growth rates.

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Our definite-lived intangible assets relate principally to acquired developed technology, trademarks, and partnership agreements. Refer also to *Note 3*: *Holisto Acquisition.*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **Developed Technology** | **Developed Technology** | **Trademark** | **Trademark** | **Partnership and other agreements** | **Partnership and other agreements** | **Total** | **Total** |
| **Balance as of July 31, 2025** | **€** | **26715** | **€** | **482** | **4248** | **4248** | **€** | **31445** |
| Accumulated amortization | (361) | (361) | (13) | (13) | (57) | (57) | (431) | (431) |
| Foreign exchange translation | (723) | (723) | (13) | (13) | (115) | (115) | (851) | (851) |
| **Balance as of September 30, 2025** | **€** | **25631** | **€** | **456** | **€** | **4076** | **€** | **30163** |

---

Amortization is recorded over the estimated useful lives of 6 years for the developed technology and agreements, and 3 years for the trademark. The estimated future amortization expense as of September 30, 2025, assuming no subsequent impairment of the underlying assets, will be €5.2 million for developed technology and other agreements for each of the five succeeding fiscal years. For the trademark, the estimated future amortization will be €0.2 million for the first two succeeding fiscal years, and €0.1 million in the third fiscal year.

**Note 8: Share-based awards and other equity instruments**

**Share-based compensation expense**

The following table presents the amount of share-based compensation expense included in our unaudited condensed consolidated statements of operations during the periods presented:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| **(in thousands)** | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Equity classified awards | € | 1781 | € | 1832 | € | 5174 | € | 4807 |
| Liability classified awards | 207 | 207 | 354 | 354 | 741 | 741 | 1010 | 1010 |
| **Total share-based compensation expense** | **€** | **1988** | **€** | **2186** | **€** | **5915** | **€** | **5817** |

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**Share-based award activity**

The following table presents a summary of our share option activity for the nine months ended September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Options** | **Weighted<br>average<br>exercise<br>price** | **Weighted average remaining**<br>**contractual**<br>**life** | **Aggregate<br>intrinsic<br>value** |
| | | **(in €)** | **(In years)** | **(€ in thousands)** |
| **Balance as of January 1, 2025** | 34454915 | 0.99 |  |  |
| Granted | 2521075 | 0.63 |  |  |
| Exercised<sup>(1)</sup> | 37985 | 0.07 |  |  |
| Expired | 610020 | 4.72 |  |  |
| Forfeited | 5215130 | 0.34 |  |  |
| **Balance as of September 30, 2025** | **31112855** | 0.94 | 7 | 7605 |

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<sup>(1)</sup> *Inclusive of 17,930 options withheld due to net share settlements to satisfy required employee tax withholding requirements. Potential shares which had been convertible under options that were withheld under net share settlements remain in the authorized but unissued pool under the 2016 Omnibus Incentive Plan and can be issued by the Company. Total payments for the employees'* 

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*tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited condensed consolidated statements of cash flows.*

The following table summarizes information about share options vested and expected to vest as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fully Vested and Expected to Vest** | **Options** | **Weighted<br>average<br>exercise<br>price** | **Remaining<br>contractual<br>life** | **Aggregate<br>intrinsic<br>value** |
| | | **(in €)** | **(In years)** | **(€ in thousands)** |
| Outstanding | 22952855 | 1.16 | 7 | 5519 |
| Currently Exercisable | 14167615 | 1.64 | 8 | 3337 |

---

On April 14, 2025 and May 21, 2025, 500,000 Class A share RSUs and 1,000,000 Class A share options, respectively, were granted to our new Chief Financial Officer. The RSUs will vest in equal installments quarterly while the options will vest in equal installments annually, both over the next three years.

On May 31, 2025, 5,213,335 of the outstanding Class A share options held by our former Chief Financial Officer were forfeited in conjunction with his departure.

