You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our consolidated financial statements and related notes appearing elsewhere in this annual report. In addition to historical information, this discussion contains forward-looking statements based on our current expectations that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in “Item 3: Key information - D. Risk factors” and “Special note regarding forward-looking statements” sections and elsewhere in this annual report. For a discussion of the year ended December 31, 2024 compared to December 31, 2023, refer to the section contained in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, "Item 5: Operating and financial review and prospects." A. Operating results Overview Our total revenue for the years ended December 31, 2025 and 2024 was €548.9 million and €460.8 million, respectively, representing an increase of 19%. Our Referral Revenue for the years ended December 31, 2025 and 2024 was €532.9 million and €456.2 million, respectively, representing an increase of 17%. In the year ended December 31, 2025, Referral Revenue increased on a year-over-year basis by 15% in both Americas and Developed Europe and by 24% in Rest of World, compared to the year ended December 31, 2024. We recorded net income for the year ended December 31, 2025 of €11.2 million, compared to a net loss of €23.7 million for the year ended December 31, 2024. Adjusted EBITDA for the years ended December 31, 2025 and 2024 was €15.8 million and €10.2 million, respectively. Adjusted EBITDA is a non-GAAP financial measure, and we therefore direct you to “Item 5: Operating and financial review and prospects - G. Non-GAAP financial measures” for an additional description of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income/(loss). 48 Results of Operations Comparison of the years ended December 31, 2025 and 2024: Year ended December 31, % Change (in millions) 2025 2024 2025 vs 2024 Consolidated statement of operations: Revenue € 361.6 € 287.9 26 % Revenue from related party 187.3 172.9 8 % Total revenue € 548.9 € 460.8 19 % Costs and expenses: Cost of revenue 15.1 11.3 34 % Selling and marketing 445.6 368.2 21 % Technology and content 51.3 50.2 2 % General and administrative 33.6 33.1 2 % Amortization of intangible assets 1.8 0.0 n.m. Impairment of intangible assets and goodwill — 30.1 (100) % Operating income/(loss) € 1.5 € (32.2) n.m. Other income/(expense) Interest expense 0.0 0.0 N/A Interest income 2.5 3.6 (31) % Other, net 4.1 0.4 n.m. Total other income, net € 6.5 € 3.9 67 % Income/(loss) before income taxes € 8.0 € (28.2) n.m. Expense/(benefit) for income taxes (5.4) (6.3) (14) % Income/(loss) before equity method investments € 13.4 € (22.0) n.m. Loss from equity method investments (2.2) (1.7) 29 % Net income/(loss) € 11.2 € (23.7) n.m. n.m. not meaningful Note: Some figures may not add due to rounding. 49 Year ended December 31, 2025 2024 Consolidated statement of operations as a percent of total revenue: Revenue 66 % 62 % Revenue from related party 34 % 38 % Total revenue 100 % 100 % Costs and expenses: Cost of revenue 3 % 2 % Selling and marketing 81 % 80 % Technology and content 9 % 11 % General and administrative 6 % 7 % Amortization of intangible assets 0 % 0 % Impairment of intangible assets and goodwill — % 7 % Operating income/(loss) 0 % (7) % Other income/(expense) Interest expense 0 % 0 % Interest income 0 % 1 % Other, net 1 % 0 % Total other income, net 1 % 1 % Income/(loss) before income taxes 1 % (6) % Expense/(benefit) for income taxes (1) % (1) % Loss before equity method investments 2 % (5) % Loss from equity method investments 0 % 0 % Net income/(loss) 2 % (5) % Key factors affecting our financial condition and results of operations How we earn and monitor revenue We earn substantially all of our revenue when users of our websites and apps click on hotel 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. Under our CPC model, each advertiser determines the amount that it wants to pay for each referral by bidding for advertisements on our marketplace. We also offer the option for our advertisers to participate in our marketplace on a cost-per-acquisition, or CPA, basis. We continue to onboard additional advertisers to the CPA model. See “Item 4: Information on the company - B. Business overview - Marketplace". We also earn revenue by providing travelers with online platforms for direct hotel booking services and offering our advertisers business-to-business (B2B) solutions including subscription fees for trivago Business Studio, which provides hotels with advanced data analytics and tools to enhance the accuracy, visibility, and performance of their listings on trivago. Additionally, we have agreements with certain hotel service providers and affiliates to receive consideration based on achievement of sales volume targets or gross transaction volume of affiliate services, respectively. These revenue streams, which include existing other revenue streams and revenue streams resulting from the acquisition of trivago DEALS, do not represent a significant portion of our total revenue. Revenue is monitored by reviewing developments in the number of referrals, the Revenue per Referral, or RPR, and our key metric Return on Advertising Spend, or ROAS. 50 Referrals We use the term “referral” to describe each time a visitor to one of our websites or apps clicks on a hotel offer in our search results and is referred to one of our advertisers. We charge our advertisers for each referral mostly on a CPC basis. We believe the primary factors that drive changes in our referral levels are the number of visits to our websites and apps (referred to as traffic volume(s)), the number of available accommodations on our search platform, content (the quality and availability of general information, reviews and pictures about the hotels), hotel room prices (the price of accommodation as well as the number of price sources for each accommodation), hotel ratings, the user friendliness of our websites and apps and the degree of customization of our search results for each visitor. Our referral levels are also heavily impacted by changes in our investment in Advertising Spend, as we rely on brand and performance marketing to attract users to our platform. In addition to continuously seeking expansion of our hotel and alternative accommodations advertisers network, we partner with such hotels or service providers to improve content and constantly test and improve the features of our