TRVG 6-K
trivago N.V. (TRVG)
6-K
2026-08-04
For: 2026-06-30
View Original
Added on
August 04, 2026
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 August, 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 August 5, 2026, trivago N.V. will hold a conference call regarding its unaudited financial results for the second quarter ended June 30, 2026. Copies of the operating and financial review for the second quarter of 2026 and the unaudited condensed consolidated interim financial statements as of June 30, 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: August 4, 2026 | By: | /s/ Dr. Wolf Schmuhl | |||||||||||||||
| Dr. Wolf Schmuhl | |||||||||||||||||
| Chief Financial Officer | |||||||||||||||||
EXHIBIT INDEX
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
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)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Δ Y/Y | 2026 | 2025 | Δ Y/Y | ||||||||||||||||||||||||||||||
| Total revenue | 168.4 | 139.3 | 21% | 311.3 | 263.4 | 18% | |||||||||||||||||||||||||||||
Referral Revenue (1) | 151.4 | 138.5 | 9% | 286.3 | 261.9 | 9% | |||||||||||||||||||||||||||||
| Return on Advertising Spend | 121.8% | 119.0% | 2.8 ppts | 121.4% | 118.6% | 2.8 ppts | |||||||||||||||||||||||||||||
| Net loss | (5.2) | (6.5) | (20)% | (12.4) | (14.3) | (13)% | |||||||||||||||||||||||||||||
Adjusted EBITDA | 1.1 | (5.0) | n.m. | (3.4) | (11.5) | (70)% | |||||||||||||||||||||||||||||
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.
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.
1
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.
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"
2
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.
3
(in € millions) | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Δ € | Δ % | 2026 | 2025 | Δ € | Δ % Y/Y | ||||||||||||||||||||||||||||||||||||||||
| Americas | € | 61.2 | € | 52.8 | € | 8.4 | 16% | € | 113.6 | € | 97.7 | € | 15.9 | 16% | |||||||||||||||||||||||||||||||||
| Developed Europe | 63.8 | 56.2 | 7.6 | 14% | 123.2 | 108.5 | 14.7 | 14% | |||||||||||||||||||||||||||||||||||||||
| Rest of World | 26.4 | 29.5 | (3.1) | (11)% | 49.4 | 55.7 | (6.3) | (11)% | |||||||||||||||||||||||||||||||||||||||
Total Referral Revenue (1) | € | 151.4 | € | 138.5 | € | 12.9 | 9% | € | 286.3 | € | 261.9 | € | 24.4 | 9% | |||||||||||||||||||||||||||||||||
| Other revenue | 17.0 | 0.7 | 16.3 | n.m. | 25.0 | 1.5 | 23.5 | n.m. | |||||||||||||||||||||||||||||||||||||||
| Total revenue | € | 168.4 | € | 139.3 | € | 29.1 | 21% | € | 311.3 | € | 263.4 | € | 47.9 | 18% | |||||||||||||||||||||||||||||||||
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.
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.
4
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 June 30, | Six months ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Δ € | Δ % | 2026 | 2025 | Δ € | Δ % Y/Y | ||||||||||||||||||||||||||||||||||||||||
| Americas | € | 51.4 | € | 45.2 | € | 6.2 | 14% | € | 99.2 | € | 88.9 | € | 10.3 | 12% | |||||||||||||||||||||||||||||||||
| Developed Europe | 54.3 | 46.0 | 8.3 | 18% | 101.1 | 85.1 | 16.0 | 19% | |||||||||||||||||||||||||||||||||||||||
| Rest of World | 22.9 | 25.2 | (2.3) | (9)% | 43.7 | 47.0 | (3.3) | (7)% | |||||||||||||||||||||||||||||||||||||||
| Total Advertising Spend | € | 128.7 | € | 116.4 | € | 12.3 | 11% | € | 244.1 | € | 220.9 | € | 23.2 | 11% | |||||||||||||||||||||||||||||||||
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.
5
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.
| Three months ended June 30, | |||||||||||||||||||||||||||||||||||
ROAS Contribution (in € millions) | ROAS (in %) | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Δ € | 2026 | 2025 | Δ ppts | ||||||||||||||||||||||||||||||
| Americas | € | 13.0 | € | 7.6 | € | 5.4 | 125.3% | 116.9% | 8.4 ppts | ||||||||||||||||||||||||||
| Developed Europe | 11.4 | 10.2 | 1.2 | 121.0% | 122.1% | (1.1) ppts | |||||||||||||||||||||||||||||
| Rest of World | 3.6 | 4.3 | (0.7) | 115.9% | 117.1% | (1.2) ppts | |||||||||||||||||||||||||||||
Global | € | 28.1 | € | 22.1 | € | 6.0 | 121.8% | 119.0% | 2.8 ppts | ||||||||||||||||||||||||||
Note: Some figures may not add up due to rounding.
| Six months ended June 30, | |||||||||||||||||||||||||||||||||||
ROAS Contribution (in € millions) | ROAS (in %) | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Δ € | 2026 | 2025 | Δ ppts | ||||||||||||||||||||||||||||||
| Americas | € | 20.7 | € | 8.8 | € | 11.9 | 120.9% | 109.9% | 11.0 ppts | ||||||||||||||||||||||||||
| Developed Europe | 25.7 | 23.4 | 2.3 | 125.4% | 127.6% | (2.2) ppts | |||||||||||||||||||||||||||||
| Rest of World | 6.0 | 8.7 | (2.7) | 113.6% | 118.6% | (5.0) ppts | |||||||||||||||||||||||||||||
Global | € | 52.3 | € | 41.0 | € | 11.3 | 121.4% | 118.6% | 2.8 ppts | ||||||||||||||||||||||||||
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.
