trivago Delivers 15% Growth in Q1 and Raises Guidance After Fifth Consecutive Double-Digit Quarter
Rhea-AI Summary
trivago (NASDAQ: TRVG) reported Q1 2026 results with 15% total revenue growth to €142.9m and improved profitability: net loss narrowed to €7.3m and Adjusted EBITDA loss improved to €4.5m. Global ROAS rose 2.9 ppts to 121%. The company raised 2026 Adjusted EBITDA guidance to ~€25m and authorized an up to €20m buyback.
Positive
- Total revenue +15% year-over-year to €142.9m
- Adjusted EBITDA guidance raised to ~€25m for 2026 (up from at least €20m)
- Referral Revenue Americas +17% and Developed Europe +14%
- Global ROAS +2.9 ppts to 121%
- Up to €20m share buyback authorized with execution planned to start end of May
Negative
- Net loss €7.3m in Q1 2026 remains a loss
- Adjusted EBITDA loss €4.5m in Q1 2026
- Company cites foreign exchange headwinds and geopolitical pressures in Rest of World
- Management warned of challenging year-over-year comparables across H1 2026
News Market Reaction – TRVG
In the May 6 session, TRVG gained 10.76%, reflecting a significant positive market reaction. Argus tracked a peak move of +12.6% during that session. Our momentum scanner triggered 14 alerts that day, indicating notable trading interest and price volatility. Trading volume was exceptionally heavy at 14.1x the daily average, suggesting very strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 15 | Earnings date notice | Neutral | +3.8% | Scheduled timing of Q1 2026 results release and webcast details. |
| Mar 12 | Leadership expansion | Positive | -1.8% | Three new C-level appointments to drive technology, data and commercial execution. |
| Feb 03 | Q4 2025 earnings | Positive | +1.4% | Strong Q4 and full‑year 2025 growth with higher Adjusted EBITDA and 2026 guidance. |
| Jan 22 | Earnings date notice | Neutral | -0.2% | Announcement of Q4 2025 earnings release date and webcast information. |
| Nov 05 | Q3 2025 earnings | Positive | +1.3% | Q3 2025 double‑digit revenue growth and strongest Q3 net income as a public company. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent fundamentally positive updates (Q3 2025, Q4 2025, leadership expansion) have mostly seen modest positive next-day moves, with one divergence on leadership news.
Over the past six months, trivago has reported consistent double‑digit revenue growth, including Q3 2025 revenue of €165.6m and Q4 2025 revenue of €120.0m, both with solid Adjusted EBITDA. Management repeatedly guided to double‑digit 2026 revenue growth and at least €20m Adjusted EBITDA, now raised to around €25m. Alongside this, the company announced leadership expansions and regular earnings‑date notices. Today’s Q1 2026 results extend that multi‑quarter growth and profitability improvement narrative while adding a share buyback authorization.
Key Terms
adjusted ebitda financial
referral revenue financial
return on advertising spend technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Exhibit 99.1
Operating and Financial Review
DÜSSELDORF, GERMANY - May 5, 2026 – trivago N.V. (NASDAQ: TRVG) (the “Company”, “we,” “us,” “our,” or “trivago,”) announced financial results for the first quarter ended March 31, 2026.
Highlights:
- Total revenue growth of
15% in the first quarter of 2026, primarily driven by double-digit year-over-year Referral Revenue growth in Americas and Developed Europe. - Improved first quarter year-over-year profitability by improving Net Loss and Adjusted EBITDA1 loss by
€0.5 million and€2.0 million , respectively, driven by higher revenues at an improved ROAS contribution. - Global ROAS improved 2.9 ppts year-over-year in the first quarter, reflecting the effectiveness of our brand marketing strategy and compounding effects from prior period brand investments.
- Adjusted EBITDA guidance for the full year 2026 increased to be around
€25 million . - Supervisory board authorized up to
€20 million share buyback program with details to be finalized and execution planned to start at the end of May.
"We are off to a strong start to 2026, delivering
"The first quarter reflects our balanced approach to growth and profitability, with cost discipline and compounding effects of prior brand investments translating into improved profitability year-over-year. Referral Revenue year-over-year growth in Americas of
Financial Summary & Operating Metrics (€ millions, unless otherwise stated)
| Three months ended March 31, | |||||
| 2026 | 2025 | Δ Y/Y | |||
| Total revenue | 142.9 | 124.1 | |||
| Referral Revenue (1) | 134.9 | 123.4 | |||
| Return on Advertising Spend | 2.9 ppts | ||||
| Net loss | (7.3) | (7.8) | (6)% | ||
| Adjusted EBITDA | (4.5) | (6.5) | (31)% | ||
(1) Referral Revenue is presented after intersegment eliminations as presented on the unaudited condensed consolidated statements of operations as of March 31, 2026.