websites and apps to improve the user experience, including our interface, user friendliness, and personalization for each visitor. Revenue per Referral We use Revenue per Referral, or RPR, to measure how effectively we convert referrals to revenue. RPR is calculated as Referral Revenue divided by the total number of referrals in a given period. RPR is determined by the CPC or CPA bids our advertisers submit on our marketplace. CPC bids submitted by our advertisers (or a CPC bid-equivalent in the case of advertisers billed on a CPA basis) play an important role in determining the prominence given to offers and their placement in our search results. We offer to our advertisers the ability to submit bids to participate in our marketplace. Bids are submitted based on a first-price basis or on a second-price auction model depending on the product offering. Advertisers can analyze the number of referrals obtained from their advertisements on our marketplace and the consequent value generated from a referral based on the booking value they receive from users referred from our site to determine the amount they are willing to bid. We refer to this percentage of booking value we earn in Referral Revenue as revenue share or as our monetization. The bidding dynamics of our advertisers on our platform affects the level of monetization. Accordingly, the bidding behavior of our advertisers is also influenced by the rate at which our referrals result in bookings on their websites, or booking conversion, and the amount our advertisers obtain from referrals as a result of hotels and other accommodation booked on their sites, or booking value. The quality of the traffic we generate for our advertisers increases when aggregate booking conversion and/or aggregate booking value increases. We estimate overall booking conversion and booking value from data voluntarily provided to us by certain advertisers to better understand the drivers in our marketplace and, in particular, to gain insight into how our advertisers manage their advertising campaigns. The information underlying our analysis is subject to uncertainties, which may include the quality of the data received from advertisers and the number of advertisers voluntarily providing this data to us at a given time. Booking value is influenced by factors such as average daily rates of accommodation prices and duration, referred to as length of stay. Foreign exchange developments against our reporting currency (the euro) also play a role in revenue developments. Assuming unchanged dynamics in the market beyond our marketplace, we would expect that the higher the potential booking value or booking conversion generated by a referral and the more competitive the bidding, the more an advertiser is willing to bid for a hotel advertisement on our marketplace, and therefore resulting in higher levels of monetization. The dynamics in the market beyond our marketplace are not static, and we believe that our advertisers continuously review their Advertising Spend on our platform and on other advertising channels, and continuously seek to optimize their allocation of their spending among us and our competitors. 51 The following tables set forth the percentage changes year-over-year of RPR and the number of referrals for our trivago Core segments (for further description of the trivago Core segments, refer to "Note 15 - Segment information" in the notes to the consolidated financial statements included in this annual report) for the years indicated. Percentages calculated below are based on the unrounded amounts and therefore may not recalculate on a rounded basis. Year ended December 31, % increase/decrease in RPR (unaudited) 2025 vs 2024 Americas 9 % Developed Europe 7 % Rest of World 13 % Total 8 % Year ended December 31, % increase/decrease in number of referrals (unaudited) 2025 vs 2024 Americas 6 % Developed Europe 8 % Rest of World 10 % Total 8 % Revenue Total revenue for the year ended December 31, 2025 was €548.9 million, representing an increase of €88.1 million, or 19%, compared to the year ended December 31, 2024. Our total revenue in the year ended December 31, 2025, consisted of Referral Revenue of €532.9 million and other revenue of €16.0 million. Referral Revenue by trivago Core segment is as follows: Year ended December 31, % Change (in millions) 2025 2024 2025 vs 2024 Americas € 199.8 € 173.6 15 % Developed Europe 220.7 192.1 15 % Rest of World 112.5 90.5 24 % Total € 532.9 € 456.2 17 % Note: Some figures may not add up due to rounding. Referral revenue increased by €76.7 million, or 17%, compared to the same period in 2024. The increases in all trivago Core segments were primarily driven by growth from branded channel traffic in response to our continuous brand marketing investments, as well as growth from other marketing channels driven by improved booking conversion and higher traffic volumes. We continue to observe overall healthy bidding dynamics on our platform compared to the year ended December 31, 2024, particularly in Americas. These increases were partly offset by the weakening of local currencies against the Euro. 52 Other revenue increased by €11.3 million, compared to the same period in 2024, primarily driven by revenues resulting from providing online hotel booking services through the acquisition of trivago DEALS in the third quarter of 2025. It was partly offset by the discontinuation of other B2B revenue sources in the middle of 2024. Advertising Spend Advertising Spend 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 discussed in the "Selling and Marketing" section below. Advertising Spend by trivago Core segment is as follows: Year ended December 31, % Change (in millions) 2025 2024 2025 vs 2024 Americas € 165.8 € 136.4 22 % Developed Europe 159.5 136.3 17 % Rest of World 92.9 72.7 28 % Total € 418.2 € 345.4 21 % Total Advertising Spend increased by €72.8 million, or 21%, for the year ended December 31, 2025, compared to the same period in 2024. The increase was primarily driven by higher brand marketing investments across all trivago Core segments aimed at increasing the volume of direct traffic to our platforms. 