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EX-99.2 3 exhibit992_q1x2025financia.htm EX-99.2 trivago N.V - Unaudited Condensed Consolidated Interim Financial Statements as of March 31, 2025.

Exhibit 99.2

trivago N.V.
Unaudited Condensed Consolidated Interim Financial Statements as of March 31, 2025

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trivago N.V.
Condensed consolidated statements of operations
(€ thousands, except per share amounts, unaudited)
Three months ended March 31,
20252024
 Revenue€78,240 €64,412 
 Revenue from related party45,868 37,018 
 Total revenue124,108 101,430 
 Costs and expenses:
Cost of revenue, including related party, excluding amortization (1)
2,719 3,027 
Selling and marketing, including related party (1)(3)
110,219 88,836 
Technology and content, including related party (1)(2)(3)
13,401 12,544 
General and administrative, including related party (1)(3)
7,331 8,559 
Amortization of intangible assets (2)
— 23 
Operating loss(9,562)(11,559)
Other income/(expense)
Interest expense (3)(5)
Interest income736 869 
Other, net 268 (23)
Total other income, net 1,001 841 
Loss before income taxes (8,561)(10,718)
Benefit for income taxes (2,050)(2,381)
Loss before equity method investments(6,511)(8,337)
Loss from equity method investments(1,284)(47)
Net loss€(7,795)€(8,384)
Earnings per share available to common stockholders:
Basic€(0.02)€(0.02)
Diluted(0.02)(0.02)
Shares used in computing earnings per share:
Basic351,702 348,824 
Diluted351,702 348,824 
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Three months ended March 31,
20252024
(1) Includes share-based compensation as follows:
Cost of revenue€29 €25 
Selling and marketing129 105 
Technology and content268 309 
General and administrative1,621 835 
(2) Includes amortization as follows:
Amortization of internal use software and website development costs included in technology and content€781 €799 
Amortization of acquired technology included in amortization of intangible assets— 23 
(3) Includes related party expense as follows:
Selling and marketing€21 €9 
Technology and content501 340 
General and administrative23 19 
See accompanying notes
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trivago N.V.
Condensed consolidated statements of comprehensive loss
(€ thousands, unaudited)
Three months ended March 31,
20252024
Net loss€(7,795)€(8,384)
Other comprehensive income/(loss):
Currency translation adjustments, net(226)157 
Total other comprehensive income/(loss)
(226)157 
Comprehensive loss
€(8,021)€(8,227)
See accompanying notes.