The following table presents a summary of our restricted stock unit (RSU) activity for the nine months ended September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| | **RSUs** | **Weighted average grant date fair value** | **Weighted average remaining time to vest** |
| | | **(in €)** | **(in years)** |
| **Balance as of January 1, 2025** | 3976800 | 0.63 |  |
| Granted | 5350475 | 0.71 |  |
| Vested<sup>(1)</sup> | 2347875 | 0.76 |  |
| Cancelled | 345705 | 0.66 |  |
| **Balance as of September 30, 2025** | **6633695** | 0.64 | 1 |

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<sup>(1)</sup> *Inclusive of 1,204,150 RSUs withheld due to net share settlements to satisfy required employee tax withholding requirements. Potential shares which had been convertible under RSUs that were withheld under net share settlements remain in the authorized but unissued pool under the 2016 Omnibus Incentive Plan and can be issued by the Company. Total payments for the employees' tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited condensed consolidated statements of cash flows.*

**Note 9: Income taxes**

Income tax expense was €4.6 million during the three months ended September 30, 2025, compared to a benefit of €3.8 million in the same period in 2024. The total weighted-average tax rate for the three months ended September 30, 2025 was 30.3%, which primarily reflects the German statutory tax rate of approximately 31.2% and the estimated permanent effects for the full year, specifically non-tax-deductible expenses and deductible taxes impacting the tax base. Our effective tax rate during the three months ended September 30, 2025 was 28.7%, compared to 20.8% in the same period in 2024. The change in effective tax rate during the three months ended September 30, 2025 compared to the same period in 2024 is primarily related to the difference in the pre-tax profit and loss position between the two periods, as well as the difference in deferred tax adjustments related to temporary items between the two periods, including a deferred tax benefit resulting from an upcoming change in the German statutory tax rate.

Income tax expense was €1.4 million during the nine months ended September 30, 2025, compared to a benefit of €9.1 million in the same period in 2024. Our effective tax rate for the nine months ended September 30, 2025 was 522.5% compared to 24.7% in the same period in 2024. The effective tax rate

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during the nine months ended September 30, 2025 is significantly higher than the same period in 2024 because the pre-tax income position for the nine months ended September 30, 2025 is relatively close to zero. A low pre-tax income causes any tax expense to result in a disproportionately high effective tax rate.

The difference between the weighted average tax rates and the effective tax rates for the three and nine months ended September 30, 2025 is primarily attributable to share-based compensation expense, which is not deductible for tax purposes. For the nine months ended September 30, 2025, the effective tax rate is also impacted by the marginal pre-tax income mentioned above, which amplifies the impact of discrete tax items.

The uncertain tax position related to unrecognized tax benefits from the deductibility of expenses was €8.8 million as of September 30, 2025. The liability associated with these tax benefits is included in accrued expenses and other current liabilities in the unaudited condensed consolidated balance sheets.

As a result of the Holisto acquisition, we recognized net deferred tax assets of €1.7 million in our unaudited condensed consolidated balance sheets, resulting mostly from net operating loss carryforwards and deductible research and development costs, partly offset by the tax effects of intangible assets acquired. Refer to *Note 3*: *Holisto Acquisition.*

**Note 10: Stockholders' equity**

**Class A and Class B Common Stock**

Our authorized share capital amounts to €234.0 million and is divided into Class A and Class B common stock with par values of €0.06 and €0.60, respectively. As stated in our articles of association, each Class B shareholder can request the conversion one or more Class B shares at any time with the ratio of one Class B share to ten Class A shares. The shareholder will then transfer nine out of every ten Class A shares to the Company for no consideration, leaving the shareholder with one issued Class A share. Upon conversion, the number of authorized Class B shares decreases by the number converted and concurrently, the number of Class A shares increases by ten times the number of Class B shares converted in order to maintain our authorized share capital. At the time of our IPO in 2016, the number of authorized Class A and Class B shares was 700,000,000 and 320,000,000, respectively. These share counts have been adjusted accordingly with each conversion of Class B shares into Class A shares and the current share counts are reflected on the unaudited condensed consolidated balance sheets.

