Trivago NV (TRVG) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by and welcome to trivago's second quarter earnings call 2025. After the speaker's remarks, there will be a question and answer session.

女士們、先生們，大家好。感謝您的耐心等待，歡迎參加 trivago 2025 年第二季財報電話會議。演講結束後，將進行問答環節。

(Operator Instructions)

（操作說明）

I must advise you the call is being recorded today, Wednesday, August 6, 2025. We are pleased to be joined on the call today by Johannes Thomas, trivago's CEO and Managing Director; and Wolf Schmuhl, trivago's CFO and Managing Director.

我必須告知您，本次通話正在錄音，時間是2025年8月6日，星期三。今天我們很高興邀請到 trivago 的執行長兼董事總經理 Johannes Thomas 和 trivago 的財務長兼董事總經理 Wolf Schmuhl 參加電話會議。

The following discussion, including responses to your questions, reflects management's views as of Tuesday, August 5, 2025 only unless expressly stated otherwise, in which case it reflects management's views as of today, Wednesday, August 6, 2025 only. trivago does not undertake any obligation to update or revise this information.

以下討論（包括對您問題的答案）僅反映管理層截至2025年8月5日星期二的觀點，除非另有明確說明；如有明確說明，則僅反映管理層截至今日（2025年8月6日星期三）的觀點。 trivago不承擔更新或修改此資訊的任何義務。

As always, some of the statements made on today’s call are forward-looking, typically preceded by words such as we expect, we believe, we anticipate or similar statements. Please refer to the Q2 2025 operating and financial review and trivago’s other filings with the SEC for information about factors which could cause trivago’s actual results to differ materially from these forward looking statements.

像往常一樣，今天電話會議上的一些陳述是前瞻性的，通常以「我們預期」、「我們相信」、「我們預計」或類似表述開頭。有關可能導致 trivago 的實際業績與這些前瞻性聲明有重大差異的因素，請參閱 2025 年第二季營運與財務回顧以及 trivago 向美國證券交易委員會提交的其他文件。

You will find reconciliations of non-GAAP measures to the most comparable GAAP measures discussed today in trivago’s operating and financial review, which is posted on trivago's Investor Relations website at ir.trivago.com.

您可以在 trivago 的營運和財務回顧中找到今天討論的非 GAAP 指標與最可比較 GAAP 指標的調整表，該回顧已發佈在 trivago 的投資者關係網站 ir.trivago.com 上。

You are encouraged to periodically visit trivago’s Investor Relations website for important content. Finally, unless otherwise stated, all comparisons on the call will be against results for the comparable period of 2024.

我們鼓勵您定期造訪 trivago 的投資者關係網站，以獲取重要內容。最後，除非另有說明，本次電話會議中的所有比較都將與 2024 年同期業績進行比較。

With that, let me turn the call over to Johannes.

那麼，我把電話交給約翰內斯吧。

Thank you, everyone, for joining us on our Q2 2025 earnings call. I'm pleased to report strong financial performance with 17% revenue growth year-over-year, marking our third consecutive quarter of growth and second consecutive quarter of double-digit growth across all segments. Geographic performance was robust across all regions, with Rest of World leading at 32% year over year growth, followed by Developed Europe at 20% and Americas at 10%. We achieved this accelerated growth despite FX headwinds and while slightly improving adjusted EBITDA year-over-year.

感謝各位參加我們2025年第二季財報電話會議。我很高興地報告，公司財務業績強勁，收入同比增長 17%，這是公司連續第三個季度實現增長，也是連續第二個季度所有業務板塊均實現兩位數增長。各地區的地理表現都很強勁，其中世界其他地區年增 32%，領先已開發​​歐洲地區（20%）和美洲地區（10%）。儘管面臨外匯逆風，且調整後 EBITDA 同比略有改善，我們仍然實現了加速成長。

These results demonstrate that our strategic initiatives are working, our brand marketing investments are driving returns, our product improvements are converting users, and our teams are executing diligently across the organization.

這些結果表明，我們的策略舉措正在奏效，我們的品牌行銷投資正在帶來回報，我們的產品改進正在轉化用戶，我們的團隊正在整個組織內勤奮執行。

I'm pleased to provide you with an update on each of our three strategic focus areas. Please also have a look at our investor presentation, which illustrates the core topics I am highlighting. Our first strategic priority is Brand Marketing, through which we continue to elevate our globally recognized brand. We are committed to further expanding brand marketing investments and continuously improving its efficiency.