6
Expenses
Expenses by Cost Category (€ millions)
| Three months ended June 30, | As a % of Revenue | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Δ € | Δ % | 2026 | 2025 | ||||||||||||||||||||||||||||||
| Cost of revenue | € | 8.4 | € | 2.7 | € | 5.7 | 211 | % | 5 | % | 2 | % | |||||||||||||||||||||||
| Selling and marketing | 138.3 | 124.0 | 14.3 | 12 | % | 82 | % | 89 | % | ||||||||||||||||||||||||||
| Advertising Spend | 128.7 | 116.4 | 12.3 | 11 | % | 76 | % | 84 | % | ||||||||||||||||||||||||||
Other selling and marketing | 9.6 | 7.6 | 2.0 | 26 | % | 6 | % | 5 | % | ||||||||||||||||||||||||||
| Technology and content | 14.5 | 12.6 | 1.9 | 15 | % | 9 | % | 9 | % | ||||||||||||||||||||||||||
| General and administrative | 11.1 | 8.1 | 3.0 | 37 | % | 7 | % | 6 | % | ||||||||||||||||||||||||||
| Amortization of intangible assets | 1.8 | 0.0 | 1.8 | n.m. | 1 | % | 0 | % | |||||||||||||||||||||||||||
| Total costs and expenses | € | 174.2 | € | 147.3 | € | 26.9 | 18 | % | 103% | 106 | % | ||||||||||||||||||||||||
n.m. not meaningful
Note: Some figures may not add up due to rounding.
| Six months ended June 30, | As a % of Revenue | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Δ € | Δ % | 2026 | 2025 | ||||||||||||||||||||||||||||||
| Cost of revenue | € | 14.0 | € | 5.4 | € | 8.6 | 159 | % | 4 | % | 2 | % | |||||||||||||||||||||||
| Selling and marketing | 259.1 | 234.2 | 24.9 | 11 | % | 83 | % | 89 | % | ||||||||||||||||||||||||||
| Advertising Spend | 244.1 | 220.9 | 23.2 | 11 | % | 78 | % | 84 | % | ||||||||||||||||||||||||||
| Other selling and marketing | 15.0 | 13.3 | 1.7 | 13 | % | 5 | % | 5 | % | ||||||||||||||||||||||||||
| Technology and content | 28.8 | 26.0 | 2.8 | 11 | % | 9 | % | 10 | % | ||||||||||||||||||||||||||
| General and administrative | 22.1 | 15.4 | 6.7 | 44 | % | 7 | % | 6 | % | ||||||||||||||||||||||||||
| Amortization of intangible assets | 3.0 | 0.0 | 3.0 | n.m. | 1 | % | 0 | % | |||||||||||||||||||||||||||
| Total costs and expenses | € | 327.1 | € | 281.0 | € | 46.1 | 16 | % | 105% | 107 | % | ||||||||||||||||||||||||
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.
5 Refer to the "Other Revenue" section above which describes the impact of the elimination of the one month reporting lag for trivago DEALS.
7
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.
8
Income Taxes, Net Loss and Adjusted EBITDA (€ millions)
Note: Some figures may not add up due to rounding.
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Δ € | 2026 | 2025 | Δ € | ||||||||||||||||||||||||||||||
| Operating loss | € | (5.8) | € | (8.0) | € | 2.2 | € | (15.8) | € | (17.6) | € | 1.8 | |||||||||||||||||||||||
| Other income/(expense) | |||||||||||||||||||||||||||||||||||
| Interest expense | (0.0) | (0.0) | 0.0 | (0.0) | (0.0) | 0.0 | |||||||||||||||||||||||||||||
| Interest income | 0.9 | 0.5 | 0.4 | 1.5 | 1.3 | 0.2 | |||||||||||||||||||||||||||||
| Other, net | (0.6) | 0.2 | (0.8) | (0.8) | 0.5 | (1.3) | |||||||||||||||||||||||||||||
| Total other income, net | € | 0.3 | € | 0.7 | € | (0.4) | € | 0.6 | € | 1.7 | € | (1.1) | |||||||||||||||||||||||
| Loss before income taxes | (5.4) | (7.3) | 1.9 | (15.1) | (15.9) | 0.8 | |||||||||||||||||||||||||||||
| Benefit for income taxes | (0.3) | (1.2) | 0.9 | (2.8) | (3.2) | 0.4 | |||||||||||||||||||||||||||||
| Loss before equity method investments | € | (5.1) | € | (6.1) | € | 1.0 | € | (12.4) | € | (12.6) | € | 0.2 | |||||||||||||||||||||||
| Loss from equity method investments | (0.1) | (0.4) | 0.3 | (0.1) | (1.7) | 1.6 | |||||||||||||||||||||||||||||
| Net loss | € | (5.2) | € | (6.5) | € | 1.3 | € | (12.4) | € | (14.3) | € | 1.9 | |||||||||||||||||||||||
Adjusted EBITDA | € | 1.1 | € | (5.0) | € | 6.1 | € | (3.4) | € | (11.5) | € | 8.1 | |||||||||||||||||||||||
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.
9
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.
10
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
11
•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)
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net loss | € | (5.2) | € | (6.5) | € | (12.4) | € | (14.3) | ||||||||||||||||||
| Loss from equity method investments | (0.1) | (0.4) | (0.1) | (1.7) | ||||||||||||||||||||||
| Loss before equity method investments | € | (5.1) | € | (6.1) | € | (12.4) | € | (12.6) | ||||||||||||||||||
| Benefit for income taxes | (0.3) | (1.2) | (2.8) | (3.2) | ||||||||||||||||||||||
| Loss before income taxes | € | (5.4) | € | (7.3) | € | (15.1) | € | (15.9) | ||||||||||||||||||
| Add/(less): | ||||||||||||||||||||||||||
| Interest expense | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||
| Interest income | (0.9) | (0.5) | (1.5) | (1.3) | ||||||||||||||||||||||
| Other, net | 0.6 | (0.2) | 0.8 | (0.5) | ||||||||||||||||||||||
| Operating loss | € | (5.8) | € | (8.0) | € | (15.8) | € | (17.6) | ||||||||||||||||||
| Depreciation of property and equipment and amortization of intangible assets | 2.9 | 1.0 | 5.2 | 2.1 | ||||||||||||||||||||||
| Impairment of, and gains and losses on disposals of, property and equipment | 0.2 | 0.0 | 0.2 | 0.0 | ||||||||||||||||||||||
| Share-based compensation | 2.9 | 1.9 | 5.4 | 3.9 | ||||||||||||||||||||||
Certain other items (1)(2) | 0.9 | 0.1 | 1.6 | 0.1 | ||||||||||||||||||||||
| Adjusted EBITDA | € | 1.1 | € | (5.0) | € | (3.4) | € | (11.5) | ||||||||||||||||||
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.
12
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;
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•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.
14
Exhibit 99.2
trivago N.V.