As of September 30, 2025, Class B shares are only held by Expedia Group and Rolf Schrömgens. Refer to *Note 1: Organization and basis of presentation* for Expedia Group's ownership interest and voting interest. The Class B shares held by Mr. Schrömgens as of September 30, 2025, had an ownership interest and voting interest of 8.1% and 11.4%, respectively.

The ratio of the Company's American Depositary Shares ('ADS') program is one ADS to five Class A shares.

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**Note 11: Earnings per share**

Basic and diluted earnings per share of Class A and Class B common stock is computed by dividing net income/(loss) by the weighted average number of Class A and Class B common stock outstanding during the same period. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. In periods when we recognize a net loss, we exclude the impact of outstanding stock-based awards from the diluted loss per share calculation as their inclusion would have an antidilutive effect.

The following table presents our basic and diluted earnings per share:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Three months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** | **Nine months ended<br>September 30,** |
| **(€ thousands, except per share data)** | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| **Numerator:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income/(loss) | € | 11027 | € | (15431) | € | (3270) | € | (28757) |
| **Denominator:** |  |  |  |  |  |  |  |  |
| Weighted average shares of Class A and Class B common stock outstanding: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 352098 | 352098 | 349118 | 349118 | 352095 | 352095 | 349199 | 349199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 357462 | 357462 | 349118 | 349118 | 352095 | 352095 | 349199 | 349199 |
| **Net income/(loss) per share:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | € | 0.03 | € | (0.04) | € | (0.01) | € | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 0.03 | 0.03 | (0.04) | (0.04) | (0.01) | (0.01) | (0.08) | (0.08) |

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For the three months ended September 30, 2025, approximately 12 million of outstanding stock-based awards have been excluded from the calculations of diluted net income per share because their effect would have been antidilutive. For the nine months ended September 30, 2025 and 2024 as well as for the three months ended September 30, 2024, approximately 34 million of outstanding stock-based awards have been excluded from the calculations of diluted net loss per share because their effect would have been antidilutive.

**Note 12: Commitments and contingencies**

**Legal proceeding**

One purported class action has been filed in Israel, making allegations about our advertising and/or display practices, such as search results rankings and algorithms, and discount claims. A pre-trial case management hearing took place on October 1, 2024. The court ordered trivago to provide certain information to the plaintiff. Pursuant to the court's recommendation, the parties initiated mediation procedures to evaluate possibilities for an amicable resolution of the matter in December 2024. These procedures were pursued but have been terminated in this quarter. Accordingly, the court proceedings are expected to continue in due course.

**Note 13: Related party transactions**

**Relationships with Expedia**

We have commercial relationships with Expedia Group, Inc. and many of its affiliated brands, including Brand Expedia, Hotels.com, Orbitz, Travelocity, Hotwire, Wotif, Vrbo and ebookers. These arrangements are terminable at will upon fourteen to thirty days prior notice by either party and on customary

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commercial terms that enable Expedia Group's brands to advertise on our platform, and we receive payment for users we refer to them. We also have an agreement with Expedia Partner Solutions ("EPS"), where EPS powers our platform with a template (Hotels.com for partners). Related-party revenue from Expedia Group primarily consists of click-through fees and other advertising services provided to Expedia Group and its affiliates.

Related-party revenue from Expedia Group and its affiliates was €48.8 million and €145.4 million for the three and nine months ended September 30, 2025, respectively, compared to €52.8 million and €137.4 million in the same periods in 2024. These amounts are recorded at contract value, which we believe is a reasonable reflection of the value of the services provided. Related-party revenue from Expedia Group represented 30% and 34% of our total revenue for the three and nine months ended September 30, 2025, compared to 36% and 38% in the same periods in 2024, respectively.