我很高興向大家報告我們三大策略重點領域的最新進展。請同時查看我們的投資者演示文稿，其中闡述了我重點強調的核心主題。我們的首要策略重點是品牌行銷，透過品牌行銷，我們不斷提升我們全球知名的品牌。我們致力於進一步擴大品牌行銷投入，並持續提高其效率。

As we entered the summer travel season, our branded traffic remained a key driver for our growth in Q2. We experienced double-digit branded revenue growth across all geographic segments. This success was a result of our multi year investment strategy, continued optimization and the roll-out of our new brand marketing campaign in May 2025.

隨著夏季旅遊旺季的到來，我們的品牌流量仍然是第二季成長的關鍵驅動力。我們在所有地理區域都實現了兩位數的品牌收入成長。這項成功是我們多年投資策略、持續優化以及2025年5月推出的新品牌行銷活動的成果。

Our global AI-powered campaign features legendary soccer coach Jürgen Klopp, and our local campaigns in Japan, Brazil and Germany followed localized strategies to maximise impact. We expect this success to elevate our branded visitor baseline for the rest of the year and beyond, showcasing compounding effects of our brand marketing investments.

我們利用人工智慧技術的全球宣傳活動邀請了傳奇足球教練尤爾根·克洛普擔任嘉賓，而我們在日本、巴西和德國的本地宣傳活動則採取了本地化策略，以最大限度地提高影響力。我們預計這項成功將提升我們品牌訪客的基線，並在今年餘下的時間里以及未來更長時間內持續成長，從而展現我們品牌行銷投資的複利效應。

Our second strategic priority is to enhance our Core Hotel Search Experience. We empower travelers to book with confidence, saving them valuable time and money. Our teams demonstrated continued high levels of testing velocity on our platform. Our hundreds of product tests and enhancements have returned notable conversion rate improvements in Q2, which we expect to improve our marketing efficiency and user satisfaction.

我們的第二個策略重點是提升核心酒店搜尋體驗。我們讓旅客能夠安心預訂，從而節省他們寶貴的時間和金錢。我們的團隊在我們的平台上持續展現了高水準的測試速度。我們在第二季進行了數百次產品測試和改進，轉換率顯著提高，我們預計這將提高我們的行銷效率和用戶滿意度。

We have focused our product development efforts on improving our core search functionalities. Filters are now more visible on top of our search results, and we released AI smart filters, where users can refine their search results through free text filtering. We're particularly thrilled about the launch of our new AI-powered review summaries for more than 230.000 hotels and in 11 languages.

我們已將產品開發精力集中在改進核心搜尋功能上。現在，篩選器在搜尋結果頂部添加顯眼，我們還推出了 AI 智慧篩選器，用戶可以透過自由文字篩選來優化搜尋結果。我們尤其興奮地宣布，我們全新的人工智慧驅動型飯店點評摘要功能已上線，涵蓋超過 23 萬家飯店，並支援 11 種語言。

They transform thousands of guest reviews and further content into digestible, yet comprehensive insights. Unlike our AI highlights that showcase hotel USPs crisp and at a glance, these summaries dive deeper into travelers' experiences with hotel's facilities, amenities, rooms and service. Perfect for travelers that value thorough research and authentic guest perspectives.

他們將成千上萬條賓客評論和其他內容轉化為易於理解但又全面的見解。與我們人工智慧突顯飯店獨特賣點的功能不同，這些摘要深入探討了旅客對飯店設施、便利設施、客房和服務的體驗。非常適合重視深入研究和真實旅客評價的旅客。

At the end of 2024, we announced our first-of-its-kind AI Smart Search. After several iterations, we integrated this natural language search functionality into our core hotel search experience, substantially elevating its usage. We believe that this will further accelerate user adoption and our pace of learning in the space of AI.

2024年底，我們發表了首款人工智慧智慧搜尋功能。經過多次迭代，我們將這種自然語言搜尋功能整合到我們的核心酒店搜尋體驗中，大大提高了其使用率。我們相信這將進一步加快用戶接受度，並加快我們在人工智慧領域的學習步伐。

I would also like to highlight our continued commitment to increasing retention among our core user base. We aim to make price savvy travellers loyal to our platform which allows us to further personalise their experience on trivago. Leveraging advanced machine learning, we have launched our 5th generation of personalised ranking which continued driving conversion rates tangibly.

