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DATE

Wednesday, Aug. 5, 2026 at 9:00 a.m. ET

CALL PARTICIPANTS

• Chief Executive Officer and Managing Director - Johannes Thomas.
• Chief Financial Officer and Managing Director - Wolf Schmuhl.

TAKEAWAYS

• Total Revenue -- €168.4 million, representing 21% growth driven by referral revenue increases in the Americas and Developed Europe segments.
• Adjusted EBITDA -- €1.1 million, marking the first positive second quarter result since 2023 due to improved unit economics and marketing discipline.
• Americas Referral Revenue -- €61.2 million, growing 16% reflecting branded channel traffic and improved marketing efficiency.
• Developed Europe Referral Revenue -- €63.8 million, growing 14% due to continuous brand marketing investments.
• Rest of World Referral Revenue -- €26.4 million, a decline of 11% resulting from 7% foreign exchange headwinds and geopolitical instability in the Middle East.
• Global ROAS -- 121.8%, an increase from 119.0% in the prior year period reflecting the efficacy of brand campaigns.
• Product Conversion Rate -- 64% increase since the second quarter of 2023 due to search experience optimizations.
• 2026 Revenue Guidance -- Mid-teens percentage growth, raised from previous expectations based on brand engine performance.
• 2026 Adjusted EBITDA Guidance -- Approximately €30 million, reflecting a strengthened earnings profile.
• 2028 Target Margin -- 10% adjusted EBITDA margin, supported by the compounding effects of the brand flywheel.
• CRM Referral Revenue -- More than doubled year over year, exceeding internal expectations in pace and relevance.
• Book and Go Share -- Tripled compared to the previous year, following expansion to 16 markets and the onboarding of new advertisers.
• AI Staff Usage -- 93% daily adoption among talents, driven by internal tooling and organization-wide playbooks.
• AI Investment -- Fivefold increase in spending on AI tooling and tokens in the first seven months of 2026 compared to the full year 2025.
• Member Revenue Contribution -- Over 30% of referral revenue generated by logged-in members, reflecting improved user stickiness.
• Cash and Cash Equivalents -- €114.5 million as of June 30, 2026, representing a stable financial position with no long-term debt.
• Share Repurchases -- 700,000 ADS for $3.5 million as of July 31, 2026, reflecting a disciplined use of capital.
• Advertiser Diversity -- 35% of referral revenue derived from non-major advertisers, up from 20% three years ago due to CPA model adoption.
• Member Retention -- 24% increase in the 3-month retention rate for new members since the first quarter of 2023.
• Americas ROAS -- 125.3%, increasing from 116.9% in the prior year period due to compounding brand investments.

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RISKS

• Schmuhl stated, "Situation in The Middle East remains fluid and creates near term uncertainty," noting the negative impact of airspace restrictions and elevated oil prices on the Rest of World segment.

SUMMARY

Management of trivago N.V. (TRVG -1.69%) reported a transition toward profitability while maintaining top-line momentum, driven by branded traffic growth and product conversion improvements. The company achieved its first positive second quarter adjusted EBITDA since 2023 and raised its full-year guidance based on the compounding effects of prior brand investments. Operational focus remains on AI integration, member retention, and the expansion of the Book and Go platform to diversify the advertiser base.

• CEO Thomas attributed sales momentum to a 64% increase in product conversion rates since 2023, noting that the company's product was "no longer competitive" prior to the current turnaround strategy.
• Management onboarded Expedia as a supply partner for the Book and Go platform to increase inventory visibility and provide incremental visibility for the partner.
• Referral revenue from CRM channels more than doubled, which CFO Schmuhl indicated provides a structural tailwind for margins by reducing the necessity of purchasing traffic through paid channels.
• The company filed an antitrust claim against Google regarding self-preferencing practices, with Schmuhl noting the European Commission found Google noncompliant in July 2026.
• AI adoption among staff reached 93% daily usage, which Thomas described as a primary lever for becoming an "AI native company."
• Logged-in members generated over 30% of referral revenue before intercompany eliminations, representing a shift toward direct user relationships.