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trivago N.V.
Condensed consolidated balance sheets
(€ thousands, except share and per share data, unaudited)
ASSETSAs of
March 31, 2025		As of
December 31, 2024
Current assets:
Cash and cash equivalents€118,590 €133,745 
Restricted cash— 342 
Accounts receivable, net of allowance for credit losses of €839 and €958 at March 31, 2025 and December 31, 2024, respectively
34,681 25,652 
Accounts receivable, related party30,201 21,259 
Tax receivable3,034 2,815 
Prepaid expenses and other current assets6,915 6,458 
Total current assets193,421 190,271 
Property and equipment, net8,176 8,210 
Operating lease right-of-use assets39,251 39,865 
Equity method investments11,667 13,170 
Investments and other assets4,014 3,856 
Intangible assets, net45,445 45,345 
TOTAL ASSETS€301,974 €300,717 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable€35,159 €24,668 
Income taxes payable1,613 1,613 
Deferred revenue1,007 1,041 
Payroll liabilities2,919 2,327 
Accrued expenses and other current liabilities17,198 17,667 
Operating lease liability2,362 2,363 
Total current liabilities60,258 49,679 
Operating lease liability35,485 36,070 
Deferred income taxes14,531 16,798 
Other long-term liabilities654 565 
Stockholders’ equity:
Class A common stock, €0.06 par value - 1,523,230,720 shares authorized,114,405,480 and 114,059,630 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
6,864 6,843 
Class B common stock, €0.60 par value - 237,676,928 shares authorized, 237,476,895 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively
142,486 142,486 
Reserves688,673 687,232 
Contribution from Parent122,307 122,307 
Accumulated other comprehensive income41 267 
Accumulated deficit(769,325)(761,530)
Total stockholders' equity 191,046 197,605 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY€301,974 €300,717 
See accompanying notes
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trivago N.V.
Condensed consolidated statements of changes in equity
(€ thousands, unaudited)
Three months ended March 31, 2025Class A common stockClass B common stockReserves
Accumulated
deficit
Accumulated other
comprehensive
income
Contribution from
Parent		Total stockholders' equity
Balance at January 1, 2025€6,843 €142,486 €687,232 €(761,530)€267 €122,307 €197,605 
Net loss(7,795)(7,795)
Other comprehensive loss (net of tax)(226)(226)
Share-based compensation expense1,740 1,740 
Issuance of common stock related to exercise of options and vesting of RSUs21 (21)— 
Withholdings on net share settlements of equity awards(278)(278)
Balance at March 31, 2025€6,864 €142,486 €688,673 €(769,325)€41 €122,307 €191,046 
Three months ended March 31, 2024Class A common stockClass B common stockReserves
Accumulated
deficit
Accumulated other
comprehensive
income
Contribution from
Parent		Total stockholders' equity
Balance at January 1, 2024€6,655 €142,486 €681,333 €(737,832)€75 €122,307 €215,024 
Net loss(8,384)(8,384)
Other comprehensive income (net of tax)157 157 
Share-based compensation expense1,048 1,048 
Issuance of common stock related to exercise of options and vesting of RSUs42 (42)— 
Withholdings on net share settlements of equity awards(652)(652)
Balance at March 31, 2024€6,697 €142,486 €681,687 €(746,216)€232 €122,307 €207,193 
See accompanying notes
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trivago N.V.
Condensed consolidated statements of cash flows
(€ thousands, unaudited)
Three months ended March 31,
20252024
Operating activities:
Net loss€(7,795)€(8,384)
Adjustments to reconcile net loss to net cash used in:
Depreciation (property and equipment and internal-use software and website development) 1,018 1,102 
Share-based compensation 2,047 1,274 
Deferred income taxes (2,267)(2,435)
Other, net890 (14)
Changes in operating assets and liabilities:
Accounts receivable, including related party(17,822)(11,364)
Prepaid expenses and other assets (698)2,204 
Accounts payable 10,870 9,517 
Taxes payable/receivable, net (219)1,888 
Other changes in operating assets and liabilities, net(125)(387)
Net cash used in operating activities (14,101)(6,599)
Investing activities:
Proceeds from sales and maturities of investments— 25,225 
Capital expenditures, including internal-use software and website development (962)(581)
Other investing activities, net6 — 
Net cash provided by/(used in) investing activities (956)24,644 
Financing activities:
Payment of withholding taxes on net share settlements of equity awards(283)(347)
Other financing activities, net(22)(18)
Net cash used in financing activities(305)(365)
Effect of exchange rate changes on cash(135)215 
Net increase/(decrease) in cash, cash equivalents and restricted cash(15,497)17,895 
Cash, cash equivalents and restricted cash at beginning of the period134,087 102,189 
Cash, cash equivalents and restricted cash at end of the period€118,590 €120,084 
Supplemental cash flow information:
Cash received for interest€700 €782 
Cash paid for taxes, net of (refunds)396 (1,845)
See accompanying notes
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trivago N.V.
Notes to the condensed consolidated financial statements (unaudited)
Note 1: Organization and basis of presentation
Description of business
trivago N.V., (“trivago” the “Company,” “us,” “we” and “our”) and its subsidiaries offer online meta-search for hotel and accommodation through online travel agencies (“OTAs”), hotel chains and independent hotels. Our search-driven marketplace, delivered on websites and apps, provides users with a tailored search experience via our proprietary matching algorithms. We generally employ a ‘cost-per-click’ (or “CPC”) pricing structure, allowing advertisers to control their own return on investment and the volume of lead traffic we generate for them. We also offer a ‘cost-per-acquisition’ (or “CPA”) pricing structure, whereby an advertiser pays us a percentage of the booking revenues that ultimately result from a referral.
During 2013, the Expedia Group, Inc. (formerly Expedia, Inc., the "Parent" or "Expedia Group") completed the purchase of a controlling interest in the Company. As of March 31, 2025, Expedia Group’s ownership interest and voting interest in trivago N.V. is 59.4% and 84.0%, respectively.
Basis of presentation
We have prepared the accompanying interim unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting. We have included all adjustments necessary for a fair presentation of the results of the interim period. These adjustments consist of normal recurring items. Our interim unaudited condensed consolidated financial statements are not necessarily indicative of results that may be expected for any other interim period or for the full year.
Certain information and note disclosures normally included in the audited annual consolidated financial statements have been condensed or omitted in accordance with SEC rules. The condensed consolidated balance sheet as of December 31, 2024 was derived from our audited consolidated financial statements as of that date but does not contain all of the footnote disclosures from the annual financial statements. As such, these interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 20-F for the year ended December 31, 2024, previously filed with the Securities and Exchange Commission (“SEC”).
Seasonality
We experience seasonal fluctuations in the demand for our services as a result of seasonal patterns in travel. For example, searches and consequently our revenue, are generally the highest in the first three quarters as travelers plan and book their spring, summer and winter holiday travel. Our revenue typically decreases in the fourth quarter. Seasonal fluctuations affecting our revenue also affect the timing of our cash flows. We typically invoice once per month, with customary payment terms. Therefore, our cash flow varies seasonally with a slight delay to our revenue, and is significantly affected by the timing of our advertising spending. Changes in the relative revenue share of our offerings in countries and areas where seasonal travel patterns vary from those described above may influence the typical trend of our seasonal patterns in the future.
Accounting estimates
We use estimates and assumptions in the preparation of our interim unaudited condensed consolidated financial statements in accordance with GAAP. Preparation of the interim unaudited condensed consolidated financial statements and accompanying notes requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as revenue and expenses during the periods reported. Our actual financial results could differ significantly from these estimates. The significant estimates underlying our interim unaudited condensed consolidated
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financial statements include: leases, recoverability of indefinite-lived intangible assets, income taxes, and share-based compensation.

