trivago Maintains Strong Momentum in Q3, Delivering 13% Growth
trivago (NASDAQ: TRVG) reported third-quarter 2025 results with total revenue €165.6m (+13% YoY) and Referral Revenue €161.6m (+11% YoY), marking continued multi-quarter growth.
Net income €11.0m was the strongest Q3 as a public company; Adjusted EBITDA €16.0m (+18% YoY). The company completed the acquisition of Holisto on July 31, 2025 (consolidated on a one-month lag).
Management reiterated guidance of mid‑teens revenue growth and expects Adjusted EBITDA ~€20m for 2026, while maintaining at least €10m Adjusted EBITDA for full‑year 2025. Results benefited from branded channel traffic growth and higher marketing efficiency despite foreign exchange headwinds.
trivago (NASDAQ: TRVG) ha riportato risultati del terzo trimestre 2025 con entrate totali di €165,6 milioni (+13% a/a) e Entrate referral €161,6 milioni (+11% a/a), segnando una crescita continua multi-quarter.
Utile netto €11,0 milioni è stato il trimestre più forte per una società quotata; EBITDA rettificato €16,0 milioni (+18% a/a). L'azienda ha completato l'acquisizione di Holisto il 31 luglio 2025 (consolidata con un ritardo di un mese).
La direzione ha ribadito le previsioni di crescita dei ricavi a doppia cifra e si aspetta EBITDA rettificato ~€20m per il 2026, mantenendo al contempo almeno €10m di EBITDA rettificato per l'intero 2025. I risultati sono stati favoriti dall'incremento del traffico nei canali con marchio e da una maggiore efficienza di marketing nonostante le difficoltà valutarie.
trivago (NASDAQ: TRVG) informó resultados del tercer trimestre de 2025 con ingresos totales de €165,6 millones (+13% interanual) y ingresos por referidos €161,6 millones (+11% interanual), marcando un crecimiento sostenido en varios trimestres.
Beneficio neto de €11,0 millones fue el trimestre más sólido como empresa cotizada; EBITDA ajustado de €16,0 millones (+18% interanual). La compañía completó la adquisición de Holisto el 31 de julio de 2025 (consolidada con un mes de desfase).
La dirección reiteró la guía de crecimiento de ingresos de dos cifras y espera un EBITDA ajustado de ~€20m para 2026, manteniendo al menos €10m de EBITDA ajustado para el año completo 2025. Los resultados se beneficiaron del crecimiento del tráfico en canales de marca y de una mayor eficiencia de marketing a pesar de efectos cambiarios desfavorables.
trivago (NASDAQ: TRVG)가 2025년 3분기 실적을 발표했습니다. 총매출 €165.6m (+전년동기 대비 13%) 및 리퍼럴 매출 €161.6m (+전년동기 대비 11%), 다중 분기에 걸친 성장이 계속되고 있음을 보여줍니다.
순이익 €11.0m은 공기업으로서 가장 강력한 3분기로, 조정 EBITDA €16.0m (+전년동기 대비 18%). Holisto 인수를 2025년 7월 31일에 완료했고(한 달 지연으로 통합).
경영진은 두 자릿수 매출 성장 가이드를 재확인했으며 2026년 조정 EBITDA 약 €20m를 기대하고, 2025년 전체에 대해 최소 €10m 조정 EBITDA를 유지합니다. 결과는 브랜드 채널 트래픽 증가와 외환 영향에도 불구하고 마케팅 효율성 증가의 혜택을 받았습니다.
trivago (NASDAQ: TRVG) a publié les résultats du troisième trimestre 2025 avec un chiffre d'affaires total de 165,6 M€ (+13% sur un an) et un chiffre d'affaires Référencement de 161,6 M€ (+11% sur un an), marquant une croissance soutenue sur plusieurs trimestres.
Résultat net de 11,0 M€ était le trimestre le plus solide en tant que société cotée; EBITDA ajusté de 16,0 M€ (+18% sur un an). L'entreprise a finalisé l'acquisition de Holisto le 31 juillet 2025 (intégrée avec un décalage d'un mois).
La direction a réitéré l'objectif d'croissance des revenus à deux chiffres et prévoit un EBITDA ajusté d'environ 20 M€ pour 2026, tout en maintenant au moins 10 M€ d'EBITDA ajusté pour l'ensemble de l'année 2025. Les résultats ont bénéficié de la croissance du trafic via les canaux de marque et d'une efficacité marketing accrue malgré les vents contraires des taux de change.
trivago (NASDAQ: TRVG) meldete Ergebnisse des dritten Quartals 2025 mit Gesamtumsatz €165,6 Mio. (+13% YoY) und Referral-Umsatz €161,6 Mio. (+11% YoY), was anhaltendes Mehrquartalswachstum markiert.
