Trivago NV (TRVG) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by and welcome to trivago's first quarter earnings call 2026. I must advise you the call is being recorded today, Wednesday, May 6, 2026.

各位女士、先生，大家好。感謝您撥冗等候，歡迎參加 trivago 2026 年第一季財報電話會議。我必須提醒各位，本次電話會議將於今天（2026 年 5 月 6 日，星期三）進行錄音。

We are pleased to be joined on the call today by Johannes Thomas, trivago's CEO and Managing Director; and Wolf Schmuhl, trivago CFO and Managing Director.

我們很高興今天的電話會議由 trivago 執行長兼董事總經理 Johannes Thomas，以及 trivago 財務長兼董事總經理 Wolf Schmuhl 與會。

The following discussion including responses to your questions, reflects management's view as of Tuesday, May 5, 2026 only, unless expressly stated otherwise, in which case it reflects management's view as of today, Wednesday, May 6, 2026 only. trivago does not undertake any obligation to update or revise this information. 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 Q1 2026 operating in 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.

以下討論（包括對各位提問的回覆）僅反映管理層截至 2026 年 5 月 5 日（星期二）的觀點，除非另有明確說明；若另有明確說明，則僅反映管理層截至今天（2026 年 5 月 6 日，星期三）的觀點。trivago 不承擔更新或修訂此等資訊的任何義務。與往常一樣，今天電話會議中的部分陳述屬於前瞻性陳述，通常會以「我們預期」、「我們相信」、「我們預見」或類似措辭作為開頭。請參閱 2026 年第一季《營運與財務回顧》以及 trivago 向美國證券交易委員會（SEC）提交的其他文件，以了解可能導致 trivago 實際結果與此等前瞻性陳述存在重大差異的因素。

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.

您可在 trivago 的《營運與財務回顧》中找到今日討論之非 GAAP 指標與最可比 GAAP 指標之調節表；該文件已發布於 trivago 投資人關係網站 ir.trivago.com。

You are encouraged to periodically visit trivago's investor relations website for important content. Finally, unless otherwise stated, all comparisons on this call will be against results for the comparable period of 2025. With that, let me turn the call over to Johannes.

我們建議您定期造訪 trivago 的投資人關係網站以取得重要內容。最後，除非另有說明，本次電話會議中的所有比較皆以 2025 年同期結果為基準。接下來，我把電話交給 Johannes。

Good morning and thank you for joining our Q1 2026 earnings call. We are off to a strong start to 2026, delivering 15% year over year total revenue growth and our fifth consecutive quarter of double-digit growth while improving profitability against our prior year. Americas grew 17% and Developed Europe 14% in referral revenue, both substantially exceeding our expectations. This performance came despite tangible FX headwinds and geopolitical pressures in parts of our Rest of the World segment. The results reflect our balanced approach to growth and profitability with cost discipline and the compounding effects of prior brand investments translating into tangible outcomes.

各位早安，感謝您參加我們 2026 年第一季財報電話會議。我們在 2026 年有一個強勁的開局，總營收年增 15%，並連續第五個季度達成雙位數成長，同時相較去年提升獲利能力。美洲地區引薦收入成長 17%，已開發歐洲成長 14%，兩者皆大幅超出我們的預期。即便面臨明顯的匯率逆風，以及在「世界其他地區」分部部分地區的地緣政治壓力，我們仍取得此一表現。這些成果反映了我們在成長與獲利之間的平衡策略：以成本紀律為基礎，並讓先前品牌投資的複利效應轉化為具體成果。

Branded traffic revenue once again outpaced total revenue growth this quarter, demonstrating that our long-term brand strategy continues to compound. Our product is converting better with conversion rate, up 58% since Q1 2023. Before intercompany eliminations, our logged-in member base now drives more than 30% of referral revenue. trivago Book & Go’s relevance has increased significantly compared to previous year. This is what Optimizing Momentum and Pushing Frontiers, our theme for 2026 looks like in practice. We continue to grow at a healthy pace in markets we have built up since mid 2023, while increasing profitability through the compounding effects of the investments we've already made.

本季品牌流量收入再次超越總營收成長，顯示我們的長期品牌策略持續產生複利效應。我們的產品轉換表現更佳，自 2023 年第一季以來轉換率提升 58%。在公司間抵銷前，我們的登入會員基礎目前貢獻超過 30% 的引薦收入。相較去年，trivago Book & Go 的相關性顯著提升。這正是我們 2026 年主題「優化動能、開拓前沿（Optimizing Momentum and Pushing Frontiers）」在實務上的呈現。我們持續在自 2023 年年中以來建立起來的市場中以健康的速度成長，同時透過既有投資的複利效應提升獲利能力。

While we are facing challenging year-over-year comparables across the first half of 2026, Q1 surprised us positively, and Q2 has had a promising start.

雖然 2026 年上半年我們面臨具挑戰性的年對年比較基期，但第一季的表現帶來正向驚喜，而第二季也有一個令人鼓舞的開局。

On the back of our strong Q1 performance and the momentum we are carrying into the rest of the year, we are reaffirming our full year revenue outlook of double-digit percentage growth and raising our profitability guidance. We now expect adjusted EBITDA of around EUR25 million for 2026 up from prior guidance of at least EUR20 million. We are also announcing a planned share buyback program, up to EUR20 million, reflecting our confidence in trivago's long-term value creation potential. Wolf will cover the rationale and more context on this.

基於第一季的強勁表現，以及我們延續至今年其餘時間的動能，我們重申全年營收展望為雙位數百分比成長，並上調獲利指引。我們目前預期 2026 年調整後 EBITDA 約為 2,500 萬歐元，高於先前至少 2,000 萬歐元的指引。我們也宣布規劃中的庫藏股回購計畫，金額最高可達 2,000 萬歐元，反映我們對 trivago 長期價值創造潛力的信心。Wolf 將說明其理由並提供更多背景。

Before walking you through our strategic priorities, I want to address one further announcement. Yesterday, we filed an antitrust damages claim against Google before the regional court of Hamburg in Germany. Seeking compensation for damages trivago has suffered as a result of Google's self-preferencing and general search results. For more than a decade, we have raised concerns that Google has systematically steered travelers away from competing hotel metasearch platforms and towards its own service. We believe the claim rests on a strong legal foundation. The EU commission's 2017 Google Shopping decision upheld by European Court of Justice in September 2024, established a legal framework for damages actions of this nature. And two, first instance awards have already been granted in comparable cases before the Regional Court of Berlin in November 2025. The claim covers the period from January 2014, through December 2025 and seeks substantial monetary damages based on an independent expert analysis. We expect this to be a multiyear effort, and the outcome of litigation is inherently uncertain. That said, the size of the potential claim is meaningful, and we believe pursuing it is in the best interest of our shareholders and of a travel ecosystem that benefits from competing based on merit. For details, please refer to our separate press release published on ir.trivago.com.