Note 2: Significant accounting policies
The significant accounting policies used in preparation of these unaudited condensed consolidated financial statements for the three months ended March 31, 2025 are consistent with those discussed in Note 2 to the consolidated financial statements in our Annual Report on Form 20-F for the year ended December 31, 2024, except as updated below.
Recent accounting pronouncements not yet adopted
Income Taxes. In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 to improve its income tax disclosure requirements. Under the new guidance, public business entities must annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate). The new standard is effective for fiscal periods beginning after December 15, 2024. We will incorporate the new guidance in our tax disclosures in our consolidated financial statements for the fiscal year ended December 31, 2025.
Expense Disaggregation Disclosures. In November 2024, the FASB issued ASU 2024-03 which requires enhanced disaggregated disclosures regarding income statement expenses in a tabular format. The new guidance requires relevant expense captions to be disaggregated into categories, such as employee compensation, depreciation, and intangible asset amortization, included within each interim and annual income statement's expense caption, as applicable. Additionally, entities are required to disclose their selling expenses and their definition of selling expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. We are in the process of evaluating the impact of adopting this new guidance on our consolidated financial statement disclosures.
Certain risks and concentration of credit risk
Our business is subject to certain risks and concentrations including dependence on relationships with our advertisers, dependence on third-party technology providers, and exposure to risks associated with online commerce security. Our concentration of credit risk relates to depositors holding our cash and customers with significant accounts receivable balances.
Our customer base includes primarily OTAs, hotel chains and independent hotels. We perform ongoing credit evaluations of our customers and maintain allowances for potential credit losses. We generally do not require collateral or other security from our customers.
Expedia Group, our controlling shareholder, and its affiliates represent 35% of total revenues for the three months ended March 31, 2025, compared to 36% in the same period in 2024. Expedia Group and its affiliates represent 45% and 44% of total accounts receivable as of March 31, 2025 and December 31, 2024, respectively.
Booking Holdings and its affiliates represent 39% of total revenues for both the three months ended March 31, 2025 and 2024. Booking Holdings and its affiliates represent 27% and 22% of total accounts receivable as of March 31, 2025 and December 31, 2024, respectively.
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Deferred revenue
As of December 31, 2024, the deferred revenue balance was €1.0 million, €0.5 million of which was recognized as revenue during the three months ended March 31, 2025.
Foreign currency transaction gains and losses
Foreign currency transaction gains and losses presented within net other income for the three months ended March 31, 2025 and 2024 were as follows:
Three months ended
March 31,
(in thousands)20252024
Foreign exchange gains, net€264 €138 

