TRVG

Analysts have lifted fair value estimates for trivago from about US$4.56 to about US$6.13, a move that puts recent price targets more in the US$5 to US$8 range. This shift reflects how recent earnings, updated guidance through 2028 and a new 10% margin guide are reshaping the Wall Street story around the stock. In the sections that follow, you will see how these moving pieces fit together and what to watch as the trivago narrative continues to evolve. Stay updated as the Fair Value for trivago shifts by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on trivago. B. Riley lifted its trivago price target to US$8 from US$6 after a Q2 earnings beat and a raise to fiscal 2026 guidance, which it views as supportive for the stock at current levels. Mizuho raised its target to US$5 from US$3 and describes the latest earnings as solid, highlighting six consecutive quarters of double digit revenue growth as a key support for the trivago story. UBS moved its target to US$6 from US$3.40 and points to consistent execution against trivago's stated priorities as a positive for how management is running the business. Mizuho flags trivago's new 10% margin guide for fiscal 2028 and the second consecutive raise to fiscal 2026 guidance as helpful markers for profitability and medium term planning. Mizuho keeps a Neutral rating and argues that trivago should trade on a lower multiple because two customers account for more than 60% of revenue, which concentrates risk if those relationships change. Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives! See how trivago's fair value stacks up across multiple valuation models — not just analyst targets. Fair value has moved from about US$4.56 to about US$6.13, which is an increase of roughly 34% in the latest analyst models for trivago. Revenue growth has shifted from about 10.41% to about 9.29% as a long term € revenue growth assumption for trivago. Net profit margin has changed from about 2.93% to about 5.62% as the expected long term net margin in updated forecasts. Future P/E has moved from about 16.07x to about 10.86x in current valuation work on trivago. The discount rate has adjusted from about 8.60% to about 8.68% in discounted cash flow models for trivago. Narratives connect trivago's business story to analyst forecasts and fair value estimates in one place. They adjust over time as new earnings, guidance and risks are added. Head over to the Simply Wall St Community and follow the Narrative on trivago to stay up to date on: How AI powered personalization and logged in membership are affecting user engagement and conversion. What expanding exposure to developing and underpenetrated markets and new partnership models may mean for future revenue streams. Key risks such as heavy reliance on brand marketing spend, concentrated metasearch revenues and exposure to foreign exchange headwinds. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TRVG. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Trivago N.V. ADS (TRVG) could be a solid addition to your portfolio given a notable revision in the company's earnings estimates. While the stock has been gaining lately, the trend might continue since its earnings outlook is still improving. Analysts' growing optimism on the earnings prospects of this company is driving estimates higher, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. This insight is at the core of our stock rating tool -- the Zacks Rank. The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008. For Trivago N.V. ADS, strong agreement among the covering analysts in revising earnings estimates upward has resulted in meaningful improvement in consensus estimates for the next quarter and full year. The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate: For the current quarter, the company is expected to earn $0.25 per share, which is a change of +400.0% from the year-ago reported number. The Zacks Consensus Estimate for Trivago has increased 10.53% over the last 30 days, as one estimate has gone higher compared to no negative revisions. For the full year, the company is expected to earn $0.25 per share, representing a year-over-year change of +177.8%. In terms of estimate revisions, the trend for the current year also appears quite encouraging for Trivago. Over the past month, one estimate has moved higher compared to no negative revisions, helping the consensus estimate increase 14.29%. The promising estimate revisions have helped Trivago earn a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500. Trivago shares have added 5.1% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Trivago N.V. ADS (TRVG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Trivago N.V. ADS? Here are five stocks we like better. Trivago reported strong Q2 results: Revenue rose 21% year over year to €168.4 million, adjusted EBITDA turned positive at €1.1 million, and the company extended its double-digit revenue-growth streak to six quarters. Growth was supported by improved efficiency and product initiatives: Referral revenue increased in the Americas and developed Europe, global ROAS improved, conversion rose 64% since Q2 2023, and Book & Go bookings roughly tripled year over year. Management raised its 2026 outlook to mid-teens revenue growth and approximately €30 million in adjusted EBITDA, while Trivago retained a strong balance sheet with €114.5 million in cash and no long-term debt. Trivago (NASDAQ: TRVG) Stock a Forgotten Travel Recovery Play Trivago N.V. ADS (NASDAQ:TRVG) reported second-quarter revenue growth of 21% and positive adjusted EBITDA, extending its streak of double-digit quarterly revenue growth to six consecutive quarters as the travel-search company raised its full-year outlook. Total revenue reached EUR 168.4 million in the second quarter, while adjusted EBITDA was positive EUR 1.1 million. Net loss for the period was EUR 5.2 million. Chief Executive Officer and Managing Director Johannes Thomas said the result marked the company’s first positive second quarter since 2023 and exceeded internal expectations for both revenue growth and profitability. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control “The first half of the year is our investment period, while the second half is where we expect to earn the majority of our profits,” Thomas said. “Reaching profitability already in Q2, while substantially cutting our first half adjusted EBITDA loss shows how much our earnings profile has strengthened as we head into our strongest season.” Referral revenue grew 16% year over year in the Americas and 14% in developed Europe, both ahead of management’s expectations. Chief Financial Officer and Managing Director Wolf Schmuhl attributed the growth to branded traffic, compounding benefits from brand marketing and better marketing efficiency. → 3 Drone Stocks That Should Soar After the Summer Slump Rest-of-world referral revenue declined 11%, affected by approximately 7% in foreign-exchange headwinds and geopolitical pressures in the Middle East, including airspace restrictions and higher oil prices. Schmuhl said the company adjusted bidding, marketing spending and targets locally during the quarter. The region represented 18% of second-quarter referral revenue, limiting its effect on the consolidated result. Operating expenses increased EUR 26.9 million from a year earlier to EUR 174.2 million. Selling and marketing expenses rose EUR 14.3 million as trivago increased investment in brand and performance channels. The company also cited incremental costs related to the consolidation of trivago DEALS. Advertising spending in developed Europe rose EUR 8.3 million, or 18%. Advertising spending in the Americas increased EUR 6.2 million, or 14%. Advertising spending in rest-of-world markets declined EUR 2.3 million, or 9%. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure Despite the higher spending, global return on advertising spend, or ROAS, improved to 121.8% from 119.0% a year earlier. Americas ROAS increased to 125.3% from 116.9%, while developed Europe declined slightly to 121.0% from 122.1% and rest-of-world ROAS fell to 115.9% from 117.1%. Thomas said the company’s product conversion rate has increased 64% since the second quarter of 2023. During the quarter, trivago aligned desktop and mobile experiences more closely, added more relevant listings and simplified the search-to-booking path. The company also expanded its use of artificial intelligence in hotel search. Its AI-generated review summaries now use a per-paragraph format with highlighted elements and related images, while Hotel Highlights were improved for more than 500,000 hotels and made more context-aware, according to Thomas. Trivago continued to pursue its member strategy, seeking to convert anonymous visitors into signed-up and profiled members. The three-month retention rate for new members has risen 24% since the first quarter of 2023, Thomas said. Before intercompany eliminations, logged-in members generated more than 30% of referral revenue. Revenue from customer relationship management channels, such as email and push notifications, more than doubled from a year earlier. Thomas said these channels have no dedicated marketing investment requirement and are becoming a relevant contributor to profitability, although they remain small in revenue terms. The company’s Book & Go offering also continued to expand. Its share of bookings on the platform roughly tripled year over year, and the service is now available in 16 markets. Trivago recently added several advertisers, including Expedia as a supply partner. Thomas said Expedia can gain additional visibility through the product, appearing under its own brand as well as through trivago’s branded booking channel. He added that Book & Go remains a complement to, rather than a replacement for, trivago’s core metasearch offering. Management raised its 2026 guidance and now expects total revenue growth in the mid-teens percentage range and adjusted EBITDA of about EUR 30 million. The company reiterated a target of reaching a 10% adjusted EBITDA margin by 2028. Schmuhl said the company expects to continue investing in brand marketing, though at a more moderate pace than in prior years, as it seeks to benefit from the compounding effects of its brand investments. Management cited improved conversion, greater customer retention, CRM engagement and a more diversified partner base as key elements supporting its margin target. Before intercompany eliminations, the