Unaudited Condensed Consolidated Interim Financial Statements as of June 30, 2026
1
trivago N.V.
Condensed consolidated statements of operations
(€ thousands, except per share amounts, unaudited)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | € | 124,557 | € | 83,913 | € | 231,321 | € | 162,153 | |||||||||||||||
| Revenue from related party | 43,850 | 55,355 | 79,979 | 101,223 | |||||||||||||||||||
| Total revenue | 168,407 | 139,268 | 311,300 | 263,376 | |||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
Cost of revenue, including related party, excluding amortization (1) | 8,449 | 2,669 | 13,954 | 5,388 | |||||||||||||||||||
Selling and marketing, including related party (1)(3) | 138,328 | 123,957 | 259,135 | 234,176 | |||||||||||||||||||
Technology and content, including related party (1)(2)(3) | 14,497 | 12,554 | 28,800 | 25,955 | |||||||||||||||||||
General and administrative, including related party (1)(3) | 11,147 | 8,097 | 22,143 | 15,428 | |||||||||||||||||||
Amortization of intangible assets (2) | 1,752 | 33 | 3,031 | 33 | |||||||||||||||||||
| Operating loss | (5,766) | (8,042) | (15,763) | (17,604) | |||||||||||||||||||
| Other income/(expense) | |||||||||||||||||||||||
| Interest expense | (22) | (3) | (47) | (6) | |||||||||||||||||||
| Interest income | 905 | 530 | 1,489 | 1,266 | |||||||||||||||||||
| Other, net | (556) | 213 | (800) | 481 | |||||||||||||||||||
| Total other income, net | 327 | 740 | 642 | 1,741 | |||||||||||||||||||
| Loss before income taxes | (5,439) | (7,302) | (15,121) | (15,863) | |||||||||||||||||||
| Benefit for income taxes | (347) | (1,170) | (2,769) | (3,220) | |||||||||||||||||||
| Loss before equity method investments | (5,092) | (6,132) | (12,352) | (12,643) | |||||||||||||||||||
| Loss from equity method investments | (58) | (370) | (88) | (1,654) | |||||||||||||||||||
| Net loss | € | (5,150) | € | (6,502) | € | (12,440) | € | (14,297) | |||||||||||||||
Earnings per share available to common stockholders: | |||||||||||||||||||||||
| Basic | € | (0.01) | € | (0.02) | € | (0.04) | € | (0.04) | |||||||||||||||
| Diluted | (0.01) | (0.02) | (0.04) | (0.04) | |||||||||||||||||||
Shares used in computing loss per share: | |||||||||||||||||||||||
| Basic | 353,402 | 351,905 | 353,455 | 351,895 | |||||||||||||||||||
| Diluted | 353,402 | 351,905 | 353,455 | 351,895 | |||||||||||||||||||
2
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (1) Includes share-based compensation as follows: | |||||||||||||||||||||||
| Cost of revenue | € | 38 | € | 32 | € | 67 | € | 61 | |||||||||||||||
| Selling and marketing | 158 | 140 | 289 | 269 | |||||||||||||||||||
| Technology and content | 341 | 266 | 558 | 534 | |||||||||||||||||||
| General and administrative | 2,405 | 1,442 | 4,498 | 3,063 | |||||||||||||||||||
| (2) Includes amortization as follows: | |||||||||||||||||||||||
| Amortization of internal use software and website development costs included in technology and content | € | 862 | € | 770 | € | 1,709 | € | 1,551 | |||||||||||||||
| Amortization of acquired technology and other assets included in amortization of intangible assets | 1,752 | 33 | 3,031 | 33 | |||||||||||||||||||
| (3) Includes related party expense as follows: | |||||||||||||||||||||||
| Selling and marketing | € | 9 | € | 75 | € | 17 | € | 96 | |||||||||||||||
| Technology and content | 167 | 440 | 327 | 941 | |||||||||||||||||||
| General and administrative | 36 | 14 | 63 | 37 | |||||||||||||||||||
See accompanying notes
3
trivago N.V.
Condensed consolidated statements of comprehensive loss
(€ thousands, unaudited)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net loss | € | (5,150) | € | (6,502) | € | (12,440) | € | (14,297) | |||||||||||||||
Other comprehensive income/(loss): | |||||||||||||||||||||||
| Currency translation adjustments, net | 282 | (361) | 723 | (587) | |||||||||||||||||||
| Total other comprehensive income/(loss) | 282 | (361) | 723 | (587) | |||||||||||||||||||
Comprehensive loss | € | (4,868) | € | (6,863) | € | (11,717) | € | (14,884) | |||||||||||||||
See accompanying notes
4
trivago N.V.
Condensed consolidated balance sheets
(€ thousands, except share and per share data, unaudited)
| ASSETS | As of June 30, 2026 | As of December 31, 2025 | |||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | € | 114,448 | € | 130,936 | |||||||
| Restricted cash | 123 | 135 | |||||||||
Accounts receivable, net of allowance for credit losses of €867 and €838 at June 30, 2026 and December 31, 2025, respectively | 73,241 | 42,680 | |||||||||
| Accounts receivable, related party | 31,834 | 21,786 | |||||||||
| Short-term investments | 40,808 | 11,876 | |||||||||
| Tax receivable | 1,382 | 307 | |||||||||
| Prepaid expenses and other current assets | 9,035 | 6,369 | |||||||||
| Total current assets | 270,871 | 214,089 | |||||||||
| Property and equipment, net | 8,971 | 8,810 | |||||||||
| Operating lease right-of-use assets | 36,681 | 37,631 | |||||||||
| Deferred income taxes | 4,382 | 2,438 | |||||||||
| Equity method investments | 4,787 | 4,877 | |||||||||
| Investments and other assets | 2,377 | 2,636 | |||||||||
| Intangible assets, net | 71,901 | 74,171 | |||||||||
| Goodwill | 14,189 | 13,797 | |||||||||
| TOTAL ASSETS | € | 414,159 | € | 358,449 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | € | 57,613 | € | 34,142 | |||||||
| Income taxes payable | 3,208 | 6,867 | |||||||||
| Deferred revenue | 8,302 | 3,927 | |||||||||
| Payroll liabilities | 5,025 | 4,042 | |||||||||
| Accrued expenses and other current liabilities | 8,853 | 10,504 | |||||||||
| Advances from travelers | 78,220 | 34,535 | |||||||||
| Operating lease liability | 2,605 | 2,486 | |||||||||
| Total current liabilities | 163,826 | 96,503 | |||||||||
| Operating lease liability | 32,866 | 33,856 | |||||||||
| Deferred income taxes | 12,823 | 14,190 | |||||||||
| Other long-term liabilities | 230 | 601 | |||||||||
| Stockholders’ equity: | |||||||||||
Class A common stock, €0.06 par value - 1,523,230,720 shares authorized, Shares issued: 116,974,465 and 115,621,475, respectively Shares outstanding: 115,315,375 and 115,621,475, respectively | 7,018 | 6,937 | |||||||||
Class B common stock, €0.60 par value - 237,676,928 shares authorized, 237,476,895 shares issued and outstanding, respectively | 142,486 | 142,486 | |||||||||
Treasury stock at cost - Class A shares, 1,659,090 and nil shares, respectively | (1,326) | — | |||||||||
| Reserves | 696,922 | 692,845 | |||||||||
| Contribution from Parent | 122,307 | 122,307 | |||||||||
| Accumulated other comprehensive loss | (243) | (966) | |||||||||
| Accumulated deficit | (762,750) | (750,310) | |||||||||
| Total stockholders' equity | 204,414 | 213,299 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | € | 414,159 | € | 358,449 | |||||||
See accompanying notes
5
trivago N.V.