Note 3: Fair value measurement
Financial assets measured at fair value on a recurring basis are classified using the fair value hierarchy in the tables below:
 March 31, 2025
(in thousands)Level 2
Cash equivalents:
Term deposits€80,950 
Investments and other assets:
Term deposits1,351 
Total€82,301 
December 31, 2024
(in thousands)Level 2
Cash equivalents:
Term deposits€80,950 
Investments and other assets:
Term deposits1,351 
Total€82,301 
We value our financial assets using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
We hold term deposit investments with financial institutions. We classify our term deposits within Level 2 in the fair value hierarchy because they are valued at amortized cost, which approximates fair value. Term deposits with a maturity of less than 3 months are classified as cash equivalents, those with a maturity of more than three months but less than one year are classified as short-term investments and those with a maturity of more than one year are classified as investments and other assets. Investments in term deposits with a maturity of more than one year are restricted by long-term obligations related to the campus building.
Assets measured at fair value on a non-recurring basis
Our non-financial assets, such as intangible assets and property and equipment, as well as our non-marketable equity investments, including our equity method investments and investment accounted for under the measurement alternative, are adjusted to fair value when an impairment charge is recognized
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or the underlying investment is sold. Such fair value measurements are based predominately on Level 3 inputs.

Note 4: Prepaid expenses and other current assets
(in thousands)March 31, 2025December 31, 2024
Prepaid advertising€1,851 €2,135 
Other prepaid expenses4,787 4,022 
Assets held for sale— 100 
Other assets277 201 
Total€6,915 €6,458 

Note 5: Property and equipment, net
March 31, 2025December 31, 2024
(in thousands)
Building and leasehold improvements€4,121 €4,121 
Capitalized software and software development costs32,126 31,366 
Computer equipment15,577 15,478 
Furniture and fixtures3,043 3,042 
Subtotal€54,867 €54,007 
Less: accumulated depreciation46,691 45,797 
Property and equipment, net€8,176 €8,210 