share of referral revenue generated by “all other” advertisers increased to 35% in the second quarter from 20% in the second quarter of 2023. Thomas said a range of 30% to 40% would represent a healthy marketplace distribution. At June 30, trivago had EUR 114.5 million in cash and cash equivalents and no long-term debt. Schmuhl also said the company would continue its share repurchase program. As of July 31, the company had repurchased approximately 700,000 ADS for about $3.5 million. Thomas said internal AI adoption continued to increase. In the company’s latest employee survey, 93% of employees reported using AI daily, compared with 63% a year earlier, and employees reported saving an average of 55 minutes per day, up from 36 minutes. Trivago spent more than five times as much on AI tooling and tokens in the first seven months of 2026 as it spent during all of 2025, he said. During the question-and-answer session, Thomas also addressed Google’s search practices in Europe. He said trivago had not yet seen Google implement a solution in general search results related to the European Union’s Digital Markets Act case. Thomas referenced a European Commission finding in July that Google was non-compliant and had been fined EUR 890 million for self-preferencing in search, among other issues. Thomas said greater compliance could be a long-term structural positive for trivago by creating a more level competitive environment, while cautioning that the effects of search-result changes can be difficult to predict. Trivago N.V. ADS (NASDAQ: TRVG) operates as a leading online travel metasearch platform focused on helping consumers compare hotel prices worldwide. Headquartered in Düsseldorf, Germany, the company aggregates accommodation offers from hotel websites, online travel agencies and other booking platforms, enabling travelers to find optimal rates and availability across millions of properties. Its platform is accessible via desktop and mobile applications, offering user-friendly search filters, customer reviews and detailed property information to support informed booking decisions. The company's primary revenue model centers on cost-per-click (CPC) advertising, where accommodation providers and travel agencies bid for prominent placement in search results. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Trivago N.V. ADS Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Total Revenue: EUR168.4 million in Q2 2026, a 21% increase year-over-year. Referral Revenue by Segment: Americas grew 16% and Developed Europe grew 14% year-over-year, while Rest of World declined 11% due to FX headwinds and geopolitical pressures. Net Loss: EUR5.2 million for the second quarter. Adjusted EBITDA: Positive at EUR1.1 million, marking the first positive second quarter since 2023. Operational Expenses: Increased by EUR26.9 million year-over-year to EUR174.2 million, driven by higher selling and marketing investments. Advertising Spend: Increased by EUR8.3 million (18%) in Developed Europe and EUR6.2 million (14%) in Americas, but decreased by EUR2.3 million (9%) in Rest of World. Return on Advertising Spend (ROAS): Global ROAS improved from 119.0% in Q2 2025 to 121.8% in Q2 2026. Cash Position: Held EUR114.5 million in cash and cash equivalents with no long-term debt. Full-Year 2026 Guidance: Raised to mid-teens percentage total revenue growth and adjusted EBITDA of around EUR30 million. Warning! GuruFocus has detected 7 Warning Sign with TRVG. Is TRVG fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. trivago NV (NASDAQ:TRVG) delivered its sixth consecutive quarter of double-digit total revenue growth, with Q2 2026 revenue up 21% year-over-year, exceeding expectations. The company achieved a positive adjusted EBITDA of EUR1.1 million in Q2, marking its first positive second quarter since 2023 and demonstrating a strengthened earnings profile. Branded traffic referral revenue growth substantially outpaced total referral revenue growth, highlighting the success of the brand marketing strategy and its compounding effects. Product conversion rate has increased by 64% since Q2 2023, improving unit economics and making trivago a more attractive channel for partners. trivago Book & Go continues to scale rapidly, with its share of bookings roughly tripling year-over-year, and the onboarding of Expedia as a supply partner expands its marketplace. The company raised its full-year 2026 guidance to mid-teens revenue growth and adjusted EBITDA of around EUR30 million, and narrowed its path to a 10% adjusted EBITDA margin by 2028. CRM-related channels have more than doubled referral revenue year-over-year, providing new engagement avenues with no dedicated marketing investment. The partner mix has become more diversified, with the share of referral revenue from 'all other' advertisers growing from 20% in Q2 2023 to 35% in Q2 2026, enhancing marketplace resilience. AI adoption is driving significant internal efficiencies, with 93% of talents using AI daily and saving an average of 55 minutes per day, supporting operational leverage. The company maintains a strong financial position with EUR114.5 million in cash and no long-term debt, and continues its share buyback program. Rest of World referral revenue declined 11% year-over-year, impacted by FX headwinds of approximately 7% and geopolitical pressures in the Middle East, including airspace restrictions and elevated oil prices. Operational expenses increased by EUR26.9 million year-over-year, driven by higher selling and marketing investments and the consolidation of trivago DEALS. Developed Europe ROAS slightly declined from 122.1% to 121.0% due to strong brand investments, indicating some near-term marketing efficiency pressure. The Middle East situation remains fluid, creating near-term uncertainty and requiring dynamic management of exposure in the Rest of World segment. The company reported a net loss of EUR5.2 million in Q2, despite the positive adjusted EBITDA, indicating ongoing bottom-line challenges. The share price continues to understate trivago's long-term earnings potential, as noted by management, suggesting market skepticism or undervaluation. The company's growth is partly dependent on external factors such as Google's compliance with DMA regulations, which remains uncertain and could impact traffic. The transition to a more balanced marketplace with 'all other' advertisers at 35% share is seen as healthy, but any deviation below 30% could be concerning, indicating potential volatility. The company's top-line growth is expected to be above market, but specific long-term revenue guidance beyond 2026 is not provided, creating some uncertainty for investors. The consolidation of trivago DEALS has introduced incremental expenses, and the elimination of the reporting lag may cause some financial statement volatility. Q: How should we think about your ability to grow the top line as you march towards the 10% adjusted EBITDA margin target by 2028?A: Wolf Schmuhl (CFO) stated that the confidence in the 2028 target comes from the sum of trends already observed independently, including the compounding effects of the brand flywheel and a 64% improvement in conversion rate. He affirmed the company's plan to continue growing above market rates. Johannes Thomas (CEO) added that further top-line guidance will be provided later in the year, as the company wants to see how its member strategy and user stickiness unfold. Q: What are the key building blocks giving you confidence to bring forward the 10% adjusted EBITDA margin target? Is it channel mix, conversion lift, or marketing discipline?A: Johannes Thomas (CEO) outlined three primary building blocks: 1) The compounding effect of brand marketing, where branded users are stickier and more likely to return, with brand ad spend growth moderating from 20% last year to around 10% this year. 2) Direct conversion improvements, which have a significant impact on the bottom line. 3) The member strategy, which has increased member stickiness by 24% since Q1 2023. He also highlighted that CRM revenue, which has more than doubled, is becoming a relevant profit contributor as it allows engagement with members at no dedicated marketing cost. Q: How high can the share of "all other" advertisers (currently 35%) climb, and why did Expedia opt to participate in trivago Book & Go?A: Johannes Thomas (CEO) stated that trivago is agnostic to the exact percentage, viewing a range between 30% and 40% as a healthy distribution for the marketplace. On Expedia, he explained that joining Book & Go gives them incremental visibility with their own brand, while trivago benefits from offering a more seamless booking experience, particularly for its growing member base. He clarified that Book & Go is one of several drivers of the "all other" segment's growth, which also includes more direct accommodation players becoming competitive. Q: Are you seeing Google implement changes in Europe as required by the DMA, and is that a tailwind for trivago?A: Johannes Thomas (CEO) confirmed that Google has not yet implemented a solution in general search results. He noted that in July 2026, the European Commission found Google non-compliant and fined them EUR890 million for self-preferencing, explicitly naming hotels as a favored vertical. This validates trivago's own claim filed in May. He expects Google to react to avoid daily penalties of up to 5% of global turnover. While predicting the impact is hard, he views this as a structural long-term tailwind, creating a more level playing field where trivago can compete on product quality. Q: What are the primary drivers behind Book & Go's strong growth, and do you have a preference for users using the Book & Go funnel versus the metasearch funnel?A: Johannes Thomas (CEO) explained that Book & Go's growth is driven by scaling across 16 markets and onboarding new supply partners like Expedia. He stated that trivago has no preference for one funnel over the other, as the user journey is inherently chaotic. The company believes a segment of users (potentially 10%-20%) will prefer the Book & Go experience, particularly among its growing member base, while others will continue to appreciate the metasearch proposition. trivago plans to maintain and strengthen both, viewing Book & Go as a facilitator for users who want a more direct booking experience. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Exhibit 99.1 Operating and Financial Review DÜSSELDORF, GERMANY - August 4, 2026 – trivago N.V. (NASDAQ: TRVG) (the “Company”, “we,” “us,” “our,” or “trivago,”) announced financial results for the second quarter ended June 30, 2026. Highlights: Total year-over-year revenue growth of 21% at an improved year-over-year Global ROAS of 2.8 ppts in the second quarter of 2026. Revenue growth and higher ROAS leading to an improved year-over-year Net Loss and Adjusted EBITDA1 by €1.3 million and €6.1 million, respectively, in the second quarter of 2026. Full-year total revenue outlook raised to mid-teens percent growth year-over-year and increased Adjusted EBITDA guidance of around €30 million. "This quarter marked three years since we returned to trivago with the ambition to turn the company around, and our results show how far we have come. We delivered our sixth consecutive quarter of double-digit revenue growth, with total revenue up 21% year-over-year, and reached positive Adjusted EBITDA for the first time in a second quarter since 2023, even though the first half of the year is our investment period. This is a clear sign of how much our earnings profile has strengthened heading into our strongest season. Branded channel traffic Referral Revenue growth once again substantially outpaced our total Referral Revenue growth and our conversion rate is up 64% since the second quarter of 2023, proof that our brand and product flywheels are reinforcing each other. I'm proud of how our teams drive this momentum, leveraging the best of AI in our product, in our marketing, and in how we work, making us more impactful as an organization," said Chief Executive Officer Johannes Thomas. "The second quarter demonstrated continued execution of our strategy, combining cost discipline, improved unit economics and compounding effects of prior brand investments, translating into total revenue growth as well as improved profitability. Referral Revenue growth year-over-year of 16% in Americas and 14% in Developed Europe both exceeded our expectations, more than offsetting foreign exchange headwinds and geopolitical pressures in Rest of World. Global ROAS improved by three percentage points to 122% year-over-year, reflecting the effectiveness of our marketing strategy and the quality of traffic we deliver to our partners. These results strengthen our confidence in trivago's trajectory, which is reflected in our revised outlook of mid-teens percentage total revenue growth year-over-year and an increased full-year Adjusted EBITDA target of around €30 million in 2026, as well as our goal to achieve a 10% Adjusted EBITDA margin2 by 2028,” said Chief Financial Officer Dr. Wolf Schmuhl. Financial Summary & Operating Metrics (€ millions, unless otherwise stated) n.m. not meaningful (1) Referral Revenue is presented after intersegment eliminations as presented on the unaudited condensed consolidated statements of operations as of June 30, 2026. 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 travelers search for a hotel, we want trivago to be the obvious choice. We help them find the best place to stay and deliver the best deal to book, saving time and money — so every traveler feels smart and confident about their booking. Powered by AI, we personalize and simplify hotel search for millions of travelers, connecting them with more than 7.0 million hotels and other accommodations across more than 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, 2025. 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 revenue grew 21% year-over-year to €168.4 million in the second quarter. The growth was primarily driven by double-digit year-over-year Referral Revenue growth in the Americas and Developed Europe segments, mainly due to improvements in the quality of traffic from higher branded channel traffic3 levels and improved booking conversion, and by revenue generated by trivago DEALS in 2026 following our acquisition of the business in the third quarter of 2025. The year-over-year Referral Revenue decline in the Rest of World segment was primarily driven by continued foreign exchange headwinds and the impacts on travel behavior from the restraints on airspace and increases in oil prices resulting from the ongoing conflict in the Middle East. While these impacts continued to negatively affect the Rest of World segment, the overall impact to our Referral Revenue was not significant in the first half of 2026. Advertising Spend continued to increase in the second quarter of 2026 compared to the same prior year period, however at a more moderate pace compared to prior year quarters. We are continuing to observe compounding brand effects from significantly elevated brand investments in prior quarters, particularly in our Americas segment, which contributed to the Global ROAS improvement of 2.8 ppts to 121.8%, compared to the same prior year period. Purchase of Class A Shares During the three months ended June 30, 2026, 1,659,090 Class A shares were purchased under the previously announced share buyback program for an aggregate cost of USD 1.5 million (€1.3 million). As of July 31, 2026, the number of Class A shares repurchased increased to 3,473,215 for an aggregate cost of USD 3.5 million. Outlook The first few weeks of July are in line with management's expectations for total revenue and profitability results. Looking ahead to the second half of 2026, we anticipate continuing the momentum of higher profitability due to compounding effects from our brand campaigns during our peak travel season in combination with reduced Advertising Spend in the lower travel season. While we anticipate continued uncertainty regarding the conflict in the Middle East and in the global macroeconomic environment, we continue to expect that the impact to total Referral Revenue will not be significant for the full year 2026. We are raising our full-year total revenue outlook to mid-teens percent growth year-over-year, along with an increased Adjusted EBITDA guidance of around €30 million for the full year 2026. Revenue, Advertising Spend, and Return on 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 the 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 second quarter of 2026, the most significant countries by revenue in that segment were Japan, Turkey, Australia, Poland and New Zealand. We have determined that our trivago DEALS operating segment does not meet the quantitative thresholds of a separate reportable segment. We also earn revenue by providing travelers with online platforms for direct hotel booking services and offering our advertisers business-to-business (B2B) solutions including subscription fees for trivago Business Studio, which provides hotels with advanced data analytics and tools to enhance the accuracy, visibility, and performance of their listings on trivago. 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 streams resulting from the acquisition of trivago DEALS, typically do not represent a significant portion of our total revenue. n.m. not meaningful Note: Some figures may not add up due to rounding. (1) Referral Revenue is presented after intersegment eliminations as presented on the unaudited condensed consolidated statements of operations as of June 30, 2026. Referral Revenue Referral Revenue increased by €12.9 million and €24.4 million during the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increases were primarily driven by higher Referral Revenue in the Americas and Developed Europe segments due to growth in branded channel traffic in response to our continuous brand marketing investments and improved booking conversion, partly offset by the weakening of local currencies in the Americas segment against the Euro. The increases were partly offset by lower Referral Revenue in the Rest of World segment primarily due to the weakening of local currencies against the Euro and negative impacts of the conflict in the Middle East region on travel behavior. Other Revenue Other revenue increased by €16.3 million and €23.5 million during the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, primarily driven by revenues resulting from providing online hotel booking services in 2026 through trivago DEALS following our acquisition of the business in the third quarter of 2025. Additionally, the one-month reporting lag for trivago DEALS was eliminated, resulting in four months of trivago DEALS operating results in the quarter ended June 30, 2026.4 Advertiser Concentration We generate the majority of our Referral Revenue from online travel agencies, or OTAs. For brands affiliated with Expedia Group, including brands such as Expedia, Hotels.com, Wotif, and Vrbo, the share of our Referral Revenue before intersegment eliminations was 28% and 27% during the three and six months ended June 30, 2026, respectively, compared to 38% and 37% in the same periods in 2025, respectively. For brands affiliated with Booking Holdings, including Booking.com, Agoda and priceline.com, the share of our Referral Revenue before intersegment eliminations was 37% and 38% during the three and six month periods ended June 30, 2026, and 2025 respectively. Advertising Spend Advertising Spend is used in the calculation of our primary operating metrics 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. Note: Some figures may not add up due to rounding. Advertising Spend increased by €12.3 million and €23.2 million during the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 and represented a more moderate increase compared to prior year quarters. In the Developed Europe segment, the increases were primarily driven by continuous increases in brand marketing investments aimed at increasing the volume of direct traffic to our platforms. The increases in the Americas segment were mainly driven by increased investments with the aim of further developing our marketing channel diversification, specifically in marketing channels that we are becoming more familiar with. The increase in the Americas segment during the three months ended June 30, 2026 was further driven by accelerating brand marketing investments. In the Rest of World segment, the decreases in Advertising Spend were primarily driven by lower investments in performance marketing channels. Return on Advertising Spend (ROAS) Our chief operating decision makers ("CODMs") manage our business and evaluate the 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 June 30, 2026. ROAS Contribution is the difference between Referral Revenue before intersegment eliminations and Advertising