6-K
trivago N.V. (TRVG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2026
Commission File Number: 001-37959
trivago N.V.
(Exact Name of Registrant as Specified in Its Charter)
Kesselstraße 5 - 7
40221 Düsseldorf
Federal Republic of Germany
+49 211 54065110
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ☐
EXPLANATORY NOTE
On May 6, 2026, trivago N.V. will hold a conference call regarding its unaudited financial results for the first quarter ended March 31, 2026. Copies of the operating and financial review for the first quarter of 2026 and the unaudited condensed consolidated interim financial statements as of March 31, 2026 are furnished as Exhibits 99.1 and 99.2 hereto.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| trivago N.V. | ||
|---|---|---|
| Date: May 5, 2026 | By: | /s/ Dr. Wolf Schmuhl |
| Dr. Wolf Schmuhl | ||
| Chief Financial Officer |
EXHIBIT INDEX
| Exhibit <br>No. | Description |
|---|---|
| 99.1 | Operating and Financial Review for the First Quarter of 2026. |
| 99.2 | Unaudited Condensed Consolidated Interim Financial Statements as of March 31, 2026. |
Document
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.
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.
Financial Summary & Operating Metrics (€ millions, unless otherwise stated)
| Three months ended March 31, | |||
|---|---|---|---|
| 2026 | 2025 | Δ Y/Y | |
| Total revenue | 142.9 | 124.1 | 15% |
| Referral Revenue (1) | 134.9 | 123.4 | 9% |
| Return on Advertising Spend | 121.0% | 118.1% | 2.9 ppts |
| Net loss | (7.3) | (7.8) | (6)% |
| Adjusted EBITDA | (4.5) | (6.5) | (31)% |
(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.
| (in millions) | Three months ended March 31, | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | Δ | Δ % | |||||||
| Americas | € | 52.4 | € | 44.9 | 7.5 | 17% | |||
| Developed Europe | 59.4 | 52.3 | 14% | ||||||
| Rest of World | 23.0 | 26.2 | (12)% | ||||||
| Total Referral Revenue (1) | € | 134.9 | € | 123.4 | 11.5 | 9% | |||
| Other revenue | 8.0 | 0.7 | n.m. | ||||||
| Total revenue | € | 142.9 | € | 124.1 | 18.8 | 15% |
All values are in Euros.
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.
| (in millions) | Three months ended March 31, | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | Δ | Δ % | |||||||
| Americas | € | 47.8 | € | 43.7 | 4.1 | 9% | |||
| Developed Europe | 46.8 | 39.0 | 20% | ||||||
| Rest of World | 20.8 | 21.8 | (5)% | ||||||
| Total Advertising Spend | € | 115.4 | € | 104.5 | 10.9 | 10% |
All values are in Euros.
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.
| Three months ended March 31, | |||||||
|---|---|---|---|---|---|---|---|
| ROAS Contribution (in millions) | ROAS (in %) | ||||||
| 2026 | 2025 | Δ | 2026 | 2025 | Δ ppts | ||
| Americas | € | 1.2 | 116.1% | 102.7% | 13.4 ppts | ||
| Developed Europe | 14.3 | 13.3 | 1.0 | 130.5% | 134.0% | (3.5) ppts | |
| Rest of World | 2.3 | 4.4 | (2.1) | 111.2% | 120.3% | (9.1) ppts | |
| Global | € | 18.9 | 121.0% | 118.1% | 2.9 ppts |
All values are in Euros.
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)
| Three months ended March 31, | As a % of Revenue | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | Δ | Δ % | 2026 | 2025 | ||||||
| Cost of revenue | € | 5.5 | € | 2.7 | 104 | % | 4 | % | 2 | % | |
| Selling and marketing | 120.8 | 110.2 | 10.6 | 10 | % | 85 | % | 89 | % | ||
| Advertising Spend | 115.4 | 104.5 | 10.9 | 10 | % | 81 | % | 84 | % | ||
| Other selling and marketing | 5.4 | 5.7 | (0.3) | (5) | % | 4 | % | 5 | % | ||
| Technology and content | 14.3 | 13.4 | 0.9 | 7 | % | 10 | % | 11 | % | ||
| General and administrative | 11.0 | 7.3 | 3.7 | 51 | % | 8 | % | 6 | % | ||
| Amortization of intangible assets | 1.3 | — | 1.3 | n.m. | 1 | % | 0 | % | |||
| Total costs and expenses | € | 152.9 | € | 133.7 | 14 | % | 107% | 108 | % |
All values are in Euros.
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)
| Three months ended March 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | Δ | Δ % | ||||||||
| Operating loss | € | (10.0) | € | (9.6) | (0.4) | 4 | % | ||||
| Other income/(expense) | |||||||||||
| Interest expense | (0.0) | (0.0) | n.m. | ||||||||
| Interest income | 0.6 | 0.7 | (14) | % | |||||||
| Other, net | (0.2) | 0.3 | n.m. | ||||||||
| Total other income, net | € | 0.3 | € | 1.0 | (0.7) | (70) | % | ||||
| Loss before income taxes | (9.7) | (8.6) | 13 | % | |||||||
| Benefit for income taxes | (2.4) | (2.1) | 14 | % | |||||||
| Loss before equity method investments | € | (7.3) | € | (6.5) | (0.8) | 12 | % | ||||
| Loss from equity method investments | (0.0) | (1.3) | (100) | % | |||||||
| Net loss | € | (7.3) | € | (7.8) | 0.5 | (6) | % | ||||
| Adjusted EBITDA | € | (4.5) | € | (6.5) | 2.0 | (31) | % |
All values are in Euros.
