Slide 1: Q3 FY 2025 Investor Presentation
Tripadvisor Q3 FY 2025 Investor Presentation November 2025
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: Group
Group The world’s most trusted source for travel and experiences
Slide 4: Strategic position as the leading platform across the traveler journey
Strategic position as the leading platform across the traveler journey Leading global online Leading European online World’s largest online travel bookable experiences restaurant discovery and guidance platform platform booking platform Unique, Large Trusted Strong Partner Community-Driven Global Au
Slide 5: Operating Model Reset
Operating Model Reset
Slide 6: Meeting Travelers in Their Journey
Meeting Travelers in Their Journey Growth in marketplace offerings driving meaningful mix shift 2015 LTM 2025 2 2015 LTM 2025 2 2015 LTM 2025 2 Revenue Mix % 7% 3% 11% of Total1 48% 48% 92% LTM 3Q25 $906 million $899 million $212 million Revenue2 11% y/y growth -7% y/y growth 24% y/y growth LTM 3Q25
Slide 7: New Operating Model: Brands in service of priorities
New Operating Model: Brands in service of priorities Extending leadership in Positioning for an Narrowing focus at Brand Experiences AI-enabled future Tripadvisor Driving long-term growth in Deploying the Group’s unique data Simplifying legacy portfolio by: revenue and profit by: assets: ● Prioritiz
Slide 8: Alignment of Operating Model with Experiences-Led Strategy
Alignment of Operating Model with Experiences-Led Strategy Legacy Segments Experiences Branded Media & Experiences & Other Dining Hotels advertising Dining New Segments (effective Q4 2025) Experiences Hotels & Other TheFork Click-based advertising for OTAs and Commission-based revenue facilitated Co
Slide 9: Quarterly Highlights
_ Quarterly Highlights’. \ a &
Slide 10: 3Q 2025 Financial Highlights
3Q 2025 Financial Highlights Balancing scale, growth, Shifting from legacy model Driving sustainable, profitability and market to scaling engagement- profitable growth share led opportunities ● Booked experiences ● Revenue of $235 million, ● Bookings growth of 11% growth of 18% or a decline of 8% ●
Slide 11: Consolidated Results: Quarterly Revenue & Adjusted EBITDA
Consolidated Results: Quarterly Revenue & Adjusted EBITDA Consolidated Revenue ($M) Consolidated Adj. EBITDA ($M) As % of Rev 23% 18% 11% 20% 22% Note: Consolidated Adjusted EBITDA is a non-GAAP measure. Please refer to “Non-GAAP Reconciliations” in the Appendix for definitions of our non-GAAP finan
Slide 12: Quarterly Revenue & Adjusted EBITDA by Segment
Quarterly Revenue & Adjusted EBITDA by Segment Viator Brand Tripadvisor TheFork Revenue ($M) Revenue ($M) Revenue ($M) Adj. EBITDA ($M) Adj. EBITDA ($M) Adj. EBITDA ($M) Note: Adjusted EBITDA is our segment profit measure and is defined as net income (loss) plus:(1) provision (benefit) for income ta
Slide 13: Quarterly Free Cash Flow & Liquidity
Quarterly Free Cash Flow & Liquidity Liquidity position at Free Cash Flow ($M) 09/30/2025 ($M) 1,714 Notes: Q4 2024 cash from operations and free cash flow included a refund of $42 million related to a separate previously disclosed IRS audit settlement. Cash and cash equivalents of $1,714 million in
Slide 14: Segment Level Overview
Segment Level Overview
Slide 15: Leading global online experiences platform
Leading global online experiences platform Global Tours and Overview Experiences Market Platform connecting travelers and tour (Gross Bookings $B) operators Travelers: Favorable tailwinds for • Easy discovery of high-quality global experiences experiences reviewed and confirmed ✔ Offline to online g
Slide 16: Investment today in building market share
Investment today in building market share Building scale Acquiring users today, building a long-term profitable business +$4B or Total Gross Booking Value ~23% CAGR (all POS) (2019-2024) Delivering increasing profitability through • Higher rates of repeat bookers • Higher subsequent repeat order val
Slide 17: Summary Highlights
Summary Highlights ~400K 4,000+ $4B+ Bookable 65K+ Mid-20s Demand FY2024 GBV Experiences Take Rates Partners ~4x more bookable Operators Including Nearly Every experiences vs Travel Brand closest competitor1 Note: All figures as of year end 2024 unless otherwise noted 1. Bookable experience counts o
Slide 18: Brand Tripadvisor
Brand Tripadvisor Overview Global Travel Market Gross Bookings ($T) Trusted source for end-to-end Durable asset that is difficult to travel guidance replicate 1.8 Travelers: 1.4 ✔ Trusted brand • Community-driven insight and engagement through reviews and forums ✔ Authentic UGC • Bookings for hotels
Slide 19: Brand Tripadvisor Summary Highlights
Brand Tripadvisor Summary Highlights ~300M 43 Valuable assets including a trusted Monthly Unique Global Markets brand, global audience, scalable Users content model, high-intent data, and significant supply footprint Multiple ways of connecting consumers with our partners +100M 1B+ Active Members* R
Slide 20: Leading marketplace for restaurant bookings in Europe
Leading marketplace for restaurant bookings in Europe Overview Platform for European restaurant Leader in an underpenetrated All listings and reservations market restaurants Diners: ✔ Leading player in every EU market in which TheFork operates, currently in Europe • Restaurant discovery and booking
Slide 21: Balancing growth and increasing profitability
Balancing growth and increasing profitability Grow restaurant base ● Value-add products and services ● Tools that elevate partners: booking and yield management, analytic insights and CRM Reach more travelers ● Product focus (app) ● Unmatched volume and diversity of content in core markets ● Driving
Slide 22: Summary Highlights
Summary Highlights 11 55K+ 75%+ 20M+ 75%+ Number of Ratings, Bookings Bookable Bookings via Countries Reviews & from Repeat Restaurants Mobile App Operating Photos Diners Note: All figures as of year end 2024 unless otherwise noted 22
Slide 23: Group Priorities
Group Priorities 1 Extending leadership in Experiences to drive long-term growth in revenue and profit Positioning for an AI-enabled future by leveraging our unique 2 content and data assets to position Tripadvisor at the center of the AI-ecosystem 3 Narrowing the focus at Brand Tripadvisor, while m
Slide 24: Thank You
Thank You
Slide 25: Appendix
Appendix Tripadvisor (in $millions) Reconciliation from GAAP Net Income (Loss) to Adjusted EBITDA (Non-GAAP): GAAP Net Income (Loss) Add: Provision (benefit) for income taxes Adc: Other expense (income), net Add: Restructuring and other related reorganization costs Add: Legal reserves and settlement
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