For the three and nine months ended September 30, 2025 and 2024, we did not incur significant operating expenses from related-party services and support agreements with Expedia Group.

The related party trade receivable balances with Expedia Group and its affiliates as of September 30, 2025 and December 31, 2024 were €31.8 million and €20.8 million, respectively.

**UBIO Limited**

Effective January 1, 2025 we renewed the commercial agreement with our existing partner UBIO Limited to increase the number of directly bookable rates available on our website for an additional 12-month period. This agreement will extend by subsequent 12 month periods, unless it is terminated by either party with 90 days prior notice at the end of each period. The agreement includes an annual minimum commitment of €0.8 million (GBP 0.7 million).

Our operating expenses related to this partner were €0.2 million and €0.6 million for the three and nine months ended September 30, 2025, respectively, compared to €0.4 million and €1.1 million in the same periods in 2024.

**Holisto Limited**

On July 30, 2024, we entered into an equity method investment in Holisto and treated it as a related party. Upon acquiring the remaining equity interests on July 31, 2025, see *Note 3 - Holisto Acquisition*, we began consolidating its results. Related-party revenue relating to the period prior to consolidation of Holisto consisting mainly of click-through fees was €0.7 million and €5.3 million for the three and nine months ended September 30, 2025, respectively, compared to €1.4 million in the same periods in 2024. These amounts are recorded at contract value, which we believe is a reasonable reflection of the value of the services provided. The related party trade receivable balance with Holisto as of December 31, 2024 was €0.5 million.

Our operating expenses before the consolidation of Holisto were €0.1 million and €0.6 million for the three and nine months ended September 30, 2025, respectively. In the three and nine months ended September 30, 2024, we did not incur significant operating expenses from related-party services and support agreements with Holisto.

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**Note 14: Segment information**

Management has identified three reportable segments: Americas, Developed Europe, and Rest of World (RoW). Our Americas segment is comprised of Argentina, Brazil, Canada, Chile, Colombia, Ecuador, Mexico, Peru, the United States and Uruguay. Our Developed Europe segment is comprised of Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. Our RoW segment is comprised of all other countries where trivago operates. Our trivago DEALS operating segment does not meet the quantitative thresholds of a separate reportable segment for the three and nine months ended September 30, 2025.

Our chief operating decision makers ("CODMs") are our managing directors comprised of the Chief Executive Officer, Chief Financial Officer, Chief Marketing Officer, and Chief Product Officer. We determined our operating segments based on how our chief operating decision makers manage our business, make operating decisions and evaluate operating performance. Our primary operating metric is Return on Advertising Spend, ("ROAS") contribution, for each of our reportable segments, which compares Referral Revenue before intersegment eliminations to Advertising Spend. This is consistent with how management monitors and runs the business.

Our CODMs use ROAS contribution to allocate resources for each reportable segment predominantly in the annual budget and forecasting process. The CODMs consider budget-to-actual variances on a monthly basis using ROAS contribution when making decisions about the allocation of Advertising Spend to the reportable segments. The CODMs also use ROAS contribution to assess the performance for each reportable segment.

Our segment disclosures include intersegment Referral Revenue from our trivago DEALS operating segment as this segment is now consolidated into our results, refer to *Note 3: Holisto Acquisition*. All expenses except for Advertising Spend are excluded from reportable segment operating performance and are included in our segment reconciliations below.