我還想強調我們將繼續致力於提高核心用戶群的留存率。我們的目標是讓精打細算的旅客忠於我們的平台，使我們能夠進一步個性化他們在 trivago 上的體驗。利用先進的機器學習技術，我們推出了第五代個人化排名系統，該系統持續顯著提升了轉換率。

In the last two years, we have almost doubled the amount of revenue that stems from our members. In Q2 2025, we achieved the important milestone of generating 20% of our referral revenue from logged-in users. This is a result of an improved member value proposition that offers features such as price alerts and exclusive deals. We remain focused on expanding our member proposition and enhancing our offering.

在過去的兩年裡，我們來自會員的收入幾乎翻了一番。2025 年第二季度，我們實現了 20% 的推薦收入來自已登入用戶的重要里程碑。這是由於會員價值主張提升，提供了價格提醒和專屬優惠等功能。我們將繼續專注於拓展會員權益和提升服務品質。

Further, we completed Project Trinity, which aimed to rethink the way we display prices to our users. We have simplified the price comparison experience on trivago by preferably displaying direct rates, a great deal and a popular site right next to each other visibly in our search results.

此外，我們完成了「三位一體」項目，旨在重新思考我們向用戶展示價格的方式。我們簡化了 trivago 上的價格比較體驗，在搜尋結果中優先顯示直接報價、超值優惠和熱門網站，並將它們並排顯示。

This has tangibly improved our comparison functionality, enabling users to intuitively grasp our value proposition from their very first visit. Importantly, this new price display also creates the foundation needed to bring our 'trivago Book & Go' vision to the forefront. Our third strategic priority is to empower our partners to maximize their potential on trivago.

這切實提高了我們的比較功能，使用戶從第一次訪問開始就能直觀地了解我們的價值主張。重要的是，這種新的價格顯示方式也為將我們的「trivago Book & Go」願景推向前台奠定了基礎。我們的第三個策略重點是賦能合作夥伴，使其在 trivago 上最大限度地發揮潛力。

In the past two years, we onboarded dozens of partners to our smart bidding and transaction-based model. By today we have more than 100 partners on this model and doubled its share of revenue in our marketplace since 2023.

過去兩年，我們已將數十家合作夥伴納入我們的智慧競價和以交易為基礎的模式。截至目前，我們已有超過 100 家合作夥伴採用這種模式，自 2023 年以來，該模式在我們市場中的收入份額翻了一番。

Historically trivago offered a CPC based model to all advertising partners. In the recent years we emphasized our focus on the transaction-based model. Partners pay a fixed commission percentage for a booking while we optimise their exposure on trivago. This model has simplified our platform for small and medium sized partners and enhances their competitiveness in our marketplace. For trivago, it offers a chance to reduce volatility in our auction.

從歷史上看，trivago 為所有廣告合作夥伴提供的都是基於每次點擊費用 (CPC) 的模式。近年來，我們更加重視以交易為基礎的模式。合作夥伴為每筆預訂支付固定佣金比例，而我們則優化他們在 trivago 上的曝光度。這種模式簡化了我們面向中小夥伴的平台，並提高了他們在我們市場上的競爭力。對於 trivago 而言，這提供了一個降低我們拍賣波動性的機會。

I am also thrilled to share that at the end of July 2025, we completed the acquisition of Holisto by acquiring all remaining equity interests. Holisto is an AI-driven travel technology company that serves as a hotel rate aggregator and white-label booking engine provider. Together with Holisto, we successfully launched trivago Book & Go with pilot partners, who have achieved substantial conversion improvements and increased their market share on our platform. We will continue to execute on this strategic direction and aim to onboard more partners throughout the year.

我也很高興地宣布，在 2025 年 7 月底，我們完成了對 Holisto 的收購，收購了所有剩餘的股權。Holisto 是一家由人工智慧驅動的旅遊科技公司，提供飯店價格聚合和白標預訂引擎服務。我們與 Holisto 一起成功地與試點合作夥伴推出了 trivago Book & Go，這些合作夥伴在我們的平台上實現了顯著的轉換率提升，並增加了市場份額。我們將繼續執行這項策略方向，並力爭在年內引進更多合作夥伴。

Once again, our exceptional team has demonstrated strong operational excellence and rapid progress in our strategic initiatives. Our teams are maintaining sharp focus on the critical priorities that drive value for both our users and advertising partners. We recognize that our progress is only possible thanks to the collective efforts and commitment of everyone on our team. Thanks a lot for your hard work and dedication.

我們的優秀團隊再次展現了卓越的營運能力和在策略性舉措方面取得的快速進展。我們的團隊始終高度重視能夠為使用者和廣告合作夥伴創造價值的關鍵優先事項。我們體認到，我們所取得的進步離不開團隊中每一位成員的共同努力和奉獻。非常感謝你的辛勤工作和奉獻精神。

Now, I'm pleased to pass the call to Wolf, our new CFO since June, for a detailed financial review.