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)
| Three months ended<br>March 31, | ||||
|---|---|---|---|---|
| 2026 | 2025 | |||
| Net loss | € | (7.3) | € | (7.8) |
| Loss from equity method investments | (0.0) | (1.3) | ||
| Loss before equity method investments | € | (7.3) | € | (6.5) |
| Benefit for income taxes | (2.4) | (2.1) | ||
| Loss before income taxes | € | (9.7) | € | (8.6) |
| Add/(less): | ||||
| Interest expense | 0.0 | 0.0 | ||
| Interest income | (0.6) | (0.7) | ||
| Other, net | 0.2 | (0.3) | ||
| Operating loss | € | (10.0) | € | (9.6) |
| Depreciation of property and equipment and amortization of intangible assets | 2.4 | 1.0 | ||
| Impairment of, and gains and losses on disposals of, property and equipment | (0.0) | 0.0 | ||
| Share-based compensation | 2.5 | 2.0 | ||
| 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 (1) | 0.7 | — | ||
| Adjusted EBITDA | € | (4.5) | € | (6.5) |
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.
12
Document
Exhibit 99.2
trivago N.V.
Unaudited Condensed Consolidated Interim Financial Statements as of March 31, 2026
trivago N.V.
Condensed consolidated statements of operations
(€ thousands, except per share amounts, unaudited)
| Three months ended March 31, | ||||
|---|---|---|---|---|
| 2026 | 2025 | |||
| Revenue | € | 106,764 | € | 78,240 |
| Revenue from related party | 36,129 | 45,868 | ||
| Total revenue | 142,893 | 124,108 | ||
| Costs and expenses: | ||||
| Cost of revenue, including related party, excluding amortization (1) | 5,505 | 2,719 | ||
| Selling and marketing, including related party (1)(3) | 120,807 | 110,219 | ||
| Technology and content, including related party (1)(2)(3) | 14,303 | 13,401 | ||
| General and administrative, including related party (1)(3) | 10,996 | 7,331 | ||
| Amortization of intangible assets (2) | 1,279 | — | ||
| Operating loss | (9,997) | (9,562) | ||
| Other income/(expense) | ||||
| Interest expense | (25) | (3) | ||
| Interest income | 584 | 736 | ||
| Other, net | (244) | 268 | ||
| Total other income, net | 315 | 1,001 | ||
| Loss before income taxes | (9,682) | (8,561) | ||
| Benefit for income taxes | (2,422) | (2,050) | ||
| Loss before equity method investments | (7,260) | (6,511) | ||
| Loss from equity method investments | (30) | (1,284) | ||
| Net loss | € | (7,290) | € | (7,795) |
| Earnings per share available to common stockholders: | ||||
| Basic | € | (0.02) | € | (0.02) |
| Diluted | (0.02) | (0.02) | ||
| Shares used in computing loss per share: | ||||
| Basic | 353,294 | 351,702 | ||
| Diluted | 353,294 | 351,702 | ||
| Three months ended March 31, | ||||
| --- | --- | --- | --- | --- |
| 2026 | 2025 | |||
| (1) Includes share-based compensation as follows: | ||||
| Cost of revenue | € | 29 | € | 29 |
| Selling and marketing | 131 | 129 | ||
| Technology and content | 217 | 268 | ||
| General and administrative | 2,093 | 1,621 | ||
| (2) Includes amortization as follows: | ||||
| Amortization of internal use software and website development costs included in technology and content | € | 847 | € | 781 |
| Amortization of acquired technology and other assets included in amortization of intangible assets | 1,279 | — | ||
| (3) Includes related party expense as follows: | ||||
| Selling and marketing | € | 8 | € | 21 |
| Technology and content | 160 | 501 | ||
| General and administrative | 27 | 23 |
See accompanying notes
trivago N.V.
Condensed consolidated statements of comprehensive loss
(€ thousands, unaudited)
| Three months ended March 31, | ||||
|---|---|---|---|---|
| 2026 | 2025 | |||
| Net loss | € | (7,290) | € | (7,795) |
| Other comprehensive income/(loss): | ||||
| Currency translation adjustments, net | 441 | (226) | ||
| Total other comprehensive income/(loss) | 441 | (226) | ||
| Comprehensive loss | € | (6,849) | € | (8,021) |
See accompanying notes
trivago N.V.
