Exhibit 99.2

trivago N.V.
Unaudited Condensed Consolidated Interim Financial Statements as of March 31, 2026

1


trivago N.V.
Condensed consolidated statements of operations
(€ thousands, except per share amounts, unaudited)
Three months ended March 31,
20262025
 Revenue€106,764 €78,240 
 Revenue from related party36,129 45,868 
 Total revenue142,893 124,108 
 Costs and expenses:
Cost of revenue, including related party, excluding amortization (1)
5,505 2,719 
Selling and marketing, including related party (1)(3)
120,807 110,219 
Technology and content, including related party (1)(2)(3)
14,303 13,401 
General and administrative, including related party (1)(3)
10,996 7,331 
Amortization of intangible assets (2)
1,279 — 
Operating loss(9,997)(9,562)
Other income/(expense)
Interest expense (25)(3)
Interest income584 736 
Other, net (244)268 
Total other income, net 315 1,001 
Loss before income taxes (9,682)(8,561)
Benefit for income taxes (2,422)(2,050)
Loss before equity method investments(7,260)(6,511)
Loss from equity method investments(30)(1,284)
Net loss€(7,290)€(7,795)
Earnings per share available to common stockholders:
Basic€(0.02)€(0.02)
Diluted(0.02)(0.02)
Shares used in computing loss per share:
Basic353,294 351,702 
Diluted353,294 351,702 
2


Three months ended March 31,
20262025
(1) Includes share-based compensation as follows:
Cost of revenue€29 €29 
Selling and marketing131 129 
Technology and content217 268 
General and administrative2,093 1,621 
(2) Includes amortization as follows:
Amortization of internal use software and website development costs included in technology and content€847 €781 
Amortization of acquired technology and other assets included in amortization of intangible assets1,279 — 
(3) Includes related party expense as follows:
Selling and marketing€8 €21 
Technology and content160 501 
General and administrative27 23 
See accompanying notes
3


trivago N.V.
Condensed consolidated statements of comprehensive loss
(€ thousands, unaudited)
Three months ended March 31,
20262025
Net loss€(7,290)€(7,795)
Other comprehensive income/(loss):
Currency translation adjustments, net441 (226)
Total other comprehensive income/(loss)441 (226)
Comprehensive loss
€(6,849)€(8,021)
See accompanying notes


4


trivago N.V.
Condensed consolidated balance sheets
(€ thousands, except share and per share data, unaudited)
ASSETSAs of
March 31, 2026		As of
December 31, 2025
Current assets:
Cash and cash equivalents€136,048 €130,936 
Restricted cash92 135 
Accounts receivable, net of allowance for credit losses of €877 and €838 at March 31, 2026 and December 31, 2025, respectively
58,991 42,680 
Accounts receivable, related party25,460 21,786 
Short-term investments2,163 11,876 
Tax receivable126 307 
Prepaid expenses and other current assets10,082 6,369 
Total current assets232,962 214,089 
Property and equipment, net8,674 8,810 
Operating lease right-of-use assets36,999 37,631 
Deferred income taxes3,432 2,438 
Equity method investments4,843 4,877 
Investments and other assets2,531 2,636 
Intangible assets, net73,336 74,171 
Goodwill14,017 13,797 
TOTAL ASSETS€376,794 €358,449 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable€45,509 €34,142 
Income taxes payable5,399 6,867 
Deferred revenue5,378 3,927 
Payroll liabilities4,336 4,042 
Accrued expenses and other current liabilities10,022 10,504 
Advances from travelers48,793 34,535 
Operating lease liability2,515 2,486 
Total current liabilities121,952 96,503 
Operating lease liability33,235 33,856 
Deferred income taxes12,469 14,190 
Other long-term liabilities622 601 
Stockholders’ equity:
Class A common stock, €0.06 par value - 1,523,230,720 shares authorized,116,028,455 and 115,621,475 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively
6,962 6,937 
Class B common stock, €0.60 par value - 237,676,928 shares authorized, 237,476,895 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively
142,486 142,486 
Reserves694,886 692,845 
Contribution from Parent122,307 122,307 
Accumulated other comprehensive loss(525)(966)
Accumulated deficit(757,600)(750,310)
Total stockholders' equity 208,516 213,299 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY€376,794 €358,449 
See accompanying notes
5