About trivago N.V.
trivago N.V. (NASDAQ: TRVG) is a leading global hotel search and price comparison platform, and one of the most recognized travel brands in the world. When travelers search for a hotel, we want trivago to be the obvious choice. We help them find the best place to stay and deliver the best deal to book, saving time and money — so every traveler feels smart and confident about their booking. Powered by AI, we personalize and simplify hotel search for millions of travelers, connecting them with more than 7.0 million hotels and other accommodations across more than 190 countries.
Discussion of Results
The discussion of results should be considered together with our unaudited financial information included with this review and the periodic reports we file with the Securities and Exchange Commission, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2025. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) have been omitted from this review.
Recent Trends
Total revenues grew
Advertising Spend continued to increase in the first quarter of 2026 compared to the same prior year period, however at a more moderate pace compared to prior year quarters. We have started to observe compounding brand effects from significantly elevated brand investments in prior quarters which contributed to the Global ROAS improvement of 2.9 ppts to
Outlook
We have observed total revenue and profitability results through the first weeks of April that are in line with management's expectation. Looking ahead toward the summer travel season, we expect the momentum from this quarter to continue and to report double-digit year-over-year total revenue growth and improved profitability in the second quarter of 2026. While there continues to be uncertainty regarding the ongoing conflict in the Middle East and the global macroeconomic environment which could have negative impacts, we continue to expect that the impact to total Referral Revenue from such factors will not be material for the next quarter. We remain confident in our strong global brand which, as a result of increased investments in prior quarters, is well-positioned to remain resilient in such periods of uncertainty. For the full year 2026, we are maintaining our expectation of double-digit year-over-year total revenue growth and are raising our Adjusted EBITDA guidance to be around
Revenue, Advertising Spend, and Return on Advertising Spend
Referral Revenue & Other Revenue
We match our users’ searches with large numbers of hotel and other accommodation offers through our auction platform, which we call our marketplace. With our marketplace, we provide advertisers a competitive forum to access user traffic by facilitating a vast quantity of auctions on any particular day. Advertisers submit hotel room and other accommodation rates and participate in our marketplace primarily by making bids for each user click on an advertised rate for a hotel or other accommodation on a cost-per-click, or CPC, basis. We also offer the option for our advertisers to participate in our marketplace on a cost-per-acquisition, or CPA, basis.
We earn substantially all of our revenue when users of our websites and apps click on hotel and accommodation offers or advertisements in our search results and are referred to one of our advertisers, or when a user makes a booking on the advertiser's website ultimately from a referral from our platform. We call this our Referral Revenue.
Management has identified three reportable segments: Americas, Developed Europe and Rest of World (RoW), collectively referred to as the trivago Core segments. Our Americas segment is comprised of Argentina, Brazil, Canada, Chile, Colombia, Ecuador, Mexico, Peru, the United States and Uruguay. Our Developed Europe segment is comprised of Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. Our RoW segment is comprised of all other countries. In the first quarter of 2026, the most significant countries by revenue in that segment were Japan, Australia, Turkey, New Zealand and Poland. We have also determined that our trivago DEALS operating segment does not meet the quantitative thresholds of a separate reportable segment.
We also earn revenue by providing travelers with online platforms for direct hotel booking services and offering our advertisers business-to-business (B2B) solutions including subscription fees for trivago Business Studio, which provides hotels with advanced data analytics and tools to enhance the accuracy, visibility, and performance of their listings on trivago. Additionally, we have agreements with certain hotel service providers and affiliates to receive consideration based on achievement of sales volume targets or gross transaction volume of affiliate services, respectively. These revenue streams, which include existing other revenue streams and revenue streams resulting from the acquisition of trivago DEALS, do not represent a significant portion of our total revenue.
| (in € millions) | Three months ended March 31, | ||||||
| 2026 | 2025 | Δ € | Δ % | ||||
| Americas | € 52.4 | € 44.9 | € 7.5 | ||||
| Developed Europe | 59.4 | 52.3 | 7.1 | ||||
| Rest of World | 23.0 | 26.2 | (3.2) | (12)% | |||
| Total Referral Revenue (1) | € 134.9 | € 123.4 | € 11.5 | ||||
| Other revenue | 8.0 | 0.7 | 7.3 | n.m. | |||
| Total revenue | € 142.9 | € 124.1 | € 18.8 | ||||
n.m. not meaningful
Note: Some figures may not add up due to rounding.