Nettoeinkommen €11,0 Mio. war das stärkste Q3 als börsennotiertes Unternehmen; bereinigtes EBITDA €16,0 Mio. (+18% YoY). Das Unternehmen schloss die Übernahme von Holisto am 31. Juli 2025 ab (konsolidiert mit einem Monat Rückstand).
Die Geschäftsführung bekräftigte die Prognose eines Umsatzwachstums im mittleren Zehnerbereich und erwartet bereinigtes EBITDA ca. €20 Mio. für 2026, während mindestens €10 Mio. bereinigtes EBITDA für das Gesamtjahr 2025 beibehalten wird. Die Ergebnisse profitierten von einem Anstieg des Markenkanal-Traffics und einer höheren Marketingeffizienz trotz Währungseinflüssen.
trivago (NASDAQ: TRVG) أبلغت عن نتائج الربع الثالث من عام 2025 مع إجمالي الإيرادات 165.6 مليون يورو (+13% على أساس سنوي) وإيرادات الإحالة 161.6 مليون يورو (+11% على أساس سنوي)، مما يشير إلى نمو مستمر لعدة أرباع.
صافي الدخل 11.0 مليون يورو كان أقوى ربع ثالث كشركة عامة؛ EBITDA المعدل 16.0 مليون يورو (+18% على أساس سنوي). أكملت الشركة استحواذ Holisto في 31 يوليو 2025 (مدمجة بعد شهر).
كررت الإدارة التوجيه نحو نمو الإيرادات بنِسَب مزدوجة وتتوقع EBITDA معدل يقارب 20 مليون يورو لعام 2026، مع الحفاظ على وجود 10 مليون يورو من EBITDA المعدل للأعوام 2025 بالكامل. استفادت النتائج من نمو حركة المرور في القنوات ذات العلامة التجارية وتحسين كفاءة التسويق على الرغم من تقلبات العملة.
- Total revenue €165.6m (+13% YoY)
- Referral Revenue €161.6m (+11% YoY)
- Adjusted EBITDA €16.0m (+18% YoY)
- Net income €11.0m (strongest Q3 as public company)
- Completed acquisition of Holisto on July 31, 2025
- Foreign exchange headwinds affected reported results
- Return on Advertising Spend down 1.8 ppts for nine months (124.1% vs 125.9%)
Insights
trivago shows durable recovery: double‑digit revenue growth, positive net income, and raised multi‑year EBITDA targets.
trivago reported
The business mechanism is straightforward: higher referral volumes and marketing efficiency lifted top line and margins, while the Holisto acquisition added a one‑time consolidation gain. Key dependencies include sustained branded channel growth, geographic momentum in the Americas and Rest of World, and maintenance of Return on Advertising Spend near the reported
Concrete items to watch near term include full‑year 2025 guidance of positive Adjusted EBITDA of at least
Exhibit 99.1
Operating and Financial Review
DÜSSELDORF, GERMANY - November 4, 2025 – trivago N.V. (NASDAQ: TRVG) (the “Company”, “we,” “us,” “our,” or “trivago,”) announced financial results for the third quarter ended September 30, 2025.
Highlights:
- Total revenue grew
13% year-over-year to€165.6 million in the third quarter, driven by an11% increase in Referral Revenue, which reached€161.6 million , compared to the same prior year period, marking our fourth consecutive quarter of growth. - Third consecutive quarter achieving double-digit year-over-year total Referral Revenue growth compared to the same prior year period, primarily driven by continued strong double-digit branded channel traffic1 growth across trivago's Core segments2.
- Net income was
€11.0 million , representing our strongest third quarter result as a publicly-listed company, partly driven by another income gain of€3.2 million related to the consolidation of Holisto Limited ("Holisto", renamed to trivago DEALS Limited), while Adjusted EBITDA3 was€16.0 million , exceeding the prior year by18% . - Completed our strategic acquisition of Holisto on July 31, 2025, which has been consolidated with our results on a one month lag basis4.
- For full-year 2026, we expect to achieve an Adjusted EBITDA of around
€20 million 5, while maintaining a double-digit total revenue growth rate.