在帶各位了解我們的策略重點之前，我想先說明另一項公告。昨天，我們已在德國漢堡地方法院對 Google 提起反壟斷損害賠償訴訟，尋求就 Google 的自我偏好（self-preferencing）及一般搜尋結果所造成、trivago 所蒙受的損害獲得賠償。十多年來，我們一直提出疑慮，認為 Google 系統性地將旅客導離競爭的飯店比價搜尋平台，並導向其自有服務。我們相信本案主張具有堅實的法律基礎。其一，歐盟執委會 2017 年的 Google Shopping 決定已於 2024 年 9 月獲歐洲法院（European Court of Justice）維持，建立了此類損害賠償訴訟的法律框架。其二，在可比案件中，柏林地方法院已於 2025 年 11 月作出一審賠償判決。本次請求涵蓋 2014 年 1 月至 2025 年 12 月期間，並依據獨立專家分析主張可觀的金錢損害賠償。我們預期這將是一項跨年度的努力，而訴訟結果本質上具有不確定性。儘管如此，潛在請求金額具重要性，我們相信追訴此案符合股東最佳利益，也有利於一個能以實力競爭而受益的旅遊生態系。詳情請參閱我們另行發布於 ir.trivago.com 的新聞稿。

With that, let me return to business and walk you through the great progress we made against each of our three strategic priorities this quarter. For additional details, please also refer to our investor presentation on ir.trivago.com.

接下來回到業務面，我將帶各位了解本季我們在三項策略重點上所取得的重大進展。更多細節也請參閱我們在 ir.trivago.com 的投資人簡報。

Our first strategic priority is to drive growth through brand marketing. The flywheel we have been building since mid-2023 continues to compound. Branded traffic revenue grew faster than our overall top line in Q1, demonstrating that our brand spend produces returns that extend well beyond the period in which it incurred. Our successful 2025 campaigns combined with a deliberate diversification of our marketing mix into owned and direct channels set up Q1 well, and we have meaningfully reduced our reliance on search-related channels. Before intercompany eliminations, the share of referral revenue from Google is down 34% compared to Q1 2023, and our non-branded SEO exposure remains at low single-digit levels. We believe the business is structurally less exposed to search volatility as a result.

我們的第一項策略重點是透過品牌行銷推動成長。自 2023 年年中以來我們打造的飛輪效應持續累積。本季品牌流量收入成長快於整體營收，顯示我們的品牌支出所帶來的回報遠超過其發生期間。我們成功的 2025 年行銷活動，加上刻意將行銷組合多元化、轉向自有與直接渠道，為第一季奠定良好基礎，且我們已大幅降低對搜尋相關渠道的依賴。在公司間抵銷前，來自 Google 的引薦收入占比相較 2023 年第一季下降 34%，而我們的非品牌 SEO 曝險仍維持在低個位數水準。我們相信因此本業在結構上較不易受到搜尋波動影響。

Traffic referred from GenAI sources remains below 1% of revenue. These channels are small in absolute terms and in our view, their near-term impact often appears overestimated. We see them as an emerging marketing opportunity gradually growing in relevance, operating more upper funnel than traditional search. We are actively integrating and testing new ad formats, calibrating investments to the relevance those channels demonstrate over time. Our strong brand, deep performance marketing expertise and vertical focus positions as well to leverage them to our advantage.

來自生成式 AI（GenAI）來源的引薦流量目前仍低於營收的 1%。這些渠道在絕對規模上仍小，而在我們看來，其短期影響往往被高估。我們將其視為一項新興的行銷機會，相關性正逐步提升，其運作更偏向傳統搜尋之前的上層漏斗。我們正積極整合並測試新的廣告格式，並依據這些渠道隨時間展現的相關性來校準投資。我們強大的品牌、深厚的成效行銷專業能力與垂直領域聚焦，使我們具備優勢以善用這些渠道。

In our view, AI systems will play an increasingly relevant role in the traveler's journey, but primarily at the top of the funnel, helping users get inspired and explore where to go. Once users move into planning, selection, and booking, the experience they need is fundamentally different. They compare hotels side by side, check different booking sites, built shortlists, filter across many dimensions, check room types, and explore locations through a rich map experience. These are only a few examples In essence, our user experience is much richer and has been optimized over decades. This is not a result of taste or opinion, but of tens of thousands of tests that have shaped our interface into what it is today and how it addresses the nuanced needs of travelers. We believe this is where trivago plays a distinct role as a trusted guide, backed by comprehensive pricing, availability, and rich content that AI assistants are likely struggle to build a competitive edge on.

我們認為，AI 系統將在旅客旅程中扮演日益重要的角色，但主要是在漏斗上端，協助使用者獲得靈感並探索目的地。一旦使用者進入規劃、選擇與預訂階段，他們所需要的體驗在本質上就不同：他們會並排比較飯店、查看不同訂房網站、建立短清單、以多個維度篩選、查看房型，並透過豐富的地圖體驗探索位置。以上僅是少數例子。總而言之，我們的使用者體驗更為豐富，且已歷經數十年的優化。這並非品味或主觀意見的結果，而是數以萬計的測試塑造了我們今日的介面，以及它如何回應旅客細緻多元的需求。我們相信，這正是 trivago 作為值得信賴的導覽者所扮演的獨特角色：以全面的價格、可訂性與豐富內容為後盾，而 AI 助理很可能難以在此建立具競爭優勢的能力。

Our partnership with Jürgen Klopp continues to be a meaningful asset, and his association with the trivago brand resonates strongly across our audiences. Ahead of the summer travel season, we've produced new creative spots, including dedicated TV ads that combine Klopp with a major sporting event taking place this summer. We are heading into the year's most important travel period with a strong creative pipeline.