Spend. ROAS expressed as a percentage is the ratio of Referral Revenue before intersegment eliminations to Advertising Spend. We believe that both are indicators of the efficiency of our advertising. Note: Some figures may not add up due to rounding. Note: Some figures may not add up due to rounding. Global ROAS increased by 2.8 ppts during both the three and six months ended June 30, 2026 compared to the same periods in 2025, reflecting the initial results of our strategy of achieving higher profitability targets while sustaining revenue growth. This was particularly evident in the Americas segment where increased brand investments in prior quarters generated measurable compounding returns leading to a strong year-over-year increase in ROAS. In the Rest of World segment, we observed foreign exchange headwinds and a reduced response to our marketing investments from negative impacts to travel behavior resulting from the conflict in the Middle East region, ultimately resulting in the year-over-year ROAS decline during both periods ended June 30, 2026. The ROAS decline in the Developed Europe segment during both periods ended June 30, 2026 was primarily due to increased brand marketing investments, partly offset by compounding returns from brand investments in prior quarters. Expenses Expenses by Cost Category (€ millions) n.m. not meaningful Note: Some figures may not add up due to rounding. n.m. not meaningful Note: Some figures may not add up due to rounding. Cost of Revenue Cost of revenue increased by €5.7 million and €8.6 million during the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, primarily due to costs in 2026 related to trivago DEALS5 following our acquisition of the business in the third quarter of 2025 that are closely related to revenue generation, including transaction processing and verification costs, customer support-related costs, and personnel costs. These increases were further driven by higher cloud-related service provider costs that are closely related to revenue generation. Selling and Marketing Selling and marketing expense increased by €14.3 million and €24.9 million during the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. Advertising Spend represented 93% and 94% of the total selling and marketing expense, respectively. See "Advertising Spend" above for further details. Other selling and marketing expense increased by €2.0 million and €1.7 million during the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. These increases were primarily driven by costs in 2026 related to trivago DEALS5 following our acquisition of the business in the third quarter of 2025, including traffic acquisition costs, third-party customer service-related costs, and personnel costs. The increases were further driven by higher costs to market our platform to new hoteliers, and were partly offset by lower television advertisement production costs. During the six months ended June 30, 2026, the increase was also partly offset by the cumulative reversal of the previously recognized Canadian digital services taxes following the repeal of the related legislation in March 2026. Technology and Content Technology and content expense increased by €1.9 million and €2.8 million during the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increases were primarily driven by costs in 2026 related to trivago DEALS5 following our acquisition of the business in the third quarter of 2025, including third party IT-related service provider costs and personnel costs. They were further driven by higher personnel costs overall mainly due to a higher headcount. The increases were partly offset by lower office-related expenses (such as headcount-based allocated rent) mainly driven by the release of previously accrued disputed rent in the second quarter of 2026 following the resolution of certain matters with our landlord. Additionally, there were lower non-trivago-DEALS related cloud and IT-related service provider costs. General and Administrative General and administrative expense increased by €3.0 million and €6.7 million during the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increases were primarily driven by costs in 2026 related to trivago DEALS5 following our acquisition of the business in the third quarter of 2025, including personnel costs and professional fees. They were further driven by higher share-based compensation expense and expenses related to our antitrust claim against Google (as detailed further in "Tabular Reconciliation for Non-GAAP Measure" below). During the six months ended June 30, 2026, the increase was additionally driven by higher legal and consulting expenses including the non-recurrence of accrual releases which took place in first quarter of 2025. Amortization of Intangible Assets Amortization of intangible assets of €1.8 million and €3.0 million during the three and six months ended June 30, 2026, respectively, relates to intangible assets recognized in connection with the trivago DEALS5 acquisition. ____________________________________ 5 Refer to the "Other Revenue" section above which describes the impact of the elimination of the one month reporting lag for trivago DEALS. Income Taxes, Net Loss and Adjusted EBITDA (€ millions) Note: Some figures may not add up due to rounding. Income Taxes Income tax benefit was €0.3 million during the three months ended June 30, 2026 compared to €1.2 million in the same period in 2025. The total weighted-average tax rate for the three months ended June 30, 2026 was 33.5%, which primarily reflected the German statutory tax rate of approximately 31.2% and the estimated permanent effects for the full year. Our effective tax rate for the three months ended June 30, 2026 was 6.4%, compared to 16.0% in the same period in 2025. Income tax benefit was €2.8 million during the six months ended June 30, 2026, compared to €3.2 million in the same period in 2025. Our effective tax rate for the six months ended June 30, 2026 was 18.3% compared to 20.3% in the same period in 2025. The changes in the effective tax rates between both periods ended June 30, 2026 as compared to the same periods in 2025 was primarily the result of changes in current and deferred tax adjustments, including the impact of the trivago DEALS acquisition, and the impact of the expected pre-tax income position for the full year 2026 on the weighted-average tax rate. The difference between the weighted average tax rate and the effective tax rate for the three and six months ended June 30, 2026 was primarily attributable to share-based compensation expense, which is not deductible for tax purposes. Net Loss and Adjusted EBITDA Net losses were €5.2 million and €12.4 million during the three and six months ended June 30, 2026, while Adjusted EBITDA was a gain of €1.1 million during the three months ended June 30, 2026, and a loss of €3.4 million during the six months ended June 30, 2026. We observed improvements of €1.3 million and €1.9 million in net loss and €6.1 million and €8.1 million in Adjusted EBITDA during the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, primarily driven by favorable returns on our previous brand marketing investments. These improvements were partly offset by additional operating expenses in 2026 related to trivago DEALS following our acquisition of the business in the third quarter of 2025. Balance Sheet and Cash Flows Total cash, cash equivalents and restricted cash were €114.6 million as of June 30, 2026, compared to €131.1 million as of December 31, 2025. The decrease of €16.5 million during the six months ended June 30, 2026, was driven by €30.5 million cash used in investing activities and €1.9 million cash used in financing activities, partly offset by €15.5 million cash provided by operating activities. Cash used in investing activities during the six months ended June 30, 2026, was primarily driven by the purchase of short-term investments of €56.9 million and capital expenditures of €2.3 million, including for internal-use software and website development. These were partly offset by proceeds from maturities of short-term investments of €28.7 million. Cash used in financing activities during the six months ended June 30, 2026, was primarily driven by €1.3 million of purchases of Class A common shares. These purchases reflect the initial repurchase under the 2026 Share Buyback Program, with the repurchased Class A shares recorded as treasury stock on the balance sheet. Additionally, there were €0.5 million in payments of withholding taxes on net share settlements of equity awards. Cash provided by operating activities during the six months ended June 30, 2026, was primarily driven by net cash inflow of €19.3 million from changes in operating assets and liabilities and €10.6 million from non-cash items including share-based compensation of €5.4 million, amortization of intangible assets of €3.0 million, and depreciation of €2.2 million, partly offset by the net loss of €12.4 million and a non-cash deferred income tax benefit of €3.2 million. The change in operating assets and liabilities during the six months ended June 30, 2026 was primarily driven by the increase of accounts payable of €22.8 million due to the increase of Advertising Spend in the second quarter of 2026 compared to the fourth quarter of 2025, partly offset by the decrease of income taxes payable of €3.7 million primarily due to the payment of the prior year tax accruals in the first half of 2026. Consistent with our seasonal fluctuations, the increase in bookings with future check-ins and revenue in the second quarter of 2026 compared to the fourth quarter of 2025 resulted in largely offsetting movements in advances from travelers and accounts receivable, respectively, during the six months ended June 30, 2026. Notes & Definitions: Definition of Non-GAAP Measures We report Adjusted EBITDA and Adjusted EBITDA margin as a supplemental measures to U.S. Generally Accepted Accounting Principles ("GAAP"). We define Adjusted EBITDA as net income/(loss) adjusted for: income/(loss) from equity method investments, expense/(benefit) for income taxes, total other (income)/expense, net, depreciation of property and equipment and amortization of intangible assets, impairment of, and gains/(losses) on disposals of, property and equipment, impairment of intangible assets and goodwill, share-based compensation, and certain other items, including restructuring, acquisition and integration costs, significant litigation expenses related to a discrete matter outside the normal course of business, and significant legal settlements and court-ordered penalties. We define Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue. 