(1) Referral Revenue is presented after intersegment eliminations as presented on the unaudited condensed consolidated statements of operations as of March 31, 2026.
Referral Revenue
Referral Revenue increased by
Other Revenue
Other revenue increased by
Advertiser Concentration
We generate the majority of our Referral Revenue from online travel agencies, or OTAs. For brands affiliated with Expedia Group, including brands such as Expedia, Hotels.com, Wotif, and Vrbo, the share of our Referral Revenue before intersegment eliminations was
Advertising Spend
Advertising Spend is used in the calculation of our primary operating metrics for trivago Core segments as further described in the "Return on Advertising Spend (ROAS)" section below. It is included in selling and marketing expense and consists of fees that we pay for our various marketing channels including TV, search engine marketing, display and affiliate marketing, email marketing, online video, app marketing, content marketing, and sponsorship and endorsement for our trivago Core segments. Other expenses not related to trivago Core segments' Advertising Spend are included in the "Selling and Marketing" section below.
| (in € millions) | Three months ended March 31, | ||||||
| 2026 | 2025 | Δ € | Δ % | ||||
| Americas | € 47.8 | € 43.7 | € 4.1 | ||||
| Developed Europe | 46.8 | 39.0 | 7.8 | ||||
| Rest of World | 20.8 | 21.8 | (1.0) | (5)% | |||
| Total Advertising Spend | € 115.4 | € 104.5 | € 10.9 | ||||
Advertising Spend increased by
Return on Advertising Spend (ROAS)
Our chief operating decision makers ("CODMs") manage our business and evaluate the operating performance for our trivago Core segments using our primary metrics: Return on Advertising Spend ("ROAS") Contribution and ROAS expressed as a percentage. Both metrics use Referral Revenue before intersegment eliminations from our trivago DEALS operating segment as a basis for the calculation, in line with how our CODMs manage the business. For further details, see "Note 14 - Segment information" in the unaudited condensed consolidated financial statements as of March 31, 2026. ROAS Contribution is the difference between Referral Revenue before intersegment eliminations and Advertising Spend. ROAS expressed as a percentage is the ratio of Referral Revenue before intersegment eliminations to Advertising Spend. We believe that both are indicators of the efficiency of our advertising.
| Three months ended March 31, | |||||||||||
| ROAS Contribution (in € millions) | ROAS (in %) | ||||||||||
| 2026 | 2025 | Δ € | 2026 | 2025 | Δ ppts | ||||||
| Americas | € 7.7 | € 1.2 | € 6.5 | 13.4 ppts | |||||||
| Developed Europe | 14.3 | 13.3 | 1.0 | (3.5) ppts | |||||||
| Rest of World | 2.3 | 4.4 | (2.1) | (9.1) ppts | |||||||
| Global | € 24.3 | € 18.9 | € 5.4 | 2.9 ppts | |||||||
Global ROAS increased by 2.9 ppts during the three months ended March 31, 2026 compared to the same period in 2025, reflecting the initial results of our strategy of achieving higher profitability targets while sustaining revenue growth. This was particularly evident in the Americas segment where increased brand investments in prior quarters generated measurable compounding returns leading to a strong year-over-year increase in ROAS. In the Rest of World segment, we observed foreign exchange headwinds and a reduced response to our marketing investments from negative impacts to travel behavior resulting from the conflict in the Middle East region, ultimately resulting in the year-over-year ROAS decline. The ROAS decline in the Developed Europe segment was primarily due to increased brand marketing investments in the current quarter, partly offset by compounding returns from brand investments in prior quarters.
Expenses
Expenses by Cost Category (€ millions)
| Three months ended March 31, | As a % of Revenue | ||||||||||
| 2026 | 2025 | Δ € | Δ % | 2026 | 2025 | ||||||
| Cost of revenue | € 5.5 | € 2.7 | € 2.8 | 104 % | 4 % | 2 % | |||||
| Selling and marketing | 120.8 | 110.2 | 10.6 | 10 % | 85 % | 89 % | |||||
| Advertising Spend | 115.4 | 104.5 | 10.9 | 10 % | 81 % | 84 % | |||||
| Other selling and marketing | 5.4 | 5.7 | (0.3) | (5) % | 4 % | 5 % | |||||
| Technology and content | 14.3 | 13.4 | 0.9 | 7 % | 10 % | 11 % | |||||
| General and administrative | 11.0 | 7.3 | 3.7 | 51 % | 8 % | 6 % | |||||
| Amortization of intangible assets | 1.3 | — | 1.3 | n.m. | 1 % | 0 % | |||||
| Total costs and expenses | € 152.9 | € 133.7 | € 19.2 | 14 % | 107 % | 108 % | |||||
n.m. not meaningful
Note: Some figures may not add up due to rounding.