Condensed consolidated balance sheets
(€ thousands, except share and per share data, unaudited)
| ASSETS | As of <br>March 31, 2026 | As of <br>December 31, 2025 | ||
|---|---|---|---|---|
| Current assets: | ||||
| Cash and cash equivalents | € | 136,048 | € | 130,936 |
| Restricted cash | 92 | 135 | ||
| Accounts receivable, net of allowance for credit losses of €877 and €838 at March 31, 2026 and December 31, 2025, respectively | 58,991 | 42,680 | ||
| Accounts receivable, related party | 25,460 | 21,786 | ||
| Short-term investments | 2,163 | 11,876 | ||
| Tax receivable | 126 | 307 | ||
| Prepaid expenses and other current assets | 10,082 | 6,369 | ||
| Total current assets | 232,962 | 214,089 | ||
| Property and equipment, net | 8,674 | 8,810 | ||
| Operating lease right-of-use assets | 36,999 | 37,631 | ||
| Deferred income taxes | 3,432 | 2,438 | ||
| Equity method investments | 4,843 | 4,877 | ||
| Investments and other assets | 2,531 | 2,636 | ||
| Intangible assets, net | 73,336 | 74,171 | ||
| Goodwill | 14,017 | 13,797 | ||
| TOTAL ASSETS | € | 376,794 | € | 358,449 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Current liabilities: | ||||
| Accounts payable | € | 45,509 | € | 34,142 |
| Income taxes payable | 5,399 | 6,867 | ||
| Deferred revenue | 5,378 | 3,927 | ||
| Payroll liabilities | 4,336 | 4,042 | ||
| Accrued expenses and other current liabilities | 10,022 | 10,504 | ||
| Advances from travelers | 48,793 | 34,535 | ||
| Operating lease liability | 2,515 | 2,486 | ||
| Total current liabilities | 121,952 | 96,503 | ||
| Operating lease liability | 33,235 | 33,856 | ||
| Deferred income taxes | 12,469 | 14,190 | ||
| Other long-term liabilities | 622 | 601 | ||
| Stockholders’ equity: | ||||
| Class A common stock, €0.06 par value - 1,523,230,720 shares authorized,116,028,455 and 115,621,475 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 6,962 | 6,937 | ||
| Class B common stock, €0.60 par value - 237,676,928 shares authorized, 237,476,895 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 142,486 | 142,486 | ||
| Reserves | 694,886 | 692,845 | ||
| Contribution from Parent | 122,307 | 122,307 | ||
| Accumulated other comprehensive loss | (525) | (966) | ||
| Accumulated deficit | (757,600) | (750,310) | ||
| Total stockholders' equity | 208,516 | 213,299 | ||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | € | 376,794 | € | 358,449 |
See accompanying notes
trivago N.V.
Condensed consolidated statements of changes in equity
(€ thousands, unaudited)
| Three months ended March 31, 2026 | Class A common stock | Class B common stock | Reserves | Accumulated<br><br>deficit | Accumulated other<br><br>comprehensive<br><br>loss | Contribution from<br>Parent | Total stockholders' equity | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at January 1, 2026 | € | 6,937 | € | 142,486 | € | 692,845 | € | (750,310) | € | (966) | € | 122,307 | € | 213,299 | ||||||||||||||||
| Net loss | (7,290) | (7,290) | ||||||||||||||||||||||||||||
| Other comprehensive income (net of tax) | 441 | 441 | ||||||||||||||||||||||||||||
| Share-based compensation expense | 2,273 | 2,273 | ||||||||||||||||||||||||||||
| Issuance of common stock related to exercise of options and vesting of RSUs | 25 | (25) | — | |||||||||||||||||||||||||||
| Withholdings on net share settlements of equity awards | (207) | (207) | ||||||||||||||||||||||||||||
| Balance at March 31, 2026 | € | 6,962 | € | 142,486 | € | 694,886 | € | (757,600) | € | (525) | € | 122,307 | € | 208,516 | Three months ended March 31, 2025 | Class A common stock | Class B common stock | Reserves | Accumulated<br><br>deficit | Accumulated other<br><br>comprehensive<br><br>income | Contribution from<br>Parent | Total stockholders' equity | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||
| Balance at January 1, 2025 | € | 6,843 | € | 142,486 | € | 687,232 | € | (761,530) | € | 267 | € | 122,307 | € | 197,605 | ||||||||||||||||
| Net loss | (7,795) | (7,795) | ||||||||||||||||||||||||||||
| Other comprehensive loss (net of tax) | (226) | (226) | ||||||||||||||||||||||||||||
| Share-based compensation expense | 1,740 | 1,740 | ||||||||||||||||||||||||||||
| Issuance of common stock related to exercise of options and vesting of RSUs | 21 | (21) | — | |||||||||||||||||||||||||||
| Withholdings on net share settlements of equity awards | (278) | (278) | ||||||||||||||||||||||||||||
| Balance at March 31, 2025 | € | 6,864 | € | 142,486 | € | 688,673 | € | (769,325) | € | 41 | € | 122,307 | € | 191,046 |
See accompanying notes
trivago N.V.
Condensed consolidated statements of cash flows
(€ thousands, unaudited)
| Three months ended March 31, | ||||
|---|---|---|---|---|
| 2026 | 2025 | |||
| Operating activities: | ||||
| Net loss | € | (7,290) | € | (7,795) |
| Adjustments to reconcile net loss to net cash used in: | ||||
| Depreciation (property and equipment and internal-use software and website development) | 1,098 | 1,018 | ||
| Amortization of intangible assets | 1,279 | — | ||
| Share-based compensation | 2,470 | 2,047 | ||
| Deferred income taxes | (2,665) | (2,267) | ||
| Other, net | 346 | 890 | ||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable, including related party | (19,846) | (17,822) | ||
| Prepaid expenses and other assets | (3,578) | (698) | ||
| Accounts payable | 10,980 | 10,870 | ||
| Taxes payable/receivable, net | (1,287) | (219) | ||
| Advances from travelers | 13,538 | — | ||
| Other changes in operating assets and liabilities, net | 994 | (125) | ||
| Net cash used in operating activities | (3,961) | (14,101) | ||
| Investing activities: | ||||
| Purchase of investments | (2,136) | — | ||
| Proceeds from sales and maturities of investments | 11,963 | — | ||
| Capital expenditures, including internal-use software and website development | (936) | (962) | ||
| Other investing activities, net | 4 | 6 | ||
| Net cash provided by/(used in) investing activities | 8,895 | (956) | ||
| Financing activities: | ||||
| Payment of withholding taxes on net share settlements of equity awards | (207) | (283) | ||
| Other financing activities, net | (24) | (22) | ||
| Net cash used in financing activities | (231) | (305) | ||
| Effect of exchange rate changes on cash | 366 | (135) | ||
| Net increase/(decrease) in cash, cash equivalents and restricted cash | 5,069 | (15,497) | ||
| Cash, cash equivalents and restricted cash at beginning of the period | 131,071 | 134,087 | ||
| Cash, cash equivalents and restricted cash at end of the period | € | 136,140 | € | 118,590 |
| Supplemental cash flow information: | ||||
| Cash received for interest | € | 807 | € | 700 |
| Cash paid for taxes, net of (refunds) | 1,540 | 396 |
See accompanying notes
trivago N.V.