INDUSTRY GLOSSARY

• Referral Revenue: Revenue generated when users click on hotel offers and are redirected to advertiser websites.
• ROAS (Return on Advertising Spend): The ratio of referral revenue to advertising spend, used to measure marketing efficiency.
• CPC (Cost-Per-Click): A pricing model where advertisers pay a fee each time a user clicks on an advertisement.
• CPA (Cost-Per-Acquisition): A pricing model where advertisers pay a percentage of the booking revenue resulting from a referral.
• ADS (American Depositary Share): A U.S. dollar-denominated equity share of a non-U.S. company that is held by a U.S. depositary bank and is available for purchase on a U.S. exchange.
• Metasearch: A search engine that aggregates results from multiple other search engines or websites into a single interface.

Full Conference Call Transcript

Operator: Good day, ladies and gentlemen. Thank you for standing by and welcome to the trivago Second Quarter Earnings Call 26. I must advise you the call is being recorded today, Wednesday, 08/05/2026. We are pleased to be joined on today's call by Johannes Thomas, trivago CEO and managing director, and Wolf Schmuhl, Trivago CFO and managing director. The following discussion, including responses to your questions, reflects management's view as of Tuesday, 08/04/2026 only, unless expressly stated otherwise, in which case reflect management's view as of today. Wednesday, 08/05/2026 only. trivago does not undertake any obligation to update or revise this information.

As always, some of the statements made on today's call are forward looking, typically preceded by words such as expect, we believe, we anticipate, or similar statements. Please refer to the second quarter 2026 operating and financial review and trivago's order filings with the SEC for information about factors which could cause trivago's actual results to differ materially from those forward looking statements. You will find reconciliations of non GAAP measures to the most comparable GAAP measures discussed today trivago's operating and financial review, which is posted on trivago's investor relations website at ir.trivago.com. You are encouraged to periodically visit trivago's investor relations website for important content.

Finally, otherwise stated, all comparisons on this call will be against results for the comparable period of 2025. With that, let me turn the call over to Johannes.

Johannes Thomas: Good morning, and thank you for joining our Q2 2026 earnings call. This quarter marked 3 years since Jasmine, Andrej and I returned to trivago. With the ambition to turn around the company. At that time, trivago was not at a good place. We had come out of the pandemic weaker than other players in our space, Our product was no longer competitive. And our brand had suffered from years of underinvestment. We refocused the company on its core proposition, saving travelers time and money and on bringing trivago back to the top of travelers' minds. That work keeps paying off. In Q2, we delivered our 6th consecutive quarter of double digits year over year total revenue growth.

Exceeding our expectation on both top and bottom line. Total revenue grew 21% year over year, and we achieved a positive adjusted EBITDA. Marking our first positive second quarter since 2023. To put this in context, the first half of the year is our investment period, while the second half is where we expect to earn the majority of our profits. Reaching profitability already in Q2 while substantially cutting our first half adjusted EBITDA loss shows how much our earnings profile has strengthened as we head into our strongest season. We achieved this and our continued growth despite foreign exchange headwinds and geopolitical pressures waiting on our Rest of the World segment.

Let me share a few strategic highlights of the quarter. Branded traffic referral revenue growth once again substantially outpaced demonstrating that we are growing through the channels that are strategically and financially most attractive to us. Our product converts significantly better with conversion rate up 64% since Q2 2023. Improving our unit economics. Building on our member strategy and growing member base, CRM related channels now give us new ways to engage travelers with no dedicated marketing investment required. Referral revenue from CRM channels has more than doubled compared to last year, exceeding our internal expectation in pace and relevance.