Cost of Revenue
Cost of revenue increased by
Selling and Marketing
Selling and marketing expense increased by
Other selling and marketing expense decreased by
Technology and Content
Technology and content expense increased by
General and Administrative
General and administrative expense increased by
Amortization of Intangible Assets
Amortization of intangible assets of
Income Taxes, Net Loss and Adjusted EBITDA (€ millions)
| | Three months ended March 31, | ||||||
| 2026 | 2025 | Δ € | Δ % | ||||
| Operating loss | € (10.0) | € (9.6) | € (0.4) | 4 % | |||
| Other income/(expense) | |||||||
| Interest expense | (0.0) | (0.0) | 0.0 | n.m. | |||
| Interest income | 0.6 | 0.7 | (0.1) | (14) % | |||
| Other, net | (0.2) | 0.3 | (0.5) | n.m. | |||
| Total other income, net | € 0.3 | € 1.0 | € (0.7) | (70) % | |||
| Loss before income taxes | (9.7) | (8.6) | (1.1) | 13 % | |||
| Benefit for income taxes | (2.4) | (2.1) | (0.3) | 14 % | |||
| Loss before equity method investments | € (7.3) | € (6.5) | € (0.8) | 12 % | |||
| Loss from equity method investments | (0.0) | (1.3) | 1.3 | (100) % | |||
| Net loss | € (7.3) | € (7.8) | € 0.5 | (6) % | |||
| Adjusted EBITDA | € (4.5) | € (6.5) | € 2.0 | (31) % | |||
n.m. not meaningful
Note: Some figures may not add up due to rounding.
Income Taxes
Income tax benefit was
The difference between the weighted average tax rate and the effective tax rate for the three months ended March 31, 2026 is primarily attributable to share-based compensation expense, which is not deductible for tax purposes.
Net Loss and Adjusted EBITDA
Net loss was
Balance Sheet and Cash Flows
Total cash, cash equivalents and restricted cash were
Cash provided by investing activities during the three months ended March 31, 2026, was primarily driven by proceeds from sales and maturities of short-term investments of
Cash used in operating activities during the three months ended March 31, 2026, was primarily driven by the net loss of
Cash used in financing activities during the three months ended March 31, 2026, was primarily driven by
Overall, the change in operating assets and liabilities was consistent with the seasonal trend, as the increase in revenue, bookings with future check-ins, Advertising Spend, and prepaid brand marketing in the first quarter of 2026 compared to the fourth quarter of 2025 produced largely offsetting movements in accounts receivable, advances from travelers, accounts payable, and prepaid expenses and other assets respectively.
Notes & Definitions:
Definition of Non-GAAP Measure
Adjusted EBITDA:
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, significant litigation expenses related to a discrete matter outside the normal course of business, 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. Beginning in the first quarter of 2026, we amended our definition of Adjusted EBITDA to include significant litigation expenses relating to a discrete matter outside the normal course of our business.
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 these non-GAAP financial measures because they are used by management to evaluate our operating performance, formulate business plans, and make strategic decisions on capital allocation. We also believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating performance and consolidated results of operations in the same manner as our management, and the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure in comparing financial results between periods as these costs may vary independent of core business performance.
Adjusted EBITDA 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 their usefulness as comparative measures.
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 control, including, in particular, the timing or magnitude of share-based compensation, interest, taxes, impairments, restructuring related costs, significant litigation expenses related to discrete matters outside the normal course of business, and/or significant legal settlements and court-ordered penalties without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, net income/(loss) in the future.
Tabular Reconciliation for Non-GAAP Measure
Adjusted EBITDA (€ millions)
| Three months ended March 31, | ||||
| 2026 | 2025 | |||
| Net loss | € (7.3) | € (7.8) | ||
| Loss from equity method investments | (0.0) | (1.3) | ||
| Loss before equity method investments | € (7.3) | € (6.5) | ||
| Benefit for income taxes | (2.4) | (2.1) | ||
| Loss before income taxes | € (9.7) | € (8.6) | ||
| Add/(less): | ||||
| Interest expense | 0.0 | 0.0 | ||
| Interest income | (0.6) | (0.7) | ||
| Other, net | 0.2 | (0.3) | ||
| Operating loss | € (10.0) | € (9.6) | ||
| Depreciation of property and equipment and amortization of intangible assets | 2.4 | 1.0 | ||
| Impairment of, and gains and losses on disposals of, property and equipment | (0.0) | 0.0 | ||
| Share-based compensation | 2.5 | 2.0 | ||
| Certain other items, including restructuring, acquisition and integration costs, significant litigation expenses related to a discrete matter outside the normal course of business, and significant legal settlements and court-ordered penalties (1) | 0.7 | — | ||
| Adjusted EBITDA | € (4.5) | € (6.5) | ||
Note: Some figures may not add up due to rounding.
