Core Viewpoint - Trivago NV is recognized as one of the best German stocks to buy, with a strong long-term strategy that is yielding positive results in growth and profitability [1]. Financial Performance - In Q4 2025, Trivago's revenue increased by 27% year-over-year to €120 million, driven by a 17% rise in Referral revenue, which reached €109.4 million [2]. - The net income for Q4 2025 was €14.5 million, while total revenue for the full year 2025 rose by 19% to €548.9 million, with a net income of €11.2 million and adjusted EBITDA of €15.8 million [2]. Future Outlook - For Q1 2026, Trivago anticipates continued double-digit revenue growth and improved profitability, with expectations for adjusted EBITDA to reach at least €20 million for the full year 2026 [3]. - The company attributes its growth in 2026 to ongoing product improvements and the compounding effects of its brand [3]. Company Overview - Trivago NV operates a global platform for hotel search and price comparison, providing access to over 7 million hotels across more than 190 countries [4].

Core Insights - trivago is expanding its leadership team with three new C-level appointments to drive its next chapter focusing on technology, intelligence, and commercial strategy [1][4] Company Transformation - Over the past two and a half years, trivago has undergone a significant transformation, refocusing on its core product, brand, and sustainable growth since mid-2023 [2] - In 2025, trivago achieved a total revenue growth of 19% and an adjusted EBITDA of €15.8 million, exceeding expectations [3] - The fourth quarter of 2025 saw a remarkable year-over-year growth of 27% [3] AI and Strategic Focus - The decision to expand the leadership team is driven by the need for dedicated senior ownership in AI and strategic focus [6][7] - AI is seen as a fundamental shift in travel search, necessitating clearer accountability and faster decision-making [6] - The complexity of future opportunities requires sharper alignment at the top regarding strategic direction [7] New Leadership Roles - The new roles include Chief Technology Officer (CTO), Chief Intelligence Officer, and Chief Commercial Officer (CCO) [4] - Each new leader has been integral to trivago's development, bringing valuable experience and a proven track record [8] Chief Intelligence Officer - Alexander Volkmann, the new Chief Intelligence Officer, will focus on AI, machine learning, and data strategy, overseeing trivago's data strategy and analytics [11][12] Chief Commercial Officer - Sherin Hegazy, the new Chief Commercial Officer, has extensive experience in the travel ecosystem and has been pivotal in driving strategic partnerships [13][15] Chief Technology Officer - Ioannis Papadopoulos, the new Chief Technology Officer, brings over a decade of experience at trivago and has a strong background in leading technology-driven travel businesses [16][18] Future Outlook - trivago anticipates continued double-digit revenue growth and improved profitability in 2026 [4] - The company aims to enhance brand presence, product experience, and deepen partnerships while embedding AI into its operations [19][21]

Advertising and Marketing Strategies - The company significantly reduced television advertising in 2020 but resumed investments in late 2023, expecting short-to-medium term negative impacts on profitability due to increased brand marketing investments [30]. - The company is increasing brand marketing investments to drive direct traffic, but this strategy may not guarantee revenue growth and could lead to losses [29]. - The company is exploring new advertising channels, including social media, but faces risks related to effectiveness and competition in these areas [32]. - trivago's marketing strategy leverages AI technology to optimize advertising campaigns and improve return on marketing spend [194]. - The company focuses on building brand awareness through global marketing efforts across various media channels, including TV and online platforms [196]. - Performance marketing involves purchasing travel-related keywords from search engines to drive traffic to trivago's websites [199]. - The company aims to provide advertisers with tailored marketing tools to enhance their presence on the platform and manage their investments effectively [204]. - trivago's marketplace facilitates a competitive auction environment for advertisers, enhancing user satisfaction through improved booking conversion rates [206]. - The CPA model allows advertisers to pay a percentage of the booking amount only when a user completes a booking, reducing their risk [209]. - Advertisers can adjust their CPC bids and CPA campaigns to influence their return on investment and referral traffic volumes [212]. - Trivago aims to enhance brand recognition and marketing efficiency while transitioning from market expansion to optimizing existing markets [216]. Financial