trivago N.V.

Q2 total revenue was €168.4 million, up 21% year over year. The company reported a net loss of €5.2 million and positive adjusted EBITDA of €1.1 million, its first positive second quarter since 2023. Operating expenses rose €26.9 million year over year to €174.2 million, driven mainly by a €14.3 million increase in selling and marketing. ROAS improved globally to 121.8% from 119.0% a year ago; Americas ROAS rose to 125.3% from 116.9%, while developed Europe slipped to 121.0% from 122.1% and Rest of World softened to 115.9% from 117.1%. Cash and cash equivalents were €114.5 million at quarter-end, with no long-term debt. For the full year 2026, management raised guidance to mid-teens percentage total revenue growth and around €30 million in adjusted EBITDA. Management also reiterated its target of a 10% adjusted EBITDA margin by 2028.

Johannes Thomas framed the quarter as evidence that the turnaround is continuing to compound, pointing to the 6th consecutive quarter of double-digit revenue growth and the first positive Q2 adjusted EBITDA since 2023. He emphasized that growth is increasingly coming from branded traffic, better conversion, and a growing member/CRM funnel that creates higher-retention, lower-cost engagement. His tone was confident but disciplined, repeatedly stressing that trivago will keep balancing growth and marketing efficiency while expanding AI use across the company.

Wolf Schmuhl highlighted the hard numbers behind the quarter: €168.4 million of revenue, €5.2 million net loss, €1.1 million adjusted EBITDA, and €174.2 million of operating expenses. He said the company is seeing stronger unit economics from conversion gains, with global ROAS at 121.8%, and noted the balance sheet remains strong with €114.5 million in cash and no long-term debt. He also emphasized capital allocation discipline, saying trivago will continue share buybacks and had repurchased around 700 thousand ADS for $3.5 million as of 07/31/2026.

Analysts focused on how trivago can sustain revenue growth while reaching the 10% adjusted EBITDA margin target by 2028, and what specifically is driving Book and Go growth. Management said the margin outlook is supported by three main levers: more brand marketing that produces stickier users, a 64% improvement in conversion rate since Q2 2023, and a stronger member/CRM loop that lowers acquisition costs. On Book and Go, management said it has expanded to 16 markets, Expedia joined as a supply partner for incremental visibility, and the company does not expect to weaken its metasearch model; Johannes Thomas said Book and Go could eventually serve a minority of users, but trivago remains intent on being multi-partner. Management also said it has not yet seen Google implement a compliant solution in general search, but views recent EU action against Google as a structural long-term tailwind because it should create a fairer competitive field.