Total revenue for the fourth quarter of 2025 reached €120.0 million, a 27% year‑over‑year increase that surpassed the consensus estimate of €108.7 million. The lift was driven by a 20% rise in referral revenue in the Americas and double‑digit growth across all core markets, reflecting the impact of intensified brand‑marketing spend and the rollout of AI‑enhanced product features such as AI Smart Search and AI review summaries.
Quarterly Adjusted EBITDA stood at €11.3 million, up only 2% from €11.1 million in Q4 2024, while the full‑year 2025 Adjusted EBITDA reached €15.8 million, a 55% increase from €10.2 million in 2024. The modest quarterly margin expansion was offset by higher selling, general and administrative costs associated with increased marketing spend and the integration of Holisto. The full‑year figure, however, demonstrates that the company’s investment in AI and brand initiatives is beginning to translate into stronger profitability.
Management highlighted that the revenue growth is largely a result of compounding brand‑marketing effects and the adoption of AI across the platform. CEO Johannes Thomas said, “Our increased brand investments since mid‑2023 are paying off. Branded channel traffic revenue growth has outpaced topline revenue growth significantly, and we are seeing compounding effects and sustained attractive return on incremental brand marketing spend.” CFO Dr. Wolf Schmuhl added that the company will maintain cost discipline while scaling brand marketing at a lower level than previous years, aiming for gradual profitability improvement in 2026.
The Holisto acquisition, now operating as Trivago Deals Limited, is in the early stages of integration. While the first month of revenue contribution is not yet disclosed, the acquisition is expected to add value per booking and expand the company’s product portfolio. The deal also brings additional operating costs, which are factored into the current quarter’s earnings profile.
Full‑year 2026 guidance remains unchanged: management expects double‑digit revenue growth and an Adjusted EBITDA of at least €20 million. The guidance signals confidence in continued demand and margin expansion, supported by the company’s AI‑driven product roadmap and brand‑marketing strategy. Analysts have responded positively to the strong earnings beat, noting that the results reinforce trivago’s turnaround trajectory and its ability to generate sustainable growth.
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