TRIP 2Q2026 Investor Presentation

Tripadvisor

August 2026

Group

The world's most trusted source for travel and experiences

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Transaction originally announced June 15, 2026.

Summary

Benefits

• On June 14, 2026, Tripadvisor, Inc. ("Tripadvisor" or the "Company") announced it entered into an agreement with American Express to sell TheFork, its European online restaurant reservation and management platform.

• Sale price is $700 million in an all-cash transaction. The Company anticipates minimal tax leakage from the sale of TheFork, with net proceeds expected to closely approximate the gross proceeds, less transaction costs.

• The transaction is progressing and expected to be completed by year end 2026.

Reinforces the Group's operating focus

Reflects Tripadvisor's stated strategy to prioritize opportunities in Experiences and simplify focus

Highlights the full value of TheFork

Validates TheFork's strong consumer brand with unique value proposition for both diners and restaurants, and its position as a leader in Europe

Provides flexibility in capital allocation decisions

Proceeds provide more capacity for share repurchases, debt paydown, or inorganic opportunities in Experiences

Reflects the strategic value in the Group's broader portfolio Deepens Tripadvisor's relationship with a trusted global brand with large presence across travel, dining 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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Revenue Performance Reflective of Group Priorities

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

Experiences

Continuing Operations: Revenue Mix

1,639 1,658 1,674 1,614

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

Beginning in Q2 2026 results include only the Experiences and Hotels & Other segments, presented as continuing operations. Given the pending transaction, announced on June 15, 2026, TheFork is considered "held for sale," under accounting guidelines and shown as discontinued operations in our results. All periods shown include only continuing operations. Please see the appendix of this presentation, and our press release dated August 6, 2026, for more information, and for a re-cast of the segments.

Continuing Operations Revenue ($M)

Continuing Operations Adj. EBITDA ($M)

As % of Rev 20% 22% 12% 5% 17%

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 06/30/2026 ($M)

1,339

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

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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

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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