Performance and Risks - A substantial portion of the company's revenue is derived from a small number of advertisers, and any reduction in their spending could adversely affect financial results [36]. - The company recorded impairment charges in the past due to lower revenue growth than forecasted, with an indefinite-lived intangible asset balance of €45.3 million and goodwill of €13.8 million as of December 31, 2025 [44]. - The company's financial condition and results of operations are subject to significant volatility, making it difficult to predict future advertiser demand and spending [40]. - Economic conditions significantly impact the company's results, as declines in travel or discretionary spending could reduce demand for its services [42]. - The market price of the company's ADSs has been volatile, influenced by various factors including operational performance and market conditions [171]. - Future sales of ADSs or perceived sales could depress the ADS price, impacting capital raising efforts [173]. - The company may not pay dividends for the foreseeable future, despite having paid an extraordinary dividend in 2023 [129]. Competition and Market Dynamics - The company faces significant competition in the travel industry, with competitors potentially offering more favorable terms, which could lead to a loss of market share and higher traffic acquisition costs [45]. - The company anticipates continued declines in traditional television viewership, prompting a shift to digital formats, which may not yield the same effectiveness in the long run [32]. - The company focuses primarily on providing users with hotel search services, facing challenges if user preferences shift towards non-accommodation services [47]. - The Americas segment includes countries such as the United States, Canada, and Brazil, while Developed Europe includes major markets like Germany, France, and the UK [185]. - In 2025, brands affiliated with Expedia Group accounted for 34% of referral revenue, while Booking Holdings and its affiliates accounted for 40% [222]. Technology and Data Management - Significant investments in research and development are necessary to improve service speed, accuracy, and comprehensiveness, as competitors continuously innovate [48]. - The company relies on third-party payment service providers, and any operational disruptions could reduce revenue and harm its reputation [58]. - The company processes personal data, increasing compliance risks associated with evolving legal obligations and regulatory guidance [67]. - The company is subject to various data protection regulations, including the EU GDPR, which has led to significant fines for non-compliance [68]. - The evolving legal landscape for international data transfers has increased complexity and uncertainty, potentially harming the company's operations and financial condition [70]. - The company faces significant limitations in tracking user behavior due to cookie restrictions and privacy features in major browsers, which may hinder its ability to analyze user preferences effectively [90]. - The integration of AI tools is aimed at enhancing productivity and decision-making, but it also introduces risks related to algorithm flaws and biased datasets, potentially impacting advertising costs and user experience [91]. - The use of AI/ML technologies presents additional legal and regulatory risks, which could lead to increased costs and impact the company's competitive position if not managed properly [104]. - AI technologies are being leveraged to personalize search results and improve user experience through features like AI Highlights and AI Review Summaries [218]. Legal and Regulatory Challenges - Legal proceedings and regulatory scrutiny may adversely affect the company's reputation and financial condition, as seen in the Australian Federal Court case [63]. - Compliance with international trade and anti-corruption laws is critical, as violations could lead to regulatory actions and financial penalties [72]. - The rapid advancement of AI technologies poses risks to the company's intellectual property strategy, potentially undermining its competitive advantage [77]. - The legal landscape surrounding AI remains uncertain, necessitating close monitoring as the company expands its use of AI technologies [106]. - Ongoing legal and regulatory developments regarding AI/ML could adversely affect the company's operations and financial condition [107]. - The company faces reputational risks due to potential negative publicity and regulatory investigations, which could impact its brand and business practices [108]. Corporate Governance and Shareholder Matters - As of December 31, 2025, Expedia Group owns 59.2% of issued shares and 83.9% of voting power, limiting other shareholders' influence on corporate matters [115]. - The dual-class share structure limits Class A shareholders' ability