(1) During the three months ended March 31, 2026, litigation expenses of
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This review contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance. These forward-looking statements are based on management’s expectations as of the date of this review and assumptions which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The use of words such as "will," “intend” and “expect,” among others, generally identify forward-looking statements. However, these words are not the exclusive means of identifying such statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements and may include statements relating to future revenue, expenses, margins, profitability, net income/(loss), earnings per share and other measures of results of operations and the prospects for future growth of trivago N.V.’s business. Actual results and the timing and outcome of events may differ materially from those expressed or implied in the forward-looking statements for a variety of reasons, including, among others:
- our ability to achieve the financial guidance we have provided for 2026, including revenue growth and profitability expectations;
- the extent to which our strategy of increasing brand marketing investments positively impacts the volume of direct traffic to our platform and grows our revenue in future periods without reducing our profits or incurring losses;
- the continuing negative impact of having almost completely ceased television advertising in 2020 and only having resumed such advertising at reduced levels in recent years on our ability to grow our revenue;
- our reliance on search engines, particularly Google, whose search results can be affected by a number of factors, many of which are not in our control;
- the promotion by Google of its own product and services that compete directly with our hotel and accommodation search;
- our continued dependence on a small number of advertisers for our revenue and adverse impacts that could result from their reduced spending or changes in their cost-per-click, or (CPC), bidding or cost-per-acquisition (CPA) strategy;
- our ability to generate referrals, customers, bookings or revenue and profit for our advertisers on a basis they deem to be cost-effective;
- factors that contribute to our period-over-period volatility in our financial condition and result of operations;
- the potential negative impact of a worsening of the economic outlook and inflation, or reduced consumer confidence on consumer discretionary spending for travel and accommodation;
- any further impairment of intangible assets and goodwill;
- impacts of the integration of acquired business, including trivago DEALS Ltd. and our ability to achieve expected benefits from such acquisitions;
- geopolitical and diplomatic tensions, instabilities and conflicts, including war, civil unrest, terrorist activity, sanctions or other geopolitical events or escalations of hostilities, such as the ongoing military conflict between Russia and Ukraine, continued regional instability in the Middle East, leading to airspace restrictions and fuel cost increases with resulting impacts on travel demand and flight availability, changes in U.S. tariff policy and other countries' responses thereto, or other developments resulting in heightened cross-border controls;
- increasing competition in our industry;
- the impact of rapidly evolving technologies, including artificial intelligence and machine learning, on user search behavior, competitive dynamics, and our ability to maintain technological relevance;
- our ability to innovate, integrate, and provide tools and services that are useful to our users and advertisers;
- our business model's dependence on consumer preferences for traditional hotel-based accommodation;
- our dependence on relationships with third parties to provide us with content;
- changes to and our compliance with applicable laws, rules and regulations;
- the impact of any legal and regulatory proceedings to which we are or may become subject or which we may initiate, including our antitrust damages claim against Google seeking recovery for losses we contend were caused by Google's self-preferencing practices in the hotel search market, for which the timing, outcome or ultimate recovery is uncertain and due to which we expect to incur further significant legal costs; and
- potential disruptions in the operation of our systems, security breaches and data protection,
as well as other risks and uncertainties detailed in our public filings with the SEC, including trivago's Annual Report on Form 20-F for the fiscal year ended December 31, 2025, as such risks and uncertainties may be updated from time to time to reflect material geopolitical, economic, and regulatory developments. Except as required by law, we undertake no obligation to update any forward-looking or other statements in this review, whether as a result of new information, future events or otherwise.
1 "Adjusted EBITDA" is a non-GAAP measure. Please see "Definition of Non-GAAP Measure" and "Tabular Reconciliation for Non-GAAP Measure" on pages 9 to 10 herein for explanation and reconciliation of the non-GAAP measure used.
2 Branded channel traffic refers to our platform through: one of our localized platform websites, one of our downloadable mobile applications, branded search engine optimization marketing channels (or "branded free traffic") for keyword searches that are inclusive of the trivago brand name, and/or paid keyword searches that include the trivago brand name, such as "trivago" or "trivago hotel".
3 Logged-in members represent users that have registered on our platform to access exclusive rates and personalized features.