我們與 Jürgen Klopp 的合作關係持續是一項重要資產，他與 trivago 品牌的連結在各類受眾中引發強烈共鳴。為迎接夏季旅遊旺季，我們製作了新的創意廣告素材，包括結合 Klopp 與今年夏天一項重大體育賽事的專屬電視廣告。我們將以強勁的創意內容管線迎接一年中最重要的旅遊期間。

We are now operating in 30 active markets, though our brand investment remains meaningfully below 2019 levels, and our market share in these markets is still small. We believe significant growth potential lies ahead.

我們目前在 30 個活躍市場營運，儘管我們的品牌投資仍明顯低於 2019 年水準，而我們在這些市場的市占率仍然不高。我們相信未來仍有可觀的成長潛力。

Our second strategic priority is to enhance our core hotel search experience so travelers can book with confidence, saving time and money. Our testing velocity remained high in Q1, and we have increased our product conversion rate by 58% since Q1 2023. This is significant. It reflects how much better our product has become and is having a direct impact on our unit economics and marketing efficiency. We also expect this increased conversion rates to have a meaningful impact on our user satisfaction and retention over time. For partners, it means more qualified travelers landing on their side.

我們的第二項策略重點是強化核心飯店搜尋體驗，讓旅客能有信心地完成預訂，節省時間與金錢。我們在第一季維持高頻率的測試節奏，自 2023 年第一季以來，產品轉換率提升 58%。這非常顯著，反映我們的產品已大幅改善，並直接影響我們的單位經濟效益與行銷效率。我們也預期，轉換率的提升將隨時間對使用者滿意度與留存產生顯著影響。對合作夥伴而言，這代表有更多高品質的旅客導流至其端點。

Our member strategy is advancing faster than we expected. Before intersegment elimination, logged-in members now account for more than 30% of referral revenue. Members unlock access to exclusive partner deals, creating a compelling reason to log in and return to trivago. This deepens our understanding of users, gives us more touch points to extend the user lifecycle, and we expect this to drive long-term retention. As more data accumulates within the member experience, we expect to unlock further opportunities around loyalty features and re-engagement through CRM activities.

我們的會員策略推進速度比預期更快。在進行跨部門抵銷前，已登入會員目前貢獻的導流收入占比已超過 30%。會員可解鎖專屬合作夥伴優惠，形成強而有力的理由促使用戶登入並回到 trivago。這加深了我們對使用者的理解，讓我們有更多觸點延長使用者生命週期，並預期將帶動長期留存。隨著會員體驗中的資料持續累積，我們預期將在忠誠度功能與透過 CRM 活動進行再互動方面解鎖更多機會。

Personalization is becoming an increasingly important lever for us. We continue to refine our ranking logic based on user behavior and this quarter, we expanded our explicit preference settings, allowing users to indicate what matters most to them across dimensions like hotel style, quality, star rating, location, and budget. The combination of real-time behavioral signals and stated preferences gives us a much richer picture of what each user is looking for. This lays the foundation for increasingly accurate recommendations and a more tailored search experience at scale, and we believe personalization can become a true differentiator for us.

個人化正成為我們愈來愈重要的槓桿。我們持續依據使用者行為精進排序邏輯，而在本季，我們擴充了明確偏好設定，讓使用者可在飯店風格、品質、星級、地點與預算等面向指出對他們最重要的因素。即時行為訊號與明示偏好的結合，讓我們能更完整地掌握每位使用者在尋找什麼。這為更精準的推薦與可規模化、更量身打造的搜尋體驗奠定基礎，我們相信個人化能成為我們真正的差異化優勢。

We also shipped two important product improvements in Q1. We launched Nova Vista, our new desktop architecture, which gives us a stronger foundation for the more structural experimentation required to rethink the user experience for a conversational AI-native era. As part of our AI smart search initiative, we're experimenting with conversational experiences that keep our core search and rich user interface at the center, combining the familiar with the new capabilities GenAI-based technology unlocks. We also introduced AI synthesized top 10 badges by theme, surfacing each hotel's standout qualities at a glance across attributes like pool, breakfast, location, and family friendliness. It's a simple but effective way to reduce decision fatigue and help users move from search to booking with more confidence.

我們也在第一季推出兩項重要的產品改進。我們上線了 Nova Vista（全新的桌面端架構），為在對話式、AI 原生時代重新思考使用者體驗所需的更結構化實驗，提供更強的基礎。作為我們 AI 智慧搜尋計畫的一部分，我們正在試驗以對話為核心的體驗，讓核心搜尋與豐富的使用者介面仍居於中心，同時結合 GenAI 技術所帶來的新能力，把熟悉的體驗與新能力融合。我們也推出了依主題彙整的 AI 合成 Top 10 徽章，讓使用者可一眼看出每家飯店在泳池、早餐、地點與親子友善等屬性上的亮點。這是一種簡單但有效的方式，可降低決策疲勞，並幫助使用者更有信心地從搜尋走向預訂。

The progress across these fronts is mutually reinforcing. Better conversion makes us a stronger channel for partners. Members deepen our personalization and personalization improves conversion. We are building a flywheel inside the product itself, and we're still at the early stages of what we believe it can deliver.

這些面向的進展彼此相互強化。更好的轉換率讓我們成為合作夥伴更強的渠道。會員深化我們的個人化，而個人化又提升轉換。我們正在產品內部打造一個飛輪，而我們仍處於早期階段，但我們相信它能帶來可觀的成果。

Our third strategic priority is to help our partners realize their full potential on our platform. Our marketplace is healthier than it has ever been in years, and the numbers reflect it. Before intercompany eliminations, the share of referral revenue from all others advertisers has grown from 20% into Q1 2023 to 35% in Q1 2026. Partners increasingly recognize the quality of traffic we deliver, and this is showing up across the board.

我們的第三項策略重點，是協助合作夥伴在我們的平台上充分發揮潛力。我們的市集比多年來任何時候都更健康，而數據也反映了這一點。在進行公司間抵銷前，來自「其他所有」廣告主的導流收入占比，已從 2023 年第一季的 20% 成長至 2026 年第一季的 35%。合作夥伴愈來愈認可我們所帶來的流量品質，而這在各項指標上都有所體現。

Over the past three years, we have made deliberate investments to rebalance our marketplace and reduce advertiser concentration. Initiatives like our transaction-based CPA model, our second price auction, trivago Book & Go, and our property details spage, share a common goal, making it easier for small and mid-sized partners to compete effectively on our marketplace. We believe all of these have contributed to this shift and drove advertiser engagement.