The following tables present our segment information for the three and nine months ended September 30, 2025 and 2024. As a significant portion of our property and equipment is not allocated to our operating segments and depreciation is not included in our segment measure, we do not report the assets by segment as it would not be meaningful. We do not regularly provide such information to our CODMs.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** |
| **(€ thousands)** | **Developed Europe** | **Americas** | **Rest of World** | **Total** |
| Referral Revenue from external customers, including related party | 69714 | 58840 | 33047 | 161601 |
| Intersegment Referral Revenue | 427 | 1453 | 64 | 1944 |
|  | 70141 | 60293 | 33111 | 163545 |
| *Reconciliation of revenue* |  |  |  |  |
| Other revenues |  |  |  | 3975 |
| Elimination of intersegment Referral Revenue |  |  |  | (1944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total consolidated revenue |  |  |  | 165576 |
| Less: |  |  |  |  |
| Advertising Spend | 49686 | 44532 | 27781 |  |
| ROAS contribution | 20455 | 15761 | 5330 | 41546 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | 3981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | 6091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | 12361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | 8523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 457 |
| Operating income | Operating income | Operating income | Operating income | 12164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 3464 |
| **Income before income taxes** | **Income before income taxes** | **Income before income taxes** | **Income before income taxes** | **16134** |

---

<sup>(1)</sup> *Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** |
| **(€ thousands)** | **Developed Europe** | **Americas** | **Rest of World** | **Total** |
| Referral Revenue from external customers, including related party | 64239 | 51631 | 29425 | 145295 |
| *Reconciliation of revenue* |  |  |  |  |
| Other revenues |  |  |  | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total consolidated revenue |  |  |  | 146087 |
| Less: |  |  |  |  |
| Advertising Spend | 42487 | 40887 | 25011 |  |
| ROAS contribution | 21752 | 10744 | 4414 | 36910 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | 2906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | 5182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | 12335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | 6892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets and goodwill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets and goodwill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets and goodwill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets and goodwill | 30000 |
| Operating loss | Operating loss | Operating loss | Operating loss | (19613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 419 |
| **Loss before income taxes** | **Loss before income taxes** | **Loss before income taxes** | **Loss before income taxes** | **(18371)** |

---

<sup>(1)</sup> *Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.*

------

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
| **(€ thousands)** | **Developed Europe** | **Americas** | **Rest of World** | **Total** |
| Referral Revenue from external customers, including related party | 178231 | 156545 | 88749 | 423525 |
| Intersegment Referral Revenue | 427 | 1453 | 64 | 1944 |
|  | 178658 | 157998 | 88813 | 425469 |
| *Reconciliation of revenue* |  |  |  |  |
| Other revenues |  |  |  | 5427 |
| Elimination of intersegment Referral Revenue |  |  |  | (1944) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total consolidated revenue |  |  |  | 428952 |
| Less: |  |  |  |  |
| Advertising Spend | 134756 | 133412 | 74759 |  |
| ROAS contribution | 43902 | 24586 | 14054 | 82542 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | 9369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | 19339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | 38316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | 23951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 490 |
| Operating loss | Operating loss | Operating loss | Operating loss | (5440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 3945 |
| **Income before income taxes** | **Income before income taxes** | **Income before income taxes** | **Income before income taxes** | **271** |

---

<sup>(1)</sup> *Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** |
| **(€ thousands)** | **Developed Europe** | **Americas** | **Rest of World** | **Total** |
| Referral Revenue from external customers, including related party | 155087 | 137597 | 69993 | 362677 |
| *Reconciliation of revenue* |  |  |  |  |
| Other revenues |  |  |  | 3397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total consolidated revenue |  |  |  | 366074 |
| Less: |  |  |  |  |
| Advertising Spend | 115295 | 113810 | 58888 |  |
| ROAS contribution | 39792 | 23787 | 11105 | 74684 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue, including related party, excluding amortization | 8592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other selling and marketing, including related party<sup>(1)</sup> | 16639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and content, including related party | 37754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative, including related party | 25045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets and goodwill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets and goodwill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets and goodwill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of intangible assets and goodwill | 30000 |
| Operating loss | Operating loss | Operating loss | Operating loss | (39972) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 2710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 373 |
| **Loss before income taxes** | **Loss before income taxes** | **Loss before income taxes** | **Loss before income taxes** | **(36902)** |

---

<sup>(1)</sup> *Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.*

<br>