Condensed consolidated statements of changes in equity
(€ thousands, unaudited)
| Three months ended June 30, 2026 | Class A common stock | Class B common stock | Treasury stock - Class A common stock | Reserves | Accumulated deficit | Accumulated other comprehensive loss | Contribution from Parent | Total stockholders' equity | |||||||||||||||||||||||||||||||||||||||
| Balance at April 1, 2026 | € | 6,962 | € | 142,486 | € | — | € | 694,886 | € | (757,600) | € | (525) | € | 122,307 | € | 208,516 | |||||||||||||||||||||||||||||||
| Net loss | (5,150) | (5,150) | |||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (net of tax) | 282 | 282 | |||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | 2,764 | 2,764 | |||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock related to exercise of options and vesting of RSUs | 56 | (56) | — | ||||||||||||||||||||||||||||||||||||||||||||
| Withholdings on net share settlements of equity awards | (672) | (672) | |||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of Class A common stock | (1,326) | (1,326) | |||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2026 | € | 7,018 | € | 142,486 | € | (1,326) | € | 696,922 | € | (762,750) | € | (243) | € | 122,307 | € | 204,414 | |||||||||||||||||||||||||||||||
| Six months ended June 30, 2026 | Class A common stock | Class B common stock | Treasury stock - Class A common stock | Reserves | Accumulated deficit | Accumulated other comprehensive loss | Contribution from Parent | Total stockholders' equity | |||||||||||||||||||||||||||||||||||||||
| Balance at January 1, 2026 | € | 6,937 | € | 142,486 | € | — | € | 692,845 | € | (750,310) | € | (966) | € | 122,307 | € | 213,299 | |||||||||||||||||||||||||||||||
| Net loss | (12,440) | (12,440) | |||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income (net of tax) | 723 | 723 | |||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | 5,037 | 5,037 | |||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock related to exercise of options and vesting of RSUs | 81 | (81) | — | ||||||||||||||||||||||||||||||||||||||||||||
| Withholdings on net share settlements of equity awards | (879) | (879) | |||||||||||||||||||||||||||||||||||||||||||||
| Repurchase of Class A common stock | (1,326) | (1,326) | |||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2026 | € | 7,018 | € | 142,486 | € | (1,326) | € | 696,922 | € | (762,750) | € | (243) | € | 122,307 | € | 204,414 | |||||||||||||||||||||||||||||||
6
| Three months ended June 30, 2025 | Class A common stock | Class B common stock | Treasury stock - Class A common stock | Reserves | Accumulated deficit | Accumulated other comprehensive income/(loss) | Contribution from Parent | Total stockholders' equity | |||||||||||||||||||||||||||||||||||||||
| Balance at April 1, 2025 | € | 6,864 | € | 142,486 | € | — | € | 688,673 | € | (769,325) | € | 41 | € | 122,307 | € | 191,046 | |||||||||||||||||||||||||||||||
| Net loss | (6,502) | (6,502) | |||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss (net of tax) | (361) | (361) | |||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | 1,653 | 1,653 | |||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock related to exercise of options and vesting of RSUs | 25 | (25) | — | ||||||||||||||||||||||||||||||||||||||||||||
| Withholdings on net share settlements of equity awards | (367) | (367) | |||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | € | 6,889 | € | 142,486 | € | — | € | 689,934 | € | (775,827) | € | (320) | € | 122,307 | € | 185,469 | |||||||||||||||||||||||||||||||
| Six months ended June 30, 2025 | Class A common stock | Class B common stock | Treasury stock - Class A common stock | Reserves | Accumulated deficit | Accumulated other comprehensive income/(loss) | Contribution from Parent | Total stockholders' equity | |||||||||||||||||||||||||||||||||||||||
| Balance at January 1, 2025 | € | 6,843 | € | 142,486 | € | — | € | 687,232 | € | (761,530) | € | 267 | € | 122,307 | € | 197,605 | |||||||||||||||||||||||||||||||
| Net loss | (14,297) | (14,297) | |||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive loss (net of tax) | (587) | (587) | |||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | 3,393 | 3,393 | |||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock related to exercise of options and vesting of RSUs | 46 | (46) | — | ||||||||||||||||||||||||||||||||||||||||||||
| Withholdings on net share settlements of equity awards | (645) | (645) | |||||||||||||||||||||||||||||||||||||||||||||
| Balance at June 30, 2025 | € | 6,889 | € | 142,486 | € | — | € | 689,934 | € | (775,827) | € | (320) | € | 122,307 | € | 185,469 | |||||||||||||||||||||||||||||||
See accompanying notes
7
trivago N.V.