53 Return on Advertising Spend (ROAS) Our chief operating decision makers ("CODMs") manage our business and evaluate 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. ROAS Contribution is the difference between Referral Revenue before intersegment eliminations and Advertising Spend. See "Note 15 - Segment information" in the notes to our consolidated financial statements included in this annual report for further details. ROAS expressed as a percentage is the ratio of Referral Revenue before intersegment eliminations to Advertising Spend. We believe that both metrics are indicators of the efficiency of our advertising. Our ROAS Contribution and ROAS by trivago Core segment are as follows: Year ended December 31, ROAS Contribution ROAS 2025 2024 Δ € 2025 2024 Δ ppts Americas € 36.7 € 37.2 € (0.5) 122.2 % 127.3 % (5.1) ppts Developed Europe 62.2 55.8 6.4 139.0 % 140.9 % (1.9) ppts Rest of World 19.7 17.8 1.9 121.2 % 124.5 % (3.3) ppts Global € 118.6 € 110.8 € 7.8 128.4 % 132.1 % (3.7) ppts Global ROAS decreased to 128.4% for the year ended December 31, 2025, compared to 132.1% in the same period in 2024, primarily due to continuous increases in brand marketing investments across all trivago Core segments with the intention of increasing the volume of direct traffic to our platforms in the long term. This was partly offset by improved performance marketing efficiency across all trivago Core segments. Marketplace dynamics Our advertisers regularly adjust the CPC and CPA bids they submit on our marketplace to reflect the levels of referrals, customers, bookings or revenue and profit they intend to achieve with their marketing spend on our platform. We have observed a number of factors that can influence an advertisers bidding behavior on our marketplace, including: •The fees advertisers are willing to pay based on how they manage their advertising costs and their targeted return on investment; •The availability of bidding models and/or tools made available to advertisers; •Our advertisers' testing of their bidding strategies and the extent to which they make their inventories available on our marketplace; •Responses of advertisers to elevated levels of volatility on our marketplace; •Advertiser competition for the placement of their offers; and •Our advertisers’ response to changes made to our marketplace and product offerings such as the introduction of our second-price auction model or introduction of cost-per-acquisition. Recent and ongoing trends in our business The following recent and ongoing trends have contributed to the results of our consolidated operations, and we anticipate that they will continue to impact our future results. 54 Sustained, Strong Growth We ended the year of 2025 with our fifth consecutive quarter of year-over-year total revenue growth and the fourth consecutive quarter achieving double-digit year-over-year Referral Revenue growth. Our continuous brand marketing investments resulted in growth in branded channel traffic across all trivago Core segments. We also observed growth from other marketing channels driven by improved booking conversion and higher traffic volumes. The continued revenue growth observed over the year confirms our brand strategy is working as effectively as planned. We anticipate to continue our year-over-year double-digit total revenue growth in the first quarter of 2026 as well as improved profitability year-over-year. Brand Marketing Increased Momentum Accelerated investment in our brand continued to yield positive returns in 2025, as Referral Revenue increased at robust double-digit rates (year-over-year) across all trivago Core segments. In line with our strategic objective to strengthen our brand, we reinvested and significantly expanded brand investments and our portfolio across all trivago Core segments during the year. Our brand marketing team has run campaigns in 30 countries and has delivered success across all trivago Core segments in 2025, strengthening both awareness of and consumer preference for trivago. Our AI-powered summer campaign featuring global icon and soccer coach Jürgen Klopp has proven very effective, and our winter campaign started with promising results. We aim to consistently improve marketing efficiency and have expanded into additional branded marketing channels which we anticipate to have further scaling potential going forward and which are expected to mitigate risk through marketing channel diversification. On Track for Higher Profitability We are encouraged by the delivery of 2025 net income and Adjusted EBITDA that exceeded our initial expectations heading into 2025. The increased brand marketing investment in 2025 had an impact on our ROAS in the short-term but we expect will have compounding positive effects in the long term. We expect to benefit from these compounding effects and to moderate the pace of our brand marketing investments in 2026 as compared to 2025. Additionally, we believe continued product improvements, an increasing number of logged-in members, and a seamless "Book & Go" user experience will further increase booking conversion and create retention. We expect that these initiatives, combined with strict cost discipline, will further drive our profitability in 2026. Advertiser structure We continue to generate most of our Referral Revenue from a limited number of OTAs. Certain brands affiliated as of the date hereof with our majority shareholder, Expedia Group, including brands Expedia, Hotels.com, Wotif, and Vrbo, in the aggregate, accounted for 34% of our Referral Revenue for the year ended 2025. Booking Holdings and its affiliated brands, Booking.com, Agoda and priceline.com accounted for 40% of our Referral Revenue for the year ended 2025. Although we believe we will ultimately receive a portion of the additional booking value we generate for our advertisers, the fact that a significant portion of our Referral Revenue is generated from brands affiliated with Expedia Group and Booking Holdings can permit them to obtain the same or increased levels of referrals, customers, bookings or revenue and profit at lower cost. Expenses Cost of revenue Our cost of revenue consists primarily of our third-party cloud-related service provider expenses and third-party data center expenses, depreciation expense for self-owned data center, core personnel-related expenses and share-based compensation for our infrastructure operations staff and our customer service team. It also includes personnel-related expenses, transaction processing and verification costs and third-party customer support-related costs resulting from our acquisition of trivago DEALS. Cost of revenue was €15.1 million for the year ended December 31, 2025, and increased by €3.8 million, or 34%, compared to the same period in 2024. The increase was primarily due to transaction processing 55 and verification