trivago N.V.
Condensed consolidated statements of changes in equity
(€ thousands, unaudited)
Three months ended March 31, 2026Class A common stockClass B common stockReserves
Accumulated
deficit
Accumulated other
comprehensive
loss
Contribution from
Parent		Total stockholders' equity
Balance at January 1, 2026€6,937 €142,486 €692,845 €(750,310)€(966)€122,307 €213,299 
Net loss(7,290)(7,290)
Other comprehensive income (net of tax)441 441 
Share-based compensation expense2,273 2,273 
Issuance of common stock related to exercise of options and vesting of RSUs25 (25)— 
Withholdings on net share settlements of equity awards(207)(207)
Balance at March 31, 2026€6,962 €142,486 €694,886 €(757,600)€(525)€122,307 €208,516 
Three months ended March 31, 2025Class A common stockClass B common stockReserves
Accumulated
deficit
Accumulated other
comprehensive
income
Contribution from
Parent		Total stockholders' equity
Balance at January 1, 2025€6,843 €142,486 €687,232 €(761,530)€267 €122,307 €197,605 
Net loss(7,795)(7,795)
Other comprehensive loss (net of tax)(226)(226)
Share-based compensation expense1,740 1,740 
Issuance of common stock related to exercise of options and vesting of RSUs21 (21)— 
Withholdings on net share settlements of equity awards(278)(278)
Balance at March 31, 2025€6,864 €142,486 €688,673 €(769,325)€41 €122,307 €191,046 
See accompanying notes
6


trivago N.V.
Condensed consolidated statements of cash flows
(€ thousands, unaudited)
Three months ended March 31,
20262025
Operating activities:
Net loss€(7,290)€(7,795)
Adjustments to reconcile net loss to net cash used in:
Depreciation (property and equipment and internal-use software and website development) 1,098 1,018 
Amortization of intangible assets 1,279 — 
Share-based compensation 2,470 2,047 
Deferred income taxes (2,665)(2,267)
Other, net346 890 
Changes in operating assets and liabilities:
Accounts receivable, including related party(19,846)(17,822)
Prepaid expenses and other assets (3,578)(698)
Accounts payable 10,980 10,870 
Taxes payable/receivable, net (1,287)(219)
Advances from travelers13,538 — 
Other changes in operating assets and liabilities, net994 (125)
Net cash used in operating activities (3,961)(14,101)
Investing activities:
Purchase of investments(2,136)— 
Proceeds from sales and maturities of investments11,963 — 
Capital expenditures, including internal-use software and website development (936)(962)
Other investing activities, net4 6 
Net cash provided by/(used in) investing activities 8,895 (956)
Financing activities:
Payment of withholding taxes on net share settlements of equity awards(207)(283)
Other financing activities, net(24)(22)
Net cash used in financing activities(231)(305)
Effect of exchange rate changes on cash366 (135)
Net increase/(decrease) in cash, cash equivalents and restricted cash5,069 (15,497)
Cash, cash equivalents and restricted cash at beginning of the period131,071 134,087 
Cash, cash equivalents and restricted cash at end of the period€136,140 €118,590 
Supplemental cash flow information:
Cash received for interest€807 €700 
Cash paid for taxes, net of (refunds)1,540 396 
See accompanying notes
7