to influence corporate matters, with Class A shares having one vote per share compared to ten votes per Class B share [135]. - The company does not comply with all best practice provisions of the Dutch Corporate Governance Code, which may affect shareholder rights [133]. - The management board can invoke a cooling-off period of up to 250 days in response to shareholder proposals that may conflict with company interests [142]. - U.S. investors may face difficulties enforcing civil liabilities against the company or its directors due to jurisdictional issues [145]. - The company is classified as a "controlled company" under Nasdaq corporate governance rules, opting out of certain governance standards [154]. Taxation and Financial Obligations - The effective tax rate may increase due to potential changes in tax residency, which could lead to higher overall tax liabilities [156]. - The company faces risks from aggressive tax authority interpretations, which may result in additional tax liabilities beyond current reserves [157]. - Amendments to tax laws, particularly those affecting the digital economy, could significantly increase tax obligations and operational costs [160]. - The OECD's Pillar 2 initiative, effective for business years starting after December 30, 2023, may impose a global minimum tax on multinational groups with revenues exceeding €750 million [161]. - The company may need to withhold taxes on dividends in both Germany and the Netherlands, complicating tax obligations for ADS holders [168]. Internal Controls and Operational Risks - A material weakness in internal controls over financial reporting was previously identified, and any future failures in these controls could lead to misstatements in financial statements and loss of investor confidence [92]. - The company is transitioning to a new ERP system as of January 1, 2024, which may disrupt financial reporting and increase operational complexity during the integration of acquired entities [95]. - Cybersecurity threats are a persistent risk, with potential breaches leading to significant operational disruptions and reputational harm, especially as the sophistication of attacks increases [96]. - Reliance on third-party cloud services, such as Amazon Web Services and Google Cloud Platform, exposes the company to risks of service disruptions and increased operational costs [100]. - The company must continuously invest in and adapt its information technology systems to maintain competitiveness, as failure to do so could adversely affect business operations and financial performance [103]. Acquisitions and Business Integration - The company completed the acquisition of Holisto Ltd. in 2025, which involves risks related to technology integration and retention of key personnel [111]. - Integration of acquired businesses may lead to unforeseen operational difficulties and increased liabilities [110]. - The company has implemented remote working policies, which may affect employee retention and motivation compared to competitors [109].

Core Viewpoint - Trivago (TRVG) is identified as a hotel metasearch engine that connects users to hotel booking sites, distinguishing itself from online travel agents (OTAs) [1] Company Overview - Trivago operates in the online travel space, specifically focusing on hotel search and comparison [1] Market Position - The company serves as a bridge between users and various hotel booking platforms, enhancing user experience in finding accommodations [1]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved a total revenue growth of 19% year-over-year, with total revenue reaching EUR 120 million in Q4 2025, representing a 27% increase compared to Q4 2024 [3][14] - Adjusted EBITDA for the full year was EUR 15.8 million, with Q4 2025 Adjusted EBITDA at EUR 11.3 million, exceeding expectations [3][14] - The company reported a net income of EUR 14.5 million in Q4 2025, reflecting strong profitability despite operational expenses increasing to EUR 113 million [14][15] Business Line Data and Key Metrics Changes - Referral revenue growth was driven by a 20% increase in America, 16% in the Rest of the World, and 15% in Developed Europe, despite facing approximately 5% FX-related headwinds globally [15] - The conversion rate improved by 37% compared to 2023, significantly enhancing unit economics [5][14] - Referral revenue through the Trivago Book & Go funnel increased by 137% in Q4 2025 compared to Q4 2023 [6] Market Data and Key Metrics Changes - The company operates within a EUR 1.6 trillion travel market, with hotels representing about EUR 500 billion of that opportunity [7] - Recent research indicates that roughly half of travelers prioritize value for money, with over 40% comparing prices across different booking sites [8] Company Strategy and Development Direction - The strategic theme for 2026 is "Optimizing Momentum, Pushing Frontiers," focusing