Slide 1: Q1 2026 Investor Presentation
Tripadvisor Q1 2026 Investor Presentation May 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements. Our presentation today, including the slides contained herein, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts or guarantees of future perform
Slide 3: The world's most trusted source for travel and experiences
Group The world’s most trusted source for travel and experiences 3 3
Slide 4: Focused on Priorities Designed to Drive Group Growth
Focused on Priorities Designed to Drive Group Growth Drive long-term growth in revenue and Extend leadership in experiences profit and expand market share by under one team, strategy, and roadmap Position for a future of AI-enabled travel Deploy the Group’s unique data assets to powering product, ma
Slide 5: Organized in Service of Group Priorities
Organized in Service of Group Priorities Supported by difficult to replicate assets Extend leadership in Experiences Position for an AI-enabled future Leading global online Leading European online World’s largest online travel bookable experiences restaurant discovery and guidance platform platform
Slide 6: Transforming the Group
Transforming the Group Shift to Marketplace Offerings Driving Mix Revenue Mix ($M) Adjusted EBITDA Mix ($M) Marketplace growth driving the 1,835 1,891 portfolio mix shift 1,788 ● 2025 marketplace revenue 334 339 319 grew 12% year over year, reaching 61% of total mix, and adjusted EBITDA 35% of total
Slide 7: Financial Highlights
Financial Highlights 7 7
Slide 8: Segment Performance Reflective of Group Priorities
Segment Performance Reflective of Group Priorities Experiences Hotels & Other TheFork Click-based advertising for OTAs and Commission-based revenue facilitated Commission-based revenue facilitated directly and indirectly through platform and on behalf suppliers; display advertising, click-based thro
Slide 9: Quarterly Results: Consolidated Revenue & Adjusted EBITDA
Quarterly Results: Consolidated Revenue & Adjusted EBITDA Consolidated Revenue ($M) Consolidated Adj. EBITDA ($M) As % of Rev 11% 20% 22% 11% 6% Note: Consolidated Adjusted EBITDA is a non-GAAP measure. Please refer to “Non-GAAP Reconciliations” in the Appendix for definitions of our non-GAAP financ
Slide 10: Quarterly Revenue & Adjusted EBITDA by Segment
Quarterly Revenue & Adjusted EBITDA by Segment Experiences Hotels & Other TheFork Revenue ($M) Revenue ($M) Revenue ($M) Adj. EBITDA ($M) Adj. EBITDA ($M) Adj. EBITDA ($M) Note: Adjusted EBITDA is our segment profit measure. Please refer to the appendix of this presentation for its definition. 10
Slide 11: Quarterly Free Cash Flow & Liquidity
Quarterly Free Cash Flow & Liquidity Liquidity position at Free Cash Flow ($M) 03/31/2026 ($M) 1,616 Cash and cash equivalents of $1,120 million includes approximately $341 million, net of financing costs from proceeds received from the issuance of our Tack-On Incremental Term Loan B Facility, used
Slide 12: Experiences
Experiences 12 12
Slide 13: Market-leading brands driving expansion of global online experiences
Market-leading brands driving expansion of global online experiences Marketplace offering, connecting Broad coverage Global Tours and travelers and tour operators ✔ Viator OTA capturing high-intent Experiences Market travelers (Gross Bookings $B) Travelers: ✔ Tripadvisor capturing upper funnel • Eas
Slide 14: Driving growth, scale, and profitability through marketing, product & supply flywheel
Driving growth, scale, and profitability through marketing, product & supply flywheel Experiences booked growth Marketing Demand & Traffic Attracting customers through growing marketing efficiency, geographic & channel expansion Product GBV ($B) Better experience | Store Conversion via UX, personali
Slide 15: Experiences Summary Highlights
Experiences Summary Highlights +425K 4,000+ ~$4.7B+ Bookable +70K Mid-20s Demand FY2025 GBV Experiences Operators Take Rates Partners ~4x more bookable Including Nearly Every experiences vs Travel Brand closest competitor1 Note: All figures as of year end 2025 unless otherwise noted 1. Bookable expe
Slide 16: TheFork
TheFork
Slide 17: Leading marketplace for restaurant bookings in Europe
Leading marketplace for restaurant bookings in Europe Overview Platform for European restaurant Leader in an underpenetrated listings and reservations market All ✔ Leading player in every EU market in which TheFork restaurants Diners: • Restaurant discovery and booking operates, currently present in
Slide 18: Executing a financially disciplined growth strategy
Executing a financially disciplined growth strategy ● Drive demand through balanced media investment ● Deliver innovative product-led ● Expand value proposition to engagement and conversion restaurants through market- B2C ○ Repeat customers ~80% of competitive ERB platform bookings(1) Diversifying ○
Slide 19: TheFork Summary Highlights
TheFork Summary Highlights 11 +50K ~80%+ 20M+ ~80%+ Number of Bookable Bookings via Ratings, Bookings Countries Restaurants Mobile App Reviews & from Repeat Operating Photos Diners Note: All figures as of year end 2025 unless otherwise noted 19
Slide 20: Hotels & Other
Hotels & Other 20 20
Slide 21: Unique position at the intersection of travelers and partners
Unique position at the intersection of travelers and partners Global Travel Market Trusted source for end-to-end Durable asset that is Gross Bookings ($T) travel planning & guidance difficult to replicate Travelers: • Community-driven insight and engagement through reviews ✔ Trusted brand and forums
Slide 22: Assets positioned to support growth in experiences and data strategies
Assets positioned to support growth in experiences and data strategies UGC, data and technology valuable enablers of product and partnership across travel categories Product Productivity Partnerships 22 ● Trip planning tools, ● Engineering tools (code ● Forging content solutions guidance, and snippe
Slide 23: Hotels & Other Summary Highlights
Hotels & Other Summary Highlights Serving Across 43 travelers global under a globally recognized and markets trusted brand Valuable assets including a trusted brand, global audience, scalable content model, high-intent data, and significant Authentic Millions supply footprint traveler of contributor
Slide 24: Thank You
Thank You
Slide 25: Appendix
Appendix Tripadvisor Group 2023 | 2024 2025 2026 .1™ (in $millions) FY FY ai Q2 Q3 Qa FY* qi Q12025 Qi2026 Reconciliation from GAAP Net Income (Loss) to Adjusted EBITDA (Non-GAAP): GAAP Net Income (Loss) $10.4 $4.9 (si1.0) $36.0 $53.2 ($38.4) $39.8 | ($324) $53.2 $18.4 Add: Provision (benefit) for i
Slide 26: Appendix
Appendix The Company believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enables comparison of financial results between periods where certain items may vary independent of business performance, and allow f
Slide 27: Appendix
Appendix Segment adjusted EBITDA is our segment profit measure and is defined as net income (loss) plus:(1) provision (benefit) for income taxes; (2) other income (expense), net; (3) depreciation and amortization; (4) stock-based compensation; (5) goodwill, long-lived assets and intangible asset imp