trivago N.V.
Notes to the condensed consolidated financial statements (unaudited)
Note 1: Organization and basis of presentation
Description of business
trivago N.V., (“trivago” the “Company,” “us,” “we” and “our”) and its subsidiaries offer online meta-search for hotel and accommodation through online travel agencies (“OTAs”), hotel chains and independent hotels. Our search-driven marketplace, delivered on websites and apps, provides users with a tailored search experience via our proprietary matching algorithms. We generally employ a ‘cost-per-click’ (or “CPC”) pricing structure, allowing advertisers to control their own return on investment and the volume of lead traffic we generate for them. We also offer a ‘cost-per-acquisition’ (or “CPA”) pricing structure, whereby an advertiser pays us a percentage of the booking revenues that ultimately result from a referral.
During 2013, the Expedia Group, Inc. (formerly Expedia, Inc., the "Parent" or "Expedia Group") completed the purchase of a controlling interest in the Company. As of March 31, 2026, Expedia Group’s ownership interest and voting interest in trivago N.V. is 59.1% and 83.9%, respectively.
Basis of presentation
We have prepared the accompanying interim unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting. We have included all adjustments necessary for a fair presentation of the results of the interim period. These adjustments consist of normal recurring items. Our interim unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year.
Certain information and note disclosures normally included in the audited annual consolidated financial statements have been condensed or omitted in accordance with Securities and Exchange Commission (“SEC”) rules. The condensed consolidated balance sheet as of December 31, 2025 was derived from our audited consolidated financial statements as of that date but does not contain all of the footnote disclosures from the annual financial statements. As such, these interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 20-F for the year ended December 31, 2025, previously filed with the SEC.
Seasonality
We experience seasonal fluctuations in the demand for our services as a result of seasonal patterns in travel. For example, searches and consequently our revenue, are generally the highest in the first three quarters as travelers plan and book their spring, summer and winter holiday travel. Our revenue typically decreases in the fourth quarter. Seasonal fluctuations affecting our revenue also affect the timing of our cash flows. We typically invoice once per month, with customary payment terms. Therefore, our cash flow varies seasonally with a slight delay to our revenue, and is significantly affected by the timing of our advertising spending. Changes in the relative revenue share of our offerings in countries and areas where seasonal travel patterns vary from those described above may influence the typical trend of our seasonal patterns in the future.
Accounting estimates
We use estimates and assumptions in the preparation of our interim unaudited condensed consolidated financial statements in accordance with GAAP. Preparation of the interim unaudited condensed 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 unaudited condensed consolidated financial statements, as well as revenue and expenses during the periods reported. Our actual financial results could differ significantly
8


from these estimates. The significant estimates underlying our interim unaudited condensed consolidated financial statements include: leases, income taxes, and share-based compensation.
Note 2: Significant accounting policies
The significant accounting policies used in preparation of these unaudited condensed consolidated financial statements for the three months ended March 31, 2026 are consistent with those discussed in Note 2 to the consolidated financial statements in our Annual Report on Form 20-F for the year ended December 31, 2025, except as updated below.
Adoption of new accounting pronouncements
Credit Losses. We did not elect to apply the practical expedient provided by ASU 2025-05. As such, there was no impact to our unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2026.
Recent accounting pronouncements not yet adopted
Expense Disaggregation Disclosures. In November 2024, the FASB issued ASU 2024-03 which requires enhanced disaggregated disclosures regarding income statement expenses in a tabular format. The new guidance requires relevant expense captions to be disaggregated into categories, such as employee compensation, depreciation, and intangible asset amortization, included within each interim and annual income statement's expense caption, as applicable. Additionally, entities are required to disclose their selling expenses and their definition of selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statement disclosures.
Internal-Use Software. In September 2025, the FASB issued ASU 2025-06, which updates the accounting guidance for costs incurred in the development of internal-use software. The new guidance eliminates the requirement to categorize costs by project stage and instead allows entities to capitalize costs when management has authorized and committed funding for a software project and it is probable the project will be completed and used as intended, unless significant development uncertainty exists. The update is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2027, with early adoption permitted. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statements.
Government Grants. In December 2025, the FASB issued ASU 2025-10, which provides authoritative guidance on the recognition, measurement, and presentation of a grant received by a business entity from a government. The new guidance standardizes the GAAP treatment of grants, replacing ad hoc IAS 20/ASC 958 analogies and improving comparability. The update is effective for fiscal years beginning after December 15, 2029, with early adoption permitted. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statements.
Certain risks and 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, as well as individual travelers. 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, our controlling shareholder, and its affiliates represent 25% of total revenues for the three months ended March 31, 2026, compared to 35% in the same period in 2025. Expedia Group and its affiliates represent 30% and 34% of total accounts receivable as of March 31, 2026 and December 31, 2025, respectively.
9


Booking Holdings and its affiliates represent 38% of total revenues for the three months ended March 31, 2026, compared to 39% in the same period in 2025. Booking Holdings and its affiliates represent 22% of total accounts receivable as of March 31, 2026 and December 31, 2025.
Deferred revenue
As of December 31, 2025, the deferred revenue balance was €3.9 million, €2.6 million of which was recognized as revenue during the three months ended March 31, 2026.
Foreign currency transaction gains and losses
Foreign currency transaction gains and losses presented within other income and expense, net for the three months ended March 31, 2026 and 2025 were as follows:
Three months ended
March 31,
(in thousands)20262025
Foreign exchange gains/(losses), net€(244)€264 