Condensed consolidated statements of cash flows
(€ thousands, unaudited)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Operating activities: | |||||||||||||||||||||||
| Net loss | € | (5,150) | € | (6,502) | € | (12,440) | € | (14,297) | |||||||||||||||
| Adjustments to reconcile net loss to net cash provided by/(used in): | |||||||||||||||||||||||
| Depreciation (property and equipment and internal-use software and website development) | 1,116 | 1,011 | 2,214 | 2,029 | |||||||||||||||||||
| Amortization of intangible assets | 1,752 | 33 | 3,031 | 33 | |||||||||||||||||||
| Share-based compensation | 2,942 | 1,880 | 5,412 | 3,927 | |||||||||||||||||||
| Deferred income taxes | (537) | (1,526) | (3,202) | (3,793) | |||||||||||||||||||
| Other, net | 792 | 190 | 1,138 | 1,080 | |||||||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||||||
| Accounts receivable, including related party | (20,522) | (11,164) | (40,368) | (28,986) | |||||||||||||||||||
| Prepaid expenses and other assets | 1,245 | 481 | (2,333) | (217) | |||||||||||||||||||
| Accounts payable | 11,794 | 6,654 | 22,774 | 17,524 | |||||||||||||||||||
| Taxes payable/receivable, net | (3,446) | 1,567 | (4,733) | 1,348 | |||||||||||||||||||
| Advances from travelers | 28,319 | — | 41,857 | — | |||||||||||||||||||
| Other changes in operating assets and liabilities, net | 1,151 | 905 | 2,145 | 780 | |||||||||||||||||||
| Net cash provided by/(used in) operating activities | 19,456 | (6,471) | 15,495 | (20,572) | |||||||||||||||||||
| Investing activities: | |||||||||||||||||||||||
| Purchase of investments | (54,763) | — | (56,899) | — | |||||||||||||||||||
| Proceeds from sales and maturities of investments | 16,774 | — | 28,737 | — | |||||||||||||||||||
| Capital expenditures, including internal-use software and website development | (1,407) | (1,104) | (2,343) | (2,066) | |||||||||||||||||||
| Proceeds from receipt of tax credits | — | 1,020 | — | 1,020 | |||||||||||||||||||
| Other investing activities, net | 9 | 2 | 13 | 8 | |||||||||||||||||||
| Net cash used in investing activities | (39,387) | (82) | (30,492) | (1,038) | |||||||||||||||||||
| Financing activities: | |||||||||||||||||||||||
| Payment of withholding taxes on net share settlements of equity awards | (319) | (354) | (526) | (637) | |||||||||||||||||||
| Purchases of treasury stock | (1,326) | — | (1,326) | — | |||||||||||||||||||
| Other financing activities, net | (24) | (23) | (48) | (45) | |||||||||||||||||||
| Net cash used in financing activities | (1,669) | (377) | (1,900) | (682) | |||||||||||||||||||
| Effect of exchange rate changes on cash | 31 | (417) | 397 | (552) | |||||||||||||||||||
| Net decrease in cash, cash equivalents and restricted cash | (21,569) | (7,347) | (16,500) | (22,844) | |||||||||||||||||||
| Cash, cash equivalents and restricted cash at beginning of the period | 136,140 | 118,590 | 131,071 | 134,087 | |||||||||||||||||||
| Cash, cash equivalents and restricted cash at end of the period | € | 114,571 | € | 111,243 | € | 114,571 | € | 111,243 | |||||||||||||||
| Supplemental cash flow information: | |||||||||||||||||||||||
| Cash received for interest | € | 494 | € | 560 | € | 1,301 | € | 1,260 | |||||||||||||||
| Cash paid for taxes, net of (refunds) | 3,643 | (870) | 5,183 | (474) | |||||||||||||||||||
| Non-cash investing and financing activities: | |||||||||||||||||||||||
| Withholding taxes on net share settlements of equity awards-related liability | 353 | 14 | 353 | 14 | |||||||||||||||||||
See accompanying notes
8
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 June 30, 2026, Expedia Group’s ownership interest and voting interest in trivago N.V. is 59.2% 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.
9
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 and six months ended June 30, 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.
Consolidation
Following the acquisition of trivago DEALS in the third quarter of 2025, trivago consolidated the operating results of trivago DEALS on a one-month lag basis to facilitate the timely preparation of our consolidated financial statements. Effective with the quarter ended June 30, 2026, we eliminated the one-month reporting lag as trivago DEALS is now aligned with our reporting schedule. The elimination of the reporting lag represents a change in accounting principle which would ordinarily require retrospective application to prior periods after July 31, 2025 (representing the date of acquisition of trivago DEALS). We determined that the impact of not retrospectively applying this change was not material to our consolidated financial statements for those periods. Accordingly, we recognized the cumulative effect of the change in accounting principle within our unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2026 and did not retrospectively apply the effects of this change to prior periods. As a result, the three-month period ended June 30, 2026 includes four months of trivago DEALS operating results, compared to the three months in a typical quarter.
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 for all periods in 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.
10
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 26% of total revenues for both the three and six months ended June 30, 2026, compared to 38% and 37% in the same periods in 2025. Expedia Group and its affiliates represent 30% and 34% of total accounts receivable as of June 30, 2026 and December 31, 2025, respectively.
Booking Holdings and its affiliates represent 34% and 36% of total revenues for the three and six months ended June 30, 2026, compared to 37% and 38% in the same periods in 2025. Booking Holdings and its affiliates represent 19% and 22% of total accounts receivable as of June 30, 2026 and December 31, 2025.
Deferred revenue
As of December 31, 2025, the deferred revenue balance was €3.9 million, €3.5 million of which was recognized as revenue during the six months ended June 30, 2026.
Foreign currency transaction gains and losses
Foreign currency transaction gains and losses presented within other income and expense, net for the three and six months ended June 30, 2026 and 2025 were as follows:
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Foreign exchange gains/(losses), net | € | (557) | € | 181 | € | (801) | € | 446 | |||||||||||||||
11
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 and six months ended June 30, 2025 as if the Holisto acquisition had occurred on January 1, 2024.
| Three months ended June 30, | Six months ended June 30, | ||||||||||
| (in thousands) | 2025 | 2025 | |||||||||
| Revenue | € | 145,257 | € | 272,225 | |||||||
| Net loss | (8,188) | (19,594) | |||||||||
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.
