Slide 1: Q4 & FY 2025 Investor Presentation
Tripadvisor Q4 & FY 2025 Investor Presentation February 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: Annual Results: Consolidated Revenue, Adjusted EBITDA and Free Cash Flow
Annual Results: Consolidated Revenue, Adjusted EBITDA and Free Cash Flow Annual Revenue ($M) Annual Adjusted EBITDA ($M) Annual Free Cash Flow ($M) Operating Cash 235 144 245 Note: Consolidated adjusted EBITDA and Free Cash Flow are non-GAAP measure. Please refer to “Non-GAAP Reconciliations” in the
Slide 10: Quarterly Results: Consolidated Revenue & Adjusted EBITDA
Quarterly Results: Consolidated Revenue & Adjusted EBITDA Consolidated Revenue ($M) Consolidated Adj. EBITDA ($M) As % of Rev 18% 11% 20% 22% 11% Note: Consolidated Adjusted EBITDA is a non-GAAP measure. Please refer to “Non-GAAP Reconciliations” in the Appendix for definitions of our non-GAAP finan
Slide 11: Quarterly Revenue & Adjusted EBITDA by Segment
Quarterly Revenue & Adjusted EBITDA by Segment Experiences Hotels & Other TheFork Revenue ($M) Revenue ($M) Revenue ($M) Adj. EBITDA ($M) Adj. EBITDA ($M) Adj. EBITDA ($M) Note: Adjusted EBITDA is our segment profit measure and is defined as net income (loss) plus:(1) provision (benefit) for income
Slide 12: Quarterly Free Cash Flow & Liquidity
Quarterly Free Cash Flow & Liquidity Liquidity position at Free Cash Flow ($M) 12/31/2025 ($M) 1,531 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 $1,035 million in
Slide 13: Experiences
Experiences 13 13
Slide 14: 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 $B) Travelers: ✔ Tripadvisor capturing upper funnel • Eas
Slide 15: Driving growth, scale, and profitability through marketing, product & supply flywheel
Driving growth, scale, and profitability through marketing, product & supply flywheel Experiences booked growth Marketing Demand & Traffic Attracting customers through growing marketing efficiency, geographic & channel expansion Product GBV ($B) Better experience | Store Conversion via UX, personali
Slide 16: Experiences Summary Highlights
Experiences Summary Highlights +425K 4,000+ ~$4.7B+ Bookable +70K Mid-20s Demand FY2025 GBV Experiences Operators Take Rates Partners ~4x more bookable Including Nearly Every experiences vs Travel Brand closest competitor1 Note: All figures as of year end 2025 unless otherwise noted 1. Bookable expe
Slide 17: TheFork
TheFork
Slide 18: Leading marketplace for restaurant bookings in Europe
Leading marketplace for restaurant bookings in Europe Overview Platform for European restaurant Leader in an underpenetrated listings and reservations market All ✔ Leading player in every EU market in which TheFork restaurants Diners: • Restaurant discovery and booking operates, currently present in
Slide 19: Executing a financially disciplined growth strategy
Executing a financially disciplined growth strategy ● Drive demand through balanced media investment ● Deliver innovative product-led ● Expand value proposition to engagement and conversion restaurants through market- B2C ○ Repeat customers ~80% of competitive ERB platform bookings(1) Diversifying ○
Slide 20: TheFork Summary Highlights
TheFork Summary Highlights 11 +50K ~80%+ 20M+ ~80%+ Number of Bookable Bookings via Ratings, Bookings Countries Restaurants Mobile App Reviews & from Repeat Operating Photos Diners Note: All figures as of year end 2025 unless otherwise noted 20
Slide 21: Hotels & Other
Hotels & Other 21 21
Slide 22: Unique position at the intersection of travelers and partners
Unique position at the intersection of travelers and partners Global Travel Market Trusted source for end-to-end Durable asset that is Gross Bookings ($T) travel planning & guidance difficult to replicate Travelers: • Community-driven insight and engagement through reviews ✔ Trusted brand and forums
Slide 23: 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 23 ● Trip planning tools, ● Engineering tools (code ● Forging content solutions guidance, and snippe
Slide 24: 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 25: Thank You
Thank You
Slide 26: Appendix
Appendix Tripadvisor Grou p 2023 2024 2008 FY Q4 FY qi Q2 Q3 Q4 FY* Reconciliation from GAAP Net Income (Loss) to Adjusted EBITDA (Non-GAAP): GAAP Net Income (Loss) $10 $2 $5 (si1) $36 $53 ($38) $40 Add: Provision (benefit) for income taxes 115 (3) 82 (9) 1 10 (7) 5 Add: Other expense (income), net
Slide 27: 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 28: Appendix
Appendix We use the operating metric described below to assist us in measuring our operations performance, identifying trends, formulating projections and making strategic decisions for the Viator segment. We are not aware of any uniform standards for calculating this metric, which may hinder compar