Note 3: Holisto Acquisition
On July 31, 2025, we exercised our share purchase option and acquired all remaining outstanding equity interests in Holisto Ltd. ("Holisto"). As a result, Holisto became our wholly owned and consolidated subsidiary and was subsequently renamed to trivago DEALS Ltd.
Supplemental Pro Forma Information
The following table presents unaudited supplemental pro forma consolidated revenue and net loss for the three months ended March 31, 2025 as if the Holisto acquisition had occurred on January 1, 2024.
Three months ended March 31,
(in thousands)2025
Revenue€126,969 
Net loss(11,406)
The unaudited pro forma consolidated revenue reflects actual revenues prior to the Holisto acquisition, adjusted to eliminate intercompany transactions between trivago and Holisto that would have been eliminated had the entities been consolidated since January 1, 2024. The unaudited pro forma net loss is adjusted to (i) include amortization of acquired intangible assets and (ii) exclude net loss from the Holisto equity method investment and intercompany transactions between trivago and Holisto.
The unaudited pro forma information is not necessarily indicative of the results of operations that we would have reported had the transaction actually occurred at the beginning of the period nor is it necessarily indicative of future results. The unaudited pro forma financial information does not reflect the impact of future events that may occur after the acquisition, including, but not limited to, anticipated costs savings from synergies or other operational improvements.

10


Note 4: Fair value measurement
Financial assets measured at fair value on a recurring basis are classified using the fair value hierarchy in the tables below:
 March 31, 2026
(in thousands)Level 2
Cash equivalents:
Term deposits€76,056 
Short-term investments:
Term deposits2,163 
Investments and other assets:
Term deposits1,351 
Total€79,570 
December 31, 2025
(in thousands)Level 2
Cash equivalents:
Term deposits€80,000 
Short-term investments:
Term deposits11,876 
Investments and other assets:
Term deposits1,351 
Total€93,227 
We value our financial assets using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
We hold term deposit investments with financial institutions. We classify our term deposits within Level 2 in the fair value hierarchy because they are valued at amortized cost, which approximates fair value. Term deposits with a maturity of less than 3 months are classified as cash equivalents, those with a maturity of more than three months but less than one year are classified as short-term investments and those with a maturity of more than one year are classified as investments and other assets.
Investments in term deposits with a maturity of more than one year are restricted by long-term obligations related to the campus building.
Assets measured at fair value on a non-recurring basis
Our non-financial assets, such as goodwill, intangible assets and property and equipment, as well as our equity method investment, are adjusted to fair value when an impairment charge is recognized or the underlying investment is sold. Such fair value measurements are based predominately on Level 3 inputs.

11


Note 5: Prepaid expenses and other current assets
(in thousands)March 31, 2026December 31, 2025
Prepaid advertising€2,226 €289 
Other prepaid expenses7,077 5,179 
Other assets779 901 
Total€10,082 €6,369 

Note 6: Property and equipment, net
(in thousands)March 31, 2026December 31, 2025
Building and leasehold improvements€4,041 €4,151 
Capitalized software and software development costs35,672 34,799 
Computer equipment16,191 16,233 
Furniture and fixtures3,102 3,088 
Subtotal59,006 58,271 
Less: accumulated depreciation50,332 49,461 
Property and equipment, net€8,674 €8,810 

Note 7: Goodwill and intangible assets, net
The following table presents our goodwill and intangible assets as of March 31, 2026 and December 31, 2025:
(in thousands)March 31, 2026December 31, 2025
Goodwill€14,017 €13,797 
Intangible assets with indefinite lives
45,345 45,345 
Intangible assets with definite lives, net
27,991 28,826 
Total
€87,353 €87,968 
The following table presents the changes in goodwill by reporting unit:
(in thousands)trivago DEALS
Balance as of January 1, 2026€13,797 
Foreign exchange translation220 
Balance as of March 31, 2026€14,017 
Our indefinite-lived intangible assets relate principally to trade names, trademarks and domain names.
12


Our definite-lived intangible assets relate principally to acquired developed technology, trademarks, and partnership agreements from the acquisition of trivago DEALS.
The following table presents the components of our intangible assets with definite lives as of March 31, 2026:
March 31, 2026December 31, 2025
(in thousands)Cost(Accumulated amortization)NetCost(Accumulated amortization)Net
Developed technology€26,386 €(2,567)€23,819 €25,971 €(1,459)€24,512 
Trademark/domain476 (92)384 468 (52)416 
Partnership and other agreements4,196 (408)3,788 4,130 (232)3,898 
Total€31,058 €(3,067)€27,991 €30,569 €(1,743)€28,826 
The amortization expense was €1.3 million for the three months ended March 31, 2026. The estimated future amortization expense related to intangible assets with definite lives as of March 31, 2026, assuming no subsequent impairment of the underlying assets, is as follows:
(in thousands)Amortization
2026€3,942 
20275,255 
20285,203 
20295,097 
20305,097 
20313,397 
Total€27,991 