12
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:
As of June 30, 2026 | Total | Level 1 | Level 2 | |||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Cash equivalents: | ||||||||||||||||||||
| Money market funds | € | 45,322 | € | 45,322 | € | — | ||||||||||||||
| Term deposits | 45,254 | — | 45,254 | |||||||||||||||||
| Short-term investments: | ||||||||||||||||||||
| Term deposits | 40,808 | — | 40,808 | |||||||||||||||||
| Investments and other assets: | ||||||||||||||||||||
| Term deposits | 1,351 | — | 1,351 | |||||||||||||||||
| Total | € | 132,735 | € | 45,322 | € | 87,413 | ||||||||||||||
As of December 31, 2025 | Total | Level 1 | Level 2 | |||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Cash equivalents: | ||||||||||||||||||||
| Term deposits | € | 80,000 | € | — | € | 80,000 | ||||||||||||||
| Short-term investments: | ||||||||||||||||||||
| Term deposits | 11,876 | — | 11,876 | |||||||||||||||||
| Investments and other assets: | ||||||||||||||||||||
| Term deposits | 1,351 | — | 1,351 | |||||||||||||||||
| Total | € | 93,227 | € | — | € | 93,227 | ||||||||||||||
We value our financial assets using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. This is included within cash equivalents as Level 1 measurement.
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.
13
Note 5: Prepaid expenses and other current assets
| (in thousands) | June 30, 2026 | December 31, 2025 | ||||||||||||
| Prepaid advertising | € | 2,803 | € | 289 | ||||||||||
| Other prepaid expenses | 5,130 | 5,179 | ||||||||||||
| Other assets | 1,102 | 901 | ||||||||||||
| Total | € | 9,035 | € | 6,369 | ||||||||||
Note 6: Property and equipment, net
| (in thousands) | June 30, 2026 | December 31, 2025 | ||||||||||||
| Building and leasehold improvements | € | 4,031 | € | 4,151 | ||||||||||
| Capitalized software and software development costs | 36,522 | 34,799 | ||||||||||||
| Computer equipment | 16,467 | 16,233 | ||||||||||||
| Furniture and fixtures | 3,155 | 3,088 | ||||||||||||
| Subtotal | 60,175 | 58,271 | ||||||||||||
| Less: accumulated depreciation | 51,204 | 49,461 | ||||||||||||
| Property and equipment, net | € | 8,971 | € | 8,810 | ||||||||||
Note 7: Goodwill and intangible assets, net
The following table presents our goodwill and intangible assets as of June 30, 2026 and December 31, 2025:
| (in thousands) | June 30, 2026 | December 31, 2025 | |||||||||
| Goodwill | € | 14,189 | € | 13,797 | |||||||
Intangible assets with indefinite lives | 45,345 | 45,345 | |||||||||
Intangible assets with definite lives, net | 26,556 | 28,826 | |||||||||
Total | € | 86,090 | € | 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 | 392 | |||||||
| Balance as of June 30, 2026 | € | 14,189 | ||||||
Our indefinite-lived intangible assets relate principally to trade names, trademarks and domain names.
14
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 June 30, 2026:
| June 30, 2026 | December 31, 2025 | |||||||||||||||||||||||||||||||||||||
| (in thousands) | Cost | (Accumulated amortization) | Net | Cost | (Accumulated amortization) | Net | ||||||||||||||||||||||||||||||||
| Developed technology | € | 26,709 | € | (4,086) | € | 22,623 | € | 25,971 | € | (1,459) | € | 24,512 | ||||||||||||||||||||||||||
| Trademark/domain | 482 | (146) | 336 | 468 | (52) | 416 | ||||||||||||||||||||||||||||||||
| Partnership and other agreements | 4,247 | (650) | 3,597 | 4,130 | (232) | 3,898 | ||||||||||||||||||||||||||||||||
| Total | € | 31,438 | € | (4,882) | € | 26,556 | € | 30,569 | € | (1,743) | € | 28,826 | ||||||||||||||||||||||||||
The amortization expense was €1.8 million and €3.0 million for the three and six months ended June 30, 2026, respectively. The estimated future amortization expense related to intangible assets with definite lives as of June 30, 2026, assuming no subsequent impairment of the underlying assets, is as follows:
| (in thousands) | Amortization | |||||||
| 2026 | € | 2,660 | ||||||
| 2027 | 5,320 | |||||||
| 2028 | 5,255 | |||||||
| 2029 | 5,159 | |||||||
| 2030 | 5,159 | |||||||
| 2031 | 3,003 | |||||||
| Total | € | 26,556 | ||||||
Note 8: Share-based awards and other equity instruments
Amendments to the 2016 Omnibus Incentive Plan
On June 26, 2026, our shareholders approved amendments to the 2016 Omnibus Incentive Plan to increase the maximum number of Class A shares authorized for issuance under the plan from 80,161,948 to 114,998,673 Class A shares. This authorized amount does not include any additional Class A shares that may become available as a result of Class B share conversions. Class A shares issuable under the 2016 Omnibus Incentive Plan are represented by American Depositary Shares ('ADS').
15
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 June 30, | Six months ended June 30, | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
Equity classified awards | € | 2,764 | € | 1,653 | € | 5,037 | € | 3,393 | |||||||||||||||
Liability classified awards | 178 | 227 | 375 | 534 | |||||||||||||||||||
| Total share-based compensation expense | € | 2,942 | € | 1,880 | € | 5,412 | € | 3,927 | |||||||||||||||
Share-based award activity
The following table presents a summary of our share option activity for the six months ended June 30, 2026:
| Options | Weighted average exercise price | Weighted average remaining contractual life | Aggregate intrinsic value | |||||||||||||||||||||||
| (in €) | (In years) | (€ in thousands) | ||||||||||||||||||||||||
| Balance as of January 1, 2026 | 31,111,665 | 0.94 | ||||||||||||||||||||||||
| Granted | 8,047,475 | 0.42 | ||||||||||||||||||||||||
Exercised (1) | 1,602,675 | 0.34 | ||||||||||||||||||||||||
| Expired | 58,115 | 0.06 | ||||||||||||||||||||||||
| Balance as of June 30, 2026 | 37,498,350 | 0.86 | 6 | 20,767 | ||||||||||||||||||||||
(1) Inclusive of 1,224,555 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 June 30, 2026:
| Fully Vested and Expected to Vest | Options | Weighted average exercise price | Remaining contractual life | Aggregate intrinsic value | ||||||||||||||||||||||
| (in €) | (In years) | (€ in thousands) | ||||||||||||||||||||||||
| Outstanding | 29,338,350 | 1.00 | 7 | 15,784 | ||||||||||||||||||||||
| Currently Exercisable | 18,606,700 | 1.34 | 7 | 10,222 | ||||||||||||||||||||||
16
The following table presents a summary of our restricted stock unit (RSU) activity for the six months ended June 30, 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 | 19,179,880 | 0.49 | ||||||||||||||||||
Vested (1) | 1,999,965 | 0.60 | ||||||||||||||||||
| Forfeited | 8,460 | 0.82 | ||||||||||||||||||
| Balance as of June 30, 2026 | 23,093,480 | 0.51 | 2 | |||||||||||||||||
(1) Inclusive of 1,025,095 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 €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 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 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 were 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 the result of share-based compensation expense, which is not deductible for tax purposes.