現在，我很高興將電話轉交給自六月以來擔任我們新任財務長的沃爾夫，讓他進行詳細的財務審查。

Thank you, Johannes, and good morning, everyone. We are thrilled to report that the second quarter of 2025 was a successful one for trivago, and marks yet another strong performance. We achieved a 17% year-over-year increase in total revenue and an 18% increase in Referral Revenue, which was driven by sustained branded traffic growth, while maintaining a stable Return on Advertising Spend. This reaffirms the effectiveness of our marketing strategy.

謝謝你，約翰內斯，大家早安。我們很高興地宣布，trivago 在 2025 年第二季取得了成功，並再次展現了強勁的業績。在品牌流量持續成長的推動下，我們實現了總收入年增 17%，推薦收入年增 18%，同時維持了穩定的廣告支出報酬率。這再次證明了我們行銷策略的有效性。

Despite economic uncertainties and foreign exchange related headwinds, we remain confident about our outlook. Therefore, continue to expect mid-teens percentage revenue growth for the full year of 2025 and a positive adjusted EBITDA, similar to last year’s levels. We identify numerous attractive opportunities to further scale our brand marketing investments and expand our business. We are excited to have reached 20% of Referral Revenue from logged-in users underscoring our progress in fostering user loyalty and engagement.

儘管經濟情勢不明朗，且面臨外匯的不利因素，但我們對前景依然充滿信心。因此，預計 2025 年全年營收將實現 15% 左右的成長，調整後 EBITDA 將為正值，與去年的水平相似。我們發現了許多極具吸引力的機會，可以進一步擴大品牌行銷投資規模，拓展業務。我們很高興已登入用戶的推薦收入已達到 20%，這凸顯了我們在培養用戶忠誠度和參與度方面的進展。

Now, let's review our second quarter results and our 2025 outlook. Unless otherwise indicated, all comparisons for 2025 are on a year-over-year basis. In the second quarter, our total revenue reached EUR139.3 million, representing a 17% increase compared to the same period in 2024. We are pleased to note this marks our third consecutive quarter of growth.

現在，讓我們回顧一下第二季業績和2025年展望。除非另有說明，2025 年的所有比較均以同比為基礎。第二季度，我們的總營收達到 1.393 億歐元，比 2024 年同期成長 17%。我們很高興地註意到，這標誌著我們連續第三個季度實現成長。

We experienced yet another quarter of strong year-over-year double-digit growth across all three reporting segments with Referral Revenues growing 32% in Rest of World, 20% in Developed Europe, and 10% in Americas. This growth was primarily driven by increased branded channel traffic in response to our ongoing brand marketing investments as well as product improvements enhancing our booking conversion.

我們在所有三個報告部門又經歷了一個季度強勁的同比增長兩位數增長，其中世界其他地區的推薦收入增長了 32%，發達歐洲地區增長了 20%，美洲地區增長了 10%。這項成長主要得益於品牌通路流量的增加，這是我們持續品牌行銷投入的回報，以及產品改進提升了我們的預訂轉換率。

During the second quarter, we reported a net loss of EUR6.5 million. We achieved a better than expected Adjusted EBITDA loss of EUR5.1 million. Similar to our 2024 performance, we saw negative Adjusted EBITDA in the first and second quarter of the year and anticipate positive Adjusted EBITDA in the third and fourth quarter of the year.

第二季度，我們報告淨虧損650萬歐元。我們實現了比預期更好的調整後 EBITDA 虧損，虧損額為 510 萬歐元。與我們 2024 年的業績類似，我們在今年第一季和第二季的調整後 EBITDA 為負值，預計今年第三季和第四季的調整後 EBITDA 為正值。

Operational expenses increased by EUR19.9 million, totalling EUR147.3 million for the second quarter. This was mainly due to a EUR21.8 million increase in Selling and Marketing resulting from higher brand marketing investments made over the course of the quarter. Advertising Spend increased by EUR9.5 million, or 26% in Developed Europe, EUR5.9 million or 31% in Rest of World, and EUR5.5 million, or 14% in the Americas, driven largely by brand marketing investments in all segments.