13


Note 8: Share-based awards and other equity instruments
Share-based compensation expense
The following table presents the amount of share-based compensation expense included in our unaudited condensed consolidated statements of operations during the periods presented:
Three months ended
March 31,
(in thousands)20262025
Equity classified awards
€2,273 €1,740 
Liability classified awards
197 307 
Total share-based compensation expense€2,470 €2,047 
Share-based award activity
The following table presents a summary of our share option activity for the three months ended March 31, 2026:
OptionsWeighted
average
exercise
price
Weighted average remaining
contractual
life
Aggregate
intrinsic
value
(in €)(In years)(€ in thousands)
Balance as of January 1, 202631,111,665 0.94 
Granted6,833,330 0.49 
Exercised (1)
5,480 0.06 
Balance as of March 31, 202637,939,515 0.86 64,953 
(1) Inclusive of 2,315 options withheld due to net share settlements to satisfy required employee tax withholding requirements. Potential shares which had been convertible under options that were withheld under net share settlements remain in the authorized but unissued pool under the 2016 Omnibus Incentive Plan and can be issued by the Company. Total payments for the employees' tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited condensed consolidated statements of cash flows.
The following table summarizes information about share options vested and expected to vest as of March 31, 2026:
Fully Vested and Expected to VestOptionsWeighted
average
exercise
price		Remaining
contractual
life		Aggregate
intrinsic
value
(in €)(In years)(€ in thousands)
Outstanding29,779,515 1.00 73,666 
Currently Exercisable14,806,105 1.58 72,406 
14


The following table presents a summary of our restricted stock unit (RSU) activity for the three months ended March 31, 2026:
RSUs
Weighted average grant date fair value
Weighted average remaining time to vest
(in €)(in years)
Balance as of January 1, 20265,922,025 0.63 
Granted17,773,670 0.49 
Vested (1)
825,755 0.65 
Forfeited8,460 0.82 
Balance as of March 31, 202622,861,480 0.52 2
(1) Inclusive of 421,940 RSUs withheld due to net share settlements to satisfy required employee tax withholding requirements. Potential shares which had been convertible under RSUs that were withheld under net share settlements remain in the authorized but unissued pool under the 2016 Omnibus Incentive Plan and can be issued by the Company. Total payments for the employees' tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited condensed consolidated statements of cash flows.
On February 1, 2026, equity awards were granted to our managing directors consisting of share options totaling 6,833,330 Class A shares, which vest annually in two equal increments beginning on June 30, 2028. Additionally, RSUs were granted totaling 7,958,380 Class A shares, which vest annually in two equal increments beginning on June 30, 2028, and an additional 6,563,620 Class A shares, which cliff vest on June 30, 2027.

Note 9: Income taxes
Income tax benefit was €2.4 million during the three months ended March 31, 2026, compared to €2.1 million in the same period in 2025. The total weighted-average tax rate for the three months ended March 31, 2026 was 35.8%, which primarily reflects the German statutory tax rate of approximately 31.2% and the estimated permanent effects for the full year. Our effective tax rate during the three months ended March 31, 2026 was 25.0%, compared to 23.9% in the same period in 2025. The change in effective tax rate during the three months ended March 31, 2026 compared to the same period in 2025 is primarily related to changes in current and deferred tax adjustments, including the impact of the trivago DEALS acquisition, and the difference in the amount of pre-tax loss between periods.
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.