"We’re encouraged by the strength and durability of our momentum. Revenue grew
"We experienced yet another quarter of double-digit year-over-year total revenue growth, with especially strong momentum in the Americas and Rest of World segments with
Financial Summary & Operating Metrics (€ millions, unless otherwise stated)
| Three months ended September 30, | Nine months ended September 30, | ||||||||||
| 2025 | 2024 | Δ Y/Y | 2025 | 2024 | Δ Y/Y | ||||||
| Total revenue | 165.6 | 146.1 | 429.0 | 366.1 | |||||||
| Referral Revenue | 161.6 | 145.3 | 423.5 | 362.7 | |||||||
| Return on Advertising Spend | — ppts | (1.8) ppts | |||||||||
| Net income/(loss) | 11.0 | (15.4) | n.m. | (3.3) | (28.8) | (89)% | |||||
| Adjusted EBITDA | 16.0 | 13.6 | 4.5 | (0.9) | n.m. | ||||||
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 price savvy travelers are searching for a hotel, we want trivago to be the obvious choice. We aim to help travelers find the best place to stay and the best time to go. trivago aims to enable them to book with confidence, saving travelers valuable time and money. By leveraging cutting-edge technology, we seek to personalize and simplify the hotel search experience for millions of travelers every month. We provide access to more than 5.0 million hotels and other types of accommodation in over 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, 2024. 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
Momentum for our branded channel traffic revenue sustained year-over-year, particularly in Americas and Developed Europe, maintaining growth at double-digit levels in the third quarter across all trivago Core segments. The solid performance was driven by a continued strong response to our branded channel traffic marketing investments made throughout the third quarter, which continue to resonate with our target audience. The continued growth observed this quarter confirms our strategic brand initiatives are effectively working as planned.
During the third quarter, we continued to further increase our Advertising Spend investments year-over-year, which increased by
Outlook
We continue to see significant opportunities to further scale our marketing efforts at profitable levels and we remain committed to pursuing promising advertising opportunities to maintain our positive momentum. We expect these initiatives will enable us to continue expanding our audience reach, driving long-term revenue growth. With the strategic acquisition of Holisto completed, we look forward to further enhancing the user experience by expanding trivago Book & Go, our facilitated booking funnel offering, to deliver long-term growth. With our strong capitalization and positioning, we are well-prepared to fuel continued growth.
We anticipate delivering our fourth consecutive quarter of double-digit year-over-year total revenue growth during the last quarter of 2025, with the full year delivering mid-teens percentage growth as previously guided. We anticipate positive Adjusted EBITDA for the fourth quarter to deliver full-year 2025 positive Adjusted EBITDA that is at least comparable to last year’s performance. For the full-year 2026, we expect to maintain our double-digit total revenue growth rate and to achieve an Adjusted EBITDA of around
Revenue, Advertising Spend, and Return of 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 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 third quarter of 2025, the most significant countries by revenue in that segment were Japan, Turkey, Australia, Poland and New Zealand. We have also determined that our trivago DEALS operating segment does not meet the quantitative thresholds of a separate reportable segment for the three and nine months ended September 30, 2025.
We also earn revenue by providing travelers with online platforms for direct hotel booking services and offering our advertisers business-to-business (B2B) solutions such as data product offerings and subscription fees earned from advertisers for the trivago Business Studio subscriptions. 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 resulting from the acquisition of Holisto, do not represent a significant portion of our total revenue.
Referral Revenue by Segment & Other Revenue (€ millions)
| | Three months ended September 30, | Nine months ended September 30, | |||||||||||||
| 2025 | 2024 | Δ € | Δ % | 2025 | 2024 | Δ € | Δ % Y/Y | ||||||||
| Americas | € 58.8 | € 51.6 | € 7.2 | € 156.5 | € 137.6 | € 18.9 | |||||||||
| Developed Europe | 69.7 | 64.2 | 5.5 | 178.2 | 155.1 | 23.1 | |||||||||
| Rest of World | 33.0 | 29.4 | 3.6 | 88.7 | 70.0 | 18.7 | |||||||||
| Total Referral Revenue | € 161.6 | € 145.3 | € 16.3 | € 423.5 | € 362.7 | € 60.8 | |||||||||
| Other revenue | 4.0 | 0.8 | 3.2 | n.m. | 5.4 | 3.4 | 2.0 | ||||||||
| Total revenue | € 165.6 | € 146.1 | € 19.5 | € 429.0 | € 366.1 | € 62.9 | |||||||||
Note: Some figures may not add up due to rounding.