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Note 6: Share-based awards and other equity instruments
Share-based compensation expense
The following table presents the amount of share-based compensation expense included in our unaudited condensed consolidated statements of operations during the periods presented:
Three months ended
March 31,
(in thousands)20252024
Equity classified awards
€1,740 €1,048 
Liability classified awards
307 226 
Total share-based compensation expense€2,047 €1,274 
Share-based award activity
The following table presents a summary of our share option activity for the three months ended March 31, 2025:
OptionsWeighted
average
exercise
price
Weighted average remaining
contractual
life
Aggregate
intrinsic
value
(in €)(In years)(€ in thousands)
Balance as of January 1, 202534,454,915 0.99 
Exercised(1)
34,845 0.07 
Expired607,685 5.62 
Balance as of March 31, 202533,812,385 0.88 713,956 
(1) Inclusive of 17,655 options withheld due to net share settlements to satisfy required employee tax withholding requirements. Potential shares which had been convertible under options that were withheld under net share settlements remain in the authorized but unissued pool under the 2016 Omnibus Incentive Plan and can be issued by the Company. Total payments for the employees' tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited condensed consolidated statements of cash flows.
The following table summarizes information about share options vested and expected to vest as of March 31, 2025:
Fully Vested and Expected to VestOptionsWeighted
average
exercise
price		Remaining
contractual
life		Aggregate
intrinsic
value
(in €)(In years)(€ in thousands)
Outstanding22,932,385 1.13 89,263 
Currently Exercisable7,628,990 2.75 122,633 
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The following table presents a summary of our restricted stock unit (RSU) activity for the three months ended March 31, 2025:
RSUs
Weighted average grant date fair value
Weighted average remaining time to vest
(in €)(in years)
Balance as of January 1, 20253,976,800 0.63 
Granted2,898,795 0.75 
Vested(1)
676,465 1.01 
Cancelled9,060 1.14 
Balance as of March 31, 20256,190,070 0.64 1
(1) Inclusive of 347,805 RSUs withheld due to net share settlements to satisfy required employee tax withholding requirements. Potential shares which had been convertible under RSUs that were withheld under net share settlements remain in the authorized but unissued pool under the 2016 Omnibus Incentive Plan and can be issued by the Company. Total payments for the employees' tax obligations to the taxing authorities due to net share settlements are reflected as a financing activity within the unaudited condensed consolidated statements of cash flows.

Note 7: Income taxes
Income tax benefit was €2.1 million during the three months ended March 31, 2025, compared to €2.4 million in the same period in 2024. The total weighted-average tax rate was 33.9% during the three months ended March 31, 2025, which was mainly driven by the German statutory tax rate of approximately 31.2% and the estimated permanent effects for the full year. Our effective tax rate during the three months ended March 31, 2025 was 23.9%, compared to 22.2% in the same period in 2024. The change in effective tax rate between the two periods primarily reflects the difference in deferred tax adjustments related to temporary items.
The difference between the weighted average tax rate and the effective tax rate for the three months ended March 31, 2025 is primarily attributable to the share-based compensation expense, which is not deductible for tax purposes.
An uncertain tax position in connection with unrecognized tax benefits relating to the deductibility of expenses amounted to €8.7 million as of March 31, 2025. A liability for these tax benefits is presented within accrued expenses and other current liabilities in the unaudited condensed consolidated balance sheets.

Note 8: Stockholders' equity
Class A and Class B Common Stock
Our authorized share capital amounts to €234.0 million and is divided into Class A and Class B common stock with par values of €0.06 and €0.60, respectively. As stated in our articles of association, each Class B shareholder can request the conversion one or more Class B shares at any time with the ratio of one Class B share to ten Class A shares. The shareholder will then transfer nine out of every ten Class A shares to the Company for no consideration, leaving the shareholder with one issued Class A share. Upon conversion, the number of authorized Class B shares decreases by the number converted and concurrently, the number of Class A shares increases by ten times the number of Class B shares converted in order to maintain our authorized share capital. At the time of our IPO in 2016, the number of authorized Class A and Class B shares was 700,000,000 and 320,000,000, respectively. These share counts have been adjusted accordingly with each conversion of Class B shares into Class A shares and the current share counts are reflected on the unaudited condensed consolidated balance sheets.
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As of March 31, 2025, Class B shares are only held by Expedia Group and Rolf Schrömgens. Refer to Note 1: Organization and basis of presentation for Expedia Group's ownership interest and voting interest. The Class B shares held by Mr. Schrömgens as of March 31, 2025, had an ownership interest and voting interest of 8.1% and 11.4%, respectively.
The ratio of the Company's American Depositary Shares ('ADS') program is one ADS to five Class A shares.

Note 9: Earnings per share
Basic and diluted earnings per share of Class A and Class B common stock is computed by dividing net income/(loss) by the weighted average number of Class A and Class B common stock outstanding during the same period. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method.