過去三年，我們有意識地投入資源以重新平衡市集並降低廣告主集中度。像是以交易為基礎的 CPA 模式、第二價格拍賣、trivago Book & Go，以及我們的飯店物件詳情頁等計畫，都有一個共同目標：讓中小型合作夥伴更容易在我們的市集中有效競爭。我們相信這些措施都促成了這一轉變，並推動了廣告主的參與度。

Our property details page has now been rolled out globally after being qualified over the course of the past year. It addresses a structural disadvantage independent hotels and chains have long faced. Previously, when users clicked through from trivago to a partner side, they would often land on a room selection page, far further into the journey than they actually were. By qualifying our property details page as an intermediary referral destination, we now have hand off users at the right moment. We have seen this meaningfully improve conversion for our direct partners.

我們的飯店物件詳情頁在過去一年完成驗證後，現已在全球推出。它解決了獨立飯店與連鎖品牌長期面臨的結構性劣勢。過去，當使用者從 trivago 點擊前往合作夥伴網站時，往往會直接落在房型選擇頁面，這比使用者實際所處的旅程階段更靠後。透過將飯店物件詳情頁驗證為中介的導流目的地，我們現在能在正確的時點把使用者交接出去。我們已看到這顯著提升了我們直連合作夥伴的轉換率。

trivago Book & Go continues to scale rapidly. Since Q1 2023 referral revenue before intercompany eliminations generated through this funnel has grown by 530%. And it has doubled its share compared to last year. Globally, trivago Book & Go has become a top 5 player in our marketplace. By combining our trusted brand with a seamless booking experience, we are creating value for users and partners alike.

trivago Book & Go 持續快速擴張。自 2023 年第一季以來，在進行公司間抵銷前，透過此漏斗產生的導流收入已成長 530%，且相較去年其占比已翻倍。在全球範圍內，trivago Book & Go 已成為我們市集中的前五大玩家。透過結合我們值得信賴的品牌與無縫的預訂體驗，我們同時為使用者與合作夥伴創造價值。

Our transaction-based CPA model continues to grow, with over 30% of referral revenue before intercompany eliminations, now processed through this model, up from 25%, just one quarter ago. CPA is particularly valuable for small and mid-sized partners who often do not have the resources to optimize bids and menage exposure effectively. By removing that complexity, we believe we are helping them to compete more effectively, which is good for partners and for the long-term health of our marketplace.

我們以交易為基礎的 CPA 模式持續成長：在進行公司間抵銷前，目前已有超過 30% 的導流收入透過此模式處理，高於僅一季前的 25%。CPA 對中小型合作夥伴尤其有價值，因為他們往往缺乏資源來有效優化出價並管理曝光。透過移除這些複雜性，我們相信能幫助他們更有效地競爭，這對合作夥伴以及我們市集的長期健康都很重要。

Before closing, I want to address one topic that cuts across all three of our strategic priorities: AI transformation. The pace of AI is accelerating and driving its diffusion across the organization is a key focus for us as a leadership team. In recent months, new impactful AI capabilities have become available and therefore, we have further elevated AI’s role inside the company. We are leading this transformation actively with a clear mission for our approximately 600 core talents to operate with the impact of 6,000. Importantly, we're not starting from zero. trivago has run AI in production for over a decade across our marketplace, search ranking, coding, and advertising infrastructure. A majority of our workforce already thinks in systems, act as builders and operates in closed feedback loops, giving us a strong foundation to build on. From here, we see teams evolving through four stages, from AI assisted work to automated workflows, to agentic first systems, and ultimately self-improving systems.

在結束之前，我想談一個橫跨我們三項策略重點的主題：AI 轉型。AI 的發展速度正在加快，而推動其在組織內擴散是我們領導團隊的重點工作。近幾個月來，新的、具影響力的 AI 能力已可用，因此我們進一步提升了 AI 在公司內部的角色。我們正以明確使命主動推動這場轉型：讓約 600 名核心人才能發揮出 6,000 人的影響力。重要的是，我們並非從零開始。trivago 在市集、搜尋排序、程式開發與廣告基礎設施等領域，已在生產環境運行 AI 超過十年。我們多數員工已具備系統思維、以建造者的方式行動，並在封閉式回饋迴路中運作，為我們提供了堅實的基礎。在此之上，我們看到團隊將經歷四個階段的演進：從 AI 輔助工作，到自動化工作流程，再到以代理（agentic）為先的系統，最終走向自我改進的系統。

There's broad consensus that AI will absorb a meaningful share of execution work, and we view this as a great efficiency gain. It expands our capacity and lets the same number of people deliver more. This has become a base expectation for us, but we believe the real upside is much bigger, reaching the impact of 6,000 will come from human craft being amplified by AI leverage. As execution work is absorbed, our people do not just gain time, they become meaningfully better at what they do, sharper decision makers, faster and more ambitious builders, capable of governing greater complexity, and with real capacity to deepen the relationships that move the business. This is where the real leverage lies, and this is what makes us excited about the path ahead.

普遍共識是，AI 將吸收相當比例的執行性工作，而我們將此視為巨大的效率提升。它擴大了我們的產能，讓相同人數能交付更多成果。這已成為我們的基本期待，但我們相信真正的上行空間更大：達到 6,000 人的影響力，將來自人類的工藝能力在 AI 槓桿下被放大。當執行性工作被吸收後，我們的人不只是獲得時間，他們會在工作上實質變得更強——更敏銳的決策者、更快且更有企圖心的建造者，能治理更高的複雜度，並真正有能力深化推動業務的關係。真正的槓桿就在這裡，這也是讓我們對前方道路感到振奮的原因。

To execute on this opportunity with sharper focus and clearer accountability, we expanded our leadership team in the recent months, with three C-level appointments. Ioannis Papadopoulos joined as Chief Technology Officer at the end of the last year, leading our technology agenda and AI enablement. In March, Alexander Volkmann was appointed Chief Intelligence Officer, owning machine learning and AI data strategy. And Sherin Hegazy was appointed Chief Commercial Officer, deepening our partner ecosystem. The pace of AI is reshaping what is possible in travel search, how we build products, and what travelers and partners will expect. All three additions have helped building what trivago is today. And the institutional depth and judgment they bring is exactly what this next chapter requires. I'm excited to have them on board and to shape the future of trivago together.