Notes to the condensed consolidated financial statements (unaudited)
Note 1: Organization and basis of presentation
Description of business
trivago N.V., (“trivago” the “Company,” “us,” “we” and “our”) and its subsidiaries offer online meta-search for hotel and accommodation through online travel agencies (“OTAs”), hotel chains and independent hotels. Our search-driven marketplace, delivered on websites and apps, provides users with a tailored search experience via our proprietary matching algorithms. We generally employ a ‘cost-per-click’ (or “CPC”) pricing structure, allowing advertisers to control their own return on investment and the volume of lead traffic we generate for them. We also offer a ‘cost-per-acquisition’ (or “CPA”) pricing structure, whereby an advertiser pays us a percentage of the booking revenues that ultimately result from a referral.
During 2013, the Expedia Group, Inc. (formerly Expedia, Inc., the "Parent" or "Expedia Group") completed the purchase of a controlling interest in the Company. As of March 31, 2026, Expedia Group’s ownership interest and voting interest in trivago N.V. is 59.1% and 83.9%, respectively.
Basis of presentation
We have prepared the accompanying interim unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting. We have included all adjustments necessary for a fair presentation of the results of the interim period. These adjustments consist of normal recurring items. Our interim unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year.
Certain information and note disclosures normally included in the audited annual consolidated financial statements have been condensed or omitted in accordance with Securities and Exchange Commission (“SEC”) rules. The condensed consolidated balance sheet as of December 31, 2025 was derived from our audited consolidated financial statements as of that date but does not contain all of the footnote disclosures from the annual financial statements. As such, these interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 20-F for the year ended December 31, 2025, previously filed with the SEC.
Seasonality
We experience seasonal fluctuations in the demand for our services as a result of seasonal patterns in travel. For example, searches and consequently our revenue, are generally the highest in the first three quarters as travelers plan and book their spring, summer and winter holiday travel. Our revenue typically decreases in the fourth quarter. Seasonal fluctuations affecting our revenue also affect the timing of our cash flows. We typically invoice once per month, with customary payment terms. Therefore, our cash flow varies seasonally with a slight delay to our revenue, and is significantly affected by the timing of our advertising spending. Changes in the relative revenue share of our offerings in countries and areas where seasonal travel patterns vary from those described above may influence the typical trend of our seasonal patterns in the future.
Accounting estimates
We use estimates and assumptions in the preparation of our interim unaudited condensed consolidated financial statements in accordance with GAAP. Preparation of the interim unaudited condensed consolidated financial statements and accompanying notes requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as revenue and expenses during the periods reported. Our actual financial results could differ significantly
from these estimates. The significant estimates underlying our interim unaudited condensed consolidated financial statements include: leases, income taxes, and share-based compensation.
Note 2: Significant accounting policies
The significant accounting policies used in preparation of these unaudited condensed consolidated financial statements for the three months ended March 31, 2026 are consistent with those discussed in Note 2 to the consolidated financial statements in our Annual Report on Form 20-F for the year ended December 31, 2025, except as updated below.
Adoption of new accounting pronouncements
Credit Losses. We did not elect to apply the practical expedient provided by ASU 2025-05. As such, there was no impact to our unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2026.
Recent accounting pronouncements not yet adopted
Expense Disaggregation Disclosures. In November 2024, the FASB issued ASU 2024-03 which requires enhanced disaggregated disclosures regarding income statement expenses in a tabular format. The new guidance requires relevant expense captions to be disaggregated into categories, such as employee compensation, depreciation, and intangible asset amortization, included within each interim and annual income statement's expense caption, as applicable. Additionally, entities are required to disclose their selling expenses and their definition of selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statement disclosures.
Internal-Use Software. In September 2025, the FASB issued ASU 2025-06, which updates the accounting guidance for costs incurred in the development of internal-use software. The new guidance eliminates the requirement to categorize costs by project stage and instead allows entities to capitalize costs when management has authorized and committed funding for a software project and it is probable the project will be completed and used as intended, unless significant development uncertainty exists. The update is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2027, with early adoption permitted. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statements.
Government Grants. In December 2025, the FASB issued ASU 2025-10, which provides authoritative guidance on the recognition, measurement, and presentation of a grant received by a business entity from a government. The new guidance standardizes the GAAP treatment of grants, replacing ad hoc IAS 20/ASC 958 analogies and improving comparability. The update is effective for fiscal years beginning after December 15, 2029, with early adoption permitted. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statements.