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. Beginning in the first quarter of 2026, we amended our definition of Adjusted EBITDA to include significant litigation expenses relating to a discrete matter outside the normal course of our business. As previously disclosed, we also amended the definition of Adjusted EBITDA in the third quarter of 2025 to include acquisition and integration costs. All comparative period information from 2025 for Adjusted EBITDA has been re-cast to conform with the current definition. Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. 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 and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results reported in accordance with U.S. GAAP, including net income/loss. Some of these limitations are: Adjusted EBITDA and Adjusted EBITDA margin do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; Adjusted EBITDA and Adjusted EBITDA margin do not reflect changes in, or cash requirements for, our working capital needs; Adjusted EBITDA and Adjusted EBITDA margin do not reflect expenses, such as restructuring, acquisition and integration, and other related reorganization costs; 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 and Adjusted EBITDA margin do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; and Other companies, including companies in our own industry, may calculate Adjusted EBITDA and Adjusted EBITDA margin differently than we do, limiting their usefulness as comparative measures. We periodically provide an Adjusted EBITDA and Adjusted EBITDA margin outlook. We are, however, unable to provide a reconciliation of our Adjusted EBITDA and Adjusted EBITDA margin outlook to net income/(loss) and net profit margin, the respective comparable GAAP measures, because certain items that are excluded from Adjusted EBITDA and Adjusted EBITDA margin 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, acquisition and integration costs, significant litigation expenses related to discrete matters outside the normal course of business, 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) and net profit margin in the future. Tabular Reconciliation for Non-GAAP Measure Adjusted EBITDA (€ millions) Note: Some figures may not add up due to rounding. (1) During the three and six months ended June 30, 2026, litigation expenses of €0.9 million and €1.5 million, respectively, were incurred in connection with our antitrust damages claim against Google, which is a discrete matter outside the normal course of business. (2) In the third quarter of 2025, we amended the definition of Adjusted EBITDA to include acquisition and integration costs. The comparative information for Adjusted EBITDA has been re-cast to conform with the current definition. Expenses of €0.1 million were incurred during the three and six months ended June 30, 2025 related to the acquisition of trivago DEALS. These costs have been excluded from Adjusted EBITDA to better reflect normalized operating results. 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: our ability to achieve the financial guidance we have provided for 2026, including revenue growth and profitability expectations, and our Adjusted EBITDA margin target by 2028; 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; 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; 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; the promotion by Google of its own product and services that compete directly with our hotel and accommodation search; our continued dependence on a small number of advertisers for our revenue and adverse impacts that could result from their reduced spending or changes in their cost-per-click, or (CPC), bidding or cost-per-acquisition (CPA) strategy; our ability to generate referrals, customers, bookings or revenue and profit for our advertisers on a basis they deem to be cost-effective; factors that contribute to our period-over-period volatility in our financial condition and result of operations; the potential negative impact of a worsening of the economic outlook and inflation, or reduced consumer confidence on consumer discretionary spending for travel and accommodation; any further impairment of intangible assets and goodwill; impacts of the integration of acquired business, including trivago DEALS Ltd. and our ability to achieve expected benefits from such acquisitions; 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, continued regional instability in the Middle East, leading to airspace restrictions and fuel cost increases with resulting impacts on travel demand and flight availability, changes in U.S. tariff policy and other countries' responses thereto, or other developments resulting in heightened cross-border controls; increasing competition in our industry; the impact of rapidly evolving technologies, including artificial intelligence and machine learning, on user search behavior, competitive dynamics, and our ability to maintain technological relevance; our ability to innovate, integrate, and provide tools and services that are useful to our users and advertisers; our business model's dependence on consumer preferences for traditional hotel-based accommodation; our dependence on relationships with third parties to provide us with content; changes to and our compliance with applicable laws, rules and regulations; the impact of any legal and regulatory proceedings to which we are or may become subject or which we may initiate, including our antitrust damages claim against Google seeking recovery for losses we contend were caused by Google's self-preferencing practices in the hotel metasearch market, for which the timing, outcome or ultimate recovery is uncertain and due to which we expect to incur further significant legal costs; and potential disruptions in the operation of our systems, security breaches and data protection, as well as other risks and uncertainties detailed in our public filings with the SEC, including trivago's Annual Report on Form 20-F for the fiscal year ended December 31, 2025, as such risks and uncertainties may be updated from time to time to reflect material geopolitical, economic, and regulatory developments. 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. 1 "Adjusted EBITDA" is a non-GAAP measure. Please see "Definition of Non-GAAP Measures" and "Tabular Reconciliation for Non-GAAP Measure" on pages 11 to 12 herein for explanation and reconciliation of the non-GAAP measure used. 2 "Adjusted EBITDA margin" is a non-GAAP measure. Please see "Definition of Non-GAAP Measures" on page 11 herein for explanation of the non-GAAP measure. 3 Branded channel traffic refers 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" 4 As compared to three months in previous quarters reflecting trivago DEALS operating results, with the exception of the first quarter of consolidation (the three month period ended September 30, 2025) which only included one month of operating results due to the acquisition in the middle of the quarter and the one-month reporting lag in place at the time. 5 Refer to the "Other Revenue" section above which describes the impact of the elimination of the one month reporting lag for trivago DEALS.

trivago N.V.'s (NASDAQ:TRVG) stock was strong after they recently reported robust earnings. We did some analysis and think that investors are missing some details hidden beneath the profit numbers. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. trivago reported a tax benefit of €5.7m, which is well worth noting. It's always a bit noteworthy when a company is paid by the tax man, rather than paying the tax man. Of course, prima facie it's great to receive a tax benefit. And since it previously lost money, it may well simply indicate the realisation of past tax losses. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. Assuming the tax benefit is not repeated every year, we could see its profitability drop noticeably, all else being equal. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. trivago received a tax benefit in its last reported period, as we have mentioned already. Tax is usually an expense, not a benefit, so we don't think the reported profit number is a particularly good guide to the earning potential of the business. As a result, we think it may well be the case that trivago's underlying earnings power is lower than its statutory profit. The good news is that it earned a profit in the last twelve months, despite its previous loss. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. While it's really important to consider how well a company's statutory earnings represent its true earnings power, it's also worth taking a look at what analysts are forecasting for the future. Luckily, you can check out what analysts are forecasting by clicking here. This note has only looked at a single factor that sheds light on the nature of trivago's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Trivago (NASDAQ: TRVG) Stock a Forgotten Travel Recovery Play Trivago N.V. ADS (NASDAQ:TRVG) reported a stronger-than-expected start to 2026, posting 15% year-over-year total revenue growth in the first quarter and raising its full-year profitability outlook. Management said results were driven by compounding effects from prior brand investments, improving product conversion, and continued efforts to diversify both traffic sources and advertiser mix. CEO Johannes Thomas said trivago delivered its “fifth consecutive quarter of double-digit growth while improving profitability against our prior year,” with the Americas and developed Europe outperforming internal expectations. Thomas noted that branded traffic revenue again grew faster than total revenue, which he described as evidence that the company’s brand strategy “continues to compound.” He also said product conversion improved significantly, with conversion rate “up 58% since Q1 2023.” → Berkshire Hathaway’s Record Cash Hoard: Why and What's Next? Based on first-quarter performance and early momentum in the second quarter, Thomas said trivago reaffirmed its full-year revenue outlook of “double-digit percentage growth” while increasing profitability guidance. CFO Wolf Schmuhl later specified that the company now expects 2026 adjusted EBITDA of “around EUR 25 million,” up from prior guidance of at least EUR 20 million. Schmuhl said first-quarter total revenue was EUR 142.9 million, up 15% year over year, despite foreign exchange headwinds of approximately 5% globally. He reported referral revenue growth of 17% in the Americas and 14% in developed Europe, attributing the outperformance to higher-quality traffic from branded channels and “compounding brand effects.” → A Prada Payday: Is AMC Back in Style? Rest of world referral revenue declined 12% year over year. Schmuhl said the segment faced FX headwinds of approximately 9% and geopolitical pressure in the Middle East, citing airspace restrictions and elevated oil prices. He said the company managed these markets “tactically” by adjusting bidding, spend, and targets locally, while acknowledging continued near-term uncertainty. Schmuhl emphasized trivago’s segment diversification, noting that developed Europe represented 44% of Q1 referral revenue and the Americas 39%, while rest of world was 17%, which limited the overall impact of localized pressures. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% For the quarter, Schmuhl reported a net loss of EUR 7.3 million and an adjusted EBITDA loss of EUR 4.5 million, which he said was above internal expectations. Operating expenses rose EUR 19.2 million to EUR 152.9 million, driven primarily by a EUR 10.6 million increase in selling and marketing. Schmuhl said this reflected higher investments in brand and performance marketing and “incremental expenses resulting from the consolidation of trivago Deals, formerly Holisto.” Advertising spend increased by EUR 7.8 million (20%) in developed Europe and by EUR 4.1 million (9%) in the Americas, while decreasing by EUR 1 million (5%) in rest of world. Despite higher marketing investments, Schmuhl said global return on advertising spend (ROAS) improved to 121% from 118.1% in the prior-year quarter. The Americas saw the largest improvement, rising to 116.1% from 102.7%, while developed Europe declined to 130.5% from 134% and rest of world fell to 111.2% from 120.3%. In Q&A, Schmuhl explained that the Americas benefited from brand investments made in prior quarters that are now compounding, allowing the company to “spend less in order to generate the same revenue.” He added that improved conversion contributed to “better quality traffic.” In developed Europe, he attributed ROAS pressure to increased brand investment and the timing of brand benefits, saying the positive effects “will set in at later stages.” Looking ahead, Schmuhl said trivago plans to continue scaling brand marketing investments but “at a more moderated pace compared to previous years,” aiming to use compounding effects to “gradually increase profitability in 2026.” He also reiterated the company’s longer-term goal of targeting a 10% adjusted EBITDA margin “in the next few years,” though management declined to provide a more specific timeline. Thomas added that logged-in members and customer relationship management (CRM) efforts could provide incremental profit leverage over time, describing email engagement as a growing internal focus that he expects to “start to become meaningful for our bottom line very soon.” Thomas said trivago’s logged-in member strategy is advancing faster than expected, with logged-in members now driving more than 30% of referral revenue (before intercompany eliminations). He said members gain access to exclusive partner deals and provide more touchpoints that can extend the user life cycle, supporting retention and personalization. On personalization, Thomas said trivago expanded explicit preference settings, allowing users to indicate priorities such as hotel style, quality, star rating, location, and budget. He said combining real-time behavior signals with stated preferences lays the groundwork for more tailored recommendations at scale. Thomas also highlighted new product work, including the launch of “Nova Vista,” a new desktop architecture aimed at enabling more structural experimentation, and AI-related features such as AI-synthesized “top 10 badges by themes” to surface a hotel’s standout qualities and reduce decision fatigue. On the partner side, Thomas said trivago’s marketplace has become less concentrated. Before intercompany eliminations, he said the share of referral revenue from “all other advertisers” increased from 20% in Q1 2023 to 35% in Q1 2026. He attributed the shift to multiple factors, including improved conversion, the company’s second-price auction, its transaction-based CPA model, trivago Book & Go, and the rollout of its property details page. Thomas said the property details page, now rolled out globally after a long testing period, helps direct partners by handing off users “at the right moment” in the booking journey, which he said has “meaningfully improve[d] conversion for our direct partners.” He also said trivago Book & Go has scaled rapidly, with referral revenue through the funnel up 530% since Q1 2023 (before intercompany eliminations) and now a top-five player in trivago’s marketplace globally. Meanwhile, Schmuhl said the transaction-based CPA model processed over 30% of referral revenue (before intercompany eliminations), up from 25% in the prior quarter. Trivago announced a planned share buyback of up to EUR 20 million. Schmuhl said details are to be finalized, with execution expected to start at the end of May. He cited a cash balance of EUR 136.1 million and zero long-term debt as of March 31, calling the buyback a “disciplined and high-return use of capital.” Schmuhl also said management believes the current share price “does not reflect the company's long-term earnings potential.” Thomas also announced the company filed an antitrust damages claim against Google in the Regional Court of Hamburg, seeking compensation for alleged damages from Google’s self-preferencing in general search results. Thomas said the claim covers January 2014 through December 2025, is based on an independent expert analysis, and could be a “multi-year effort,” while stressing that litigation outcomes are inherently uncertain. He cited the European Commission’s 2017 Google Shopping decision—upheld by the European Court of Justice in September 2024—as part of the legal framework supporting such actions, and referenced two first-instance awards in comparable cases in Berlin in November 2025. In response to an analyst question about Google’s recent changes, Thomas said trivago has not seen a material short-term impact and described Google, from trivago’s perspective, as “still not complying with DMA,” referencing the European Commission’s preliminary finding and pending final decision. He added that restrictions on Google placing its full hotel search and price comparison product at the top of search results are “strategically a positive development,” but said there was no notable change “in the last week.” Trivago N.V. ADS (NASDAQ: TRVG) operates as a leading online travel metasearch platform focused on helping consumers compare hotel prices worldwide. Headquartered in Düsseldorf, Germany, the company aggregates accommodation offers from hotel websites, online travel agencies and other booking platforms, enabling travelers to find optimal rates and availability across millions of properties. Its platform is accessible via desktop and mobile applications, offering user-friendly search filters, customer reviews and detailed property information to support informed booking decisions. The company's primary revenue model centers on cost-per-click (CPC) advertising, where accommodation providers and travel agencies bid for prominent placement in search results. The article "Trivago N.V. ADS Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Exhibit 99.1 Operating and Financial Review DÜSSELDORF, GERMANY - May 5, 2026 – trivago N.V. (NASDAQ: TRVG) (the “Company”, “we,” “us,” “our,” or “trivago,”) announced financial results for the first quarter ended March 31, 2026. Highlights: Total revenue growth of 15% in the first quarter of 2026, primarily driven by double-digit year-over-year Referral Revenue growth in Americas and Developed Europe. Improved first quarter year-over-year profitability by improving Net Loss and Adjusted EBITDA1 loss by €0.5 million and €2.0 million, respectively, driven by higher revenues at an improved ROAS contribution. Global ROAS improved 2.9 ppts year-over-year in the first quarter, reflecting the effectiveness of our brand marketing strategy and compounding effects from prior period brand investments. Adjusted EBITDA guidance for the full year 2026 increased to be around €25 million. Supervisory board authorized up to €20 million share buyback program with details to be finalized and execution planned to start at the end of May. "We are off to a strong start to 2026, delivering 15% year-over-year total revenue growth and our fifth consecutive quarter of double-digit growth, while improving profitability against the prior year. Branded channel traffic2 revenue once again outpaced our total revenue growth, reflecting the compounding effects of our brand strategy and a more diversified, resilient marketing mix. Our product is converting better, up 58% since the first quarter of 2023, our logged-in member3 base now drives more than 30% of Referral Revenue before intersegment eliminations, and the relevance of trivago Book & Go has increased significantly compared to last year. While we are facing challenging year-over-year revenue comparables across the first half of 2026, the strength of our first quarter performance and the momentum we are carrying into the rest of the year gives us the confidence to raise our profitability guidance. We now expect Adjusted EBITDA of around €25 million for 2026, up from at least €20 million previously, alongside our reaffirmed outlook of double-digit percentage total revenue growth," said Chief Executive Officer Johannes Thomas. "The first quarter reflects our balanced approach to growth and profitability, with cost discipline and compounding effects of prior brand investments translating into improved profitability year-over-year. Referral Revenue year-over-year growth in Americas of 17% and Developed Europe of 14% both exceeded our expectations, more than offsetting foreign exchange headwinds and geopolitical pressures in Rest of World. Global ROAS improved by three percentage points to 121% year-over-year, reflecting the effectiveness of our marketing strategy and the quality of traffic we delivering to partners. Supported by a cash position of €136.1 million and zero long-term debt, we are announcing an up to €20 million share buyback program with details to be finalized and execution planned to start at the end of May, reflecting our confidence in trivago's long-term value creation potential,” said Chief Financial Officer Dr. Wolf Schmuhl. Financial Summary & Operating Metrics (€ millions, unless otherwise stated) (1) Referral Revenue is presented after intersegment eliminations as presented on the unaudited condensed consolidated statements of operations as of March 31, 2026. 