on balancing growth with marketing discipline while continuing innovation [3] - The company aims to increase brand marketing investments while optimizing existing markets rather than entering new ones, expecting to gradually increase profitability [10][12] - The company is leveraging AI to enhance productivity and marketing impact, aiming to operate with a leaner workforce [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit total revenue growth in 2026, targeting at least EUR 20 million in Adjusted EBITDA [4][18] - The company anticipates a strong start in Q1 2026, in line with expectations for continued growth and improved profitability [25] - Management noted that while they aspire to return to pre-COVID referral revenue levels, the focus remains on executing effective marketing strategies rather than setting hard revenue goals [26][27] Other Important Information - The company has no long-term debt and held EUR 130.9 million in cash and cash equivalents as of December 31, 2025, indicating a strong financial position [17] - Operational expenses increased primarily due to higher brand marketing investments and the acquisition of Trivago Deals [15][16] Q&A Session Summary Question: Clarification on 2026 guidance and referral revenue growth - Management clarified that future guidance will focus on total revenue rather than referral revenue, as the latter may not provide a meaningful picture due to intercompany eliminations [23] Question: Health of global travel and impact of major sporting events - Management noted stable search interest and average travel distance, with no expected significant impact from events like the World Cup or Olympics [34][35] Question: Update on Trivago Deals and its impact - Management emphasized that Trivago Deals is focused on facilitating bookings for partners, contributing to improved conversion rates [41] Question: Shift in traffic strategy due to brand marketing levels - Management confirmed that while brand marketing investments will continue to grow, the incremental growth will be less than in previous years, with a diversified approach to marketing channels [45][46]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved a total revenue growth of 19% year-over-year, with total revenue reaching EUR 120 million in Q4 2025, representing a 27% increase compared to Q4 2024 [3][14] - Adjusted EBITDA for the full year was EUR 15.8 million, with Q4 2025 adjusted EBITDA at EUR 11.3 million, exceeding expectations [3][14] - The company reported a net income of EUR 14.5 million in Q4 2025, marking a strong financial position with EUR 130.9 million in cash and no long-term debt [15][17] Business Line Data and Key Metrics Changes - Referral revenue growth was 20% in America, 16% in the rest of the world, and 15% in developed Europe, despite facing approximately 5% FX-related headwinds globally [15] - The conversion rate improved by 37% compared to 2023, significantly enhancing unit economics [5][14] - Referral revenue through the Trivago Book & Go funnel increased by 137% in Q4 2025 compared to Q4 2023 [6] Market Data and Key Metrics Changes - The company operates within a EUR 1.6 trillion travel market, with hotels representing about EUR 500 billion of that opportunity [7] - Search interest for travel in Q1 2026 shows stability in clicked average booking value (ABV) across various regions, with a slight negative trend in the Americas [34] Company Strategy and Development Direction - The strategic theme for 2026 is "Optimizing Momentum, Pushing Frontiers," focusing on balancing growth with marketing discipline while continuing innovation [3][4] - The company aims to maintain double-digit total revenue growth and target at least EUR 20 million in adjusted EBITDA for 2026 [4][18] - The brand marketing strategy will shift from entering new markets to optimizing existing ones, with a disciplined approach to brand marketing investments [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth and profitability, despite strong comparables in the first half of 2026 [4][17] - The company anticipates a gradual increase in profitability through disciplined cost management and leveraging AI to maintain headcount stability [17][18] Other Important Information - The company has seen significant improvements in brand marketing efficiency, with branded traffic revenue growth outpacing overall revenue growth [4][9] - The adoption of the transaction-based CPA model has exceeded expectations, with over 140 partners now utilizing this model [6][12] Q&A Session Summary Question: Clarification on 2026 guidance and referral revenue growth - Management clarified that future guidance will focus on total revenue rather than referral revenue due to the impact of the Holisto acquisition and the evolving nature of Trivago Book & Go [22][23] Question: Health of global travel and impact of major sporting events - Management noted stable travel trends with no expected significant impact from events like the World Cup or Olympics, indicating that these events typically do not deter travel [34][35] Question: Update on Trivago Deals and its impact - Management emphasized that Trivago Deals is focused on facilitating bookings for partners, contributing to improved conversion rates and user satisfaction [41] Question: Shift in traffic strategy due to brand marketing levels - Management confirmed that while brand marketing investments will continue to grow, the incremental growth will be less than in previous years, with a focus on diversifying marketing channels [45][46]

