The hotel search platform delivers third consecutive quarter of growth driven by strategic brand marketing investments and product innovations.
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trivago achieved strong double-digit revenue growth of 17% with Referral Revenues growing 32% in Rest of World, 20% in Developed Europe, and 10% in Americas. At the same time, Adjusted EBITDA improved slightly.
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Second consecutive quarter achieving double-digit year-over-year Referral Revenue growth across all three reporting segments.
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Branded traffic remained a key driver for our double-digit revenue growth, fuelled by strong results from our summer campaigns rolled out in May.
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We’ve achieved our milestone of 20% share in revenue from logged-in users. This share has doubled over the last two years, highlighting our increased focus on user retention.
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Our acquisition of Holisto is complete, enabling us to accelerate the expansion of trivago Book & Go. We have already achieved a substantial increases in conversion and market share for our pilot partners.
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Our outlook remains positive: We expect revenue growth in the mid-teen percentages and positive Adjusted EBITDA in 2025, similar to last year’s levels. In Q3, we foresee double digit growth below Q2 levels. We also anticipate Holisto will further contribute low double-digit million-euro total revenue while continuing to operate at near breakeven levels.
“I am pleased to report strong financial performance with 17% revenue growth year-over-year. This marks our third consecutive quarter of growth and second consecutive quarter of double-digit growth across all reporting segments. We achieved this accelerated growth while improving Adjusted EBITDA year-over-year. These results demonstrate that our strategic initiatives are working, our brand marketing investments are driving returns, our product improvements are converting users, and our teams are executing with excellence across the organization.” – Chief Executive Officer Johannes Thomas.
“We are thrilled to report another successful quarter for trivago, marking yet another strong performance that highlights sustained growth in branded channel traffic while maintaining stable Return on Advertising Spend, reaffirming the effectiveness of our marketing strategy. With continued double-digit revenue growth, we are reiterating our full-year guidance as we focus on driving sustainable growth while being cost disciplined. We are excited to have achieved 20% of Referral Revenue from logged-in users, which underscores our progress in fostering user loyalty and engagement. The acquisition of Holisto plays a pivotal role in enhancing the user experience by expanding our trivago-branded booking funnel which will help us drive conversion rates.” – Chief Financial Officer Dr. Wolf Schmuhl.
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Q2 2025 financial performance:
The past quarter represents another significant milestone in our ongoing transformation at trivago. Our robust financial performance validates the effectiveness of our strategic focus on brand marketing, product innovation, and empowering our partners. And the strong momentum we’ve achieved is undeniable, with our AI-powered features revolutionizing the way travelers search for and find hotels. Our total revenue reached €139.3 million, representing a 17% increase compared to the same period in 2024. This marks our third consecutive quarter of growth. We also achieved another quarter of strong year-over-year double-digit growth across all three reporting segments with Referral Revenues growing 32% in Rest of World, 20% in Developed Europe, and 10% in Americas. This growth was primarily driven by increased branded channel traffic in response to our ongoing brand marketing investments as well as product improvements enhancing our booking conversion.
Marketing investments continue to elevate our brand
We are committed to further expanding our brand marketing investments and continuously improving their efficiency. As we entered the summer travel season, our branded traffic remained a key driver for our growth in Q2. We experienced double-digit brand revenue growth across all geographic segments. This success is a result of our multi year investment strategy, continued optimization and the roll-out of our new brand marketing campaign in May 2025.
Our global AI-powered campaign featuring legendary soccer coach Jürgen Klopp, and our local campaigns in Japan, Brazil and Germany followed localized strategies to maximise impact. We expect the success of these campaigns to elevate our branded visitor baseline for the rest of the year and beyond, showcasing compounding effects of our brand marketing investments.
Enhancing core hotel search, enriching user experience
We have focused our product development efforts on improving our core search functionalities. Filters are now more visible at the top of search results pages. We have also released AI smart filters that allow users to refine their search results using free text filtering. We’re particularly thrilled about the launch of our new AI-powered review summaries for over 230.000 hotels and in 11 languages. They summarise thousands of guest reviews and further content into digestible, yet comprehensive insights. Unlike our AI highlights that showcase hotel USPs crisply and at a glance, these summaries dive deeper into travelers’ experiences with the hotel’s facilities, amenities, rooms and service. Perfect for travelers who value thorough research and authentic guest perspectives.
At the end of 2024, we announced our first-of-its-kind AI Smart Search. After several iterations, we integrated this natural language search functionality into our core hotel search experience, substantially elevating its usage. We believe that this will further accelerate user adoption and our pace of learning in the space of AI.
We remain committed to increasing retention among our core user base. We aim to make price savvy travellers loyal to our platform which allows us to further personalise their experience on trivago. Leveraging advanced machine learning, we have launched our 5th generation of personalised ranking which continued to driving conversion rates tangibly. In the last two years, we have almost doubled the amount of revenue that stems from our members. In Q2 of 2025, we achieved the important milestone of generating 20% of our referral revenue from logged-in users. This is a result of an improved member value proposition that offers features such as price alerts and exclusive deals. We remain focused on expanding our member base and enhancing our offering.
Finally, we completed Project Trinity, which aimed to rethink the way we display prices to our users. We have simplified the price comparison experience on trivago by preferably displaying the direct rate, a great deal and a popular site right next to each other in our search results. This has tangibly improved our comparison functionality, enabling users to intuitively grasp our value proposition from their very first visit. Importantly, this new price display also creates the foundation needed to bring our ‘trivago Book & Go’ vision to the forefront.
Empowering partners, driving mutual success
In the past two years, trivago has onboarded dozens of partners to our smart bidding and transaction-based model. And today we have more than 100 partners on this model and doubled its share of revenue in our marketplace since 2023. Historically trivago offered a CPC based model to all advertising partners. In the recent years we emphasized our focus on the transaction-based model. Partners pay a fixed commission percentage for a booking while we optimise their exposure on trivago. This model has simplified our platform for small and medium sized partners and enhances their competitiveness in our marketplace. For trivago, it offers a chance to reduce volatility in our auction.
We are also thrilled to have finalized our acquisition of Holisto, acquiring all remaining equity interests at the end of July. Holisto is an AI-driven travel technology platform that serves as a hotel rate aggregator and white-label booking engine provider. Together with Holisto, we successfully launched trivago Book & Go with pilot partners, who have achieved substantial conversion improvements and increased their market share on our platform. We will continue to execute on this strategic direction and aim to onboard more partners throughout the year.
Looking ahead:
As we enter the peak summer travel season, we anticipate significant opportunities to scale our marketing efforts and reinvest profits strategically to maximize returns and sustain our growth. Although advertising spending is expected to increase, it will remain well below historical levels as we focus on expanding our audience reach and driving long-term revenue growth.
We anticipate delivering our third consecutive quarter of double-digit revenue growth in the third quarter, albeit at a lower rate than in the second quarter. Year-over-year growth rates are expected to strengthen as the quarter progresses. For the full year of 2025, we expect mid-teen percentage revenue growth and positive adjusted EBITDA, similar to the previous year. Additionally, we expect our recent acquisition of Holisto to contribute a low double-digit million-euro increase in total revenue while operating near breakeven. With our strong financial position and dedicated teams, trivago is well-prepared to fuel continued growth and capture new opportunities.
These results are possible only thanks to the high levels of testing velocity and innovation demonstrated by our teams. The hundreds of product tests and enhancements conducted in Q2 have already led to a significant increase in our conversion rate, resulting in greater marketing efficiency and higher user satisfaction. Thank you all, for your dedication and passion. Your efforts are the driving force behind our continued progress and ambition for the future.