Certain risks and concentration of credit risk
Our business is subject to certain risks and concentrations including dependence on relationships with our advertisers, dependence on third-party technology providers, and exposure to risks associated with online commerce security. Our concentration of credit risk relates to depositors holding our cash and customers with significant accounts receivable balances.
Our customer base includes primarily OTAs, hotel chains, and independent hotels, as well as individual travelers. We perform ongoing credit evaluations of our customers and maintain allowances for potential credit losses. We generally do not require collateral or other security from our customers.
Expedia Group, our controlling shareholder, and its affiliates represent 25% of total revenues for the three months ended March 31, 2026, compared to 35% in the same period in 2025. Expedia Group and its affiliates represent 30% and 34% of total accounts receivable as of March 31, 2026 and December 31, 2025, respectively.
Booking Holdings and its affiliates represent 38% of total revenues for the three months ended March 31, 2026, compared to 39% in the same period in 2025. Booking Holdings and its affiliates represent 22% of total accounts receivable as of March 31, 2026 and December 31, 2025.
Deferred revenue
As of December 31, 2025, the deferred revenue balance was €3.9 million, €2.6 million of which was recognized as revenue during the three months ended March 31, 2026.
Foreign currency transaction gains and losses
Foreign currency transaction gains and losses presented within other income and expense, net for the three months ended March 31, 2026 and 2025 were as follows:
| Three months ended<br>March 31, | ||||
|---|---|---|---|---|
| (in thousands) | 2026 | 2025 | ||
| Foreign exchange gains/(losses), net | € | (244) | € | 264 |
Note 3: Holisto Acquisition
On July 31, 2025, we exercised our share purchase option and acquired all remaining outstanding equity interests in Holisto Ltd. ("Holisto"). As a result, Holisto became our wholly owned and consolidated subsidiary and was subsequently renamed to trivago DEALS Ltd.
Supplemental Pro Forma Information
The following table presents unaudited supplemental pro forma consolidated revenue and net loss for the three months ended March 31, 2025 as if the Holisto acquisition had occurred on January 1, 2024.
| Three months ended March 31, | ||
|---|---|---|
| (in thousands) | 2025 | |
| Revenue | € | 126,969 |
| Net loss | (11,406) |
The unaudited pro forma consolidated revenue reflects actual revenues prior to the Holisto acquisition, adjusted to eliminate intercompany transactions between trivago and Holisto that would have been eliminated had the entities been consolidated since January 1, 2024. The unaudited pro forma net loss is adjusted to (i) include amortization of acquired intangible assets and (ii) exclude net loss from the Holisto equity method investment and intercompany transactions between trivago and Holisto.
The unaudited pro forma information is not necessarily indicative of the results of operations that we would have reported had the transaction actually occurred at the beginning of the period nor is it necessarily indicative of future results. The unaudited pro forma financial information does not reflect the impact of future events that may occur after the acquisition, including, but not limited to, anticipated costs savings from synergies or other operational improvements.
Note 4: Fair value measurement
Financial assets measured at fair value on a recurring basis are classified using the fair value hierarchy in the tables below:
| March 31, 2026 | ||||||
|---|---|---|---|---|---|---|
| (in thousands) | Level 2 | |||||
| Cash equivalents: | ||||||
| Term deposits | € | 76,056 | ||||
| Short-term investments: | ||||||
| Term deposits | 2,163 | |||||
| Investments and other assets: | ||||||
| Term deposits | 1,351 | |||||
| Total | € | 79,570 | December 31, 2025 | |||
| --- | --- | --- | ||||
| (in thousands) | Level 2 | |||||
| Cash equivalents: | ||||||
| Term deposits | € | 80,000 | ||||
| Short-term investments: | ||||||
| Term deposits | 11,876 | |||||
| Investments and other assets: | ||||||
| Term deposits | 1,351 | |||||
| Total | € | 93,227 |
We value our financial assets using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
We hold term deposit investments with financial institutions. We classify our term deposits within Level 2 in the fair value hierarchy because they are valued at amortized cost, which approximates fair value. Term deposits with a maturity of less than 3 months are classified as cash equivalents, those with a maturity of more than three months but less than one year are classified as short-term investments and those with a maturity of more than one year are classified as investments and other assets.
Investments in term deposits with a maturity of more than one year are restricted by long-term obligations related to the campus building.
Assets measured at fair value on a non-recurring basis
Our non-financial assets, such as goodwill, intangible assets and property and equipment, as well as our equity method investment, are adjusted to fair value when an impairment charge is recognized or the underlying investment is sold. Such fair value measurements are based predominately on Level 3 inputs.
Note 5: Prepaid expenses and other current assets
| (in thousands) | March 31, 2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Prepaid advertising | € | 2,226 | € | 289 |
| Other prepaid expenses | 7,077 | 5,179 | ||
| Other assets | 779 | 901 | ||
| Total | € | 10,082 | € | 6,369 |
Note 6: Property and equipment, net
| (in thousands) | March 31, 2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Building and leasehold improvements | € | 4,041 | € | 4,151 |
| Capitalized software and software development costs | 35,672 | 34,799 | ||
| Computer equipment | 16,191 | 16,233 | ||
| Furniture and fixtures | 3,102 | 3,088 | ||
| Subtotal | 59,006 | 58,271 | ||
| Less: accumulated depreciation | 50,332 | 49,461 | ||
| Property and equipment, net | € | 8,674 | € | 8,810 |
Note 7: Goodwill and intangible assets, net
The following table presents our goodwill and intangible assets as of March 31, 2026 and December 31, 2025:
| (in thousands) | March 31, 2026 | December 31, 2025 | ||
|---|---|---|---|---|
| Goodwill | € | 14,017 | € | 13,797 |
| Intangible assets with indefinite lives | 45,345 | 45,345 | ||
| Intangible assets with definite lives, net | 27,991 | 28,826 | ||
| Total | € | 87,353 | € | 87,968 |
The following table presents the changes in goodwill by reporting unit:
| (in thousands) | trivago DEALS | |
|---|---|---|
| Balance as of January 1, 2026 | € | 13,797 |
| Foreign exchange translation | 220 | |
| Balance as of March 31, 2026 | € | 14,017 |
Our indefinite-lived intangible assets relate principally to trade names, trademarks and domain names.