Trivago Book and Go continues to scale in our marketplace, tripling compared to the previous year, and we are pleased to have onboarded Expedia as a supply partner on this part of our platform. These strong operational and strategic developments give us the confidence to raise our full year guidance. For 2026, we now expect total revenue growth in the mid teens percentage range. And adjusted EBITDA of around €30 million We are also narrowing our path to a target adjusted EBITDA margin of 10% by 2028. Our long term strategy is playing out In 2025, our theme was turning the tide reflecting our commitment to making our turnaround a reality.

This year, under the theme Optimize Momentum, Pushing Frontiers, we are building on that foundation. We aim to strike the right balance between growth and marketing discipline while continuing to innovate at the leading edge of our field. I am proud of how our teams drive this momentum leveraging the best of AI in our product, in our marketing and in how we work, making us more impactful as an organization. We are confident that this, alongside our brand and product flywheel, can continue to drive growth and profitability. With that, let me walk you through the progress we made against our each of our 3 strategic priorities this quarter.

Priorities have been in place since 2023, and that consistency is deliberate. We set a clear strategy, and we have executed against it quarter after quarter. For additional detailed illustrations, please also refer to our investor presentation on ir.trivago.com. Our first strategic priority is to drive growth through brand marketing. Our brand engine continues to compound. Branded traffic referral revenue growth once again substantially outpaced our total referral revenue growth. Meaning our growth is coming disproportionately from the channel that matters most to us long term. We see branded traffic as more lasting, travelers who return to us directly rather than through paid channels, and this is where compounding effects of our brand investment show up.

Through this, we also aim to further diversify our channel mix and improve the resilience of our business. We remain disciplined in how we deploy performance marketing investment. We continuously optimize our paid channels for their marginal contribution and adjust our attribution investment strategy accordingly. Recent months, we have further leveled up how we measure and think about these investments, sharpening our incrementality and elasticity testing. Referral revenue from SEO traffic sources is only accounting for low-single-digit share of our referral revenue.

1 topic we have not touched on much before is how our growth funnel is compounding, our brand investments bring a growing base of travelers to trivago, our member initiatives turn a meaningful share of them into signed up profile members And every single signup gives us a direct line to travelers throughout their planning and booking journey. From there, our CRM activities such as email and push notifications, let us reach them through channels we own, at no dedicated marketing cost. CRM is still rather small in terms of revenue, but it is becoming a relevant profit contributor with revenue more than doubling compared to last year. Together, this funnel drives higher retention, and revenue at structurally better margins.

A meaningful building block on our path to greater profitability. Our second strategic priority is to enhance our core hotel search experience. So travelers can book with confidence saving time and money. Our product teams have maintained a high test velocity, improving the user journey. Lifting conversion and strengthening our unit economics. Since Q2 23, our product conversion rate has increased by 64%, demonstrating how much better our product experience and marketing mix have become. This also makes trivago a more attractive channel for our partners who we believe gain access to more incremental and higher intent travelers. This quarter, we enhanced the hotel search experience even further to better align with what we know travelers actually expect.

Less friction and more reason to trust what they see. We aligned our desktop and mobile experience more closely, surfaced more relevant listings on every screen and simplified the path from search to booking. This is the foundation on which our entire product roadmap is built on. AI highlights and AI review summaries are now a core part of how travelers compare hotels on trivago. and we have continuously advanced both further and new per paragraph format with key elements highlighted and paired with the most relevant images, make our AI generated review summaries easier to scan and more visually appealing. We have also improved the quality and ranking of our hotel highlights, for more than 500 thousand hotels.

They are now context aware giving travelers a more personalized experience based on what they are looking for, These are just a few examples of how we aim to help people search and decide with more confidence on trivago. Our member proposition continues to strengthen, our member base keeps growing. We are turning more and more anonymous visitors into profiled members who have a better reason to return. And our 3-month retention rate of new members demonstrates this progress it is up 24% since Q1 2023. Before intercompany eliminations logged in members generate more than 30% of referral revenue, The more we know our users, the more we can do for them. And the more we can engage with them.