Financial Data and Key Metrics Changes - For the full year 2025, the company achieved a total revenue growth of 19% year-over-year, with adjusted EBITDA of EUR 15.8 million [3][14] - In Q4 2025, total revenue reached EUR 120 million, representing a 27% increase compared to Q4 2024 [14] - The company reported a net income of EUR 14.5 million and an adjusted EBITDA of EUR 11.3 million for Q4 2025 [15][16] - Operational expenses increased by EUR 26 million, totaling EUR 113 million for Q4 2025, primarily due to higher brand marketing investments [16] Business Line Data and Key Metrics Changes - Referral revenue growth was 20% in America, 16% in the rest of the world, and 15% in developed Europe for Q4 2025 [15] - The conversion rate improved by 37% compared to 2023, significantly enhancing unit economics [5] - Revenue from locked-in members accounted for over 25% of referral revenue, a 93% increase in Q4 2025 compared to Q4 2023 [5] Market Data and Key Metrics Changes - The company operates within a EUR 1.6 trillion travel market, with hotels representing about EUR 500 billion of that opportunity [5] - Search interest for travel in Q1 2026 shows stable clicked average booking values (ABV) in developed Europe and the rest of the world, while slightly negative in America [34] Company Strategy and Development Direction - The strategic theme for 2026 is "Optimizing Momentum, Pushing Frontiers," focusing on balancing growth and marketing discipline while continuing innovation [3] - The company aims to maintain a disciplined approach to brand marketing, with a shift from entering new markets to optimizing existing ones [9] - The company plans to continue investing in AI-powered features to enhance the hotel search experience and improve conversion rates [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit total revenue growth in 2026, targeting at least EUR 20 million in adjusted EBITDA [4][18] - Despite facing tough comparisons in Q1 and Q2 2026, the company is off to an encouraging start in line with expectations [17] - Management noted that the brand marketing investments are yielding positive results, with a focus on improving marketing efficiency [8] Other Important Information - The company has no long-term debt and held EUR 130.9 million in cash and cash equivalents as of December 31, 2025, indicating a strong financial position [17] - The company is leveraging AI to enhance productivity and marketing impact without expanding its workforce [12] Q&A Session Summary Question: Clarification on 2026 guidance and referral revenue growth - Management clarified that future guidance will focus on total revenue rather than referral revenue due to the impact of acquisitions and the evolving business model [23][24] Question: Aspirations regarding pre-COVID referral revenue levels - Management stated that while returning to pre-COVID levels remains an aspiration, the focus is on executing marketing strategies effectively rather than setting hard goals [26][27] Question: Health of global travel and impact of major sporting events - Management indicated that current travel trends are stable, with no expected significant impact from upcoming major sporting events [34][35] Question: Benefits from new products like Book & Go and CPA model - Management noted that the CPA model has significantly improved partner competitiveness, while Book & Go has shown growth but is still smaller in impact compared to CPA [36][37] Question: Update on Trivago Deals and white-label booking engine services - Management emphasized that the focus is on facilitating bookings for partners rather than developing a separate business line [41][42] Question: Shift in traffic strategy due to brand marketing levels - Management confirmed that while brand marketing investment will continue to grow, the incremental growth will be less than in previous years, with a focus on diversifying marketing channels [45][46]

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]

