trivago (NasdaqGS:TRVG) Q4 2025 Earnings call February 04, 2026 08:15 AM ET Company ParticipantsJohannes Thomas - CEOWolf Schmuhl - CFOConference Call ParticipantsDae Lee - AnalystNaved Khan - AnalystVanessa Wu - AnalystWei Fang - AnalystOperatorGood day, ladies and gentlemen. Thank you for standing by and welcome to the Trivago Q4 earnings call 2025. I must advise you, the call is being recorded today, Wednesday the 4th of February 2026. We are pleased to be joined on the call today by Johannes Thomas, Tri ...

trivago (NasdaqGS:TRVG) Q4 2025 Earnings call February 04, 2026 08:15 AM ET Company ParticipantsJohannes Thomas - CEORobin Harries - CFOConference Call ParticipantsDae Lee - AnalystNaved Khan - AnalystVanessa Wu - AnalystWei Fang - AnalystOperatorGood day, ladies and gentlemen. Thank you for standing by and welcome to the Trivago Q4 Earnings Call 2025. I must advise you, the call is being recorded today, Wednesday the 4th of February 2026. We are pleased to be joined on the call today by Johannes Thomas, Tr ...

trivago (NasdaqGS:TRVG) Q4 2025 Earnings call February 04, 2026 08:15 AM ET Speaker3Good day, ladies and gentlemen. Thank you for standing by and welcome to the Trivago Q4 Earnings Call 2025. I must advise you, the call is being recorded today, Wednesday the 4th of February 2026. We are pleased to be joined on the call today by Johannes Thomas, Trivago CEO and Managing Director, and Rolf Schrömgens, Trivago CFO and Managing Director. The following discussion, including responses to your questions, reflects ...

Optimizing Momentum, Pushing Frontiers Investor Presentation Q4 2025 1 3 February 2026 Disclaimer All of the information herein has been prepared by trivago N.V. ("the Company") solely for use in this presentation. The info rma tion contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness o f the information or the opinions contain ...

Core Insights - trivago N.V. reported strong financial results for Q4 2025, achieving a total revenue growth of 27% year-over-year, driven by a 17% increase in Referral Revenue [4][9][10] - The company exceeded its revenue and profitability expectations for the full year 2025, with total revenue growth of 19% and an Adjusted EBITDA of €15.8 million [4][12] - The CEO highlighted the effectiveness of increased brand investments since mid-2023, which have led to significant growth in branded channel traffic revenue [4][5] Financial Performance - Total revenue for Q4 2025 was €120.0 million, compared to €94.8 million in Q4 2024, marking a 27% increase [6][9] - Referral Revenue reached €109.4 million in Q4 2025, up from €93.5 million in the same quarter of 2024, reflecting a 17% growth [6][21] - Net income for Q4 2025 was €14.5 million, a significant increase from €5.1 million in Q4 2024, while Adjusted EBITDA was €11.3 million, slightly up from €11.1 million [6][48] Growth Drivers - The growth in Q4 2025 was attributed to double-digit Referral Revenue growth across all trivago Core segments, particularly a 20% increase in the Americas [5][10] - The company anticipates continued double-digit revenue growth and improved profitability for the full year 2026, with an expected Adjusted EBITDA of at least €20 million [5][14] Advertising and Marketing - Advertising Spend increased by 31% year-over-year to €75.3 million in Q4 2025, driven by brand marketing investments aimed at increasing direct traffic [11][25] - The Return on Advertising Spend (ROAS) decreased to 147.9% in Q4 2025 from 162.9% in Q4 2024, reflecting higher brand marketing investments [11][26] Segment Performance - The Americas segment generated €43.2 million in Referral Revenue for Q4 2025, a 20% increase from €36.0 million in Q4 2024 [19] - Developed Europe and Rest of World segments also showed growth, with Referral Revenue increasing by 15% in both segments [19][20] Outlook - The company expects to maintain a strong growth trajectory in 2026, focusing on cost discipline and leveraging AI to enhance profitability [5][13] - Continued product improvements and an increasing number of logged-in members are anticipated to further enhance booking conversion rates [13]

Group 1 - trivago N.V. will release its financial results for the fourth quarter of 2025 on February 3, 2026, after market close [1] - A webcast by trivago's management is scheduled for February 4, 2026, at 2:15 PM CET / 8:15 AM EST [1] - The financial results and webcast details will be available in the Investor Relations section of trivago's website [1] Group 2 - trivago N.V. is a leading global hotel search and price comparison platform, recognized as one of the most prominent travel brands [2] - The company aims to assist travelers in finding the best accommodations and booking with confidence, thereby saving time and money [2] - trivago provides access to over 5.0 million hotels and various types of accommodations in more than 190 countries [2]

trivago N.V.'s Fourth Quarter 2025 Earnings Release Scheduled for February 3, 2026; Webcast Scheduled for February 4, 2026 DÜSSELDORF, GERMANY – January 22, 2026 - trivago N.V. (NASDAQ:TRVG) announced today that it will release its financial results for the fourth quarter for the period ended December 31, 2025 on Tuesday, February 3, 2026 after market close. On Wednesday, February 4, 2026, trivago N.V.'s management will conduct a webcast beginning at 2:15 PM CET / 8:15 AM EST. These items will be available ...