Trivago Book and Go continues to scale rapidly, and its share of bookings on our platform has roughly tripled compared to last year. Making it 1 of the top players in our marketplace. The recent months, we onboarded several new advertisers to Book and Go. Including Expedia as a supply partner. Most importantly, we integrated Book and Go more natively into our platform to achieve a more seamless user experience and higher downstream conversion. Building on the technology we gained through the Holisto acquisition last year. We continue to bring teams and technologies closer together, to maximize the value we create for our users and partners.

Our third strategic priority is to help our partners realize that potential on our platform. Our partner mix has become structurally more resilient. Before intercompany eliminations, the share of referral revenue from all others. Advertisers has grown from 20% in Q2 2023 to 35% in Q2 2026. Reflecting a broader and more diverse base of advertisers succeeding on our platform. Our transaction based CPA model has been a key driver of this shift, exceeding our expectation in both adoption and performance. By shifting complexity of bid optimization and risk exposure away from our partners, we believe we are helping advertisers compete more effectively. Which strengthens the long term health of our marketplace.

Beyond our 3 strategic priorities, I want to share the strong progress we are making on AI adoption at trivago. Last time, I described our ambition for our roughly 600 core talents to operate with the impact of 6 thousand. That ambition is showing up in our internal AI adoption numbers. Our latest internal AI survey found 93% of our talents now use AI daily. Up from 63% a year ago. And 86% say it makes a real measurable difference in the output. On average, our talents are saving 55 minutes a day up from 36 minutes last year. Our investment reflects the same trend.

In the first 7 months of 2026, we spent more than 5x as much on AI tooling and token. For our teams as we did across all of 2025. We believe our size also puts us in a sweet spot. And recent research from RAM supports this. Looking at more than 21 thousand U.S. Companies The Economist found that AI adoption peaks at companies around our size with a technical talent composition similar to ours. We see a real advantage in this. We are big enough to build cutting edge infrastructure and small enough to keep a culture built on curiosity and speed. Saving time and becoming more efficient is great, but we believe the real leverage lies elsewhere.

Each of us is becoming dramatically more capable, making better decisions, building products, and scaling reliable systems faster. Our ambition is to become an AI native company where Genetic Systems take on more of the execution and our people focus on direction, judgment and craft. While we are excited about this progress, we remain disciplined about where our growing investment in this technology creates real value. Are educating our talents, we develop mission focused AI playbooks for our teams, and are building our own infrastructure drawing on open source models wherever they let us move just as fast at lower costs. I am confident in how trivago can compete from here.

We have the direction, the momentum and talents who are eager to learn and faster than anyone else in our space. With that, I will hand over to our CFO, Wolf. For a more detailed financial review.

Wolf Schmuhl: Thank you, Johannes. Good morning, everyone. Q2 marked another strong quarter for trivago. And we are delighted that we exceeded our internal year over year expectations for both total revenue growth and profitability. We achieved a 21% year over year increase in total revenue while shifting more towards profitability. Despite tough prior year comparables. Our brand strategy together with significantly improved unit economics, by conversion uplift underpin our balanced approach of driving top line growth while improving profitability. These developments reinforce our confidence in targeting a 10% adjusted EBITDA margin by 2028. In our view, the current share price continues to understate trivago's long term earnings potential.

And we will continue our buyback program as we see it as a disciplined and high return use of capital. As of 07/31/2026, we have repurchased around 700 thousand ADS for $3.5 million Let's review our second quarter results as well as our full-year 2026 and midterm outlook. Unless otherwise indicated, all comparisons for 2026 are on a year over year basis. In the second quarter, total revenue reached €168.4 million representing year over year growth of 21%. Americas grew 16% and developed Europe 14% in referral revenue year over year. Both exceeding our expectations. Driven by growth in branded channel traffic compounding brand effects and improved marketing efficiency.