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 travelers search for a hotel, we want trivago to be the obvious choice. We help them find the best place to stay and deliver the best deal to book, saving time and money — so every traveler feels smart and confident about their booking. Powered by AI, we personalize and simplify hotel search for millions of travelers, connecting them with more than 7.0 million hotels and other accommodations across more than 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, 2025. 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 15% year-over-year to €142.9 million in the first quarter despite a strong prior year comparative period. The growth was primarily driven by double-digit year-over-year Referral Revenue growth in the Americas and Developed Europe segments. For these segments, we continued to observe increased revenue driven by better quality traffic from higher branded channel traffic levels and higher booking conversion. In the Rest of World segment, Referral Revenue decreased year-over-year, primarily driven by foreign exchange headwinds. We also observed a negative impact on travel behavior from the restraints on airspace and increases in oil prices resulting from the conflict in the Middle East. While these impacts negatively affected the Rest of World segment, we did not observe a significant impact to our total Referral Revenue in the first quarter of 2026. Advertising Spend continued to increase in the first quarter of 2026 compared to the same prior year period, however at a more moderate pace compared to prior year quarters. We have started to observe compounding brand effects from significantly elevated brand investments in prior quarters which contributed to the Global ROAS improvement of 2.9 ppts to 121.0%, compared to the same prior year period. We are encouraged by this development toward our aim of improved profitability while sustaining revenue growth. Outlook We have observed total revenue and profitability results through the first weeks of April that are in line with management's expectation. Looking ahead toward the summer travel season, we expect the momentum from this quarter to continue and to report double-digit year-over-year total revenue growth and improved profitability in the second quarter of 2026. While there continues to be uncertainty regarding the ongoing conflict in the Middle East and the global macroeconomic environment which could have negative impacts, we continue to expect that the impact to total Referral Revenue from such factors will not be material for the next quarter. We remain confident in our strong global brand which, as a result of increased investments in prior quarters, is well-positioned to remain resilient in such periods of uncertainty. For the full year 2026, we are maintaining our expectation of double-digit year-over-year total revenue growth and are raising our Adjusted EBITDA guidance to be around €25 million. Revenue, Advertising Spend, and Return on 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 the 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 first quarter of 2026, the most significant countries by revenue in that segment were Japan, Australia, Turkey, New Zealand and Poland. We have also determined that our trivago DEALS operating segment does not meet the quantitative thresholds of a separate reportable segment. We also earn revenue by providing travelers with online platforms for direct hotel booking services and offering our advertisers business-to-business (B2B) solutions including subscription fees for trivago Business Studio, which provides hotels with advanced data analytics and tools to enhance the accuracy, visibility, and performance of their listings on trivago. 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 streams resulting from the acquisition of trivago DEALS, do not represent a significant portion of our total revenue. n.m. not meaningful Note: Some figures may not add up due to rounding. (1) Referral Revenue is presented after intersegment eliminations as presented on the unaudited condensed consolidated statements of operations as of March 31, 2026. Referral Revenue Referral Revenue increased by €11.5 million during the three months ended March 31, 2026, compared to the same period in 2025. The increase was primarily driven by higher Referral Revenue in the Americas and Developed Europe segments due to growth in branded channel traffic in response to our continuous brand marketing investments and improved booking conversion, partly offset by the weakening of local currencies in the Americas segment against the Euro. The increase was partly offset by lower Referral Revenue in the Rest of World segment primarily due to the weakening of local currencies against the Euro and negative impacts of the conflict in the Middle East region on travel behavior. Other Revenue Other revenue increased by €7.3 million during the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by revenues resulting from providing online hotel booking services in 2026 through trivago DEALS following our acquisition of the business in the third quarter of 2025. Advertiser Concentration We generate the majority of our Referral Revenue from online travel agencies, or OTAs. For brands affiliated with Expedia Group, including brands such as Expedia, Hotels.com, Wotif, and Vrbo, the share of our Referral Revenue before intersegment eliminations was 26% during the three months ended March 31, 2026, compared to 35% in the same period in 2025. For brands affiliated with Booking Holdings, including Booking.com, Agoda and priceline.com, the share of our Referral Revenue before intersegment eliminations was 39% during the three months ended March 31, 2026, compared to 40% in the same period in 2025. Advertising Spend Advertising Spend is used in the calculation of our primary operating metrics 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. Advertising Spend increased by €10.9 million during the three months ended March 31, 2026, compared to the same period in 2025 and represented a more moderate increase compared to prior year quarters. In the Developed Europe segment, the increase was primarily driven by continuous increases in brand marketing investments aimed at increasing the volume of direct traffic to our platforms. The increase in the Americas segment was driven by increased investments with the aim of further developing our marketing channel diversification, specifically in marketing channels that we are becoming more familiar with. In the Rest of World segment, the decrease in Advertising Spend was primarily driven by lower investments in performance marketing channels. Return on Advertising Spend (ROAS) Our chief operating decision makers ("CODMs") manage our business and evaluate the 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 March 31, 2026. ROAS Contribution is the difference between Referral Revenue before intersegment eliminations and Advertising Spend. ROAS expressed as a percentage is the ratio of Referral Revenue before intersegment eliminations to Advertising Spend. We believe that both are indicators of the efficiency of our advertising. Global ROAS increased by 2.9 ppts during the three months ended March 31, 2026 compared to the same period in 2025, reflecting the initial results of our strategy of achieving higher profitability targets while sustaining revenue growth. This was particularly evident in the Americas segment where increased brand investments in prior quarters generated measurable compounding returns leading to a strong year-over-year increase in ROAS. In the Rest of World segment, we observed foreign exchange headwinds and a reduced response to our marketing investments from negative impacts to travel behavior resulting from the conflict in the Middle East region, ultimately resulting in the year-over-year ROAS decline. The ROAS decline in the Developed Europe segment was primarily due to increased brand marketing investments in the current quarter, partly offset by compounding returns from brand investments in prior quarters. Expenses Expenses by Cost Category (€ millions) n.m. not meaningful Note: Some figures may not add up due to rounding. Cost of Revenue Cost of revenue increased by €2.8 million during the three months ended March 31, 2026, compared to the same period in 2025, primarily due to costs in 2026 related to trivago DEALS following our acquisition of the business in the third quarter of 2025 that are closely related to revenue generation, including transaction processing and verification costs, personnel costs, and customer support-related costs. Selling and Marketing Selling and marketing expense increased by €10.6 million to €120.8 million during the three months ended March 31, 2026, compared to the same period in 2025, of which €115.4 million, or 96% was Advertising Spend. See "Advertising Spend" above for further details. Other selling and marketing expense decreased by €0.3 million during the three months ended March 31, 2026, compared to the same period in 2025. The decrease was primarily driven by the cumulative reversal of the previously recognized Canadian digital services taxes following the repeal of the related legislation in March 2026 and lower television advertisement production costs. These were partly offset by additional costs in 2026 related to trivago DEALS following our acquisition of the business in the third quarter of 2025 that were not closely related to revenue generation, including traffic acquisition costs, personnel costs, and third-party customer service-related costs. The decrease was also partially offset by increased costs to market our platform to new hoteliers. Technology and Content Technology and content expense increased by €0.9 million during the three months ended March 31, 2026, compared to the same period in 2025. The increase was