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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 of 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 June 30, 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 June 30, 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.
Treasury Stock
On April 30, 2026, our supervisory board authorized a program to repurchase up to €20 million in aggregate purchase price of our ADSs, with each ADS representing five Class A shares (the '2026 Share Buyback Program'). On May 29, 2026, our management board approved the implementation of 2026 Share Buyback Program. We may repurchase ADSs from time to time under this program, subject to our discretion as to timing, amount and price. The program does not have a fixed expiration date and does not obligate the Company to acquire any specific number of shares.
During the three months ended June 30, 2026, we repurchased 1,659,090 Class A common shares through open market transactions and these shares are held as treasury stock as of June 30, 2026.
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Note 11: Earnings per share
Basic and diluted earnings per share of Class A and Class B common stock is computed by dividing net income/(loss) by the weighted average number of Class A and Class B common stock outstanding during the same period. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. In periods when we recognize a net loss, we exclude the impact of outstanding stock-based awards from the diluted loss per share calculation as their inclusion would have an antidilutive effect.
The following table presents our basic and diluted earnings per share:
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| (€ thousands, except per share data) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Numerator: | |||||||||||||||||||||||
| Net loss | € | (5,150) | € | (6,502) | € | (12,440) | € | (14,297) | |||||||||||||||
| Denominator: | |||||||||||||||||||||||
| Weighted average shares of Class A and Class B common stock outstanding: | |||||||||||||||||||||||
| Basic | 353,402 | 351,905 | 353,455 | 351,895 | |||||||||||||||||||
| Diluted | 353,402 | 351,905 | 353,455 | 351,895 | |||||||||||||||||||
| Net loss per share: | |||||||||||||||||||||||
| Basic | € | (0.01) | € | (0.02) | € | (0.04) | € | (0.04) | |||||||||||||||
| Diluted | (0.01) | (0.02) | (0.04) | (0.04) | |||||||||||||||||||
For the three and six months ended June 30, 2026 and 2025, approximately 57 million and 33 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. The plaintiff subsequently narrowed its claim to a single allegation concerning the presentation of recommended offers. We filed our statement of defense in May 2026, and the matter is in the discovery phase.
We have also received demand letters and arbitration demands from claimants alleging violations of the California Invasion of Privacy Act related to our 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.
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Gain contingency
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. No amounts have been recognized as of June 30, 2026.
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 €43.9 million and €80.0 million for the three and six months ended June 30, 2026, compared to €53.2 million and €96.6 million in the same periods in 2025, respectively. 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 26% of our total revenue both for the three and six months ended June 30, 2026, compared to 38% and 37% in the same periods in 2025, respectively.
The related party trade receivable balances with Expedia Group and its affiliates as of June 30, 2026 and December 31, 2025 were €31.8 million and €21.8 million, respectively.
For the three and six months ended June 30, 2026 and 2025, we did not incur significant operating expenses from related-party services and support agreements with Expedia Group. Effective July 31, 2026, the services and support agreement in connection with localizing content on our websites with Expedia Group International Holdings III, LLC (subsequently renamed to Expedia Travel Partner Services LLC), was terminated.
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). On May 14, 2026, we entered into an amendment to the agreement extending the term by six months, to December 31, 2026. Operating expenses related to this partner were €0.1 million and €0.3 million for the three and six months ended June 30, 2026, compared to €0.2 million and €0.4 million in the same periods in 2025, respectively.
Holisto Limited
For the three and six months ended June 30, 2025, related-party revenue, consisting mainly of click-through fees was €2.1 million and €4.6 million, respectively and operating expenses related to interface development services, were €0.2 million and €0.5 million, respectively.
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Note 14: Segment information
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 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 and six months ended June 30, 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.
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| Three months ended June 30, 2026 | |||||||||||||||||||||||
| (€ thousands) | Developed Europe | Americas | Rest of World | Total | |||||||||||||||||||
| Referral Revenue from external customers, including related party | € | 63,777 | € | 61,203 | € | 26,402 | € | 151,382 | |||||||||||||||
| Intersegment Referral Revenue | 1,978 | 3,264 | 100 | 5,342 | |||||||||||||||||||
| € | 65,755 | € | 64,467 | € | 26,502 | € | 156,724 | ||||||||||||||||
| Reconciliation of revenue | |||||||||||||||||||||||
| Other revenues | 17,025 | ||||||||||||||||||||||
| Elimination of intersegment Referral Revenue | (5,342) | ||||||||||||||||||||||
| Total consolidated revenue | € | 168,407 | |||||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Advertising Spend | 54,341 | 51,437 | 22,873 | ||||||||||||||||||||
| ROAS contribution | € | 11,414 | € | 13,030 | € | 3,629 | € | 28,073 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of revenue, including related party, excluding amortization | 8,449 | ||||||||||||||||||||||
Other selling and marketing, including related party (1) | 9,677 | ||||||||||||||||||||||
| Technology and content, including related party | 14,497 | ||||||||||||||||||||||
| General and administrative, including related party | 11,147 | ||||||||||||||||||||||
| Amortization of intangible assets | 1,752 | ||||||||||||||||||||||
| Operating loss | € | (5,766) | |||||||||||||||||||||
| Other income/(expense) | |||||||||||||||||||||||
| Interest expense | (22) | ||||||||||||||||||||||
| Interest income | 905 | ||||||||||||||||||||||
| Other, net | (556) | ||||||||||||||||||||||
| Loss before income taxes | € | (5,439) | |||||||||||||||||||||
(1) Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.