Rest of world referral revenue declined 11% year over year, impacted by FX headwinds of approximately 7% and geopolitical pressures in The Middle East. Including airspace restrictions, and elevated oil prices. Throughout the quarter, we took a tactical approach in these markets adjusting bidding spend and targets locally. Situation in The Middle East remains fluid and creates near term uncertainty and we will manage our exposure dynamically as it evolves. That said, rest of world represented just 18% of our Q2 referral revenue, So the impact on the total referral revenue was limited. Our revenue base is well diversified, which makes us structurally more resilient to localized microbe pressures.

For the second quarter, we reported a net loss of €5.2 million At the same time, we delivered a positive adjusted EBITDA of €1.1 million ahead of our internal expectations and marking the first time since 2023 we have achieved this milestone already in the second quarter. Operational expenses increased by €26.9 million year over year totaling €174.2 million for the second quarter. This was mainly due to a €14.3 million increase in selling and marketing, resulting from higher investment in both brand and performance marketing channels made over the course of the quarter. And incremental expenses resulting from the consolidation of trivago deals.

Advertising spend increased by €8.3 million or 18% developed Europe, €6.2 million or 14% in Americas, and decreased by €2.3 million or 9% in Rest of World. Despite further scaling of our marketing investments, this quarter, global ROAS rose from 119.0% in Q2 last year to 121.8% in Q2 this year. Americas delivered a notable ROAS improvement. Climbing from 116.9% in Q2 25 to 125.3% in Q2 26. While developed Europe experienced a slight decline. From 122.1% to 121.0% due to strong brand investments and Rest of World softened from 117.1% to 115.9%. By the end of Q2. 2026, we held €114.5 million in cash and cash equivalents. And no long term debt. Underscoring our exceptional financial position.

Our third quarter is off to an encouraging start. We will continue scaling our brand marketing investments though at a more moderated pace than in prior years, leveraging compounding brand effects to sustain the momentum of increased profitability in 2026. In addition, we are now consolidating trivago deals without the previous 1 month reporting lag. Eliminating the timing differences which impacted our consolidated financial statements since the third quarter of 2025 until the first quarter of 2026. We anticipate sustaining our growth trajectory with steadily improving profitability. Targeting a 10% adjusted EBITDA margin by 2028.

For 2026, we are increasing our full year guidance to mid teens percentage year over year total revenue growth and an adjusted EBITDA of around €30 million. With that, let's open the line for questions. Operator, we are now ready to take the first question.

Operator: Will now begin the question and answer session. If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again. Ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Naved Khan with B. Riley Securities. Your line is now open. Please go ahead.

Naved Khan: Great. Thank you very much. A couple of questions for me, and great execution here, guys. I like the fact you guys now are guiding to 10% and put a date on that. So 2028. How should we be thinking about your ability to grow the top line as you kind of go march towards a 10% target by 2028? Give us your thoughts on that. And then the second question I have is, in terms of the trivago Book and Go, it is now around 35% of your in terms of share. How high do you think the share can go?

And also, curious why Expedia opted to participate in that they have their own brand and trying to understand why they would opt towards the first page in Book and Go. Thank you.

Operator: Thanks for your question.

Wolf Schmuhl: So let me take the first 1. So how do we think about the top line development? And combined with the 10% adjusted EBITDA margin that we call out for 2028 first of all, we were comfortable to setting this target because the sum of trends that we already observe independently contributed to this to this new target. We see the compounding effects from our brand flywheel We see an improved product which led to conversion rate improvements of around 64%. And all these factors gave us confidence in order to call this out. And in terms of top line, we are still plan to grow above market And this is how we look at it at the moment.

Can comment on Book and Go. And maybe now that the further we go into the year, we will give guidance on year on top line. But that is what we feel confident sharing right now. I think it will be very interesting how our member strategy turns out, how we create stickiness with users, and I think we are second year into this. We see encouraging results, and we want to see how this unfolds before we give more top line guidance as well.