為了以更聚焦的方式把握這個機會、並建立更清晰的責任歸屬，我們在近幾個月擴充了領導團隊，新增三位 C-level 任命。Ioannis Papadopoulos 於去年底加入擔任技術長（CTO），領導我們的技術議程與 AI 賦能。3 月，Alexander Volkmann 被任命為首席智慧長（Chief Intelligence Officer），負責機器學習與 AI 資料策略。Sherin Hegazy 則被任命為商務長（Chief Commercial Officer），深化我們的合作夥伴生態系。AI 的速度正在重塑旅遊搜尋的可能性、我們打造產品的方式，以及旅客與合作夥伴的期待。這三位新加入者都曾協助打造今日的 trivago，而他們帶來的制度性深度與判斷力，正是下一章所需要的。我很高興他們加入，並能一起塑造 trivago 的未來。

None of this would be possible without our standout team. What gives me confidence is how our people are stepping up to this moment. They are curious, fanatic learners, and deeply committed to defining the next chapter of trivago. That mindset more than any single technology or strategy is what can set us apart. Thank you all for your hard work and dedication.

若沒有我們出色的團隊，這一切都不可能實現。讓我有信心的是，我們的同仁正挺身迎接這個時刻。他們充滿好奇、是狂熱的學習者，並深度投入於定義 trivago 的下一章。這種心態，比任何單一技術或策略更能讓我們脫穎而出。謝謝大家的辛勤付出與投入。

With that, I'll hand over to our CFO, Wolf, for a more detailed financial review.

接下來，我將把時間交給我們的財務長 Wolf，進行更詳細的財務回顧。

Thank you, Johannes, and good morning, everyone.

謝謝你，Johannes，各位早安。

We are thrilled to report that Q1 was another strong quarter for trivago, exceeding our internal total revenue growth expectations. We achieved a 15% year-over-year increase in total revenues while shifting more towards profitability, despite ongoing FX-related headwinds. This is a result of optimizing existing markets and making use of compounding brand effects, showcasing or balanced approach between top-line growth and improving profitability.

我們很高興報告，第一季對 trivago 而言又是強勁的一季，總營收成長超出我們內部預期。儘管外匯相關逆風仍在，我們仍達成總營收年增 15%，同時更偏向提升獲利能力。這得益於我們對既有市場的優化以及品牌效應的累積，展現了我們在營收成長與獲利改善之間的平衡做法。

We are announcing an up to EUR20 million share buyback program with details to be finalized and execution planned to start at the end of May. Given our strong cash position of EUR136.1 million and zero long-term debt as of March 31, we believe this represents a disciplined and high return use of capital. Our view is that the current share price does not reflect the company's long-term earnings potential, and we are putting capital behind it.

我們宣布一項最高達 2,000 萬歐元的庫藏股回購計畫，細節將於後續敲定，並預計於 5 月底開始執行。鑑於截至 3 月 31 日我們擁有 1.361 億歐元的強勁現金部位且無任何長期負債，我們認為這代表一種紀律嚴謹且高報酬的資本運用方式。我們的看法是，目前股價未能反映公司長期獲利潛力，因此我們以資本行動支持這一判斷。

Let's review our first-quarter results as well as our 2026 outlook. Unless otherwise indicated, all comparisons for 2026 are on a year-over-year basis.

讓我們回顧第一季的業績，以及我們對 2026 年的展望。除非另有說明，所有 2026 年的比較皆以年對年為基準。

In the first quarter, total revenue reached EUR142.9 million, representing 15% year-over-year growth, despite foreign exchange headwinds of approximately 5% globally. Americas grew 17% and Developed Europe 14% in referral revenue, both exceeding our expectations, driven by better quality traffic from higher branded channel traffic and compounding brand effects. In Americas, prior quarter brand investments compounded particularly well. In Developed Europe, demand remained strong.

在第一季，總營收達到 1.429 億歐元，年對年成長 15%，儘管全球約有 5% 的外匯逆風。美洲在導流營收方面成長 17%，已開發歐洲成長 14%，兩者皆超出我們的預期，主要受惠於來自更高品牌渠道流量所帶來的更高品質流量，以及品牌複利效應。在美洲，前一季的品牌投資複利效應表現尤其明顯。在已開發歐洲，需求仍然強勁。

Rest of World declined 12% in referral revenue year over year impacted by FX headwinds of approximately 9%, and geopolitical pressures in the Middle East, including airspace restrictions and elevated oil prices. We have managed these markets technically through the quarter, adjusting bidding, spent, and targets locally. The evolving situation in the Middle East continues to create near-term uncertainty, and we will continue to manage our exposure dynamically as conditions develop.

世界其他地區的導流營收年對年下滑 12%，受到約 9% 的外匯逆風，以及中東地緣政治壓力影響，包括空域限制與油價上升。我們在本季透過技術方式管理這些市場，於當地調整出價、支出與目標。中東局勢的演變仍帶來短期不確定性，我們將隨著情勢發展持續動態管理曝險。

With Rest of World representing only 17% of our Q1 referral revenue, the overall impact on total referral revenue was limited. More broadly, with Developed Europe at 44%, and Americas at 39% of Q1 referral revenue, our business is well diversified across segments, making us structurally more resilient to localized macro pressures.

由於世界其他地區僅占我們第一季導流營收的 17%，因此對總導流營收的整體影響有限。更廣泛而言，已開發歐洲占第一季導流營收的 44%，美洲占 39%，我們的業務在各分部間具良好分散，使我們在結構上對局部宏觀壓力更具韌性。

During the first quarter, we reported a net loss of EUR7.3 million and achieved an adjusted EBITDA loss of EUR4.5 million which was above our internal expectations.

