TRIP 1Q2026 Investor Presentation

Tripadvisor

May 2026

Group

The world's most trusted source for travel and experiences

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Extend leadership in experiences

Drive long-term growth in revenue and 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, 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 enhance profitability

Drive sustainable, profitable growth

Continue to execute a financially disciplined growth strategy through expanding revenue mix at TheFork

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Extend leadership in Experiences

Supported by difficult to replicate assets

Position for an AI-enabled future

Simplify focus of legacy offerings

Large Global Audience

Trusted Brands

Unique, Community-Driven Content

Leading global online bookable experiences platform

World's largest online travel guidance platform

Leading European online restaurant discovery and booking platform

Drive sustainable, profitable growth

Strong Partner Relationships

Group Data | Technology | World-Class Talent

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Shift to Marketplace Offerings Driving Mix

Marketplace growth driving the portfolio mix shift

• 2025 marketplace revenue grew 12% year over year, reaching 61% of total mix, and adjusted EBITDA 35% of total mix

  Experiences mix driving expansion

• 2025 Experiences revenue grew 10% year over year, reaching 49% of total mix, and adjusted EBITDA 29% of mix

Revenue Mix ($M)

Adjusted EBITDA Mix ($M)

1,788

1,835

1,891

334

339

319

Figures may not total to 100% due to rounding

Note: Consolidated 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. 6

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Segment Performance Reflective of Group Priorities

Experiences

Hotels & Other

TheFork

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

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

Commission-based revenue facilitated through platform, paid for by restaurant partner; subscription-based restaurant software

LTM 1Q26

Revenue Mix % of Total1

12%

50%

38%

LTM 1Q26

Revenue2

$936 million

10% y/y growth

$711 million

-11% y/y growth

$232 million

25% y/y growth

LTM 1Q26 Adj. EBITDA2

(% margin)

$86 million

9%

$183 million

26%

$28 million

12%

1. Revenue mix calculation excludes approx. $4 million in intercompany eliminations

2. Last twelve month (LTM) period ending 03/31/2026

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

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 financial measures, as well as reconciliations to the most directly comparable GAAP measure.

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Quarterly Revenue & Adjusted EBITDA by Segment

Experiences

Hotels & Other

TheFork

Revenue ($M)

Adj. EBITDA ($M)

Revenue ($M)

Adj. EBITDA ($M)

Revenue ($M)

Adj. EBITDA ($M)

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

Quarterly Free Cash Flow & Liquidity

Free Cash Flow ($M)

Liquidity position at 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 to pay down its 0.25% Convertible Senior Notes due 2026 on April 1, 2026.

Free cash flow 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

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

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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Summary Highlights

~$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

TheFork

Leading marketplace for restaurant bookings in Europe

All restaurants in Europe

500k+

Restaurants in Top 5 countries*

Overview

Leader in an underpenetrated market

✔ Leading player in every EU market in which TheFork operates, currently present in 11 countries across Europe

✔ Unmatched volume and diversity of content in core markets

✔ Primarily app-based bookings

✔ Large repeat user base

Platform for European restaurant listings and reservations

Diners:

• Restaurant discovery and booking

• Photos, reviews, menu and pricing info to guide decision-making

  Restaurateurs:

• Visibility and reach to diners

• Marketing and yield management tools

• Digital solution to manage bookings, and optimize operations

• Customer behavior data

+50K

Bookable restaurants

*Euromonitor

Executing a financially disciplined growth strategy

• Expand value proposition to restaurants through market-competitive ERB platform

• Efficiently maintain restaurant base by optimizing sales and support

  • Higher than average growth expanding

    B2B

    Diversifying Business Model Drives Future Scale and Profitability

    B2C

• Drive demand through balanced media investment

  
  
  

• Deliver innovative product-led engagement and conversion

  • Repeat customers ~80% of bookings(1)

  • ~80% of bookings come through mobile app(1)

• Access new diners to enhance visibility, reach and revenue generation

• Build a strong brand presence in new

  contribution to mix

  Strategic

  Partnerships

  markets and drive diversity in business model and revenue stream

  • Partnering with large global brands (Mastercard, Vodafone, Michelin)

(1) Figures as of year end 2025

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Summary Highlights

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Number of Countries Operating

+50K

Bookable Restaurants

~80%+

Bookings via Mobile App

20M+

Ratings, Reviews & Photos

~80%+

Bookings from Repeat Diners

Note: All figures as of year end 2025 unless otherwise noted 19

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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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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

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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

Summary Highlights

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

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

1. The amount presented in the second quarter of 2025 represents the reversal of an estimated accrual related to the settlement of a regulatory related matter, based on updated information at the time.

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

3. 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.

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

(5) Consolidated Adjusted EBITDA. A non-GAAP measure which 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, intangible asset, and long-lived 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.

(6) Free Cash Flow. A non-GAAP measure which is defined as net cash provided by operating activities 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 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 along with the unaudited condensed consolidated statements of cash flows.

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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 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.

Operating metrics: We use the operating metrics 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 these metrics, which may hinder comparability with other companies that may calculate similarly titled metrics in a different way. Management believes it is useful to monitor these metrics 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 these metrics to improve their accuracy. We make these key metrics available to investors because we believe they are 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 they may be used to help analyze the health of our business. These metrics 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.

We define an "experience booking" as a single tour, activity, or attraction that can be purchased through Viator's platform for one or several travelers, prior to adjustments such as date changes, refunds, or cancellations. This metric is reported at the time the booking is made. As an example, a single experience booked in January for three travelers would be reported as one experience booking in the first quarter. We believe that the number of experience bookings, an operational measure, is a useful indicator of the scale of our marketplace.

* 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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