costs and customer support-related costs resulting from our acquisition of trivago DEALS. This was partly offset by a decrease in certain IT service provider costs that are closely related to revenue generation. Selling and marketing Selling and marketing expense includes Advertising Spend, other selling and marketing expenses, and share-based compensation expense. Advertising Spend 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 selling and marketing expenses include personnel-related expenses for our marketing, sales and account management teams, as well as production costs for our TV spots and other marketing material, and other professional fees such as market research costs. Year ended December 31, % Change (in millions) 2025 2024 2025 vs 2024 Advertising Spend € 418.2 € 345.4 21 % % of total revenue 76.2 % 75.0 % Other selling and marketing 26.8 21.9 22 % % of total revenue 4.9 % 4.8 % Share-based compensation 0.5 0.9 (44) % % of total revenue 0.1 % 0.2 % Total selling and marketing expense € 445.6 € 368.2 21 % % of total revenue 81 % 80 % Note: Some figures may not add due to rounding. Selling and marketing expenses for the year ended December 31, 2025, increased by €77.4 million, or 21%, compared to the same period in 2024, primarily driven by the increase in Advertising Spend across all trivago Core segments. See "Advertising Spend" above for further details. Other selling and marketing expenses excluding share-based compensation for the year ended December 31, 2025 increased by €4.9 million, or 22%, compared to the same period in 2024. The increase was driven by traffic acquisition costs and third-party customer service-related expenses resulting from our acquisition of trivago DEALS, increased costs to market our platform to new hoteliers, higher television advertisement production costs incurred in the second quarter in conjunction with our brand advertising campaigns, higher personnel costs, and higher digital services taxes. These were partly offset by the non-recurrence of the recognition of retroactive Canadian digital services taxes in 2024, as well as lower marketing expenses due to the end of our long-term sponsorship agreement in June 2024. Personnel costs increased primarily from higher headcount combined with a higher compensation base due to our annual salary review process in the trivago Core segments, and additional compensation expense from the trivago DEALS acquisition. 56 Share-based compensation expense decreased by €0.4 million, or 44%, in the year ended December 31, 2025, mainly in connection with fewer restricted stock units (RSUs) issued for marketing services received. Technology and content Technology and content expense consists primarily of expenses for technology development, product development and hotel search personnel and overhead, depreciation and amortization of technology assets including hardware, purchased and internally developed software and other professional fees (primarily licensing and maintenance expense), including share-based compensation expense. It also includes personnel-related expenses and IT-related third party service provider costs resulting from the trivago DEALS acquisition. Year Ended December 31, % Change (in millions) 2025 2024 2025 vs 2024 Personnel € 31.5 € 28.7 10 % Share-based compensation 1.0 1.3 (23) % Depreciation of technology assets 3.6 3.2 13 % Professional fees and other 15.3 17.0 (10) % Total technology and content € 51.3 € 50.2 2 % % of total revenue 9 % 11% Note: Some figures may not add up due to rounding. Technology and content expense for the year ended December 31, 2025 increased by €1.1 million, or 2%, compared to the same period in 2024. Personnel-related costs for the year ended December 31, 2025 increased by €2.8 million, or 10%, mainly due to higher compensation expense in the trivago Core segments resulting mostly from higher headcount combined with a higher compensation base due to our annual salary review process, and additional compensation from the trivago DEALS acquisition. These were partly offset by higher capitalization of developers’ salaries. Depreciation expense increased by €0.4 million, or 13%, mainly due to the non-recurrence of the tax credits received in 2024. See "Note 2 - Significant accounting policies - Government Grants" in the notes to our consolidated financial statements included in this annual report for further details. Professional fees and other expenses decreased by €1.7 million, or 10%, mainly due to lower cloud and IT-related service provider costs for the trivago Core segments that were not closely related to revenue generation, including a one-time fee paid in 2024 related to a contract amendment, partly offset by additional IT-related service provider costs resulting from the trivago DEALS acquisition, and headcount-based allocated office repair costs incurred in the first quarter of 2025. General and administrative General and administrative expense consists primarily of personnel-related costs including those of our executive leadership, finance, legal and human resource functions, as well as professional fees for external services including legal, tax and accounting. It also includes other overhead costs, depreciation and share-based compensation, as well as personnel-related expenses and further professional fees resulting from the trivago DEALS acquisition. 57 Year ended December 31, % Change (in millions) 2025 2024 2025 vs 2024 Personnel € 16.2 € 14.6 11 % Share-based compensation 6.2 6.1 2 % Professional fees and other 11.1 12.5 (11) % Total general and administrative € 33.6 € 33.1 2 % % of total revenue 6% 7% Note: Some figures may not add due to rounding. General and administrative expense for the year ended December 31, 2025 increased by €0.5 million, or 2%, compared to the same period in 2024. Personnel-related costs for the year ended December 31, 2025 increased by €1.6 million, or 11%, primarily driven by higher executive leadership compensation expense and additional compensation expense from the trivago DEALS acquisition. Professional fees and other expenses decreased by €1.4 million, or 11%, mainly due to lower legal expenses and lower consulting costs related to changes in the executive leadership. These were partly offset by higher costs related to the acquisition of the remaining equity interest in trivago DEALS in the third quarter of 2025. Amortization of intangible assets Amortization of intangible assets was €1.8 million for the year ended December 31, 2025, primarily