第二季營運支出增加了 1,990 萬歐元，總計達到 1.473 億歐元。這主要是由於本季品牌行銷投入增加，導致銷售和行銷支出增加了 2,180 萬歐元。廣告支出在已開發歐洲地區增加了 950 萬歐元，增幅達 26%；在世界其他地區增加了 590 萬歐元，增幅達 31%；在美洲增加了 550 萬歐元，增幅達 14%，這主要得益於各細分市場的品牌營銷投資。

The overall increase in operating expense was partly offset by a EUR1.5 million reduction in General and Administrative expenses and a EUR0.3 million reduction in Technology and Content expenses during the quarter.

本季營運費用的整體成長被一般及行政費用減少 150 萬歐元以及技術和內容費用減少 30 萬歐元部分抵銷。

Despite the significant scaling of our marketing investments, we maintained a solid global ROAS at 119.0% for Q2 compared to 122.7% in the prior year. We observed a slight ROAS improvement in Rest of World, increasing from 115.7% in Q2 2024 to 117.1% in Q2 2025, while we observed reductions in the Americas from 120.7% to 116.9% and in Developed Europe from 128.5% to 122.1%.

儘管我們的行銷投入大幅增加，但第二季全球 ROAS 仍保持穩健成長，達到 119.0%，而去年同期為 122.7%。我們觀察到世界其他地區的廣告支出回報率略有提高，從 2024 年第二季度的 115.7% 提高到 2025 年第二季度的 117.1%；而美洲地區的廣告支出回報率從 120.7% 下降到 116.9%，發達歐洲地區的廣告支出回報率從 128.5% 下降到 12.12%。

As of the end of Q2 2025, we held EUR111.2 million in cash and cash equivalents and no long-term debt, continuing to maintain our strong financial position. We are excited to announce that on July 31, we successfully completed the acquisition of Holisto. The promising results from our joint initiatives gave us confidence to exercise our call option at the end of April 2025 already.

截至 2025 年第二季末，我們持有 1.112 億歐元現金及現金等價物，且無長期債務，繼續維持強勁的財務狀況。我們很高興地宣布，7月31日，我們成功完成了對Holisto的收購。我們共同努力取得的良好成果使我們有信心在 2025 年 4 月底行使我們的認購選擇權。

For the remaining five months of this year, we anticipate Holisto will generate low double-digit million euros in revenue for trivago’s consolidated group results, while continuing to operate at near breakeven levels. Holisto plays a pivotal role in enhancing the user experience by expanding our trivago-branded booking funnel which will help us drive conversion rates.

在預計今年剩餘的五個月裡，Holisto 將為 trivago 集團的合併業績帶來數千萬歐元的收入，同時持續維持接近損益平衡的營運水準。Holisto 透過擴展我們的 trivago 品牌預訂管道，在提升用戶體驗方面發揮關鍵作用，這將有助於我們提高轉換率。

With that, let’s open the line for questions. Operator, we are now ready to take the first question.

那麼，現在開始接受提問。接線員，我們現在可以回答第一個問題了。

(Operator Instructions)

（操作說明）

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Great. Thank you very much. Maybe a couple of questions from me. Just maybe on the currency since you guys report in euros. Can you quantify for us how much of a headwind currency was for the second quarter results? And in your guidance, what's the effect of FX?

偉大的。非常感謝。我可能還有幾個問題。可能只是貨幣方面的問題，因為你們是用歐元報道的。您能否量化一下匯率波動對第二季業績造成的不利影響程度？在您的指導下，外匯會產生什麼影響？

And then the second question I have is around the branded investments that you're making. How much of a growth runway do you see here to continue to increase your brand investments to drive branded traffic?

那麼我的第二個問題是關於您正在進行的品牌投​​資。您認為這裡還有多少成長空間，可以繼續增加品牌投資以推動品牌流量成長？

Naved, thanks for your questions. So first, on the FX-related topic. For the second quarter, the FX effect was a strong headwind for us, affecting our top line by approximately minus 3%. Regarding our segment Americas, the headwind was even stronger there. We received a headwind of around minus 7%. That's on the FX effect.

納維德，謝謝你的提問。首先，我們來談談與外匯相關的話題。第二季度，匯率波動對我們造成了很大的不利影響，使我們的營收下降了約 3%。就我們所在的美洲市場而言，那裡的逆風甚至更大。我們遇到了大約零下7%的逆風。那是特效部分。

Related to your question on brand investments. So at the moment, we see in our numbers, a 22% spend increase year-on-year and an 18% referral revenue increase [but only a slight decrease](corrected by company after the call) in ROAS, which means that our brand strategy already works effectively. And if you consider that we have increased our brand spend also in this quarter very significantly, then it makes sure how effective it already works and how compounding effects already kicked in.

