04 TRIP 3Q2026 Investor Presentation

Tripadvisor

November 2026

Group

The world's most trusted source for travel and experiences

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Remains focused on stated strategic priorities

Extend leadership in Experiences

Position for an AI-enabled future

Leading global online bookable experiences platform

World's largest online travel guidance platform

Simplify focus of legacy offerings

Large Global Audience

Trusted Brands

Unique, Community-Driven Content

Strong Partner Relationships

Drive sustainable, profitable growth

Group Data | Technology | World-Class Talent

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Extend leadership in experiences

Drive long-term growth in revenue and profit and expand market share under simplified, streamlined structure, strategy, and roadmap

Position for a future of AI-enabled travel

Deploy the Group's unique data assets to powering product, marketing, productivity and AI-first initiatives

Simplify focus of legacy Tripadvisor portfolio

Simplify legacy portfolio to support experiences and data strategies & optimize legacy portfolio to optimize for profitability

Drive sustainable, profitable growth

Continue to execute a financially disciplined growth strategy for the Group

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Group

On November 1, 2026, the company closed the sale of TheFork to American Express for $700 million in an all-cash transaction, with net proceeds of approximately $685 million.

Experiences

Hotels & Other

AI-Positioning

Sharpening investment and operational focus to the Viator flywheel and support Tripadvisor lead generation, B2B2C partners, and future growth opportunities.

Dedicating additional headcount in order to accelerate investment in product, engineering and technology.

Accelerating simplification toward leaner more nimble operating model.

Retaining focus on valuable core assets, and stabilizing cash flow.

Significantly reducing dedicated headcount.

Well positioned as discovery and booking evolves:

• Marketplace model moats: fragmented supply, transaction management, and customer support

• Valuable UGC and data assets

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Revenue Performance Reflective of Group Priorities

Experiences-led strategy and simplification of legacy offerings shifting revenue mix

Experiences

1,639

1,658

1,674

1,559

+ + Third Party

Commission-based revenue facilitated directly and indirectly through platform and on behalf of third-party distribution partner websites

Hotels & Other

Click-based advertising for OTAs and suppliers; display advertising, click-based revenue on dining and cruise, and B2B solutions for restaurants and hotels.

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Quarterly Results: Continuing Operations Revenue & Adjusted EBITDA

Results include only the Experiences and Hotels & Other segments, presented as continuing operations.

Continuing Operations Revenue ($M)

Continuing Operations Adj. EBITDA ($M)

As % of Rev 22% 12% 5% 17% 16%

Note: Total Adjusted EBITDA is a non-GAAP measure. Please refer to "Non-GAAP Reconciliations" in the Appendix for definitions of our non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure.

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Quarterly Revenue & Adjusted EBITDA by Segment

Experiences

Revenue ($M) Adj. EBITDA ($M)

Hotels & Other

Revenue ($M) Adj. EBITDA ($M)

Note: Adjusted EBITDA is our segment profit measure. Please refer to the appendix of this presentation for its definition. 10

Quarterly Free Cash Flow & Liquidity

Free Cash Flow ($M)

Liquidity position at 09/30/2026 ($M)

1,205

Free cash flow from continuing operations is a non-GAAP measure. Please refer to "Non-GAAP Reconciliations" in the Appendix for definitions of our non-GAAP financial measures, as well as reconciliations to the most directly comparable GAAP measure.

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Broad coverage

✔ Viator OTA capturing high-intent travelers

✔ Tripadvisor capturing upper funnel guidance & planning phase

✔ Third party: providing experiences supply to OTAs, hotels, travel agencies, and other partners

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+ 3P

Favorable tailwinds for global experiences

✔ Offline to online growing faster than overall market

✔ 4x faster growth of consumer spend on experience-related services v. goods1

Marketplace offering, connecting travelers and tour operators

Travelers:

• Easy discovery of high-quality experiences reviewed and confirmed by travelers

• Wide choice of products

• Flexibility to book and cancel

• Leading customer service

  Operators:

• Expanded distribution

• Hassle free bookings

• Marketing and analytics products to manage and grow their business

Global Tours and Experiences Market (Gross Bookings $B)

1. Phocuswright/Arival

2019-2027E CAGR

Source: Arival and company information

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Experiences booked growth

GBV ($B)

Adjusted EBITDA ($M) & Margin

Product

Better experience | Store Conversion via UX, personalization, AI product selection, driving loyalty and repeating customers

Marketing

Demand & Traffic Attracting customers through growing marketing efficiency,

geographic & channel expansion

Supply

Better selection

Secondary and tertiary markets, category expansion

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~$4.7B+

FY2025 GBV

+425K

Bookable Experiences

~4x more bookable experiences vs closest competitor1

+70K

Operators

Mid-20s

Take Rates

4,000+

Demand Partners

Including Nearly Every Travel Brand

Note: All figures as of year end 2025 unless otherwise noted

1. Bookable experience counts of competitors are based on internal estimates. Variations on the same tour experience are counted as a single experience. 15