attributable to trivago DEALS intangible assets acquired in the third quarter of 2025. Impairment of intangible assets and goodwill There was no impairment charge recorded in the year ended December 31, 2025. We recorded impairment charges related to our intangible assets of €30.1 million in the year ended December 31, 2024. See "Note 8 - Goodwill and intangible assets, net" in the notes to our consolidated financial statements included in this annual report for further details. Operating income/loss Our operating income was €1.5 million for the year ended December 31, 2025 compared to an operating loss of €32.2 million for the year ended December 31, 2024. The income in the year ended December 31, 2025 was primarily driven by favorable returns on our brand advertising investments, whereas the loss in the year ended December 31, 2024 was mainly driven by an impairment of intangible assets totaling €30.1 million. Other income, net Net other income for the year ended December 31, 2025 was €6.5 million compared to €3.9 million in the same period in 2024. The increase was primarily driven by the €3.2 million gain from revaluing our previous equity interest in trivago DEALS and derecognition of the share purchase option upon completing the acquisition in the third quarter of 2025. Additionally, an intangible asset acquired through the weekengo GmbH acquisition was sold in the third quarter of 2025 for a gain of €0.2 million. Interest income decreased by €1.1 million compared to the same period in 2024 mainly due to lower interest rates on our bank accounts and term deposits held with financial institutions in the current year. Foreign exchange gain for the year ended December 31, 2025 was €0.6 million compared to €0.3 million in the same period in 2024. This was primarily attributable to realized foreign exchange gains on expenses offset by unrealized foreign exchange losses from our cash balances, both denominated in U.S. dollars. 58 Expense/(benefit) for income taxes Year ended December 31, % change (in millions) 2025 2024 2025 vs 2024 Expense/(benefit) for income taxes € (5.4) € (6.3) (14) % Effective tax rate (66.7) % 22.1 % Income tax benefit was €5.4 million in the twelve months ended December 31, 2025, compared to income tax benefit of €6.3 million in the same period in 2024. The effective tax rate for the year ended December 31, 2025 was (66.7)%, compared to 22.1% in the same period in 2024. The change in the effective tax rate between the two periods was primarily due to the release of the uncertain tax position related to the completed tax audit, which caused an impact on the effective tax rate in the year ended December 31, 2025 of (108.1)%, see also "Note 10 - Income taxes" in the notes to our consolidated financial statements included in this annual report for further details. Additionally, non-deductible share-based compensation of (pre-tax) €7.8 million in 2025 and €8.5 million in 2024 had an impact on the effective tax rates of 30.5% and (9.3)% in the years ended December 31, 2025 and 2024, respectively. Loss from equity method investments Loss from our equity method investments was €2.2 million for the year ended December 31, 2025 compared to €1.7 million in the same period in 2024. The higher loss is primarily attributable to losses incurred by Holisto Ltd (later renamed to trivago DEALS Ltd) incurred before we acquired the remaining equity interests in July 2025. See "Note 3 - Holisto Investment and Acquisition" in the notes to our consolidated financial statements included in this annual report. Quantitative and qualitative disclosures about market risk Market risk is the potential loss from adverse changes in interest rates, foreign exchange rates and market prices. Our exposure to market risk includes our cash, accounts receivable, intercompany receivables, investments and accounts payable. We manage our exposure to these risks through established policies and procedures. Our objective is to mitigate potential income statement, cash flow and market exposures from changes in interest and foreign exchange rates. Interest rate risk We did not experience any significant impact from changes in interest rates and had no outstanding loans during the year ended December 31, 2025. Foreign exchange risk We conduct business in many countries throughout the world. Because we operate in markets globally, we have exposure to different economic climates, political arenas, tax systems and regulations that could affect foreign exchange rates. Our primary exposure to foreign currency risk relates to transacting in foreign currency and recording the activity in euro. A large portion of our advertising expenses are incurred in the local currency of the particular geographic market in which we advertise, with a significant amount incurred in U.S. dollar. The vast majority of our revenue is denominated in euro. Changes in exchange rates between the functional currency of our consolidated entities and these other currencies will result in transaction gains or losses, which we recognize in our consolidated statements of operations. Our foreign exchange risk relates primarily to the exchange rate between the U.S. dollar and the euro. Changes in foreign exchange rates can amplify or reduce changes in the underlying trends in our revenue. Although we have relatively little direct foreign currency translation with respect to our revenue, we believe that our advertisers’ decisions on the share of their booking revenue they are willing to pay to us are based on the currency in which the hotels being booked are priced. Accordingly, we have observed that advertisers tend to adjust their CPC/CPA bidding based on the relative strengthening or weakening of the euro as compared to the local functional currency of the advertiser placing the booking in which the booking with our advertisers is denominated. 59 Future net transaction gains and losses are inherently difficult to predict as they are reliant on how the multiple currencies in which we transact fluctuate in relation to the functional currency of our consolidated entities, the relative composition and denomination of current assets and liabilities for each period, and our effectiveness at forecasting and managing, through balance sheet netting, such exposures. As an example, if the foreign currencies in which we hold net asset balances were to depreciate by 10% against the euro and other currencies in which we hold net liability balances were to appreciate by 10% against the euro, we would recognize foreign exchange losses of €2.6 million based on the net asset or liability balances of our foreign denominated cash, accounts receivable and accounts payable balances as of December 31, 2025. As the net composition of these balances fluctuate frequently, even daily, as do foreign exchange rates, the example loss could be compounded or reduced significantly within a given period. During the years ended December 31, 2025 and 2024, we had net foreign exchange rate gains of €0.6 million and €0.3 million, respectively. 