Johannes Thomas: On the book and go side, I think what is important here that we continue expanding it across markets. So it is 16 markets now that we have launched the product. In And the question on Expedia is that they just want additional visibility. And when you join our book and go product, they are basically visible with their own brand. And then with their inventory, they are also visible with our branded channels. So it is basically giving them incrementality. that is the belief And we so they have the benefit of incremental visibility.

And we have the benefit of offering this on a more broad scale as we prospectively believe this can be more attractive for members as well to, on a long term basis, book more consistently through the book and go channel, so you have a convenient have a convenient experience. And this grows quickly It tripled its share over the course of the year. I am not sure if you said it, percentage number, so we are not sharing an absolute percentage number of size. it is a relevant part of the all other segment, but not the majority. This is maybe what we can share here. And it is 1 of several drivers of the All Other segment.

The All Other segment has been growing because of a combination of things. it is alternative accommodation player being more active in our space. The direct segment becoming more competitive. From changes we have done around our hotel detail pages, which we shared last quarter and the previous quarter, I believe, where we make them more competitive in our marketplace. They do not have a search results list. Like Booking or Expedia, and we basically improve the experience and make them more competitive so the direct players have leaned in more and also enjoy bigger share in our market And that sits around book and go and the dynamics with the all other segment Does that answer your question?

Naved Khan: Yeah. So, that is why I wanna correct I think the 35% is to all other and not just book and go, which is a part of it. But do you think this 35% can continue to climb higher Where do you see it? Over the sort of medium term? So that is sort of a follow-up question on that. And then the second part of this is, are you also seeing Google implement changes in Europe? I think it is been they have been required to do that. And is that a tailwind for you, or are they still are they still not implementing those changes?

Johannes Thomas: Yeah. So I think very good questions. On the all others, whether how this develops, we are kind of agnostic to that. If it is around 35%, we think our marketplace more balanced. We see it is very elastic if different players are acting on our marketplace. So that is what we see as much more healthy than it used to be when I think back in the times. So it depends on what the different market participants decide where this goes. So we do not control this. And it is definitely I think, rather unhealthy if this goes below 30%. Everything between 30-40%, we perceive as a healthy distribution. So where it is, we feel quite good about that.

Operator: And then your question on Google, it is a very good 1.

Wolf Schmuhl: And we have not seen Google implementing a solution into their general search results case. And you are pointing to the July 2026, the commission has found Google noncompliant. And fined them $890 million because of self preferencing and search among other things. And they also explicitly named hotels among the verticals that Google favored. So I think, overall, we have been quite vocal about this case. And this validated also the claim we have filed. This directionally supports the case of the claim we have been filing in May against Google.

And what is we expect Google to react on this is because the commission also emphasized Google is not reacting in 30 days, they face daily penalties up to 5% of global turnover. So there is a continued fine that Google would expect. So we expect Google to react We have seen Google testing new versions that appear to be compliant. So we will see how this goes. And then will this be a tailwind We always said there is lots of different changes on search results. it is very hard to predict what is a tailwind, what is a headwind. it is generally volatile. I think it is a structural tailwind.

So when I say structural, I think strategic long term They are not self preferencing their own product anymore. So we have a more fair playing field where we can compete on eye level. And that is good for us because we believe we have a better product for consumers. And I think that is generally positive to see in the day. Continue to deliver on compliance, I think that is important to us, and we are keen to see how this will develop.

Naved Khan: Great. Appreciate the color. Thank you, guys.

Operator: Your next question comes from the line of Doug Anmuth with JPMorgan. Your line is now open. Please. Go ahead.