Revenue Growth - For the fourth quarter of 2025, total revenue grew 27% year-over-year to €120.0 million, driven by a 17% increase in Referral Revenue to €109.4 million[7]. - Full-year 2025 total revenue increased by 19% to €548.9 million, with Referral Revenue reaching €532.9 million, also up 17%[13]. - Total revenue for Q4 2025 reached €119,960 thousand, a 26.6% increase from €94,775 thousand in Q4 2024[55]. - Total revenue for the twelve months ended December 31, 2025, was €548,912 thousand, a 19.0% increase from €460,849 thousand in 2024[55]. - The Americas segment reported a 43% increase in revenue for the three months ended December 31, 2025, compared to the same period in 2024[26]. - The Americas segment generated a total revenue of €202.5 million for the twelve months ended December 31, 2025, compared to €173.6 million in 2024, marking a growth of 16.6%[63]. - Developed Europe segment revenue for the twelve months ended December 31, 2025, reached €221.7 million, an increase from €192.1 million in 2024, reflecting a growth of 15.5%[63]. - The Rest of World segment revenue for the three months ended December 31, 2025, was €23.8 million, up from €20.5 million in 2024, indicating a growth of 11.9%[63]. Profitability - Net income for Q4 2025 was €14.5 million, influenced by the release of an uncertain tax position of €8.8 million, while Adjusted EBITDA was €11.3 million[7]. - Net income for the twelve months ended December 31, 2025, was €11.2 million, compared to a loss of €23.7 million in 2024, reflecting a positive change of €34.9 million[48]. - Operating income for the three months ended December 31, 2025, was €7.0 million, a decrease of €0.8 million compared to €7.8 million in the same period in 2024[43]. - Adjusted EBITDA for the three months ended December 31, 2025, was €11.3 million, an increase of €0.2 million from €11.1 million in the same period in 2024[49]. - Adjusted EBITDA for the twelve months ended December 31, 2025, was €15.8 million, compared to €10.2 million in 2024, representing a growth of 55.9%[73]. Advertising and Marketing Expenses - Advertising Spend increased by 31% year-over-year in Q4 2025, amounting to €17.9 million, although the Return on Advertising Spend (ROAS) decreased by 15.0 percentage points to 147.9%[11]. - Total Advertising Spend increased by €17.9 million (31%) and €72.8 million (21%) during the three and twelve months ended December 31, 2025, respectively, compared to the same periods in 2024[26]. - Selling and marketing expenses increased by €19.7 million (31%) and €77.4 million (21%) during the three and twelve months ended December 31, 2025, respectively[35]. - Other selling and marketing expenses increased by €1.8 million (29%) and €4.6 million (20%) during the three and twelve months ended December 31, 2025, respectively, driven by traffic acquisition costs[36]. Cost Structure - Cost of revenue increased by €3.0 million (111%) and €3.8 million (34%) during the three and twelve months ended December 31, 2025, respectively, mainly due to transaction processing and verification costs[34]. - Technology and content expenses rose by €0.5 million (4%) and €1.1 million (2%) during the three and twelve months ended December 31, 2025, respectively, driven by higher compensation expenses[38]. - General and administrative expenses increased by €1.5 million (19%) and €0.5 million (2%) during the three and twelve months ended December 31, 2025, respectively, due to higher personnel costs and legal expenses[40]. - Amortization of intangible assets was €1.3 million and €1.8 million during the three and twelve months ended December 31, 2025, respectively, related to trivago DEALS intangible assets[42]. Future Outlook - For 2026, the company expects double-digit percentage total revenue growth and an Adjusted EBITDA of at least €20 million[15]. - The company anticipates continued growth in branded channel traffic due to strategic marketing investments, enhancing booking conversion rates[11]. - The company anticipates that increased brand marketing investments will positively impact future revenue growth, despite challenges from reduced television advertising and reliance on search engines[77]. Cash Flow and Assets - Total cash, cash equivalents, and restricted cash as of December 31, 2025, were €131.1 million, down from €134.1 million as of December 31, 2024[50]. - Cash used in investing activities during the twelve months ended December 31, 2025, included €15.0 million for the acquisition of the remaining equity interest in trivago DEALS[51]. - Total current assets increased to €214.1 million as of December 31, 2025, from €190.3 million as of December 31, 2024[54]. - Stockholders' equity increased to €213.3 million as of December 31, 2025, compared to €197.6 million as of December 31, 2024[54]. Tax and Other Income - The effective tax rate for the three months ended December 31, 2025, was (87.3)%, compared to 32.9% in the same period in 2024, primarily due to the release of an uncertain tax position[45]. - Net other income for the twelve months ended December 31, 2025, was €4.1 million, driven by a €3.2 million gain from revaluing an equity interest in trivago DEALS[44].