Note 10: Stockholders' equity
Class A and Class B Common Stock
Our authorized share capital amounts to €234.0 million and is divided into Class A and Class B common stock with par values of €0.06 and €0.60, respectively. As stated in our articles of association, each Class B shareholder can request the conversion one or more Class B shares at any time with the ratio of one Class B share to ten Class A shares. The shareholder will then transfer nine out of every ten Class A shares to the Company for no consideration, leaving the shareholder with one issued Class A share. Upon conversion, the number of authorized Class B shares decreases by the number converted and concurrently, the number of Class A shares increases by ten times the number of Class B shares converted in order to maintain our authorized share capital. At the time of our IPO in 2016, the number of authorized Class A and Class B shares was 700,000,000 and 320,000,000, respectively. These share
15


counts have been adjusted accordingly with each conversion of Class B shares into Class A shares and the current share counts are reflected on the unaudited condensed consolidated balance sheets.
As of March 31, 2026, Class B shares are only held by Expedia Group and Rolf Schrömgens. Refer to "Note 1 - Organization and basis of presentation" for Expedia Group's ownership interest and voting interest. The Class B shares held by Mr. Schrömgens as of March 31, 2026, had an ownership interest and voting interest of 8.1% and 11.4%, respectively.
The ratio of the Company's American Depositary Shares ('ADS') program is one ADS to five Class A shares.

Note 11: Earnings per share
Basic and diluted earnings per share of Class A and Class B common stock is computed by dividing net income/(loss) by the weighted average number of Class A and Class B common stock outstanding during the same period. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. In periods when we recognize a net loss, we exclude the impact of outstanding stock-based awards from the diluted loss per share calculation as their inclusion would have an antidilutive effect.

The following table presents our basic and diluted earnings per share:
Three months ended
March 31,
(€ thousands, except per share data)20262025
Numerator:
Net loss€(7,290)€(7,795)
Denominator:
Weighted average shares of Class A and Class B common stock outstanding:
Basic353,294 351,702 
Diluted353,294 351,702 
Net loss per share:
Basic€(0.02)€(0.02)
Diluted(0.02)(0.02)
For the three months ended March 31, 2026 and 2025, approximately 57 million and 34 million of outstanding stock-based awards, respectively, have been excluded from the calculations of diluted net loss per share because their effect would have been antidilutive.

Note 12: Commitments and contingencies
Legal proceedings
A class action has been filed in Israel, making allegations about our advertising and/or display practices, such as search results rankings and algorithms, and discount claims. A pre-trial case management hearing took place on October 1, 2024. The court ordered trivago to provide certain information to the plaintiff. Pursuant to the court's recommendation, the parties initiated mediation procedures to evaluate possibilities for an amicable resolution of the matter in December 2024. In 2025, the parties ceased the mediation procedures and continued the court proceedings with the next hearing scheduled in the second quarter of 2026.
16


We have also received demand letters and arbitration demands from claimants alleging violations of the California Invasion of Privacy Act related to the Company’s use of certain website technologies. On March 18, 2026, an initial group of arbitration demands was filed with the American Arbitration Association and additional threatened claims have been asserted but not filed. We believe we have substantial defenses, including challenges to the enforceability of arbitration agreements for certain claimants and consent-related defenses for others. The proceedings are in early stages and no determinations have been made regarding whether the claims are subject to arbitration or the merits of the underlying allegations.

Note 13: Related party transactions
Expedia Group
We have commercial relationships with Expedia Group, Inc. and many of its affiliated brands, including brands Expedia, Hotels.com, Wotif and Vrbo. These arrangements are terminable at will upon fourteen to thirty days prior notice by either party and on customary commercial terms that enable Expedia Group’s brands to advertise on our platform, and we receive payment for users we refer to them. We also have an agreement with Expedia Partner Solutions ("EPS"), where EPS powers our platform with a template (Hotels.com for partners). Related-party revenue from Expedia Group primarily consists of click-through fees and other advertising services provided to Expedia Group and its affiliates.
Related-party revenue from Expedia Group and its affiliates was €36.1 million for the three months ended March 31, 2026, compared to €43.4 million in the same period in 2025. These amounts are recorded at contract value, which we believe is a reasonable reflection of the value of the services provided. Related-party revenue from Expedia Group represented 25% of our total revenue for the three months ended March 31, 2026, compared to 35% in the same period in 2025.
For the three months ended March 31, 2026 and 2025, we did not incur significant operating expenses from related-party services and support agreements with Expedia Group.
The related party trade receivable balances with Expedia Group and its affiliates as of March 31, 2026 and December 31, 2025 were €25.5 million and €21.8 million, respectively.
UBIO Limited
We have a commercial agreement with UBIO Limited to increase the number of directly bookable rates available on our website. The agreement includes an annual minimum commitment of €0.2 million (GBP 0.2 million). Operating expenses related to this partner were €0.1 million for the three months ended March 31, 2026 compared to €0.2 million in the same period in 2025.
Holisto Limited
Related-party revenue, consisting mainly of click-through fees and operating expenses related to interface development services, were €2.5 million and €0.3 million, respectively, for the three months ended March 31, 2025.