Our definite-lived intangible assets relate principally to acquired developed technology, trademarks, and partnership agreements from the acquisition of trivago DEALS.
The following table presents the components of our intangible assets with definite lives as of March 31, 2026:
| March 31, 2026 | December 31, 2025 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in thousands) | Cost | (Accumulated amortization) | Net | Cost | (Accumulated amortization) | Net | ||||||
| Developed technology | € | 26,386 | € | (2,567) | € | 23,819 | € | 25,971 | € | (1,459) | € | 24,512 |
| Trademark/domain | 476 | (92) | 384 | 468 | (52) | 416 | ||||||
| Partnership and other agreements | 4,196 | (408) | 3,788 | 4,130 | (232) | 3,898 | ||||||
| Total | € | 31,058 | € | (3,067) | € | 27,991 | € | 30,569 | € | (1,743) | € | 28,826 |
The amortization expense was €1.3 million for the three months ended March 31, 2026. The estimated future amortization expense related to intangible assets with definite lives as of March 31, 2026, assuming no subsequent impairment of the underlying assets, is as follows:
| (in thousands) | Amortization | |
|---|---|---|
| 2026 | € | 3,942 |
| 2027 | 5,255 | |
| 2028 | 5,203 | |
| 2029 | 5,097 | |
| 2030 | 5,097 | |
| 2031 | 3,397 | |
| Total | € | 27,991 |
Note 8: Share-based awards and other equity instruments
Share-based compensation expense
The following table presents the amount of share-based compensation expense included in our unaudited condensed consolidated statements of operations during the periods presented:
| Three months ended<br>March 31, | ||||
|---|---|---|---|---|
| (in thousands) | 2026 | 2025 | ||
| Equity classified awards | € | 2,273 | € | 1,740 |
| Liability classified awards | 197 | 307 | ||
| Total share-based compensation expense | € | 2,470 | € | 2,047 |
Share-based award activity
The following table presents a summary of our share option activity for the three months ended March 31, 2026:
| Options | Weighted<br>average<br>exercise<br>price | Weighted average remaining<br><br>contractual<br><br>life | Aggregate<br>intrinsic<br>value | |
|---|---|---|---|---|
| (in €) | (In years) | (€ in thousands) | ||
| Balance as of January 1, 2026 | 31,111,665 | 0.94 | ||
| Granted | 6,833,330 | 0.49 | ||
| Exercised (1) | 5,480 | 0.06 | ||
| Balance as of March 31, 2026 | 37,939,515 | 0.86 | 6 | 4,953 |
(1) Inclusive of 2,315 options withheld due to net share settlements to satisfy required employee tax withholding requirements. Potential shares which had been convertible under options that were withheld under net share settlements remain in the authorized but unissued pool under the 2016 Omnibus Incentive Plan and can be issued by the Company. Total payments for the employees' tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited condensed consolidated statements of cash flows.
The following table summarizes information about share options vested and expected to vest as of March 31, 2026:
| Fully Vested and Expected to Vest | Options | Weighted<br>average<br>exercise<br>price | Remaining<br>contractual<br>life | Aggregate<br>intrinsic<br>value |
|---|---|---|---|---|
| (in €) | (In years) | (€ in thousands) | ||
| Outstanding | 29,779,515 | 1.00 | 7 | 3,666 |
| Currently Exercisable | 14,806,105 | 1.58 | 7 | 2,406 |
The following table presents a summary of our restricted stock unit (RSU) activity for the three months ended March 31, 2026:
| RSUs | Weighted average grant date fair value | Weighted average remaining time to vest | |
|---|---|---|---|
| (in €) | (in years) | ||
| Balance as of January 1, 2026 | 5,922,025 | 0.63 | |
| Granted | 17,773,670 | 0.49 | |
| Vested (1) | 825,755 | 0.65 | |
| Forfeited | 8,460 | 0.82 | |
| Balance as of March 31, 2026 | 22,861,480 | 0.52 | 2 |
(1) Inclusive of 421,940 RSUs withheld due to net share settlements to satisfy required employee tax withholding requirements. Potential shares which had been convertible under RSUs that were withheld under net share settlements remain in the authorized but unissued pool under the 2016 Omnibus Incentive Plan and can be issued by the Company. Total payments for the employees' tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited condensed consolidated statements of cash flows.
On February 1, 2026, equity awards were granted to our managing directors consisting of share options totaling 6,833,330 Class A shares, which vest annually in two equal increments beginning on June 30, 2028. Additionally, RSUs were granted totaling 7,958,380 Class A shares, which vest annually in two equal increments beginning on June 30, 2028, and an additional 6,563,620 Class A shares, which cliff vest on June 30, 2027.
