PAR Capital discloses 17.4% stake in trivago (TRVG)

Rhea-AI Filing Summary

PAR Investment Partners and affiliates report a major ownership position in trivago N.V. They disclose beneficial ownership of 3,970,806 American Depository Shares, equal to 17.4% of trivago’s Class A share class as of December 31, 2025, based on the company’s most recent Form 6-K.

The ADSs each represent one-fifth of a Class A share and carry sole voting and dispositive power for the PAR entities. The investors certify that the position is held on a passive basis and not for the purpose of changing or influencing control of trivago.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

trivago N.V.

(Name of Issuer)

American Depository Shares (ADS)s each representing 1/5 of a Class A Share, nominal Value (Euro Currency) 0.06 per Share

(Title of Class of Securities)

89686D105

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 89686D105

1

Names of Reporting Persons

PAR Investment Partners, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,970,806.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,970,806.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,970,806.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

17.4 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Percentage total is based on Class A Shares outstanding as reported in the Issuer's most recent Report on Form 6-K filed with the SEC. Each ADS is exchangeable for 1/5 of a Class A Share. The reporting persons are filing this Schedule l3G to reflect the fact that under Rule 13d-1(h) they are eligible to file a Schedule 13G pursuant to Rule 13d-l(c).

SCHEDULE 13G

CUSIP No. 89686D105

1

Names of Reporting Persons

PAR Group II, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,970,806.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,970,806.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,970,806.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

17.4 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The reporting persons are filing this Schedule l3G to reflect the fact that under Rule 13d-1(h) they are eligible to file a Schedule 13G pursuant to Rule 13d-l(c).

SCHEDULE 13G

CUSIP No. 89686D105

1

Names of Reporting Persons

PAR Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,970,806.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,970,806.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,970,806.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

17.4 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The reporting persons are filing this Schedule l3G to reflect the fact that under Rule 13d-1(h) they are eligible to file a Schedule 13G pursuant to Rule 13d-l(c).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: trivago N.V.
(b)	Address of issuer's principal executive offices: Kesselstra8e 5 - 7 40221 Diisseldorf Federal Republic of Germany
Item 2.
(a)	Name of person filing: PAR Investrnent Partners, L.P. PAR Group II, L.P. PAR Capital Management, [nc.
(b)	Address or principal business office or, if none, residence: PAR Capital Management, Inc. 200 Clarendon Street, FL 48 Boston, MA 021 I 6
(c)	Citizenship: State of Delaware
(d)	Title of class of securities: American Depository Shares (ADS)s each representing 1/5 of a Class A Share, nominal Value (Euro Currency) 0.06 per Share
(e)	CUSIP No.: 89686D105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,970,806
(b)	Percent of class: 17.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,970,806
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,970,806
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. The sole general parbrer of PAR Investment Partners, L.P. is PAR Group II, L.P. The sole general partner of PAR Group II, L.P., is PAR Capital Management, Inc. Each of PAR Group II, L.P. and PAR Capital Management, Inc. may be deemed to be the beneficial owner of all shares held directly by PAR Invesftnent Partners, L.P.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PAR Investment Partners, L.P.

Signature:	/s/ Steven M. Smith
Name/Title:	Chief Operating Officer
Date:	02/17/2026

PAR Group II, L.P.

Signature:	/s/ Steven M. Smith
Name/Title:	Chief Operating Officer
Date:	02/17/2026

PAR Capital Management, Inc.

Signature:	/s/ Steven M. Smith
Name/Title:	Chief Operating Officer
Date:	02/17/2026

Comments accompanying signature: PAR INVESTMENT PARTNERS, L.P. By: PAR Group II, L.P. its general partner By: PAR Capital Management, Inc. its general partner PAR GROUP II, L.P. By: PAR Capital Management, Inc. its general partner

FAQ

What ownership stake in trivago (TRVG) does PAR Investment Partners report?

PAR Investment Partners and related entities report beneficial ownership of 3,970,806 ADSs, representing 17.4% of trivago’s Class A shares. This sizable position gives them sole voting and dispositive power over these securities, according to the Schedule 13G/A.

What type of trivago (TRVG) security is held by PAR Investment Partners?

The holdings consist of American Depository Shares (ADSs), each representing one-fifth of a trivago Class A share with a nominal value of €0.06 per share. These ADSs trade under CUSIP 89686D105, as disclosed in the filing.

Is PAR Investment Partners’ trivago (TRVG) stake considered passive or controlling?

The stake is certified as passive. PAR states the securities “were not acquired and are not held” to change or influence control of trivago and are not part of any control-related transaction, aligning the filing with Rule 13d-1(c) passive ownership criteria.

Which entities are included in the PAR group reporting trivago (TRVG) ownership?

The filing lists PAR Investment Partners, L.P., PAR Group II, L.P., and PAR Capital Management, Inc.. PAR Group II is the sole general partner of PAR Investment Partners, and PAR Capital Management is the sole general partner of PAR Group II, tying control to these entities.

What voting and dispositive powers does PAR have over trivago (TRVG) shares?

The PAR entities report sole power to vote and dispose of all 3,970,806 ADSs, with no shared voting or dispositive power. This means decisions on how these securities are voted or sold rest entirely with the PAR group, per the Schedule 13G/A.