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. 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 and affiliates represented 33% of our total revenue for the year ended December 31, 2025 and 34% of total accounts receivable as of December 31, 2025. Booking Holdings and its affiliates represented 39% of our total revenue for the year ended December 31, 2025 and 22% of total accounts receivable as of December 31, 2025. B. Liquidity and capital resources For the year ended December 31, 2025, total cash, cash equivalents and restricted cash decreased by €3.0 million to €131.1 million. The decrease in total cash, cash equivalents and restricted cash was mainly driven by negative cash flows from investing and financing activities, partly offset by positive cash flows from operating activities. Our known material liquidity needs for periods beyond the next twelve months are described below in “Item 5: Operating and financial review and prospects - F. Tabular disclosure of contractual obligations.” We believe that our cash from operations, together with our cash balance are sufficient to meet our ongoing capital expenditures, working capital and other capital needs. The following table summarizes our cash flows for the years ended December 31, 2025 and 2024: Year Ended December 31, % change (in millions) 2025 2024 2025 vs 2024 Cash flows provided by operating activities € 7.7 € 20.3 (62) % Cash flows provided by/(used in) investing activities (9.2) 12.2 n.m. Cash flows used in financing activities (1.3) (0.8) 63 % n.m. not meaningful Cash Flows Provided by Operating Activities For the year ended December 31, 2025, net cash provided by operating activities was €7.7 million reflecting a decrease from the same period in the prior year. The decrease in operating cash flows was mainly driven by negative working capital changes in the current year. As further described in "Note 3 - Holisto Investment and Acquisition" in the notes to our consolidated financial statements included in this 60 annual report, trivago assumed control and consolidated the operating results of trivago DEALS in the current year which was previously accounted for as an equity method investment. As a result, the operating cash flow for the full year includes the effects of seasonal declines in advances from travelers from the trivago DEALS segment, which were not included in the comparative period. Additionally, an increase in accounts receivable that resulted from higher year-over-year fourth quarter revenue further caused operating cash flows to decline year-over-year. Cash Flows Used in Investing Activities For the year ended December 31, 2025, cash used in investing activities was €9.2 million, primarily driven by the net cash used in the acquisition of the remaining equity interest in trivago DEALS of €15.0 million in the third quarter of 2025, and capital expenditures, including internal-use software and website development of €4.5 million. These were partly offset by proceeds from sales and maturities of short-term investments of €11.2 million. Cash Flows Used in Financing Activities For the year ended December 31, 2025, cash used in financing activities was €1.3 million, primarily driven by payments totaling €1.2 million related to withholding taxes on net share settlements of equity awards. C. Research and development expenses, patents and licenses, etc. See “Item 4: Information on the company - B. Business overview.” D. Trend information See “Item 5: Operating and financial review and prospects - A. Operating results.” E. Critical Accounting Estimates Critical accounting estimates are those that we believe are important in the preparation of our consolidated financial statements because they require that we use judgment and estimates in applying those policies. We prepare our consolidated financial statements and accompanying notes in accordance with U.S. Generally Accepted Accounting Principles. Preparation of the 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 consolidated financial statements, as well as revenue and expenses during the periods reported. We base our estimates on historical experience, where applicable, and other assumptions that we believe are reasonable under the circumstances. Actual results may differ from our estimates under different assumptions or conditions. There are certain critical estimates that we believe require significant judgment in the preparation of our consolidated financial statements. We consider an accounting estimate to be critical if: •It requires us to make an assumption because information was not available at the time or it included matters that were highly uncertain at the time we were making the estimate; and •Changes in the estimate or different estimates that we could have selected may have had a material impact on our financial condition or results of operations. For more information on each of these policies, see "Note 2 - Significant accounting policies" in the notes to our consolidated financial statements included in this annual report for further details. We discuss information about the nature and rationale for our critical accounting estimates below. 