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 Brand Expedia, Hotels.com, Orbitz, Travelocity, Hotwire, Wotif, Vrbo and ebookers, the share of our Referral Revenue was
Advertising Spend
Advertising Spend is used in the calculation of our primary operating metric 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 September 30, | Nine months ended September 30, | |||||||||||||
| 2025 | 2024 | Δ € | Δ % | 2025 | 2024 | Δ € | Δ % Y/Y | ||||||||
| Americas | € 44.5 | € 40.9 | € 3.6 | € 133.4 | € 113.8 | € 19.6 | |||||||||
| Developed Europe | 49.7 | 42.5 | 7.2 | 134.8 | 115.3 | 19.5 | |||||||||
| Rest of World | 27.8 | 25.0 | 2.8 | 74.8 | 58.9 | 15.9 | |||||||||
| Total Advertising Spend | € 122.0 | € 108.4 | € 13.6 | € 342.9 | € 288.0 | € 54.9 | |||||||||
Note: Some figures may not add up due to rounding.
Advertising Spend increased by
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. For further details, see Note 14: Segment information in the unaudited condensed consolidated financial statements as of September 30, 2025. ROAS Contribution is the difference between Referral Revenue before intersegment eliminations and Advertising Spend. ROAS 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 September 30, | |||||||||||
| ROAS Contribution (in € millions) | ROAS (in %) | ||||||||||
| 2025 | 2024 | Δ € | 2025 | 2024 | Δ ppts | ||||||
| Americas | € 15.8 | € 10.7 | € 5.1 | 9.1 ppts | |||||||
| Developed Europe | 20.5 | 21.8 | (1.3) | (10.0) ppts | |||||||
| Rest of World | 5.3 | 4.4 | 0.9 | 1.6 ppts | |||||||
| Global | € 41.5 | € 36.9 | € 4.6 | — ppts | |||||||
Note: Some figures may not add up due to rounding.
| Nine months ended September 30, | |||||||||||
| ROAS Contribution (in € millions) | ROAS (in %) | ||||||||||
| 2025 | 2024 | Δ € | 2025 | 2024 | Δ ppts | ||||||
| Americas | € 24.6 | € 23.8 | € 0.8 | (2.5) ppts | |||||||
| Developed Europe | 43.9 | 39.8 | 4.1 | (1.9) ppts | |||||||
| Rest of World | 14.1 | 11.1 | 3.0 | (0.1) ppts | |||||||
| Global | € 82.5 | € 74.7 | € 7.8 | (1.8) ppts | |||||||
Note: Some figures may not add up due to rounding.
Global ROAS remained stable during the three months ended September 30, 2025, compared to the same period in 2024. Higher ROAS in Americas, where we observed the strongest response to our previous marketing investments, was offset by lower ROAS in Developed Europe, due to increased Advertising Spend in this segment. Strong responses observed in response to our brand investments made in the first half of 2025 gave us confidence to continue accelerating our brand marketing efforts in Developed Europe during the third quarter of 2025.
During the nine months ended September 30, 2025, global ROAS decreased by 1.8 ppts 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.
Expenses
Expenses by Cost Category (€ millions)
| Three months ended September 30, | As a % of Revenue | ||||||||||
| 2025 | 2024 | Δ € | Δ % | 2025 | 2024 | ||||||
| Cost of revenue | € 4.0 | € 2.9 | € 1.1 | 38 % | 2 % | 2 % | |||||
| Selling and marketing | 128.1 | 113.6 | 14.5 | 13 % | 77 % | 78 % | |||||
| Advertising Spend | 122.0 | 108.4 | 13.6 | 13 % | 74 % | 74 % | |||||
| Other selling and marketing | 6.1 | 5.2 | 0.9 | 17 % | 4 % | 4 % | |||||
| Technology and content | 12.4 | 12.3 | 0.1 | 1 % | 7 % | 8 % | |||||
| General and administrative | 8.5 | 6.9 | 1.6 | 23 % | 5 % | 5 % | |||||
| Amortization of intangible assets | 0.5 | — | 0.5 | 0 % | 0 % | 0 % | |||||
| Impairment of intangible assets and goodwill | — | 30.0 | (30.0) | (100) % | 0 % | 21 % | |||||
| Total costs and expenses | € 153.4 | € 165.7 | € (12.3) | (7) % | 93 % | 113 % | |||||
Note: Some figures may not add up due to rounding.