第一季我們報告淨損 730 萬歐元，並達成調整後 EBITDA 虧損 450 萬歐元，高於我們內部預期。

Operational expenses increased by EUR19.2 million totaling EUR152.9 million for the first quarter. This was mainly due to a EUR10.6 million increase in selling and marketing resulting from higher investments in both brand and performance marketing channels made over the course of the quarter and incremental expenses resulting from the consolidation of trivago DEALS, formerly Holisto. Advertising spend increased by EUR7.8 million or 20% in Developed Europe, EUR4.1 million or 9% in the Americas, and decreased by a EUR1 million or 5% in Rest of World.

第一季營運費用增加 1,920 萬歐元，合計 1.529 億歐元。主要原因為銷售與行銷費用增加 1,060 萬歐元，係因本季在品牌與成效行銷渠道的投資提高，以及因合併 trivago DEALS（前身為 Holisto）所產生的新增費用。廣告支出在已開發歐洲增加 780 萬歐元或 20%，在美洲增加 410 萬歐元或 9%，在世界其他地區則減少 100 萬歐元或 5%。

Despite the continued scaling of our marketing investments in this quarter, global ROAS improved from 118.1% in Q1 last year to 121% in Q1 this year. We observed a significant ROAS of improvement in Americas, increasing from 102.7% in Q1 2025 to 116.1% in Q1 2026. While we observed reductions in Developed Europe from 134% to 130.5%, and in Rest of World, from 120.3% to 111.2%.

儘管本季我們持續擴大行銷投資規模，全球 ROAS 仍由去年第一季的 118.1% 提升至今年第一季的 121%。我們觀察到美洲 ROAS 顯著改善，從 2025 年第一季的 102.7% 提升至 2026 年第一季的 116.1%。同時，我們也觀察到已開發歐洲由 134% 降至 130.5%，世界其他地區由 120.3% 降至 111.2%。

By the end of Q1, 2026, we had EUR136.1 million in cash and cash equivalent and no long-term debt, highlighting our exceptional financial position.

截至 2026 年第一季末，我們持有 1.361 億歐元的現金及約當現金，且無長期負債，凸顯我們卓越的財務狀況。

Despite challenging comps in the first half of the year, we are off to an encouraging start to Q2. We expect to further scale our brand marketing investments, but at a more moderated pace compared to previous years and make use of compounding brand effects in order to gradually increase profitability in 2026. Additionally, in 2026, we aim to begin consolidating trivago DEALS without the one-month reporting lag. Our current accounting policy election which currently causes timing differences in our consolidated financial statements. We anticipate sustaining our growth trajectory with steadily improving profitability, targeting 10% adjusted EBITDA margin in the next few years. For 2026, we are maintaining our expectation of double-digit year-over-year total revenue growth and increasing our adjusted EBITDA guidance to around EUR25 million.

儘管上半年比較基期具挑戰，我們在第二季開局令人鼓舞。我們預期將進一步擴大品牌行銷投資，但相較過往年度將以更溫和的步調，並運用品牌複利效應，以在 2026 年逐步提升獲利能力。此外，2026 年我們的目標是開始在合併 trivago DEALS 時不再有一個月的報表落後。目前我們的會計政策選擇，會在合併財務報表中造成時間差異。我們預期在獲利能力穩步改善的同時維持成長軌跡，並以未來幾年達成 10% 調整後 EBITDA 利潤率為目標。對於 2026 年，我們維持總營收年對年雙位數成長的預期，並將調整後 EBITDA 指引上調至約 2,500 萬歐元。

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

接下來我們開放提問。接線員，我們現在準備接受第一個問題。

(Operator Instructions) Naved Khan, B. Riley Securities.

（接線員指示）Naved Khan，B. Riley Securities。

Congrats on the results and the recent outlook. A couple of questions from me. It seems like you may be further ahead in getting the compounding benefits of brand advertising in Americas, versus Europe, just looking at where the ROAS is on these markets. Can you maybe just talk about why that may or may not be the case if I'm thinking about it the right way? And then on your 10% EBITDA margin over the next few years, maybe just give us a better sense of like maybe the timeline if it's like two or three years, or maybe further out or not?

恭喜本次業績以及近期展望。我有幾個問題。從這些市場的 ROAS 來看，似乎你們在美洲取得品牌廣告複利效益的進度，可能比歐洲更超前一些。你能否談談為什麼可能是這樣、或不是這樣——也就是我這樣理解是否正確？另外，關於未來幾年 10% 的 EBITDA 利潤率目標，能否讓我們更清楚了解大概的時間軸，例如是兩到三年，或更久，或不是？

And then maybe on the -- just on Google. I think they've been testing some changes as part of remedies. And just wanted to know if that's -- if those changes are favorable to your business or not? Or if it's too early to say?

另外也想問一下——關於 Google。我認為他們在補救措施的一部分中測試了一些變更。想了解那些變更是否對你們的業務有利？還是現在判斷仍太早？

Hi, Naved. Thanks for your questions. So if I get it right, your first question, was related to the development in Americas and in Developed Europe. So in our Americas segment, we made use of compounding brand effects. This was basically the major impact we saw there. So basically, the investments we did in the previous quarters are now compounding. And if you take a look at the ad spend development there, it is reduced to prior quarters or year-on-year comparable and therefore, we need to spend less in order to generate the same revenue. That was the main driver we saw in the Americas.

嗨，Naved，謝謝你的提問。如果我理解正確，你的第一個問題是關於美洲與已開發歐洲的發展。在我們的美洲分部，我們運用了品牌複利效應，這基本上是我們在那裡看到的主要影響。也就是說，我們在前幾季所做的投資現在正在產生複利效應。若你看那裡的廣告支出走勢，相較前幾季或年對年可比期間是下降的，因此我們需要花更少的錢就能產生相同的營收。這是我們在美洲看到的主要驅動因素。

An additional point that also influences the development is that we improved our conversion rates tremendously that we were able to generate better quality traffic, all these developments are also related to this. When we then take a look at our Developed Europe segment, there, we also saw a slight decrease in the ROAS and the reason is mainly due to the fact that we saw a strong investment opportunities in Developed Europe. And as you increase your brand stand at the same point, your ROAS also decreases to the fact that the positive effects from your brand investment will set in at later stages.

