[Management View]
trivago reported a 13% year-over-year revenue growth, marking its third consecutive quarter of double-digit growth. The company attributes this success to strong branded traffic gains and AI-driven conversion improvements. Management emphasized strategic priorities, including branded growth, enhancing the core hotel search experience, and creating more value for partners.

[Outlook]
For 2025, trivago expects mid-teens percentage revenue growth and a positive adjusted EBITDA of at least €10 million. Looking ahead to 2026, the company targets double-digit consolidated revenue growth and an adjusted EBITDA of approximately €20 million, driven by market optimization and brand investments.

[Financial Performance]
trivago's total revenue reached €165.6 million, a 13% increase from the previous year. Adjusted EBITDA improved by 18% to €16 million. The company maintained profitability despite foreign exchange headwinds and rising marketing expenses. Segment referral revenue grew in The Americas (14%), Rest of World (12%), and Developed Europe (9%).

[Q&A Highlights]
Question 1: What are your goals for logged-in user growth, and what initiatives are in place to retain these users?
Answer: The target is not fixed, but reaching 30-40% logged-in users would be significant. Currently, logged-in users convert 25% better. Initiatives include offering special deals, enhanced sharing functionality, and price alerts to increase engagement and retention.

Question 2: Could trivago play a role in the B2B space in the future?
Answer: While there is potential, trivago is currently focused on the leisure market. The company sees significant growth opportunities in this space and prefers simplicity over diversification into B2B at this time.

Question 3: How should we think about growth in the core business versus Hollister for 2026?
Answer: Both segments are expected to grow double digits. The focus will be on optimizing existing markets rather than expanding into new ones, which will contribute to profitability.

Question 4: How is trivago positioned to defend or grow its share of top-of-funnel traffic in an AI-driven environment?
Answer: The shift to AI platforms is currently small. trivago's brand strength and AI integration in user experience are key differentiators. The company is present in relevant AI channels and sees brand and AI as strategic advantages.

Question 5: What are the incentives for logged-in users to return and transact directly with trivago?
Answer: Private deals are the main incentive, leading to higher engagement and conversion rates. The company is optimizing the level of deals to balance margin and conversion improvements.

Question 6: Are you seeing any uptick in bidding from Airbnb as they focus more on hotels?
Answer: Airbnb has been a partner, and trivago sees them as an attractive partner for complementary inventory. There is no significant change in performance marketing costs.

Question 7: Can you expand on AI-driven productivity gains and their impact on the P&L?
Answer: AI has replaced large content teams, improving engagement, satisfaction, and conversion. This drives marketing efficiency and profitability, with growth potential rather than cost reduction.

Question 8: Are there any potential channel conflicts with OTAs due to Hollister's integration?
Answer: Hollister, now trivago deals, offers a white-label booking engine to partners, creating value for small and medium-sized OTAs and hotel chains without significant channel conflicts.

[Sentiment Analysis]
Analysts showed interest in trivago's strategic focus on AI and market optimization. Management's tone was confident, emphasizing growth potential and strategic initiatives.

[Quarterly Comparison]
| Metric | Q3 2025 | Q3 2024 |
|-------------------------|---------|---------|
| Total Revenue | €165.6M | N/A |
| Adjusted EBITDA | €16M | N/A |
| Net Profit | €11M | N/A |
| Cash and Equivalents | €106.3M | N/A |

[Risks and Concerns]
Potential risks include foreign exchange headwinds, rising marketing expenses, and the impact of AI-driven changes in consumer search behavior. The company must also manage the integration of Hollister and maintain its competitive edge in a dynamic market.

[Final Takeaway]
trivago's Q3 2025 performance highlights the company's successful navigation of market challenges through strategic brand investments and AI enhancements. With a focus on optimizing existing markets and leveraging AI for operational efficiency, trivago is well-positioned for continued growth. The integration of Hollister and the emphasis on logged-in user engagement are expected to further strengthen its market position.