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**Key Takeaways:**
- **Revenue Momentum**: 13% YoY growth in Q3, driven by Americas (14% YoY) and brand marketing investments.
- **Profitability Boost**: EBITDA up 18% YoY to EUR 16 million, with ROAS improving in key regions.
- **AI Advantage**: AI reduces content costs by 90%, enabling faster, more relevant hotel insights.
- **2026 Targets**: Mid-teens revenue growth and EUR 20 million EBITDA, fueled by compounding brand investments.
- **User Engagement**: Logged-in users convert 25% better; initiatives to increase logged-in share to 30-40%.
- **Strategic Focus**: Prioritize leisure travel, optimize existing markets, and integrate Holisto for partner value creation.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue increased 13% YoY, marking the fourth consecutive quarter of double-digit growth. Americas, Rest of World, and Developed Europe segments grew 14%, 12%, and 9% YoY, respectively.
- **Branded Traffic Strategy**: Brand marketing investments drove 18% YoY EBITDA improvement. The Jürgen Klopp campaign and local productions boosted branded traffic and revenue, with standout performance in the Americas.
- **AI-Driven Product Enhancements**: AI features like Smart Search, review summaries, and sentiment ratings improved user experience and conversion rates. AI reduced content creation costs by 90%, enabling faster updates and better relevance.
- **2026 Outlook**: Target mid-teens revenue growth and EUR 20 million adjusted EBITDA. Focus on optimizing existing markets and compounding brand investments.

**【CFO Financial Commentary】**
- **Revenue Performance**: Total Q3 revenue EUR 165.6 million (13% YoY), driven by 14% YoY referral revenue growth in Americas. Foreign exchange headwinds reduced revenue by 4%.
- **Profitability**: Adjusted EBITDA EUR 16 million (vs. EUR 14 million in Q3 2024). Net profit EUR 11 million. Operational expenses decreased 7% YoY due to non-recurring impairment charges.
- **Marketing Efficiency**: ROAS improved in Americas (126% to 135.4%) and Rest of World (117.6% to 119.2%). Brand marketing spend increased 17% YoY.
- **Liquidity**: EUR 106.3 million cash on hand, no long-term debt.

**【Q&A Highlights】**
- **Logged-In Users**: >20% of users now logged in, with 25% higher conversion rates. Initiatives like exclusive deals and price alerts aim to increase engagement during booking windows.
- **B2B Strategy**: Focused on leisure travel, but exploring white-label solutions for small/mid OTAs via Holisto (now Trivago Deals). No immediate plans for B2B expansion.
- **AI Competition**: Minimal traffic impact from AI search tools. Trivago's brand strength and AI-driven UX differentiate it from general AI platforms.
- **Holisto Integration**: Holisto's booking funnel improves partner conversion rates. No channel conflict risks; focuses on underserved small/mid OTAs.


trivago N.V. (TRVG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TRVG

TRVG fundamentals

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