Third Quarter 2026 Performance October 27, 2026
2 | Third Quarter 2026 Performance Important Notice to Investors Please read this management presentation together with the Company’s press release issued earlier today announcing the Company’s third quarter 2026 financial results and in conjunction with the Company’s recent Annual Report and Quarterly Reports as filed with the Securities and Exchange Commission (SEC). Certain statements contained in this presentation that are not historical facts may be forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These forward looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects, expected future financial guidance and intentions, markets in which we participate and other statements contained in this presentation that are not historical facts. When used in this presentation, the words "expect," "predict," "project," "anticipate," "believe," "estimate," "intend," "plan," "seek" and similar expressions are generally intended to identify forward looking statements. Because these forward looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward looking statements to reflect events or circumstances occurring after the date of this presentation.
3 | Third Quarter 2026 Performance Part 1: Third Quarter 2026 Performance Part 2: Travelzoo Club Membership Part 3: Management Focus Part 4: Travelzoo META
4 | Third Quarter 2026 Performance Revenue increased again year-over-year. We still reported a loss due to our investments in growing Club Members. 22.2 22.9 Q3 2025 Q3 2026 Revenue $ millions Operating Profit (Loss) $ millions 0.5 (2.6) Q3 2025 Q3 2026
5 | Third Quarter 2026 Performance The quarterly loss came from higher investments into growing the number of Club Members. Higher membership revenues are a more attractive business model. Objectives and Actions • Accelerate the growth in (paying) Club Members • Increase recurring membership revenues— a more attractive business model • Enhance the value of club membership 2.3 4.7 5.8 Average Q2 2025 thru Q1 2026 Q2 2026 Q3 2026 Quarterly Spend on Marketing* $ millions * Direct acquisition costs for new Club Members and trial members
6 | Third Quarter 2026 Performance Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 More Club Members drive recurring revenue from membership fees. This quarter, we added the largest number of Club Members yet. Number of Club Members at the End of Each Quarter 1.3 1.3 1.4 1.4 1.4 1.3 1.3 1.2 0.3 1.1 1.6 2.2 2.8 3.2 3.7 4.5 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Travelzoo Jack's Flight Club Membership Fees Revenue $ millions
7 | Third Quarter 2026 Performance As a reminder, with subscription businesses, membership fees revenue is recognized ratably over the subscription period, whereas acquisition costs are expensed immediately. Example: New member joins on September 15, 2026, paying a membership fee of $50 per annum Revenue Recognition $ Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 $50 $2.08 $12.50 $12.50 $12.50 $10.42 Payment by member Revenue recognized Revenue recognized
8 | Third Quarter 2026 Performance Thus, marketing costs reduce reported EPS in the short-term but are projected to drive better results in 2027 and beyond when deferred revenues and recurring revenues increase profitability. * Travelzoo Club Membership revenue only. Excludes Jack’s Flight Club ** Estimates Travelzoo Membership Revenues* $ millions 2025 2026** 2027** 7.7 ~30+ ~17 As % of revenue* 8% 16% 30% Incremental Impact of Marketing Costs on EPS ~$1.20 ($0.60) 2027** 2026**
9 | Third Quarter 2026 Performance Even though we invested even more than in Q2 and acquired more members, the average acquisition cost was lower (better) in Q3. Payback remains attractive. * Most new Club Members start with a trial. Acquisition cost here is presented for Club Members who paid the annual fee—after trial conversion. ** New members on a trial pay $1 for the first 30 days, so the payment of the $50 annual membership in the U.S. only occurs 30 days after the start of the trial. Payback on member acquisition is positive within a quarter,** even though revenue recognition is delayed Average Acquisition Cost of Annual Club Members* Q3 2026, U.S. market $ Revenue from trans- actions within 90 days 1st year annual member- ship fee $50 Future revenue from trans- actions and advertising Future member- ship fees (from recurring renewals) $15 ($40) Q3 2025 ($54) Q4 2025 ($34) Q2 2026 Payback from Club Members Acquired in the Quarter and Future Periods Q3 2026, U.S. market $ ($27) Q1 2026 ($62) Q3 2026 Total payback
10 | Third Quarter 2026 Performance 1.1 (0.6) Segment revenues: Revenue $ millions North America Segment Europe Segment Operating Profit (Loss) $ millions 6.6 6.9 0.0 0.0 Jack’s Flight Club Segment 1.4 1.2 14.2 14.8 Q3 2025 Q3 2026 Q3 2025 Q3 2026 (1.2)(1.4)
11 | Third Quarter 2026 Performance 4% 7% 9% 11% 18% 22% 8% 14% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 Q3 2026 (11%)(12%) (26%) As the number of membership renewals—which do not have acquisition expenses—grows, operating margins are expected to substantially improve. In the short-term, fluctuations are likely.* Operating Margin (2%) * Quarterly fluctuations in operating margin are likely.
