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]