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Durable asset that is difficult to replicate

✔ Trusted brand

✔ Authentic UGC

✔ Large community of contributors

✔ Large global audience

Trusted source for end-to-end travel planning & guidance

Travelers:

• Community-driven insight and engagement through reviews and forums

• Bookings for experiences, hotels, restaurants and other

Partners:

• Global hotel meta platform

• Key advertising platform for travel brands and beyond

Global Travel Market Gross Bookings ($T)

2019-2027 CAGR

Source: Phocuswright (includes air, hotel, rail, packaged travel, car rental and cruise)

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UGC, data and technology valuable enablers of product and partnership across travel categories

Product

Productivity

Partnerships

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• Trip planning tools, guidance, and recommendations

• Product personalization and predictive analytics

• Content + SEO: Review and forum summaries

• Conversational Chatbot/Search

• Engineering tools (code snippets, testing, search)

• Trust & Safety - reduce human moderation efforts while increasing the quality of detection

• Customer service

• Translation/localization

• Analytics

• Forging content solutions and partnerships with leading companies

• Optimizing LT position in the ecosystem

• Partnering with leading AI companies

  • GenAI search engines

  • Agentic AI

  • App integration

Serving travelers

under a globally recognized and trusted brand

Across 43 global markets

Millions

of contributors a year

Authentic traveler content

Valuable assets including a trusted brand, global audience, scalable content model, high-intent data, and significant supply footprint

1B+

Reviews & Opinions

World-class content moderation

Multiple ways of connecting consumers with our partners

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Note: All figures as of year end 2025 unless otherwise noted

*Annual active members

Thank You

Appendix: Reconciliation from GAAP to Non-GAAP

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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 for greater transparency with respect to key metrics used by management in operating and analyzing our business.

1. The Company expensed certain costs related to shareholder activism of $3.3 million during the first quarter of 2026.

2. Represents a recovery of $4.8 million related to an external fraud incident, which occurred during the fourth quarter of 2022. The Company has reduced Adjusted EBITDA by this recovery amount during the first quarter of 2026. The Company considers such recovery to be non-recurring in nature.

3. Depreciation and amortization. Includes capitalized website development amortization.

(4) Adjusted EBITDA. A non-GAAP measure which is defined as net income (loss) from continuing operations 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 impairments; (6) legal reserves, settlements and other, including indirect tax reserves related to audit settlements and the impact of one-time changes resulting from enacted indirect tax legislation; (7) restructuring and other related reorganization costs; (8) transaction related expenses (including

non-operational costs related to significant shareholder activism, which includes third-party advisory, legal, and other professional fees); and (9)

non-recurring expenses and income unusual in nature or infrequently occurring. These items are excluded from our Adjusted EBITDA measure because these items are noncash in nature, or because the amount is not driven by core operating results and renders comparisons with prior periods less meaningful.

(5) Free Cash Flow from continuing operations. A non-GAAP measure which is defined as net cash provided by operating activities from continuing operations less capital expenditures, which are purchases of property and equipment, including capitalization of website development costs. We believe this financial measure can provide useful supplemental information to help investors better understand underlying trends in our business, as it represents the operating cash flow that our operating businesses generate, less capital expenditures but before taking into account other cash movements that are not directly tied to the core operations of our businesses, such as financing activities, foreign exchange or certain investing activities. Free Cash Flow from continuing operations has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore, it is important to evaluate Free Cash Flow from continuing operations along with the unaudited condensed consolidated statements of cash flows.

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Segment Adjusted EBITDA is our segment profit measure and is defined as net income (loss) from continuing operations 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 impairments; (6) legal reserves, settlements, and other (including indirect tax reserves related to audit settlements and the impact of

one-time changes resulting from enacted indirect tax legislation); (7) restructuring and other related reorganization costs; (8) transaction related expenses (including non-operational costs related to significant shareholder activism, which includes third-party advisory, legal, and other professional fees); and (9) non-recurring expenses and income unusual in nature or infrequently occurring.

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 comparability with other companies that may calculate similarly titled metrics in a different way. Management believes it is useful to monitor this metric together and not individually as it does not make business decisions based upon any single metric. We regularly review our processes and may adjust how we calculate this metric to improve its accuracy. We make this key metric available to investors because we believe it is useful both because it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and because it may be used to help analyze the health of our business. This metric should not be considered as an alternative to any measure of financial performance calculated in accordance with GAAP.

Gross Booking Value ("GBV") represents the total dollar value of experience bookings in a given period prior to any adjustments such as date changes, refunds or cancellations. GBV is an operational measure that provides an indication of total engagement and economic activity driven by our platform in a given period by all marketplace constituents (travelers, experience operators, and partners). Management uses GBV for operational decision-making purposes to monitor the growth, scale, and reach of its online marketplace as well as assess the health of its global ecosystem. Accordingly, management does not consider GBV to be an indicator of revenue or any other financial statement measure.

* Full-year totals reflect data as reported and may differ from the summation of the quarterly data on this table due to rounding.

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