61 Leases We have operating leases for office space and office equipment. Operating lease right-of-use ("ROU") assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Given the rate implicit in our leases is not typically readily determinable, we have to estimate the Incremental Borrowing Rate ("IBR") to be used as the discount rate in order to measure the present value of future lease payments. Estimating the IBR requires assessing a number of inputs including an estimated synthetic credit rating, collateral adjustments and interest rates. Selecting different inputs for this estimation may result in different adjustments to the carrying value of operating lease ROU assets and lease liabilities. The selected IBR would have to change by more than 70 basis points to result in a materially different post-modification operating lease ROU assets and lease liabilities balance. Business Combinations In July 2025 we completed the acquisition of Holisto Limited (later renamed to trivago DEALS Ltd). See "Note 3 - Holisto Investment and Acquisition" in the notes to our annual consolidated financial statements included in this annual report for further details. We accounted for the business combination using the acquisition method of accounting, which requires that all the identifiable assets acquired and liabilities assumed are recorded at their respective fair values at the date of acquisition. For some assets acquired and all of the liabilities assumed, we determined that the book value was equivalent to the fair value at the date of acquisition. We also engaged a third party valuation specialist to assist us in identifying and determining the fair values of the acquired intangible assets. These assets included developed technology, partnership and other agreements, and a trademark, all of which were determined to be definite-lived intangible assets as of the date of acquisition. The excess of the purchase price over the fair value of the identified assets acquired and liabilities assumed was recorded as goodwill and was all allocated to the trivago DEALS operating segment. For the developed technology, the multi-period excess earnings method was used which quantifies the excess cash flow generated by the asset, net of cash flow that can be attributed to supporting assets, discounted to its present value. This method required management's forecast of trivago DEALS revenue and profitability for the determined six-year useful life, an applicable discount rate which closely related to the weighted average cost of capital for trivago DEALS, and the appropriate technology obsolescence rate as the significant estimates. For the partnership and other agreements, the with-and-without method was used which calculated the difference between two discounted cash flow models, one projecting the business with the agreements in place, and another without. This method also required management's forecast of trivago DEALS revenue and profitability for the determined six-year useful life and an applicable discount rate which closely related to the weighted average cost of capital for trivago DEALS as the significant estimates. Changes in the estimates used for the valuation of the developed technology and the partnership and other agreements could have resulted in a materially different fair value from that which was recognized at the date of acquisition. For the trademark, the relief-from-royalty method was used which assumes that the trademark has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method required management's forecast of trivago DEALS revenue for the determined three year useful life, an applicable discount rate which closely related to the weighted average cost of capital for trivago DEALS, and the appropriate royalty savings rate. Changes in these estimates would not have resulted in a materially different fair value from that which was recognized at the date of acquisition, primarily due to the shorter definite useful life. We also recognized a net deferred tax asset resulting primarily from trivago DEALS net operating loss carryforwards and deductible research and development costs, partly offset by the tax effects of the above mentioned intangible assets acquired. Refer to the "Income taxes" section below regarding the realizability of our deferred tax assets. 62 If any of the estimates used in the valuation methods described above for the developed technology or the partnership and other agreements were to change significantly, the value of the deferred tax asset and derived goodwill could be materially different from that which was recognized at the date of acquisition. Income taxes We record income taxes under the liability method. Deferred tax assets and liabilities reflect our estimation of the future tax consequences of temporary differences between the carrying amounts of assets and liabilities for book and tax purposes. We determine deferred income taxes based on the differences in accounting methods and timing between financial statement and income tax reporting. Accordingly, we determine the deferred tax asset or liability for each temporary difference based on the enacted tax rates expected to be in effect when we realize the underlying items of income and expense. We consider many factors when assessing the likelihood of future realization of our deferred tax assets, including our recent earnings experience by jurisdiction, expectations of future taxable income, and the carryforward periods available to us for tax reporting purposes, as well as other relevant factors. We may establish a valuation allowance to reduce deferred tax assets to the amount we believe is more likely than not to be realized. Due to inherent complexities arising from the nature of our businesses, future changes in income tax law, tax sharing agreements or variances between our actual and anticipated results of operations, we make certain judgments and estimates. Therefore, actual income taxes could materially vary from these estimates. We account for uncertain tax positions based on a two-step process of evaluating recognition and measurement criteria. The first step assesses whether the tax position is more likely than not to be sustained upon examination by the tax authority, including resolution of any appeals or litigation, based on the technical merits of the position. If the tax position meets the more likely than not criteria, the portion of the tax benefit greater than 50% likely to be realized upon settlement with the tax authority is recognized in the financial statements. Interest and penalties related to uncertain tax positions are classified in the financial statements as a component of income tax expense. The ultimate resolution of these tax positions may be greater or less than the liabilities recorded. Following the completion of the audit of the tax returns for trivago N.V. from 2019 through 2022, the uncertain tax position for unrecognized tax benefits related to the deductibility of expenses of €8.8 million was eliminated from accrued expenses and other liabilities in the consolidated balance sheet as of December 31, 2025. See "Note 10 - Income taxes" in the notes to our annual consolidated financial statements included in this annual report for further details. Share-based compensation Our share-based