Note 9: 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 during the three months ended March 31, 2026 was 25.0%, compared to 23.9% in the same period in 2025. The change in effective tax rate during the three months ended March 31, 2026 compared to the same period in 2025 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.
Note 10: Stockholders' equity
Class A and Class B Common Stock
Our authorized share capital amounts to €234.0 million and is divided into Class A and Class B common stock with par values of €0.06 and €0.60, respectively. As stated in our articles of association, each Class B shareholder can request the conversion one or more Class B shares at any time with the ratio of one Class B share to ten Class A shares. The shareholder will then transfer nine out of every ten Class A shares to the Company for no consideration, leaving the shareholder with one issued Class A share. Upon conversion, the number of authorized Class B shares decreases by the number converted and concurrently, the number of Class A shares increases by ten times the number of Class B shares converted in order to maintain our authorized share capital. At the time of our IPO in 2016, the number of authorized Class A and Class B shares was 700,000,000 and 320,000,000, respectively. These share
counts have been adjusted accordingly with each conversion of Class B shares into Class A shares and the current share counts are reflected on the unaudited condensed consolidated balance sheets.
As of March 31, 2026, Class B shares are only held by Expedia Group and Rolf Schrömgens. Refer to "Note 1 - Organization and basis of presentation" for Expedia Group's ownership interest and voting interest. The Class B shares held by Mr. Schrömgens as of March 31, 2026, had an ownership interest and voting interest of 8.1% and 11.4%, respectively.
The ratio of the Company's American Depositary Shares ('ADS') program is one ADS to five Class A shares.
Note 11: Earnings per share
Basic and diluted earnings per share of Class A and Class B common stock is computed by dividing net income/(loss) by the weighted average number of Class A and Class B common stock outstanding during the same period. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. In periods when we recognize a net loss, we exclude the impact of outstanding stock-based awards from the diluted loss per share calculation as their inclusion would have an antidilutive effect.
The following table presents our basic and diluted earnings per share:
| Three months ended<br>March 31, | ||||
|---|---|---|---|---|
| (€ thousands, except per share data) | 2026 | 2025 | ||
| Numerator: | ||||
| Net loss | € | (7,290) | € | (7,795) |
| Denominator: | ||||
| Weighted average shares of Class A and Class B common stock outstanding: | ||||
| Basic | 353,294 | 351,702 | ||
| Diluted | 353,294 | 351,702 | ||
| Net loss per share: | ||||
| Basic | € | (0.02) | € | (0.02) |
| Diluted | (0.02) | (0.02) |
For the three months ended March 31, 2026 and 2025, approximately 57 million and 34 million of outstanding stock-based awards, respectively, have been excluded from the calculations of diluted net loss per share because their effect would have been antidilutive.
Note 12: Commitments and contingencies
Legal proceedings
A class action has been filed in Israel, making allegations about our advertising and/or display practices, such as search results rankings and algorithms, and discount claims. A pre-trial case management hearing took place on October 1, 2024. The court ordered trivago to provide certain information to the plaintiff. Pursuant to the court's recommendation, the parties initiated mediation procedures to evaluate possibilities for an amicable resolution of the matter in December 2024. In 2025, the parties ceased the mediation procedures and continued the court proceedings with the next hearing scheduled in the second quarter of 2026.
We have also received demand letters and arbitration demands from claimants alleging violations of the California Invasion of Privacy Act related to the Company’s use of certain website technologies. On March 18, 2026, an initial group of arbitration demands was filed with the American Arbitration Association and additional threatened claims have been asserted but not filed. We believe we have substantial defenses, including challenges to the enforceability of arbitration agreements for certain claimants and consent-related defenses for others. The proceedings are in early stages and no determinations have been made regarding whether the claims are subject to arbitration or the merits of the underlying allegations.
Note 13: Related party transactions
Expedia Group
We have commercial relationships with Expedia Group, Inc. and many of its affiliated brands, including brands Expedia, Hotels.com, Wotif and Vrbo. These arrangements are terminable at will upon fourteen to thirty days prior notice by either party and on customary commercial terms that enable Expedia Group’s brands to advertise on our platform, and we receive payment for users we refer to them. We also have an agreement with Expedia Partner Solutions ("EPS"), where EPS powers our platform with a template (Hotels.com for partners). Related-party revenue from Expedia Group primarily consists of click-through fees and other advertising services provided to Expedia Group and its affiliates.
Related-party revenue from Expedia Group and its affiliates was €36.1 million for the three months ended March 31, 2026, compared to €43.4 million in the same period in 2025. These amounts are recorded at contract value, which we believe is a reasonable reflection of the value of the services provided. Related-party revenue from Expedia Group represented 25% of our total revenue for the three months ended March 31, 2026, compared to 35% in the same period in 2025.
For the three months ended March 31, 2026 and 2025, we did not incur significant operating expenses from related-party services and support agreements with Expedia Group.
The related party trade receivable balances with Expedia Group and its affiliates as of March 31, 2026 and December 31, 2025 were €25.5 million and €21.8 million, respectively.
UBIO Limited
We have a commercial agreement with UBIO Limited to increase the number of directly bookable rates available on our website. The agreement includes an annual minimum commitment of €0.2 million (GBP 0.2 million). Operating expenses related to this partner were €0.1 million for the three months ended March 31, 2026 compared to €0.2 million in the same period in 2025.
Holisto Limited
Related-party revenue, consisting mainly of click-through fees and operating expenses related to interface development services, were €2.5 million and €0.3 million, respectively, for the three months ended March 31, 2025.