primarily driven by additional costs in 2026 related to trivago DEALS following our acquisition of the business in the third quarter of 2025, including personnel costs and third party IT-related service provider costs. The increase was further driven by higher personnel costs overall that resulted mostly from a higher headcount compared to the same prior year quarter. These increases were partly offset by lower cloud and IT-related service provider costs. General and Administrative General and administrative expense increased by €3.7 million during the three months ended March 31, 2026, compared to the same period in 2025, primarily driven by higher legal and consulting expenses including the non-recurrence of accrual releases which took place in the first quarter of 2025 and €0.6 million of expenses related to our antitrust claim against Google, which is a discrete matter outside the normal course of business. This amount has been included in our reconciliation from net loss to Adjusted EBITDA, refer to "Tabular Reconciliation for Non-GAAP Measure." The increase was further driven by additional personnel costs and professional fees in 2026 related to trivago DEALS following our acquisition of the business in the third quarter of 2025, higher overall leadership team compensation costs, and higher share-based compensation expense. Amortization of Intangible Assets Amortization of intangible assets of €1.3 million during the three months ended March 31, 2026 relates to intangible assets recognized in connection with the trivago DEALS acquisition. Income Taxes, Net Loss and Adjusted EBITDA (€ millions) n.m. not meaningful Note: Some figures may not add up due to rounding. Income Taxes Income tax benefit was €2.4 million during the three months ended March 31, 2026 compared to €2.1 million in the same period in 2025. The total weighted-average tax rate for the three months ended March 31, 2026 was 35.8%, which primarily reflects the German statutory tax rate of approximately 31.2% and the estimated permanent effects for the full year. Our effective tax rate for the three months ended March 31, 2026 was 25.0%, compared to 23.9% in the same period in 2025. The change in the effective tax rate between these periods is primarily related to changes in current and deferred tax adjustments, including the impact of the trivago DEALS acquisition, and the difference in the amount of pre-tax loss between periods. The difference between the weighted average tax rate and the effective tax rate for the three months ended March 31, 2026 is primarily attributable to share-based compensation expense, which is not deductible for tax purposes. Net Loss and Adjusted EBITDA Net loss was €7.3 million and Adjusted EBITDA loss was €4.5 million during the three months ended March 31, 2026, primarily driven by additional operating expenses in 2026 related to trivago DEALS following our acquisition of the business in the third quarter of 2025. However, we observed improvements of €0.5 million in net loss and €2.0 million in Adjusted EBITDA loss in the first quarter of 2026 compared to the same period in 2025, primarily driven by favorable returns on our previous brand marketing investments. Balance Sheet and Cash Flows Total cash, cash equivalents and restricted cash were €136.1 million as of March 31, 2026, compared to €131.1 million as of December 31, 2025. The increase of €5.0 million during the three months ended March 31, 2026, was driven by €8.9 million cash provided by investing activities, partly offset by €4.0 million cash used in operating activities and €0.2 million cash used in financing activities. Cash provided by investing activities during the three months ended March 31, 2026, was primarily driven by proceeds from sales and maturities of short-term investments of €12.0 million. This was partly offset by the purchase of investments of €2.1 million and capital expenditures of €0.9 million, including for internal-use software and website development. Cash used in operating activities during the three months ended March 31, 2026, was primarily driven by the net loss of €7.3 million and a non-cash deferred income tax benefit of €2.7 million, partly offset by non-cash share based compensation of €2.5 million, amortization of intangible assets of €1.3 million, and depreciation of €1.1 million. Cash used in financing activities during the three months ended March 31, 2026, was primarily driven by €0.2 million of payments of withholding taxes on net share settlements of equity awards. Overall, the change in operating assets and liabilities was consistent with the seasonal trend, as the increase in revenue, bookings with future check-ins, Advertising Spend, and prepaid brand marketing in the first quarter of 2026 compared to the fourth quarter of 2025 produced largely offsetting movements in accounts receivable, advances from travelers, accounts payable, and prepaid expenses and other assets respectively. Notes & Definitions: Definition of Non-GAAP Measure 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: income/(loss) from equity method investments, expense/(benefit) for income taxes, total other (income)/expense, net, depreciation of property and equipment and amortization of intangible assets, impairment of, and gains/(losses) on disposals of, property and equipment, impairment of intangible assets and goodwill, share-based compensation, and certain other items, including restructuring, acquisition and integration costs, significant litigation expenses related to a discrete matter outside the normal course of business, 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. Beginning in the first quarter of 2026, we amended our definition of Adjusted EBITDA to include significant litigation expenses relating to a discrete matter outside the normal course of our business. 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: Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; Adjusted EBITDA does not reflect expenses, such as restructuring and other related reorganization costs; 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 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, significant litigation expenses related to discrete matters outside the normal course of business, 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 Reconciliation for Non-GAAP Measure Adjusted EBITDA (€ millions) Note: Some figures may not add up due to rounding. (1) During the three months ended March 31, 2026, litigation expenses of €0.6 million were incurred in connection with our antitrust damages claim against Google, which is a discrete matter outside the normal course of business. Additionally, expenses of €0.1 million were incurred related to the continued integration of trivago DEALS. These costs have been excluded from Adjusted EBITDA to better reflect normalized operating results. 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: our ability to achieve the financial guidance we have provided for 2026, including revenue growth and profitability expectations; 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; 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; 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; the promotion by Google of its own product and services that compete directly with our hotel and accommodation search; our continued dependence on a small number of advertisers for our revenue and adverse impacts that could result from their reduced spending or changes in their cost-per-click, or (CPC), bidding or cost-per-acquisition (CPA) strategy; our ability to generate referrals, customers, bookings or revenue and profit for our advertisers on a basis they deem to be cost-effective; factors that contribute to our period-over-period volatility in our financial condition and result of operations; the potential negative impact of a worsening of the economic outlook and inflation, or reduced consumer confidence on consumer discretionary spending for travel and accommodation; any further impairment of intangible assets and goodwill; impacts of the integration of acquired business, including trivago DEALS Ltd. and our ability to achieve expected benefits from such acquisitions; 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, continued regional instability in the Middle East, leading to airspace restrictions and fuel cost increases with resulting impacts on travel demand and flight availability, changes in U.S. tariff policy and other countries' responses thereto, or other developments resulting in heightened cross-border controls; increasing competition in our industry; the impact of rapidly evolving technologies, including artificial intelligence and machine learning, on user search behavior, competitive dynamics, and our ability to maintain technological relevance; our ability to innovate, integrate, and provide tools and services that are useful to our users and advertisers; our business model's dependence on consumer preferences for traditional hotel-based accommodation; our dependence on relationships with third parties to provide us with content; changes to and our compliance with applicable laws, rules and regulations; the impact of any legal and regulatory proceedings to which we are or may become subject or which we may initiate, including our antitrust damages claim against Google seeking recovery for losses we contend were caused by Google's self-preferencing practices in the hotel search market, for which the timing, outcome or ultimate recovery is uncertain and due to which we expect to incur further significant legal costs; and potential disruptions in the operation of our systems, security breaches and data protection, as well as other risks and uncertainties detailed in our public filings with the SEC, including trivago's Annual Report on Form 20-F for the fiscal year ended December 31, 2025, as such risks and uncertainties may be updated from time to time to reflect material geopolitical, economic, and regulatory developments. 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. 1 "Adjusted EBITDA" is a non-GAAP measure. Please see "Definition of Non-GAAP Measure" and "Tabular Reconciliation for Non-GAAP Measure" on pages 9 to 10 herein for explanation and reconciliation of the non-GAAP measure used. 2 Branded channel traffic refers 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". 3 Logged-in members represent users that have registered on our platform to access exclusive rates and personalized features.