另一個也會影響發展的因素是，我們大幅提升了轉換率，使我們能帶來更高品質的流量，而這些改善也都與此相關。接著看已開發歐洲分部，我們也看到 ROAS 略有下降，主要原因是我們在已開發歐洲看到了強勁的投資機會。當你在同一時間提高品牌投入時，ROAS 也會下降，因為品牌投資的正面效果會在較後期才逐步顯現。

That's on the development in the segments. And your next question was related to our way to the 10% margin that we called out. And we are comfortable with this 10% target within the next few years.

以上是各分部的發展情況。你的下一個問題是關於我們邁向所提到的 10% 利潤率目標。我們對於在未來幾年內達成 10% 的目標感到有信心。

At the moment, we don't want to narrow it down further, but, thinking about it in the next or in the upcoming quarters, most probably. But what we can say and what leads to this positive margin development that I would like to point out here. So first, we see compounding effects. On the one hand, from our increased brand investments and on the other hand, from a much improved product. More travelers become aware of us. And more travelers engage with our product and on the other hand, the loyalty of the users increases or the probability that they come back increases.

目前我們不想把時間點再縮得更精確，但從接下來或未來幾季來看，很可能會發生。不過我想在此指出，推動這個正向利潤率發展的因素。首先，我們看到複利效應：一方面來自我們增加的品牌投資，另一方面來自產品大幅改善。更多旅客開始認識我們，也有更多旅客與我們的產品互動；同時，使用者的忠誠度提升，或他們回訪的機率提高。

The second important point is that we offer in the future will further increase our brand investments, but at a more moderated pace compared to previous quarters. And make further use of these compounding brand effects in order to gradually increase our profitability. And here again, the example of our ad spend in Q1 2025 where we increased our expense by about 24% and now in Q1 2026, only on a more moderated level by 10%.

第二個重點是，未來我們仍會進一步增加品牌投資，但相較前幾季會以更溫和的步調，並進一步運用這些品牌複利效應，以逐步提升獲利能力。這裡再舉例：在 2025 年第一季，我們的支出增加約 24%，而在 2026 年第一季則僅以較溫和的 10% 增幅成長。

And the additional contribution that we expect from these measurements will directly go to the bottom line instead than reinvesting them again into marketing. So the America's market at the moment is a good example for this.

此外，我們預期這些措施帶來的額外貢獻，將會直接反映在最終盈餘，而不是再度投入行銷。美洲市場目前就是一個很好的例子。

Yeah, and maybe I can add one aspect to what makes us excited and how we believe we can improve bottom line. And before I do that, maybe the point you asked initially on America. If you look at our ad spend increase last year in Q1, it was, I think 3 times higher compared to this year. And this is exactly the path we are going, just our incremental investment will slow down gradually, but there's still a lot of room to grow compared to our investment 2019, yeah. So there can be a multi year uplift in brand investment but slower than in the past years and then that will go into the bottom line.

是的，我也許可以補充一點，說明我們為何感到興奮，以及我們認為如何改善最終盈餘。在我補充之前，先回到你一開始問的美洲。如果你看我們去年第一季的廣告支出增幅，我想大概是今年的 3 倍。這正是我們要走的路徑：我們的增量投資會逐步放緩，但相較 2019 年的投資水準，仍有很大的成長空間。所以品牌投資可以在多年期間持續提升，但速度會比過去幾年慢，然後這些效益將反映到最終盈餘。

A third point that we believe will drive the 10% EBITDA or what makes us rather comfortable about the 10% adjusted EBITDA is that one effect that we haven't talked much about is the logged-in member aspect has won a higher loyalty because people have more touch points with us. But then you also have aftermath of that. You've emails and a chance to engage with users. And we call this owned media internally.

第三點，我們認為將推動 10% EBITDA、或讓我們對 10% 調整後 EBITDA 更有信心的是：有一個我們較少談到的效應——登入會員（logged-in member）面向帶來更高的忠誠度，因為人們與我們有更多接觸點。之後也會有延伸效應：你有電子郵件，以及與使用者互動的機會。我們在內部把這稱為自有媒體（owned media）。

So we are re-engaging users in this period where there's like users come to us, and they tend to book within one day and like two weeks. Yeah, that's a high converting period. And if we have emails, we can engage with these users much more actively, make sure we stay on top of mind with users and then drive and convert these users and bring them back. So that has a direct impact.

因此，我們正在這段期間重新與使用者互動；在這段期間，使用者會來到我們這裡，且通常會在一天內到兩週內完成預訂。是的，這是一個轉換率很高的期間。而如果我們有電子郵件，就能更積極地與這些使用者互動，確保我們始終在使用者心中保持優先想起，進而推動並轉換這些使用者、把他們帶回來。因此這會帶來直接影響。

We see our CRM activities, sending emails to users. This is growing a lot internally and it will start to become meaningful for our but bottom line very soon. And over time, the more our members go up, the better we optimize the engagement with our members, the more this will contribute to the bottom line.

我們看到我們的 CRM 活動，也就是向使用者發送電子郵件。這在內部成長很快，並且很快就會開始對我們的獲利底線產生實質意義。隨著時間推移，我們的會員數越多、我們越能優化與會員的互動，這對獲利底線的貢獻就會越大。

And then the 10% is realistic and the timeline, I think we will figure out and create more clarity. I think the next few years is indicating that we don't want to make this a long process but rather go there with confidence as soon as we can.

另外，10% 是現實可行的；至於時間表，我想我們會再釐清並建立更明確的規劃。我認為接下來幾年顯示出，我們不想把這變成一個漫長的過程，而是希望在可行時盡快、有信心地達成。

Great. And then on Google

很好。接著談 Google。

On Google, yes, the third point on Google. So Google, from our perspective is still not complying with DMA. I think the commission, had the preliminary finding that they are not and everybody's waiting for the final finding of the commission. This can happen any time.

關於 Google，是的，第三點談 Google。從我們的角度來看，Google 仍未遵守 DMA。我認為委員會的初步調查結果顯示他們並未遵守，而大家都在等待委員會的最終結論。這可能隨時會出來。

What we see on the Google front is that they do some changes. We have not seen any material impact. They are testing. They're evolving. Overall, I think what has been true over the long-term and they're not allowed to put their full hotel search product and price comparison product on top of the search results, and that is strategically a positive development because they are not pushing the product in front of people's mind on top of the generic search results.