12 | Third Quarter 2026 Performance 8% 4% 13% 21% 8% 17% 3% 3% 4% The investments in Club Members occur in all key markets. North America Operating Margin Europe Operating Margin (4%) (14%) (10%) (16%) 31% 27% 22% 29% 31% 26% 25% 33% 24% 17% 8% 10% 21% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (18%) (19%)(10%) (9%)
13 | Third Quarter 2026 Performance 0.5 0.6 1.1 Q3 2025 * GAAP operating profit + amortization of intangibles + stock option expenses + severance-related expenses = non-GAAP operating profit; GAAP operating loss - stock option expenses = non-GAAP operating loss Total non-GAAP operating loss was $2.1 million. Non-GAAP Operating Profit (Loss)* $ millions GAAP Operating Profit (Loss) Adjustments Non-GAAP Operating Profit (Loss)* (2.6) 0.5 (2.1) Q3 2026
14 | Third Quarter 2026 Performance Items excluded in the calculation of non-GAAP operating profit (loss): $ millions Q3 2025 Q3 2026 Adjustments* 0.6 0.5 Amortization of intangibles 0.0 0.0 Stock option expense 0.4 0.3 Severance-related expenses 0.2 0.2
15 | Third Quarter 2026 Performance 9.2 7.6 8.8 Q3 2025 Q2 2026 Q3 2026 Our cash balance increased by $1.2 million compared with Q2 2026. We repurchased 256,898 shares. Cash Balance at End of Quarter* $ millions * Includes cash, cash equivalents and restricted cash
16 | Third Quarter 2026 Performance Part 1: Third Quarter 2026 Performance Part 2: Travelzoo Club Membership Part 3: Management Focus Part 4: Travelzoo META
17 | Third Quarter 2026 Performance The must-have membership for the travel enthusiast Membership empowers you to live your life as a travel enthusiast to the fullest, while respecting different cultures. Annual membership ($50 for a 12-month period in the U.S.) provides: • Access to Club Offers negotiated and rigorously vetted for us travel enthusiasts You won’t find them anywhere else. • First access to our weekly Top 20®, giving travel enthusiasts a first choice • Complimentary access to airport lounges worldwide in case of flight delays • Travel Enthusiast HotlineTM—24/7 complimentary assistance wherever you travel • Culinary Journeys (coming soon)
18 | Third Quarter 2026 Performance A few of the exclusive Club Offers that we created for Club Members during Q3: £59—Stays at 15 cosy English inns Exclusive: Cook with a Michelin-star chef in Tuscany $999—Hawaiian Islands 16-night cruise $2599—Maldives all-inclusive overwater villa, reg. $8300
19 | Third Quarter 2026 Performance Perfect for the travel enthusiast: Worldwide complimentary lounge access in case of flight delays Complimentary access to an airport lounge if flight is delayed by at least one hour. The benefit is good on any flight on any airline, regardless of where they booked. Bring up to three family members or guests for free. For an unlimited number of trips.
20 | Third Quarter 2026 Performance Travelzoo is loved by travel enthusiasts who are affluent, active and open to new experiences. Sources: Travelzoo Trends Global Survey; September 2026; n=6,231 Travelzoo members. * Meta Business Suite; October 2026; global demographics based on Facebook and Instagram followers across six markets; global figures represent a simple average of market-level platform splits. ** Travelzoo Domestic Travel Survey in the U.S.; January 2026; n=1,425 Travelzoo members; the median excludes respondents who did not specify their household income; the median is determined based on the selected income range from the survey, with the midpoint of that range rounded to the nearest thousand; U.S. Census Bureau, Income in the United States: 2025 (September 2026), Figure 1. 90% are open to new destinations and travel ideas 62% plan to take 2+ international trips in 2027 63% ages 45+ 37% ages 18-44* 88% are likely to book an unplanned trip with an attractive offer Our Members Compared to the General PopulationMember Sentiment and Demographics Median Household Income** U.S. Travelzoo members U.S. general population $150,000 $87,460 Would Hold Onto Leisure Travel Longest if Household Spending Had to Be Cut Travelzoo members General population 75% 48%
21 | Third Quarter 2026 Performance Part 1: Third Quarter 2026 Performance Part 2: Travelzoo Club Membership Part 3: Management Focus Part 4: Travelzoo META
22 | Third Quarter 2026 Performance Management focus • Grow the number of (paying) members and accelerate revenue growth by converting Legacy Members and adding new Club Members • Retain, and grow, our profitable advertising business • Accelerate revenue growth which drives future profits in spite of temporarily lower EPS • Grow Jack’s Flight Club’s subscription revenue • Launch Travelzoo META
23 | Third Quarter 2026 Performance Part 1: Third Quarter 2026 Performance Part 2: Travelzoo Club Membership Part 3: Management Focus Part 4: Travelzoo META
24 | Third Quarter 2026 Performance
NASDAQ: TZOO HAVE A GOOD DAY! For questions, please contact Travelzoo Investor Relations: ir@travelzoo.com