Summary of Key Points from J.P. Morgan's US Internet 2026 Outlook Industry Overview - The report focuses on the **US Internet** sector, providing insights into market performance, macroeconomic factors, and company-specific forecasts for 2026. Core Insights and Arguments 1. **2025 Performance Recap**: - The internet sector outperformed the S&P 500 by 17% in 2025, with average performance across market caps showing significant variation: - Large Cap: +19% - Mid-Cap: +42% - Small Cap: +21% - Smaller Cap (<$2B): -16% [12][13] 2. **2026 Macro Outlook**: - J.P. Morgan economists estimate a **35% risk of recession** in 2026, with expectations of resilient global growth driven by fiscal stimulus and capital expenditure [19][23]. - Key economic indicators include: - GDP Growth: 1.8% in 2026 - Inflation: Expected to remain above 3% CPI - Unemployment: Projected to peak at 4.5% in Q1 2026 [21][19]. 3. **Investment Recommendations**: - **Top Picks for 2026** include: - Alphabet (Overweight, $385 PT): Growth driven by AI and cloud services [46]. - Amazon (Overweight, $305 PT): Expected growth in AWS and retail segments [51]. - DoorDash (Overweight, $300 PT): Anticipated GOV growth of 18% CAGR from 2025-2028 [57]. - Spotify (Overweight, $805 PT): Projected revenue growth driven by premium subscriptions [66]. 4. **AI and Cloud Growth**: - AI is expected to significantly drive cloud growth, with Google Cloud projected to grow in the mid-40% range and AWS adding the highest estimated revenue in 2026 [101][102]. - The report highlights the importance of AI in enhancing operational efficiencies and driving revenue growth across various sectors [78]. 5. **Valuation Metrics**: - The S&P 500 is projected to have a price target of **$7,500** by the end of 2026, suggesting a 9% upside [26]. - Internet companies are trading at an average of **10.2x 2027E EV/EBITDA**, with expected revenue growth of approximately **13% CAGR** from 2025 to 2027 [40]. Additional Important Insights 1. **Market Dynamics**: - The report discusses the competitive landscape in the AI space, noting that leading model developers like Google and OpenAI are pushing the frontier, but competition remains intense [89][94]. - The potential for AI-driven advertising and e-commerce growth is highlighted, with expectations for significant market share shifts in the online ad market [112]. 2. **Company-Specific Catalysts**: - Alphabet's AI tools are expected to enhance productivity and revenue, while Amazon's AWS is set to double its capacity by 2027 [56][88]. - DoorDash is focusing on expanding its marketplace and improving unit economics, while Spotify is ramping up its free cash flow and operating margins [60][68]. 3. **Key Questions for 2026**: - The report raises critical questions regarding AI monetization, the impact of AI on cloud growth, and the potential for disruption in various sectors, including travel and e-commerce [76][124]. This summary encapsulates the essential insights and projections for the US Internet sector as outlined in the J.P. Morgan report, providing a comprehensive overview of the anticipated trends and investment opportunities for 2026.

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Financial Data and Key Metrics Changes - The company achieved a 13% year-over-year revenue growth, marking the third consecutive quarter of double-digit growth [3][10] - Adjusted EBITDA improved by 18% year-over-year, reaching EUR 16 million [3][11] - Total revenue for Q3 2025 was EUR 165.6 million, a 13% increase compared to Q3 2024 [10][11] - Net profit for the quarter was EUR 11 million, exceeding expectations [11] - Operational expenses decreased by EUR 12.3 million, totaling EUR 153.4 million, primarily due to the non-recurrence of a EUR 30 million impairment charge from the previous year [11][12] Business Line Data and Key Metrics Changes - Referral revenue growth was 14% in the Americas, 12% in the Rest of the World, and 9% in Developed Europe [10] - The growth was driven by increased branded channel traffic and product improvements enhancing booking conversion [11] Market Data and Key Metrics Changes - Developed Europe faced headwinds from strong prior-year comparisons, but trends normalized over the course of Q3 2025 [10] - Unfavorable foreign exchange headwinds negatively impacted revenue by approximately 4% globally [11] Company Strategy and Development Direction - The company aims to continue its double-digit growth trajectory by focusing on branded growth and enhancing the core hotel search experience [4][5] - Strategic priorities include branded growth, improving marketing efficiency, and creating more value for partners [4][8] - The company plans to optimize existing markets rather than expand, which is expected to gradually increase profitability [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-teens revenue growth for the full year of 2025 and a positive adjusted EBITDA of at least EUR 10 million [10][11] - The company is optimistic about the growth potential in its core markets, which still have substantial runway for growth [25] Other Important Information - The company consolidated Trivago Deals Limited into its operations, viewing it as integral to future growth [14] - AI initiatives have significantly improved user experience and operational efficiency, allowing the company to operate with a smaller team [36][52] Q&A Session Summary Question: What percentage of users could be logged in over the next 12-18 months? - Management indicated that while there is no fixed target, reaching around 30% logged-in users would signify a core user segment with better engagement and conversion [16][18] Question: Could Trivago play a role in the B2B space? - Management acknowledged the potential for B2B opportunities but emphasized a current focus on leisure travel, where they see significant growth potential [20] Question: How should we think about growth in the core business versus Holisto? - Management expects both segments to grow double digits, with a focus on optimizing existing markets for profitability [23][24] Question: What improvements are being seen in marketing efficiency? - The majority of growth is attributed to branded growth, with compounding effects expected to enhance profitability over time [27][28] Question: What incentives are provided to logged-in users? - Logged-in users receive private deals, which significantly improve engagement and conversion rates [29][30] Question: How is Trivago positioned against AI-driven tools? - Management noted that while AI tools are growing, they do not see a significant impact on their traffic, emphasizing the strength of their brand and user experience [33][35] Question: Will the 2026 guidance reflect margin expansion? - Management indicated that the focus will be on optimizing existing markets and taking profits to the bottom line rather than expanding into new markets [41][42] Question: Are there any channel conflicts with OTAs due to Holisto? - Management clarified that Holisto, now Trivago Deals, aims to create value for partners and users without significant channel conflicts [54][56]