關於您提出的品牌投資問題。因此，目前我們的數據顯示，支出年增 22%，推薦收入年增 18%（但 ROAS 僅略有下降）（公司在電話會議後進行了修正），這意味著我們的品牌策略已經取得了有效成效。而且，考慮到我們本季也大幅增加了品牌投入，這足以證明它已經取得了顯著成效，而複利效應已經開始顯現。

And in our last earnings call, we already highlighted that in 2024, we only invested 50% of the brand marketing that we invested in 2019. And this gives further strong indication on the upside potential we see in all regions. Hope this answers the question.

在上次財報電話會議上，我們已經強調，2024 年我們的品牌行銷投入僅為 2019 年投入的 50%。這進一步有力地表明了我們所看到的各個地區都具有上漲潛力。希望這能解答你的疑問。

Great. And then maybe just going back to the FX, what's the impact of FX for the full year? Do you have that?

偉大的。那麼，或許我們可以回到外匯議題上來，外匯對全年的影響是什麼？你有嗎？

So this question is tough to answer. We haven't currently factored it in but we remain with our guidance. So we stay with mid-teens double-digit growth.

所以這個問題很難回答。我們目前尚未將其納入考慮範圍，但我們仍將堅持先前的指導方針。所以我們維持在兩位數中段的成長水準。

Got it. Great. I'll get back in the queue. Thank you.

知道了。偉大的。我重新排隊。謝謝。

Thanks.

謝謝。

Douglas Anmuth, JPMorgan.

道格拉斯·安穆斯，摩根大通。

Great. This is Dae Lee on for Doug. I have two. First one on logged in users. Wondering what kind of differences you see in them versus logged out users? And how are you encouraging more users to log in?

偉大的。這裡是 Dae Lee 替 Doug 報道。我有兩個。首先是已登入用戶。想知道你發現登入使用者和未登入使用者之間有哪些差異？你們是如何鼓勵更多使用者登入的？

And then with regards to your 3Q guide, I wanted to get some clarity around like what's giving you confidence that revenue growth will accelerate from single-digit percent that you saw in July for the quarter to grow double-digit percent.

關於你們的第三季業績指引，我想弄清楚是什麼讓你們有信心，認為該季度的營收成長將從7月份預測的個位數百分比加速到兩位數百分比。

Okay. Thank you for your question. I think on the member side, so it was a strong focus for the last two years. Particularly last year, we've put more focus on it. So on the one side, we offer features like sharing functionalities with friends or price alerts. And on the other hand, we work with partners to deliver us unique deals that are exclusively available to our members, which is a key driver.

好的。謝謝你的提問。我認為在成員方面，這是過去兩年來的重點。尤其是去年，我們更加重視這方面。一方面，我們提供與朋友分享功能或價格提醒等功能。另一方面，我們與合作夥伴攜手，為我們的會員提供獨家優惠，這是關鍵的驅動力。

If you go to the investor presentation, you will find a slide where we demonstrate that. We have basically call to actions on our website where you can see how we are doing that in particular. Often, we show a rate that's exclusive. You cannot click on it unless you log in. That has been quite effective. And then generally, messaging, if you log in, you get better deals, has worked pretty well.

如果你去看投資人簡報，你會看到一張投影片，上面有我們對這一點的簡報。我們的網站基本上都有行動號召，您可以從中了解我們具體是如何做到這一點的。我們通常會展示獨家優惠價格。您必須登入才能點擊它。效果相當不錯。此外，一般來說，如果你登錄，就能獲得更優惠的訊息，這種方式效果相當不錯。

We wanted to achieve 20% that's super substantial where we have our core user base, which we think it's between 20% and 40% of users that we really want to build a stronger connection to. And we see with those 20% that conversion rates are 25% up. This shows you they are more qualified and they are more savvy on trivago, how to use trivago and convert much better.

我們希望達到 20% 的目標，這在我們核心用戶群中是一個非常可觀的目標，我們認為我們真正想要與之建立更緊密聯繫的用戶群佔比在 20% 到 40% 之間。我們看到，在這 20% 的用戶中，轉換率提高了 25%。這說明他們更有資格，也更精通 trivago，知道如何使用 trivago 並取得更好的轉換率。

So we will continue with that effort. I think it's important that we keep people on our side and make them loyal through ways that make them more excited about trivago. And so far, it has worked pretty well. We continue seeing a positive trajectory on that, and we'll emphasize our efforts on that.