| Nine months ended September 30, | As a % of Revenue | ||||||||||
| 2025 | 2024 | Δ € | Δ % | 2025 | 2024 | ||||||
| Cost of revenue | € 9.4 | € 8.6 | € 0.8 | 9 % | 2 % | 2 % | |||||
| Selling and marketing | 362.3 | 304.6 | 57.7 | 19 % | 84 % | 83 % | |||||
| Advertising Spend | 342.9 | 288.0 | 54.9 | 19 % | 80 % | 79 % | |||||
| Other selling and marketing | 19.4 | 16.6 | 2.8 | 17 % | 5 % | 5 % | |||||
| Technology and content | 38.3 | 37.8 | 0.5 | 1 % | 9 % | 10 % | |||||
| General and administrative | 24.0 | 25.0 | (1.0) | (4) % | 6 % | 7 % | |||||
| Amortization of intangible assets | 0.5 | 0.0 | 0.5 | 0 % | 0 % | 0 % | |||||
| Impairment of intangible assets and goodwill | — | 30.0 | (30.0) | (100) % | 0 % | 8 % | |||||
| Total costs and expenses | € 434.4 | € 406.0 | € 28.4 | 7 % | 101 % | 111 % | |||||
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 increased by
Technology and Content
Technology and content expense increased by
General and Administrative
General and administrative expense increased by
The increase during the three months ended September 30, 2025 was primarily driven by the non-recurrence of the capitalization of certain professional fees incurred in connection with our equity investment in Holisto in the third quarter of 2024. It was further driven by costs related to the acquisition of the remaining equity interest in Holisto in the third quarter of 2025, higher personnel costs resulting from higher overall leadership team compensation costs, and additional headcount from the Holisto acquisition.
The decrease during the nine months ended September 30, 2025 was primarily driven by lower costs resulting from the release of prior-year accruals and lower costs related to changes in the executive leadership, partly offset by Holisto acquisition costs and higher compensation expense as described above.
Amortization of Intangible Assets
Amortization of intangible assets was
Income Taxes, Net Income/(loss) and Adjusted EBITDA (€ millions)
| | Three months ended September 30, | Nine months ended September 30, | |||||||||
| 2025 | 2024 | Δ € | 2025 | 2024 | Δ € | ||||||
| Operating income/(loss) | € 12.2 | € (19.6) | € 31.8 | € (5.4) | € (40.0) | € 34.6 | |||||
| Other income/(expense) | |||||||||||
| Interest expense | (0.0) | (0.0) | 0.0 | (0.0) | (0.0) | 0.0 | |||||
| Interest income | 0.5 | 0.8 | (0.3) | 1.8 | 2.7 | (0.9) | |||||
| Other income, net | 3.5 | 0.4 | 3.1 | 3.9 | 0.4 | 3.5 | |||||
| Total other income, net | € 4.0 | € 1.2 | € 2.8 | € 5.7 | € 3.1 | € 2.6 | |||||
| Income/(loss) before income taxes | 16.1 | (18.4) | 34.5 | 0.3 | (36.9) | 37.2 | |||||
| Expense/(benefit) for income taxes | 4.6 | (3.8) | 8.4 | 1.4 | (9.1) | 10.5 | |||||
| Income/(loss) before equity method investments | € 11.5 | € (14.5) | € 26.0 | € (1.1) | € (27.8) | € 26.7 | |||||
| Loss from equity method investments | (0.5) | (0.9) | 0.4 | (2.1) | (1.0) | (1.1) | |||||
| Net income/(loss) | € 11.0 | € (15.4) | € 26.4 | € (3.3) | € (28.8) | € 25.5 | |||||
| Adjusted EBITDA | € 16.0 | € 13.6 | € 2.4 | € 4.5 | € (0.9) | € 5.4 | |||||
Note: Some figures may not add up due to rounding.
Net Other Income
Net other income of
Income Taxes
Income tax expense was
Income tax expense was
The difference between the weighted average tax rates and the effective tax rates for the three and nine months ended September 30, 2025 primarily relates to share-based compensation expense, which is not deductible for tax purposes. For the nine months ended September 30, 2025, the effective tax rate is also impacted by the marginal pre-tax income mentioned above, which amplifies the impact of discrete tax items.
