
Confidential - Do not distribute
Investor Presentation November 2026
Contents
Booking Holdings Overview
Long-Term Growth Algorithm
Key Initiatives to Drive Growth
Travel Market Opportunity
Supply Base
Customer Value Proposition
Efficiencies and Reinvesting
The Connected Trip Vision
Operating Performance and Financial Resources
Capital Structure and Allocation
3
Booking Holdings OverviewOverview
Delivering on our Mission Making Connections
Benefiting from Global Scale
Offering a Portfolio of Leading Brands
Building the Connected Trip
Make it easier for everyone to experience the world
We aim to connect and deliver value to our traveler and supplier customers
220+ Countries(1) / 40+ Languages / ~4.7M accommodation properties(2)
Our vision is to make the planning, booking, and travel experience easier, more personal, and more enjoyable, leveraging our data and AI technology
Includes countries and territories. 4
As of September 30, 2026.
Figures in billions
Adjusted EPS(2)Highlights
12% CAGR 16% CAGR
2025 Room Nights | 2025 Revenue | 2025 Adj. EBITDA(2) | 2025 Adj. EBITDA Margin(2) | 2025 Free Cash Flow(2) | ||||
1.2B (+8% YoY) | $26.9B (+13% YoY) | $9.9B (+20% YoY) | 37% (+193bps YoY) | $9.1B (+15% YoY) |
5
Gross Profit shown for 2015-2017.
Refer to Appendix for reconciliation of Non-GAAP measures Adjusted Earnings Per Share ("EPS"), Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow. Adjusted EPS figures have been retroactively adjusted to reflect the 25-for-1 stock split that took effect on April 2, 2026.
Invest in the Business
Traveler Acquisition
Supply Growth & Diversification
Artificial Intelligence ("AI")
Build Differentiation
The Connected Trip
AI-Powered Offerings
Payments / FinTech
Algorithm
The Connected Trip
Payments / FinTech
Localization
Secular Trends
Economic / GDP Growth
Travel Market Growth
Increasing Online Penetration
Long-term ambition growth rates represent constant currency year-over-year growth rates.
BKNG Long-Term Growth Ambition(1)
8% Gross Bookings
8% Adjusted Revenue
15% Adjusted EPS
Drive Savings & Efficiencies
Transformation Program
Increasing Direct Mix
Fixed OpEx Leverage
Loyalty Programs
Mobile App
Customer / Supply Scale
Value Creation
Profitable Growth
Cash Flow Generation
Capital Returns
Investment Grade Credit Rating
Long-term ambition growth rates are targets and not projections of future operational or financial performance.
AI Efficiencies 6
We Have Many Growth Drivers in the Near- and Long-Term
7
Market
Growth Drivers
Growing Travel Market
1
Increasing Online Penetration
2
Diversifying and Growing our Supply Base
3
Near-Term
Growth Initiatives
Enhancing Customer Value Proposition
4
Driving Efficiencies and Reinvesting
5
Long-Term
Growth Initiatives
Building the Connected Trip Vision
6
1 2 Growing Travel Market and Increasing Online Penetration8
Total Global Travel Market is a Large OpportunityGround Transportation
~$550B
Air
~$800B
Attractions
~$350B
>$3.5
TrillionAccommodations
~$1.1T
Food & Beverage
~$950B
Source: Euromonitor, Oxford Economics, and Phocuswright for 2025.
(1) Online penetration is defined as the ratio of online accommodations bookings to worldwide accommodation bookings.
Travel Market
Accommodations is a Large Segment Within Travel
We are focused on enhancing our position in the growing global accommodations market which continues to undergo a shift from offline to online travel
(figures in billions)
Online Penetration(1)
9
3 Diversifying and Growing our Supply Base10
Our Marketplace Provides a Complete Offering of Accommodations with Supply Growing YoY
Ryokans
Apartments
Accommodations
Villas
As of September 30, 2026, Booking.com had
~33 million reported listings (9.4 million are alternative accommodations or "AA") across ~4.7 million properties (of which
~4.2 million are AA)
Figures in millions
Hotels
Treehouses Riads
Entire Homes Bed & Breakfasts Chalets 11
We Continue to Grow Our Alternative AccommodationsQ3'25
Accommodations
Q3'26
Booking.com AA room nights grew 7% YoY in Q3 2026, an improvement from 4% YoY growth in Q2 2026 as we saw an acceleration across all of our major regions
We are focused on continuing to improve our alternative accommodations product for our supply partners and travelers, particularly in the U.S.