Note 14: Segment information
Management has identified three reportable segments: Americas, Developed Europe, and Rest of World (RoW). Our Americas segment is comprised of Argentina, Brazil, Canada, Chile, Colombia, Ecuador, Mexico, Peru, the United States and Uruguay. Our Developed Europe segment is comprised of Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. Our RoW segment is comprised of all other countries where trivago operates. Our trivago DEALS operating segment does not meet the quantitative thresholds of a separate reportable segment.
Our chief operating decision makers ("CODMs") are our managing directors comprised of the Chief Executive Officer, Chief Financial Officer, Chief Marketing Officer, and Chief Product Officer. We determined our operating segments based on how our CODMs manage our business, make operating decisions and evaluate operating performance. Our primary operating metric is Return on Advertising Spend, ("ROAS") contribution, for each of our reportable segments, which compares Referral Revenue before intersegment eliminations to Advertising Spend. ROAS contribution includes the allocation of Referral Revenue based on the domain of the website accessed or location of the user performing the search.
Our CODMs use ROAS contribution to allocate resources for each reportable segment predominantly in the annual budget and forecasting process. The CODMs consider budget-to-actual variances on a monthly basis using ROAS contribution when making decisions about the allocation of Advertising Spend to the trivago Core segments. The CODMs also use ROAS contribution to assess the performance for each trivago Core segment.
Our segment disclosures include intersegment Referral Revenue from our trivago DEALS operating segment. All expenses except for Advertising Spend are excluded from reportable segment operating performance and are included in our segment reconciliations below.
The following tables present our segment information for the three months ended March 31, 2026 and 2025. As a significant portion of our property and equipment is not allocated to our operating segments and depreciation is not included in our segment measure, we do not report the assets by segment as it would not be meaningful. We do not regularly provide such information to our CODMs.
| Three months ended March 31, 2026 | ||||||||
|---|---|---|---|---|---|---|---|---|
| (€ thousands) | Developed Europe | Americas | Rest of World | Total | ||||
| Referral Revenue from external customers, including related party | € | 59,410 | € | 52,443 | € | 23,041 | € | 134,894 |
| Intersegment Referral Revenue | 1,651 | 3,039 | 130 | 4,820 | ||||
| € | 61,061 | € | 55,482 | € | 23,171 | € | 139,714 | |
| Reconciliation of revenue | ||||||||
| Other revenues | 7,999 | |||||||
| Elimination of intersegment Referral Revenue | (4,820) | |||||||
| Total consolidated revenue | € | 142,893 | ||||||
| Less: | ||||||||
| Advertising Spend | 46,801 | 47,804 | 20,837 | |||||
| ROAS contribution | € | 14,260 | € | 7,678 | € | 2,334 | € | 24,272 |
| Costs and expenses: | ||||||||
| Cost of revenue, including related party, excluding amortization | 5,505 | |||||||
| Other selling and marketing, including related party (1) | 5,365 | |||||||
| Technology and content, including related party | 14,303 | |||||||
| General and administrative, including related party | 10,996 | |||||||
| Amortization of intangible assets | 1,279 | |||||||
| Operating loss | € | (9,997) | ||||||
| Other income/(expense) | ||||||||
| Interest expense | (25) | |||||||
| Interest income | 584 | |||||||
| Other, net | (244) | |||||||
| Loss before income taxes | € | (9,682) |
(1) Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.
| Three months ended March 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| (€ thousands) | Developed Europe | Americas | Rest of World | Total | ||||
| Referral Revenue from external customers, including related party | € | 52,297 | € | 44,913 | € | 26,184 | € | 123,394 |
| Reconciliation of revenue | ||||||||
| Other revenues | 714 | |||||||
| Total consolidated revenue | € | 124,108 | ||||||
| Less: | ||||||||
| Advertising Spend | 39,031 | 43,719 | 21,770 | |||||
| ROAS contribution | € | 13,266 | € | 1,194 | € | 4,414 | € | 18,874 |
| Costs and expenses: | ||||||||
| Cost of revenue, including related party, excluding amortization | 2,719 | |||||||
| Other selling and marketing, including related party (1) | 5,699 | |||||||
| Technology and content, including related party | 13,401 | |||||||
| General and administrative, including related party | 7,331 | |||||||
| Operating loss | € | (9,562) | ||||||
| Other income/(expense) | ||||||||
| Interest expense | (3) | |||||||
| Interest income | 736 | |||||||
| Other, net | 268 | |||||||
| Loss before income taxes | € | (8,561) |
(1) Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.
Note 15: Subsequent events
On April 30, 2026, our supervisory board authorized repurchases of up to €20 million in aggregate purchase price of our ADSs, with each ADS representing five Class A shares. The final program parameters, including the price range and timing, are expected to be set in May 2026, with repurchases, if any, commencing thereafter, subject to market conditions and applicable law.
On May 5, 2026, we filed an antitrust damages claim against Google before the Regional Court of Hamburg, Germany. The claim seeks damages for losses suffered by trivago as a result of Google's alleged anticompetitive self-preferencing practices in the hotel metasearch market. The outcome of the litigation is inherently uncertain, and there can be no assurance as to the timing, outcome, or ultimate recovery of proceeds, if any, from these proceedings. Any potential recovery of proceeds is a gain contingency. Accordingly, no amounts have been recognized as of the date of this report, and none will be recognized until realized or realizable.
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