所以我們會繼續努力。我認為重要的是，我們要讓人們站在我們這邊，並透過讓他們對 trivago 更加興奮的方式來贏得他們的忠誠。目前來看，效果還不錯。我們持續看到這方面取得積極進展，我們將繼續專注於在這方面努力。

And then the July, I think very good question. Overall, there's FX effects that also hit July. That's probably important to say. But overall, we still are confident that we can achieve double-digit growth as expected below Q2. Full year, we expect mid-teens and then growth numbers from Q1 at 20% would come down.

那麼七月的問題，我覺得問得很好。總的來說，還有一些特效也會在7月上映。這一點或許很重要。但總體而言，我們仍然有信心實現低於第二季預期的兩位數成長。全年來看，我們預期成長率將達到十幾個百分點，然後第一季20%的成長率將會下降。

What's the expectation? There's one effect that's maybe important to explain and also gives you a feeling for how the quarter will evolve. We had a temporary effect in June and July, where last year, major players have leaned into summer, which has lifted our marketplace for June and July. And this has not happened this year. And therefore, there was a temporary headwind in June and July. Most of this transitory effect has ceased already, and we anticipate comps to improve throughout the quarter, which makes us even more confident that we can achieve double digit.

預期是什麼？有一個影響因素或許值得解釋，它也能讓你對本季的發展趨勢有所了解。6 月和 7 月我們受到了暫時的影響，去年主要參與者都把重心放在了夏季，這提振了我們 6 月和 7 月的市場。但今年這種情況還沒發生。因此，六月和七月出現了暫時的逆風。這種暫時性影響大部分已經結束，我們預計整個季度同店銷售額將有所改善，這讓我們更有信心實現兩位數的成長。

And then what's important maybe to give you a bit more color here why we continue to be bullish on our strategy and why we think it's working, even if it's revenue single digit in July, we had strong double-digit traffic, branded traffic growth in July and in August. So our marketing has really returned and new users, branded users that came directly to us which delivered strong double-digit traffic growth.

然後，或許更重要的是，為了讓大家更清楚地了解我們為什麼繼續對我們的策略充滿信心，以及為什麼我們認為它正在奏效，即使 7 月份的收入只有個位數，但我們在 7 月和 8 月的流量和品牌流量都實現了強勁的兩位數增長。因此，我們的行銷活動確實恢復了，新用戶、品牌用戶直接找到了我們，帶來了強勁的兩位數流量成長。

We have also seen double-digit branded revenue growth in July. So what's most important, branded growth has worked very well and is our proxy because that delivers compounding effects and profitability down the line. And I think that dynamic is important to understand to validate our strategy.

7月我們也看到了品牌銷售額兩位數的成長。所以最重要的是，品牌成長效果非常好，它是我們的衡量標準，因為它能帶來複利效應和長遠的獲利能力。我認為理解這種動態對於驗證我們的策略至關重要。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Ron Josey, Citi.

Ron Josey，花旗銀行。

This is Robert on for Ron. My first one is on Book & Go. You mentioned that it's already driving a substantial improvement in conversion rates for some of these pilot partners. But can you maybe elaborate on the early learnings from those partnerships and then talk to the steps required to continue growing this product over the next few quarters here?

這裡是羅伯特替羅恩報道。我的第一個項目是在 Book & Go 上。您提到它已經顯著提高了部分試點合作夥伴的轉換率。您能否詳細介紹一下從這些合作關係中獲得的早期經驗，然後談談在接下來的幾個季度繼續發展該產品所需的步驟？

Yeah. Thank you, Robert for asking the question. I think for us, it was a main reason why we called the option we had on Holisto half a year earlier than anticipated was that the partnership has gone pretty well. They have put the technology in place to not only operate Book & Go for their own brands, but allow other partners to join this. And we have started partnerships in the last four months, expanded them, and we see very significant double-digit conversion improvements for those partners who are joining that product that makes them more competitive on our marketplace because if conversion rate is up, you can bid more aggressively in our marketplace. That is working out with several partners, and we were excited to see that.

是的。謝謝羅伯特提出這個問題。我認為對我們來說，我們比預期提前半年行使對 Holisto 的選擇權的主要原因是，雙方的合作進展得相當順利。他們已經部署了相關技術，不僅可以為自有品牌經營 Book & Go 服務，還可以允許其他合作夥伴加入。在過去的四個月裡，我們建立了合作關係，並擴大了合作關係。我們看到，加入該產品的合作夥伴的轉換率實現了兩位數的顯著提升，這使他們在我們的市場上更具競爭力，因為如果轉換率提高，你就可以在我們的市場上更積極地出價。這是與幾個合作夥伴共同努力的結果，我們對此感到非常興奮。

And that was a base hypothesis we wanted to validate before calling the option. That has been reconfirmed in the course of the quarter, and we have expanded Book & Go's visibility through Project Trinity on the platform as well. So you can see now Book & Go is highlighted with a logo and with more partners, which we expect to onboard.