17


Note 14: Segment information
Management has identified three reportable segments: Americas, Developed Europe, and Rest of World (RoW). 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 where trivago operates. Our trivago DEALS operating segment does not meet the quantitative thresholds of a separate reportable segment.
Our chief operating decision makers ("CODMs") are our managing directors comprised of the Chief Executive Officer, Chief Financial Officer, Chief Marketing Officer, and Chief Product Officer. We determined our operating segments based on how our CODMs manage our business, make operating decisions and evaluate operating performance. Our primary operating metric is Return on Advertising Spend, ("ROAS") contribution, for each of our reportable segments, which compares Referral Revenue before intersegment eliminations to Advertising Spend. ROAS contribution includes the allocation of Referral Revenue based on the domain of the website accessed or location of the user performing the search.
Our CODMs use ROAS contribution to allocate resources for each reportable segment predominantly in the annual budget and forecasting process. The CODMs consider budget-to-actual variances on a monthly basis using ROAS contribution when making decisions about the allocation of Advertising Spend to the trivago Core segments. The CODMs also use ROAS contribution to assess the performance for each trivago Core segment.
Our segment disclosures include intersegment Referral Revenue from our trivago DEALS operating segment. All expenses except for Advertising Spend are excluded from reportable segment operating performance and are included in our segment reconciliations below.
The following tables present our segment information for the three months ended March 31, 2026 and 2025. As a significant portion of our property and equipment is not allocated to our operating segments and depreciation is not included in our segment measure, we do not report the assets by segment as it would not be meaningful. We do not regularly provide such information to our CODMs.

18


  Three months ended March 31, 2026
(€ thousands)Developed EuropeAmericasRest of WorldTotal
Referral Revenue from external customers, including related party€59,410 €52,443 €23,041 €134,894 
Intersegment Referral Revenue1,651 3,039 130 4,820 
€61,061 €55,482 €23,171 €139,714 
Reconciliation of revenue
Other revenues7,999 
Elimination of intersegment Referral Revenue(4,820)
      Total consolidated revenue€142,893 
Less:
Advertising Spend46,801 47,804 20,837 
ROAS contribution€14,260 €7,678 €2,334 €24,272 
Costs and expenses:
Cost of revenue, including related party, excluding amortization5,505 
Other selling and marketing, including related party (1)
5,365 
Technology and content, including related party14,303 
General and administrative, including related party10,996 
Amortization of intangible assets1,279 
Operating loss€(9,997)
Other income/(expense)
Interest expense(25)
Interest income584 
Other, net(244)
Loss before income taxes€(9,682)
(1) Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.
19


  Three months ended March 31, 2025
(€ thousands)Developed EuropeAmericasRest of WorldTotal
Referral Revenue from external customers, including related party€52,297 €44,913 €26,184 €123,394 
Reconciliation of revenue
Other revenues714 
      Total consolidated revenue€124,108 
Less:
Advertising Spend39,031 43,719 21,770 
ROAS contribution€13,266 €1,194 €4,414 €18,874 
Costs and expenses:
Cost of revenue, including related party, excluding amortization2,719 
Other selling and marketing, including related party (1)
5,699 
Technology and content, including related party13,401 
General and administrative, including related party7,331 
Operating loss€(9,562)
Other income/(expense)
Interest expense(3)
Interest income736 
Other, net268 
Loss before income taxes€(8,561)
(1) Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.

Note 15: Subsequent events
On April 30, 2026, our supervisory board authorized repurchases of up to €20 million in aggregate purchase price of our ADSs, with each ADS representing five Class A shares. The final program parameters, including the price range and timing, are expected to be set in May 2026, with repurchases, if any, commencing thereafter, subject to market conditions and applicable law.
On May 5, 2026, we filed an antitrust damages claim against Google before the Regional Court of Hamburg, Germany. The claim seeks damages for losses suffered by trivago as a result of Google's alleged anticompetitive self-preferencing practices in the hotel metasearch market. The outcome of the litigation is inherently uncertain, and there can be no assurance as to the timing, outcome, or ultimate recovery of proceeds, if any, from these proceedings. Any potential recovery of proceeds is a gain contingency. Accordingly, no amounts have been recognized as of the date of this report, and none will be recognized until realized or realizable.
20