compensation relates to employee stock awards granted in connection with the trivago N.V. 2016 Incentive Plan. Stock options primarily consist of service based awards, some of which also have market-based performance conditions. We measure the fair value of share options at the grant date or the modification date, if applicable, using the Black-Scholes option pricing model and the fair value of awards containing market-based conditions using a Monte Carlo simulation model. These models incorporate various assumptions including expected volatility of equity, expected term, and risk-free interest rate. We amortize the fair value over the vesting term on a straight-line basis, and for awards with market-based conditions, over the service period using the accelerated method. If any of the assumptions used in the model change significantly for future grant valuations or modification events, share-based compensation expense may differ materially in the future from that recorded in the current period. 63 F. Tabular disclosure of contractual obligations The following table summarizes our contractual obligations as of December 31, 2025: Payments due by period (in millions) Total Short-term Long-term Operating leases, including imputed interest (1) € 44.5 € 3.7 € 40.8 Finance lease obligations 0.1 0.1 — Purchase obligations (2) 30.7 11.6 19.1 Total € 75.3 € 15.4 € 59.9 (1) Operating lease obligations include leases for office space. Certain leases contain renewal options. Lease obligations expire at various dates with the latest maturity in 2038. Refer to "Note 2 - Significant accounting policies" in the consolidated financial statements included in this annual report for detailed discussion on our accounting for operating leases. (2) Our purchase obligations represent the minimum obligations we have under agreements with certain of our vendors and marketing partners. These minimum obligations are less than our projected use for those periods. Payments may be more than the minimum obligations based on actual use. 64 G. Non-GAAP financial measures We report Adjusted EBITDA as a supplemental measure to U.S. Generally Accepted Accounting Principles ("GAAP"). We define Adjusted EBITDA as net income/(loss) adjusted for: •income/(loss) from equity method investments, •expense/(benefit) for income taxes, •total other (income)/expense, net, •depreciation of property and equipment and amortization of intangible assets, •impairment of, and gains/(losses) on disposals of, property and equipment, •impairment of intangible assets and goodwill, •share-based compensation, and •certain other items, including restructuring, acquisition and integration costs, and significant legal settlements and court-ordered penalties. From time to time, we may exclude from Adjusted EBITDA the impact of certain items that affect the period-to-period comparability of our operating performance. Adjusted EBITDA is a non-GAAP financial measure. A “non-GAAP financial measure” refers to a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with U.S. GAAP in such company’s financial statements. We present this non-GAAP financial measure because it is used by management to evaluate our operating performance, formulate business plans, and make strategic decisions on capital allocation. We also believe that this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating our operating performance and consolidated results of operations in the same manner as our management, and the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure in comparing financial results between periods as these costs may vary independent of core business performance. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results reported in accordance with U.S. GAAP, including net income/loss. Some of these limitations are: •Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; •Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; •Adjusted EBITDA does not reflect expenses, such as restructuring and other related reorganization costs; •Although depreciation, amortization and impairments are non-cash charges, the assets being depreciated, amortized or impaired may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; and •Other companies, including companies in our own industry, may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. We periodically provide an Adjusted EBITDA outlook. We are, however, unable to provide a reconciliation of our Adjusted EBITDA outlook to net income/(loss), the comparable GAAP measure, because certain items that are excluded from Adjusted EBITDA cannot be reasonably or reliably predicted or are not in our 65 control, including, in particular, the timing or magnitude of share-based compensation, interest, taxes, impairments, restructuring related costs and/or significant legal settlements and court-ordered penalties without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, net income/(loss) in the future. The below table presents a reconciliation of Adjusted EBITDA to net income/(loss), the most directly comparable GAAP financial measure. Year Ended December 31, (in millions) 2025 2024 Net income/(loss) € 11.2 € (23.7) Loss from equity method investments (2.2) (1.7) Income/(loss) before equity method investments € 13.4 € (22.0) Benefit for income taxes (5.4) (6.3) Income/(loss) before income taxes € 8.0 € (28.2) Add/(less): Interest expense 0.0 0.0 Interest income (2.5) (3.6) Other, net (4.1) (0.4) Operating income/(loss) € 1.5 € (32.2) Depreciation of property and equipment and amortization of intangible assets 5.9 3.7 Impairment of, and gains and losses on disposals of, property and equipment (0.0) — Impairment of intangible assets and goodwill — 30.1 Share-based compensation 7.8 8.5 Certain other items, including restructuring, acquisition and integration costs, significant legal settlements and court ordered penalties(1) 0.6 0.0 Adjusted EBITDA € 15.8 € 10.2 Note: Some figures may not add due to rounding. (1) In completing the acquisition of trivago DEALS, we incurred total transaction costs of €1.5 million, of which €0.9 million was capitalized in 2024 as part of our initial equity method investment and thus did not impact reported Adjusted EBITDA in that period. Upon completing the acquisition and integration in 2025, €0.6 million of acquisition and integration costs were additionally expensed. As these costs are non-recurring items directly related to the acquisition, they have been excluded from Adjusted EBITDA to better reflect normalized operating results