這是我們想要在行使選擇權之前驗證的基本假設。本季已再次證實了這一點，我們也透過「三位一體計畫」在平台上擴大了 Book & Go 的知名度。現在您可以看到 Book & Go 的標誌和更多合作夥伴已突出顯示，我們期待更多合作夥伴的加入。

All major partners that you can think about non-branded players, people, partners, booking sites that don't have a brand in a certain market. Those we highly recommend to join Book & Go because conversion rates are higher if you basically leverage our brand. And that's what we have seen working and we'll continue to execute on.

所有你能想到的主要合作夥伴，包括非品牌玩家、個人、合作夥伴、預訂網站等，他們在特定市場中沒有自己的品牌。我們強烈建議您加入 Book & Go，因為如果您充分利用我們的品牌，轉換率會更高。而這正是我們看到行之有效的做法，我們將繼續執行下去。

We have pretty broad consensus. Partners want to join. We are just having lots of partners in the pipeline, and we'll work on one after the other and expect good traction in the product in the course of the year.

我們達成了相當廣泛的共識。合作夥伴希望加入。我們正在洽談許多合作夥伴，我們會逐一推進，並期待產品在年內取得良好的市場反應。

Got it. That's helpful. Thank you. And then it was great to see continued impressive results from the Rest of World segment and positive returns from brand investments. But can you maybe double-click on what's driving the outsized growth here? And what the main drivers are beyond branded channel traffic?

知道了。那很有幫助。謝謝。此外，令人欣喜的是，世界其他地區市場持續取得令人矚目的業績，品牌投資也獲得了正面的回報。但您能否深入探討是什麼因素推動了這種超高速的成長？除了品牌通路流量之外，主要驅動因素是什麼？

You mean in Rest of the World?

你是指世界其他地區嗎？

Correct. Yeah, Rest of the World.

正確的。是的，世界其他地區。

The Rest of the World, I think overall, what you can see markets like Japan and Turkey are working very well for us. And mostly it's a branded game where we just have low brand awareness, where it's quite a greenfield, and we have a strong value proposition. In those markets, there's less, let's say, concentration in terms of how many booking sites are active on these markets.

就世界其他地區而言，我認為總體而言，像日本和土耳其這樣的市場對我們來說都運作得非常好。而且這主要是一款品牌遊戲，但我們的品牌知名度很低，這還是一片空白領域，而我們擁有強大的價值主張。在這些市場中，活躍的預訂網站數量相對較少，集中度也較低。

So the reasons why you would compare are even stronger in those markets. And I think that resonates with users along with there's just a lot of potential to grow our user base because there's lots of people that don't know us yet. And that has since two years now, delivered strong growth rates. And I mean, at some point, these growth rates will come down, but we still see plenty of room to grow in these markets.

因此，在這些市場中，進行比較的理由就更加充分了。我認為這能引起用戶的共鳴，而且我們的用戶群還有很大的成長潛力，因為還有很多人還不了解我們。兩年來，這種做法帶來了強勁的成長率。我的意思是，這些成長率遲早會下降，但我們仍然看到這些市場有很大的成長空間。

Great, thank you.

太好了，謝謝。

And with no further questions in queue, I will now turn the call back to Johannes for closing remarks.

由於沒有其他問題需要提問，我現在將電話轉回給約翰內斯，請他作總結發言。

Last quarter marks another milestone on our turnaround journey. Our strong financial performance validates our strategic focus on brand marketing, product innovation and partner empowerment. With the successful acquisition of Holisto and the expansion of trivago Book & Go, we are laying an important foundation for future growth. And thank you for your continued trust and support. We look forward to updating you on our progress in the coming quarters.

上個季度是我們扭虧為盈進程中的另一個里程碑。我們強勁的財務表現驗證了我們以品牌行銷、產品創新和合作夥伴賦能為策略重點的正確性。透過成功收購 Holisto 和拓展 trivago Book & Go，我們正在為未來的成長奠定重要的基礎。感謝您一直以來的信任與支持。我們期待在接下來的幾季向您報告我們的進展。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝您今天蒞臨。今天的電話會議到此結束。您現在可以斷開連線了。