trivago (TRVG) Q2 2025 earnings summary

Executive summary

• Achieved 17% year-over-year revenue growth in Q2 2025, marking the third consecutive quarter of growth and double-digit gains across all segments.

• Branded traffic, successful marketing campaigns, and product innovation were key growth drivers.

• Completed acquisition of Holisto, accelerating AI-driven booking and Book & Go expansion, expected to contribute low double-digit million euro revenue in 2025.

• Logged-in users generated 20% of referral revenue, doubling share over two years and reflecting successful engagement initiatives.

• Net loss for Q2 2025 was €6.5 million, with adjusted EBITDA loss improving to €5.1 million.

Financial highlights

• Q2 2025 total revenue reached €139.3 million, up 17% year-over-year; H1 2025 revenue was €263.4 million.

• Referral revenue grew 18% year-over-year, with double-digit growth in all segments.

• Adjusted EBITDA for Q2 2025 was -€5.1 million, an improvement from -€5.4 million in Q2 2024.

• Operational expenses increased mainly due to higher brand marketing investments; advertising spend rose 22% year-over-year to €116.4 million.

• Ended Q2 with €111.2 million in cash and no long-term debt.

Outlook and guidance

• Expect mid-teens percentage revenue growth for full year 2025, with double-digit growth to continue in Q3 but below Q2 levels.

• Anticipate positive adjusted EBITDA for the second half and full year 2025.

• Holisto expected to contribute low double-digit million euro revenue for the remainder of 2025, operating near break-even.