Analyst: Great. Thanks for taking the questions. This is [Inaudible] for Doug. First 1, on your 10% adjusted EBITDA margin target being brought forward. What are the key building blocks of or that is giving you confidence to from, or is it more of the commercial lift or marketing discipline that is giving you the confidence? And then secondly, could you talk about some of the primary drivers behind Book and Go's strong Growth? That you are seeing right now? You feel like or do you have a preference in whether a user goes down that Book and Go funnel or the metasearch funnel? Thank you.

Johannes Thomas: So I thank you for the question. Maybe I repeat what Wolf said to make it clear. I think generally, and I said that in my remarks as well, 1 thing is through brand marketing, we bring more people on our platform. We see branded users are more sticky, have a higher probability to return than people coming from the performance marketing channels. So as we lean into that, down the line, you will have the effect that and we mentioned that last time, we are stepped up brand marketing over the years quite with quite big steps, I believe, last year at spend went up 20%. This year, ad spend first half of the year went up around 10%.

We continue to expect to bring up brand spend but at lower magnitude than the previous years. So just from increasing brand spend slower, profitability, we expect profitability to come into the bottom line from the compounding effect And additionally, apart from brand marketing, and this is a major part of our equation, yes, to your question how to weigh these things. Then the second 1 is conversion improvement. And that is a direct 1. If you improve conversion rate by 1%, this has 1 percentage point, this has a big impact on the bottom line. So it is a second big building block. And then what I mentioned around the member strategy.

We shared members are 24% more sticky than they used to be back in the days. The signals, we have a better member proposition, the more meaningful and, we believe, increase the probability of users coming back. that is the third building block. that is kind of so increased brands, increased conversion and more stickiness of users. And 1 thing we mentioned for the first time this time is our CRM revenue. This is a very easy 1 to think about. That already has become much more relevant for us. We have now 4 members that make more than 30% of our referral revenue, they were the emails and we can build a direct relationship.

And there is a window of roughly 2 weeks where people take their decision where to book, what hotel to book. The research stage certainly goes further back, but these 2 weeks are very important. And if we have a higher engagement through our app, through app notifications or emails, We do not have to rebuy users' expenses through certain channels. We can get them through which is which does not have direct marketing costs. So that is a very easy 1 to think about, how to bring profitability up. Among the 2 others I explained as well.

And we are seeing and we have shared in our investor presentation we have shared you a graph that show the operational trajectory we are seeing in all of these dimensions. And that makes us confident that we can achieve that. And then book and go, generally travel is quite chaotic. Naved different touch points and how people book and how they jump between sites, how they pick flights first, hotel first and when they book what it is a quite chaotic process and usually involves or often involves several decision makers that is also what makes it chaotic.

And about book and go, you can think that some users have a preference, and our base belief is if you think about these 30% of members, maybe at some point 40%, these are the ones that will have a preference for Book and Go. But then there will be a segment that just appreciates the meta proposition. And by no means we plan to weaken our meta.

We think this is our differentiating factor in our positioning, in our marketing, in our product that we will not weaken by any in any way So we expect to be multi partner And our book and go is a funnel that facilitates it for those users who want to So we maybe see 10-20% of our users in the future using Book and Go. But that it is very hard to decide and understand which user has which preference at what point. Given the chaotic user journey that is just inherently there. Got it. Thank you.

Operator: As a reminder, if you would like to like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again. Please stand by while we compile the Q&A roster. There are no further questions at this time. I will now turn the call back to Johannes for closing remarks.

Johannes Thomas: Yes. Thank you. Over the past 3 years, we have deliberately diversified our marketing mix and rebalanced our marketplace. The result is a structurally more resilient business now delivering its 6th consecutive quarter of double digit growth. From here, we remain focused on steering towards continued growth at higher profitability None of this would be possible without the team behind it, What stands out to me is the discipline and pace at which our talents are executing and learning that is our greatest competitive advantage. Want to thank everyone for their commitment and dedication. To our partners and investors, thank you for your continued trust. And thank you all for joining today.

Operator: This concludes today's call. Thank you for attending. You may now disconnect.