trivago (TRVG) Q1 2025 earnings summary

Executive summary

• Achieved 22% year-over-year revenue growth in Q1 2025 to €124.1 million, with strong gains across all regions and improved adjusted EBITDA and net loss compared to Q1 2024.

• Strategic focus on brand marketing, including AI-powered and celebrity campaigns, and core hotel search experience drove higher conversion rates and branded channel traffic.

• Raised full-year 2025 guidance to mid-teens percent revenue growth and positive adjusted EBITDA.

• Announced acquisition of the remaining 70% of Holisto, expected to improve conversion rates and user experience, with positive medium-term impact anticipated.

• Net loss narrowed to €7.8 million and adjusted EBITDA loss improved to €6.5 million.

Financial highlights

• Q1 2025 total revenue reached €124.1 million, up 22% year-over-year, with referral revenues up 44% in Rest of World, 19% in Developed Europe, and 18% in Americas.

• Adjusted EBITDA for Q1 2025 was -€6.5 million, improved from -€9.2 million in Q1 2024; net loss was -€7.8 million, compared to -€8.4 million in Q1 2024.

• Advertising spend rose 24% to €104.5 million, with the largest increase in Rest of World (50%).

• Operational expenses increased mainly due to higher selling and marketing expenses.

• Cash position was €118.6 million at quarter-end, with no long-term debt.

Outlook and guidance

• Full-year 2025 guidance raised to mid-teens percent revenue growth and positive adjusted EBITDA, not yet reflecting Holisto acquisition impact.

• Double-digit revenue growth continued in April and early Q2 2025.

• Management remains confident in scaling brand marketing investments and regaining pre-COVID revenue levels.