The following table presents our basic and diluted earnings per share:
Three months ended
March 31,
(€ thousands, except per share data)20252024
Numerator:
Net loss€(7,795)€(8,384)
Denominator:
Weighted average shares of Class A and Class B common stock outstanding:
Basic351,702 348,824 
Diluted351,702 348,824 
Net loss per share:
Basic€(0.02)€(0.02)
Diluted(0.02)(0.02)
For the three months ended March 31, 2025 and 2024, approximately 34 million and 22 million, respectively, of outstanding stock-based awards have been excluded from the calculations of diluted net loss per share because their effect would have been antidilutive.

Note 10: Commitments and contingencies
Legal proceeding
One purported class action has been filed in Israel, making allegations about our advertising and/or display practices, such as search results rankings and algorithms, and discount claims. A pre-trial case management hearing took place on October 1, 2024. The court ordered trivago to provide certain information to the plaintiff. Pursuant to the court's recommendation, the parties initiated mediation procedures to evaluate possibilities for an amicable resolution of the matter in December 2024. These procedures are currently ongoing.

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Note 11: Related party transactions
Relationships with Expedia
We have commercial relationships with Expedia Group, Inc. and many of its affiliated brands, including Brand Expedia, Hotels.com, Orbitz, Travelocity, Hotwire, Wotif, Vrbo and ebookers. These arrangements are terminable at will upon fourteen to thirty days prior notice by either party and on customary commercial terms that enable Expedia Group’s brands to advertise on our platform, and we receive payment for users we refer to them. We also have an agreement with Expedia Partner Solutions ("EPS"), where EPS powers our platform with a template (Hotels.com for partners). Related-party revenue from Expedia Group primarily consists of click-through fees and other advertising services provided to Expedia Group and its affiliates.
Related-party revenue from Expedia Group and its affiliates was €43.4 million for the three months ended March 31, 2025, compared to €37.0 million in the same period in 2024. These amounts are recorded at contract value, which we believe is a reasonable reflection of the value of the services provided. Related-party revenue represented 35% of our total revenue for the three months ended March 31, 2025, compared to 36% in the same period in 2024, respectively.
For the three months ended March 31, 2025 and 2024, we did not incur significant operating expenses from related-party services and support agreements with Expedia Group.
The related party trade receivable balances with Expedia Group and its affiliates as of March 31, 2025 and December 31, 2024 were €29.4 million and €20.8 million, respectively.
UBIO Limited
Effective January 1, 2025 we renewed the commercial agreement with our existing partner UBIO Limited to increase the number of directly bookable rates available on our website for an additional 12-month period. This agreement will extend by subsequent 12 month periods, unless it is terminated by either party with 90 days prior notice at the end of each period. The agreement includes an annual minimum commitment of €0.8 million (GBP 0.7 million).
Our operating expenses related to this partner were €0.2 million and €0.3 million for the three months ended March 31, 2025 and 2024, respectively.
Holisto Limited
We entered into an equity method investment in Holisto Limited on July 30, 2024. Related-party revenue, consisting mainly of click-through fees from Holisto Limited was €2.5 million for the three months ended March 31, 2025. These amounts are recorded at contract value, which we believe is a reasonable reflection of the value of the services provided. The related party trade receivable balances with Holisto Limited as of March 31, 2025 and December 31, 2024 were €0.8 million and €0.5 million, respectively.