Booking.com AA RN Mix
Booking.com AA Listings
Booking.com AA Properties
~36% 8.6M
3.9M
~37% 9.4M
4.2M
~100bps YoY
~9% YoY
~8% YoY
12
Accommodations
Potential to Grow Our Business with Existing Accommodation PartnersBKNG's Room Nights as a % of Potentially Bookable Rooms with Existing Partners
Reported Listings(1) ~33 million
× Days in the Year 365
Annual Bookable Room Nights ~12 billion
BKNG LTM 9/30/26 Room Nights ~1.3 billion
BKNG room nights represent approximately 1 in 10 bookable room nights with our existing partners
(1) Represents the total number of rooms in hotels and alternative accommodations that were listed on Booking.com's platform as of September 30, 2026. Hotel and alternative accommodation rooms that were not listed on our platforms, such as those only available in offline channels, are not included
1133
in this number. Additionally, not all hotel and alternative accommodation rooms are open year round 13
(e.g. seasonality impacts).
We Continue to Grow Our Flights OfferingFlight tickets booked in 2025 were 68M (9.1x the amount of tickets booked in FY 2019)
Airline ticket growth rebounded from Q2'26 and was up 19% YoY in Q3'26
We continue to see flights bringing new customers to our platforms while delivering a more complete offering to our existing customers
1.9M flight tickets booked in Q1'19
In 2019, Booking.com launched its flight
offering
Flights
20.6M flight tickets booked in Q3'26
Booking.com flight product live in over
55 countries(1)
(2)
As of December 31, 2025. 14
Flight Tickets Booked are shown on a trailing twelve month basis.
15
Our Marketplace Model Provides Compelling Value to our Travelers and Suppliers
Customers
Value we bring to Travelers
Great value proposition to our travelers, leading customers to book directly on our platforms (our direct mix of B2C room nights was in the mid 60% range over the last four quarters)
Attractive prices including exclusive Genius loyalty rewards
Large and diverse selection of properties
World Class mobile app offerings (our mobile app mix of room nights was in the high 50% range over the last four quarters)
AI-powered offerings to help make the travel experience more personalized and seamless
Value we bring to Suppliers
Access to loyal customer base with high mix of customers booking direct
Fully integrated solution including
customer service and payment options
Investing in customer acquisition
Global supply teams helping partners access demand through our platform
Access to hundreds of Connectivity Partners
AI-powered offerings to help improve the onboarding process as well as with guest interactions
16
Our Genius Loyalty Program Delivers Value to our Travelers and Suppliers
Genius
Our Genius loyalty program offers rewards such as pricing discounts, free room upgrades, free breakfasts, and priority customer service support
Genius enables our supplier partners to capture incremental demand when they want it which is why more of our partners are electing to participate
Over the last four quarters, Level 2 and Level 3 members represented more than 30% of Booking.com's active customer base and accounted for a high 50% share(1) of room nights, up from a year ago.
We see a meaningfully higher direct booking mix
for Genius users versus other users
17
17
(1) Represents the mix of Booking.com room nights booked by travelers in the higher Levels 17
2 and 3 Genius tiers.
5 Driving Efficiencies and Reinvesting18
An Increase in Direct Mix Since 2019 Helped Drive Marketing Leverage From 2019 to 2025Efficiencies
Marketing as a % of gross bookings has had leverage relative to 2019 as we have increased the mix of customers coming directly to our platforms while at the same time efficiently investing in marketing at attractive ROIs
Marketing as a
% of Gross Bookings(1)
Direct Mix of Total Room Nights(2)
FY25 marketing as a % of gross bookings was in line with FY24.
2019
5.15%
Low 50%'s2025
4.40%
Mid 50%'s19
When we exclude our B2B business, our FY25 B2C direct mix was in the mid 60% range, which is similar to FY24.
2025 Adj. Fixed OpEx Leverage
YoY % Change
Efficiencies
We are focused on carefully managing our fixed expenses and driving operating leverage
We aim to reinvest across our strategic initiatives in a disciplined manner, which we believe will help drive stronger topline and earnings growth in the future
(1)
Refer to Appendix for reconciliation of Non-GAAP measure Adjusted Fixed Operating Expenses. 20
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