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| Three months ended June 30, 2025 | |||||||||||||||||||||||
| (€ thousands) | Developed Europe | Americas | Rest of World | Total | |||||||||||||||||||
| Referral Revenue from external customers, including related party | € | 56,220 | € | 52,792 | € | 29,518 | € | 138,530 | |||||||||||||||
| Reconciliation of revenue | |||||||||||||||||||||||
| Other revenues | 738 | ||||||||||||||||||||||
| Total consolidated revenue | € | 139,268 | |||||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Advertising Spend | 46,039 | 45,161 | 25,208 | ||||||||||||||||||||
| ROAS contribution | € | 10,181 | € | 7,631 | € | 4,310 | € | 22,122 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of revenue, including related party, excluding amortization | 2,669 | ||||||||||||||||||||||
Other selling and marketing, including related party (1) | 7,549 | ||||||||||||||||||||||
| Technology and content, including related party | 12,554 | ||||||||||||||||||||||
| General and administrative, including related party | 8,097 | ||||||||||||||||||||||
| Amortization of intangible assets | 33 | ||||||||||||||||||||||
| Operating loss | € | (8,042) | |||||||||||||||||||||
| Other income/(expense) | |||||||||||||||||||||||
| Interest expense | (3) | ||||||||||||||||||||||
| Interest income | 530 | ||||||||||||||||||||||
| Other, net | 213 | ||||||||||||||||||||||
| Loss before income taxes | € | (7,302) | |||||||||||||||||||||
(1) Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.
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| Six months ended June 30, 2026 | |||||||||||||||||||||||
| (€ thousands) | Developed Europe | Americas | Rest of World | Total | |||||||||||||||||||
| Referral Revenue from external customers, including related party | € | 123,187 | € | 113,646 | € | 49,443 | € | 286,276 | |||||||||||||||
| Intersegment Referral Revenue | 3,629 | 6,303 | 230 | 10,162 | |||||||||||||||||||
| € | 126,816 | € | 119,949 | € | 49,673 | € | 296,438 | ||||||||||||||||
| Reconciliation of revenue | |||||||||||||||||||||||
| Other revenues | 25,024 | ||||||||||||||||||||||
| Elimination of intersegment Referral Revenue | (10,162) | ||||||||||||||||||||||
| Total consolidated revenue | € | 311,300 | |||||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Advertising Spend | 101,142 | 99,241 | 43,710 | ||||||||||||||||||||
| ROAS contribution | € | 25,674 | € | 20,708 | € | 5,963 | € | 52,345 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of revenue, including related party, excluding amortization | 13,954 | ||||||||||||||||||||||
Other selling and marketing, including related party (1) | 15,042 | ||||||||||||||||||||||
| Technology and content, including related party | 28,800 | ||||||||||||||||||||||
| General and administrative, including related party | 22,143 | ||||||||||||||||||||||
| Amortization of intangible assets | 3,031 | ||||||||||||||||||||||
| Operating loss | € | (15,763) | |||||||||||||||||||||
| Other income/(expense) | |||||||||||||||||||||||
| Interest expense | (47) | ||||||||||||||||||||||
| Interest income | 1,489 | ||||||||||||||||||||||
| Other, net | (800) | ||||||||||||||||||||||
| Loss before income taxes | € | (15,121) | |||||||||||||||||||||
(1) Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.
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| Six months ended June 30, 2025 | |||||||||||||||||||||||
| (€ thousands) | Developed Europe | Americas | Rest of World | Total | |||||||||||||||||||
| Referral Revenue from external customers, including related party | € | 108,517 | € | 97,705 | € | 55,702 | € | 261,924 | |||||||||||||||
| Reconciliation of revenue | |||||||||||||||||||||||
| Other revenues | 1,452 | ||||||||||||||||||||||
| Total consolidated revenue | € | 263,376 | |||||||||||||||||||||
| Less: | |||||||||||||||||||||||
| Advertising Spend | 85,070 | 88,880 | 46,978 | ||||||||||||||||||||
| ROAS contribution | € | 23,447 | € | 8,825 | € | 8,724 | € | 40,996 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of revenue, including related party, excluding amortization | 5,388 | ||||||||||||||||||||||
Other selling and marketing, including related party (1) | 13,248 | ||||||||||||||||||||||
| Technology and content, including related party | 25,955 | ||||||||||||||||||||||
| General and administrative, including related party | 15,428 | ||||||||||||||||||||||
| Amortization of intangible assets | 33 | ||||||||||||||||||||||
| Operating loss | € | (17,604) | |||||||||||||||||||||
| Other income/(expense) | |||||||||||||||||||||||
| Interest expense | (6) | ||||||||||||||||||||||
| Interest income | 1,266 | ||||||||||||||||||||||
| Other, net | 481 | ||||||||||||||||||||||
| Loss before income taxes | € | (15,863) | |||||||||||||||||||||
(1) Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.
Note 15: Subsequent events
On July 7, 2026, we entered into a Limited Guarantee and Indemnity agreement with Stripe, LLC and its affiliates ("Stripe"), a third-party payment processor for trivago DEALS. The agreement guarantees (i) the due performance by trivago DEALS and its subsidiaries of their obligations under their payment processing agreement with Stripe, including to timely repay Stripe for any reimbursements due to travelers and (ii) indemnifies Stripe against losses arising from non-performance by trivago DEALS and its subsidiaries of such obligations, or from any such obligation becoming void or unenforceable against them. Our liability is limited to trivago DEALS' liability under its agreement with Stripe for payment processing services. We are unable to estimate the maximum potential amount of future payments we could be required to make since trivago DEALS' liability will be dependent on the volume of services used. The Guarantee is ongoing in nature and remains in effect until any sum payable by trivago DEALS under its agreement with Stripe is paid in full. No amounts have been demanded or paid as of the date of this report.
On July 9, 2026, 5,735,220 service-based Class A share options were granted to the founders of Holisto (trivago DEALS) in connection with the acquisition of Holisto, which was completed on July 31, 2025. One-third of the options vested on July 31, 2026 and the remainder will vest, subject to continued employment with trivago, in two equal annual increments thereafter. As the final terms and required approvals (including regulatory approvals) of these options were only finalized as of the grant date, no compensation cost was recognized prior to that date and none of the options were deemed to be consideration in the accounting for the business combination.
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