Our operating expenses related to this partner were €0.3 million for the three months ended March 31, 2025.
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Note 12: Segment information
Management has identified three reportable segments: Americas, Developed Europe and Rest of World (RoW). Our Americas segment is comprised of Argentina, Brazil, Canada, Chile, Colombia, Ecuador, Mexico, Peru, the United States and Uruguay. Our Developed Europe segment is comprised of Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. Our RoW segment is comprised of all other countries where trivago operates. Our investment in Holisto Limited met the criteria for an operating segment, however, it does not meet the quantitative thresholds of a separate reportable segment.
Our chief operating decision makers ("CODMs") are our managing directors comprised of the Chief Executive Officer, Chief Financial Officer, Chief Marketing Officer, and Chief Product Officer. We determined our operating segments based on how our chief operating decision makers manage our business, make operating decisions and evaluate operating performance. Our primary operating metric is Return on Advertising Spend, ("ROAS") contribution, for each of our reportable segments, which compares Referral Revenue to Advertising Spend. ROAS includes the allocation of revenue by segment which is based on the location of the website, or domain name, regardless of where the consumer resides. This is consistent with how management monitors and runs the business.
Our CODMs use ROAS contribution to allocate resources for each reportable segment predominantly in the annual budget and forecasting process. The CODMs consider budget-to-actual variances on a monthly basis using ROAS contribution when making decisions about the allocation of Advertising Spend to the reportable segments. The CODMs also use ROAS contribution to assess the performance for each reportable segment.
Corporate and Eliminations also includes all corporate functions and expenses except for direct advertising. In addition, we record amortization of intangible assets and any related impairment, impairment of goodwill, share-based compensation expense, restructuring and related reorganization charges, legal reserves, occupancy tax and other taxes, and other items excluded from segment operating performance in Corporate and Eliminations. Such amounts are detailed in our segment reconciliations below.
The following tables present our segment information for the three months ended March 31, 2025 and 2024. As a significant portion of our property and equipment is not allocated to our operating segments and depreciation is not included in our segment measure, we do not report the assets by segment as it would not be meaningful. We do not regularly provide such information to our chief operating decision makers.

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  Three months ended March 31, 2025
(€ thousands)Developed EuropeAmericasRest of WorldCorporate & EliminationsTotal
Referral Revenue€52,297 €44,913 €26,184 €— €123,394 
Subscription revenue— — — 478 478 
Other revenue— — — 236 236 
Total revenue€52,297 €44,913 €26,184 €714 €124,108 
Advertising Spend39,031 43,719 21,770 — 104,520 
ROAS contribution€13,266 €1,194 €4,414 €714 €19,588 
Costs and expenses:
Cost of revenue, including related party, excluding amortization2,719 
Other selling and marketing, including related party(1)
5,699 
Technology and content, including related party13,401 
General and administrative, including related party7,331 
Operating loss€(9,562)
Other income/(expense)
Interest expense(3)
Interest income736 
Other, net268 
Total other income, net€1,001 
Loss before income taxes€(8,561)
Benefit for income taxes(2,050)
Loss before equity method investments€(6,511)
Loss from equity method investments(1,284)
Net loss€(7,795)
(1) Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.
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  Three months ended March 31, 2024
(€ thousands)Developed EuropeAmericasRest of WorldCorporate & EliminationsTotal
Referral Revenue€43,891 €38,086 €18,210 €— €100,187 
Subscription revenue— — — 579 579 
Other revenue— — — 664 664 
Total revenue€43,891 €38,086 €18,210 €1,243 €101,430 
Advertising Spend36,270 33,260 14,553 — 84,083 
ROAS contribution€7,621 €4,826 €3,657 €1,243 €17,347 
Costs and expenses:
Cost of revenue, including related party, excluding amortization3,027 
Other selling and marketing, including related party(1)
4,753 
Technology and content, including related party12,544 
General and administrative, including related party8,559 
Amortization of intangible assets23 
Operating loss€(11,559)
Other income/(expense)
Interest expense(5)
Interest income869 
Other, net(23)
Total other income, net€841 
Loss before income taxes€(10,718)
Benefit for income taxes(2,381)
Loss before equity method investment€(8,337)
Loss from equity method investment(47)
Net loss€(8,384)
(1) Represents all other sales and marketing, excluding Advertising Spend, as Advertising Spend is tracked by reporting segment.

Note 13: Subsequent events
On April 29, 2025, we exercised our call option to acquire all remaining equity interest in Holisto Ltd. The purchase price is expected to be around USD 26 million in cash, subject to certain adjustment procedures. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be consummated by mid-year 2025. Upon consummation, Holisto Ltd. will become a fully consolidated subsidiary of trivago N.V. Holisto Ltd. is an AI-driven travel technology platform that serves as a hotel rate aggregator and white-label booking engine provider.


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