The uncertain tax position related to unrecognized tax benefits from the deductibility of expenses was
As a result of the Holisto acquisition, we recognized net deferred tax assets of
Net Income/(Loss) and Adjusted EBITDA
Net income was
Net loss was
Balance Sheet and Cash Flows
Total cash, cash equivalents and restricted cash were
Cash used in investing activities during the nine months ended September 30, 2025, was primarily driven by the net cash used in the acquisition of the remaining equity interest in Holisto of
Cash used in operating activities during the nine months ended September 30, 2025, was primarily driven by net cash outflows of
Consistent with our seasonal fluctuations, higher revenues in the third quarter of 2025 compared to the fourth quarter of 2024 resulted in an increase of accounts receivable of
Due to the acquisition of Holisto, the balance of advances from travelers of
Notes & Definitions:
Definitions of Non-GAAP Measures
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, 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 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 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 Reconciliations for Non-GAAP Measures
Adjusted EBITDA (€ millions)
| Three months ended September 30, | Nine months ended September 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Net income/(loss) | € 11.0 | € (15.4) | € (3.3) | € (28.8) | ||||
| Loss from equity method investments | (0.5) | (0.9) | (2.1) | (1.0) | ||||
| Income/(loss) before equity method investments | € 11.5 | € (14.5) | € (1.1) | € (27.8) | ||||
| Expense/(benefit) for income taxes | 4.6 | (3.8) | 1.4 | (9.1) | ||||
| Income/(loss) before income taxes | € 16.1 | € (18.4) | € 0.3 | € (36.9) | ||||
| Add/(less): | ||||||||
| Interest expense | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Interest income | (0.5) | (0.8) | (1.8) | (2.7) | ||||
| Other income, net | (3.5) | (0.4) | (3.9) | (0.4) | ||||
| Operating income/(loss) | € 12.2 | € (19.6) | € (5.4) | € (40.0) | ||||
| Depreciation of property and equipment and amortization of intangible assets | 1.5 | 1.1 | 3.5 | 3.3 | ||||
| Impairment of, and gains and losses on disposals of, property and equipment | 0.0 | — | 0.0 | — | ||||
| Impairment of intangible assets and goodwill | — | 30.0 | — | 30.0 | ||||
| Share-based compensation | 2.0 | 2.2 | 5.9 | 5.8 | ||||
| Certain other items, including restructuring, acquisition and integration costs, significant legal settlements and court-ordered penalties(1) | 0.4 | — | 0.5 | — | ||||
| Adjusted EBITDA | € 16.0 | € 13.6 | € 4.5 | € (0.9) | ||||
Note: Some figures may not add up due to rounding.
(1) In completing the acquisition of Holisto Ltd.,we incurred total transaction costs 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:
- 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 on consumer discretionary spending;
- any further impairment of intangible assets and goodwill;
- 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, the ongoing conflicts affecting the Middle Eastern region, potential 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;
- 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 potential operating difficulties and other harmful consequences from the integration of acquired assets and businesses;
- acquisitions may not achieve anticipated strategic or financial benefits, may involve unanticipated costs or liabilities, may result in goodwill or intangible asset impairments, or may divert management attention from other priorities;
- the impact of any legal and regulatory proceedings to which we are or may become subject; 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, 2024, as such risks and uncertainties may be updated from time to time. 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) Branded channel traffic refers to traffic 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".
2() trivago Core segments refers to our three reportable segments: Americas, Developed Europe and Rest of World (RoW).
(3) “Adjusted EBITDA” is a non-GAAP measure. Please see “Definitions of Non-GAAP Measures” and “Tabular Reconciliations for Non-GAAP Measures” on pages 12 to 13 herein for explanations and reconciliations of non-GAAP measures used.
(4) The financial information of this subsidiary has been and will continue to be consolidated using a one month reporting lag, with the exception of significant transactions or events that occur during the intervening one month period. As the transaction closed on July 31, 2025, only one month of financial information has been consolidated for the three and nine months ended September 30, 2025. For the trivago Core segments, all intersegment revenue from July 31, 2025 to September 30, 2025 has been eliminated upon consolidation.
(5) Please refer to the section "Definitions of Non-GAAP measures" on pages 12 and 13 herein for further details on the Adjusted EBITDA outlook.
FAQ
What were trivago (TRVG) third-quarter 2025 revenues and growth rates?
How did trivago (TRVG) perform on profitability in Q3 2025?
When did trivago (TRVG) complete the Holisto acquisition and how was it reported?
What full‑year guidance did trivago (TRVG) provide for 2025 and 2026?
Which regions showed the strongest Referral Revenue momentum for trivago (TRVG) in Q3 2025?