我們在 Google 方面看到的是，他們做了一些調整，但我們尚未看到任何實質影響。他們在測試、也在演進。整體而言，長期以來一直成立的一點是：他們不被允許把完整的飯店搜尋產品與比價產品放在搜尋結果最上方；這在策略上是正向發展，因為他們不會在一般搜尋結果的最上方把該產品推到人們眼前、占據心智。

So this is generally positive. I wouldn't say this has a short-term impact on us. It's rather a stronger position we have as a metasearch with a better product that we can operate for users. So there's no change. We can see in the last weeks. Thank you for your question.

因此整體上是正面的。我不會說這對我們有短期影響；更像是我們作為一個具備更好產品的元搜尋平台，所處的地位更強，能為使用者提供服務。所以沒有變化。我們在最近幾週也看到了這點。謝謝你的提問。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通。

Right, this is Dae on for Doug. I have two. The first one, it looks like the share of referral revenue from all others appears to have inflected more meaningly over the past two quarters. I'm curious what's driving that acceleration? And can you speak to the composition within the bucket? Is it broad-based, long tail, or specific partners scaling into material individual share? And I have a follow-up.

好的，我是代 Doug 發言的 Dae。我有兩個問題。第一個，看起來「其他所有」來源的導流收入占比在過去兩個季度出現更明顯的拐點上升。我想了解是什麼在推動這個加速？另外，你能談談這個類別內部的構成嗎？是廣泛性的長尾成長，還是特定合作夥伴擴張到足以形成單一顯著占比？我還有一個追問。

Yeah, I think -- thank you for the question, a very important one. On the one side, on the marketing hand, we are diversifying our marketing mix, and we believe this makes us more resilient. And the on the other hand also, the partner mix is becoming much better, and the mix has moved from 20% in Q1 2023 to 35% in 2026. And that's quite a substantial.

是的，我想——謝謝你的提問，這是非常重要的一題。一方面，在行銷端，我們正在分散行銷組合，我們相信這會讓我們更具韌性。另一方面，合作夥伴組合也在變得更好，該組合的占比已從 2023 年第一季的 20% 提升到 2026 年的 35%。這是相當可觀的提升。

And I think the main reasons, it's many things. If you have a marketplace, lots of dynamics come together. So it's hard to dissect and say what are individual things that drove this. Overall, it's always a matter of how our advertisers engage in our marketplace. Some engage more, some engage less. But overall, the engagement, I think it's very good. And we've seen that the improved conversion rates we deliver, so higher quality of traffic, has resonated very positively with our partners.

我認為主要原因有很多。如果你有一個市場平台，會有許多動態同時作用，所以很難拆解並指出哪些單一因素驅動了這個結果。整體而言，關鍵一直在於我們的廣告主如何在我們的平台上參與：有些參與更多，有些參與較少。但總體來看，我認為參與度非常好。我們也看到我們所帶來的轉換率提升、也就是更高品質的流量，已非常正面地引起合作夥伴的共鳴。

And then there's a range of structural things that we have done. You might remember, I think it's two to three years ago, that was the timeline when we rolled out our second price auction which made our marketplace dynamics different. Then over the last quarters, we have reported that the CPA model has been very successful being rolled out, which is a transaction-based model. So partners don't need to do the bidding. Bidding is very complicated, especially for small partners that have scarcity of data and that has been a very successful initiative.

此外，我們也做了一系列結構性的調整。你可能記得，大約兩到三年前，我們推出了第二價格拍賣（second price auction），使我們的平台動態有所不同。接著在最近幾個季度，我們也回報 CPA 模式的推廣非常成功，這是一種以交易為基礎的模式。因此合作夥伴不需要進行出價；出價非常複雜，尤其對於資料稀缺的小型合作夥伴而言，而這一直是一項非常成功的計畫。

Book & Go took more share. It doubled its share into our marketplace. So you asked about who in the all others mix have taken share. Book & Go is one. There's other players that joined our auctions that joined our marketplace that are relevant in the alternative accommodation space, and Book & Go took more space. And also, the direct players have significantly increased in size as well.

Book & Go 取得了更多占比。它在我們的平台中的占比翻倍。因此你問到在「其他所有」組合中，哪些拿到了更多占比，Book & Go 是其中之一。還有其他加入我們拍賣、加入我們平台的玩家，在替代住宿領域也很重要；而 Book & Go 取得了更多空間。此外，直連（direct）玩家的規模也顯著增加。

And here, the connected part is property details pages that we rolled out. We qualified in the course of the last year. A very long testing process, lots of diligence, making sure this drives conversion and it's positive for our direct partners, where I explained it in my remarks earlier is that if you come as a user and land from trivago on a room selection page, this is a very big step in the decision-making process.

而這裡相關的一點是我們推出的物件詳情頁（property details pages），我們在過去一年逐步完成驗證。這是一個非常長的測試流程，做了大量盡職調查，確保它能提升轉換，並且對我們的直連合作夥伴是正面的。我在先前的發言中也解釋過：如果你作為使用者從 trivago 進來，落在房型選擇頁，這在決策流程中是非常大的一步。

So what we introduced now when you click on a direct partner, you land on a hotel page, we call the property details page, that gives you content, images, the different room types and so on trivago. We only forward more highly qualified users to our direct partners.

因此我們現在引入的是：當你點擊某個直連合作夥伴時，你會先落在一個飯店頁面，我們稱之為物件詳情頁（property details page），在 trivago 上提供內容、圖片、不同房型等資訊。我們只會把更高意向、資格更充分的使用者導流給直連合作夥伴。

Yeah, so you remove some of the structural disadvantages, independent hotels or chains have, and this had a significant impact in the recent months as well, together with Book & Go, other partners, CPA model, and this all had an impact that contributed to the shift.

是的，這等於移除了獨立飯店或連鎖飯店原本存在的一些結構性劣勢；這在最近幾個月也帶來了顯著影響。再加上 Book & Go、其他合作夥伴、CPA 模式等，這些都對占比的轉移有所貢獻。

Okay, great. And as a follow-up, and somewhat related, when you guys talk about referral revenue from logged-in members growing to 30% of referral revenue, I'm curious like where does that login conversion happens through the travel funnel. And I guess, is this the logged-in members growth from new users? I'm logging in for the first time, drawn by exclusive deals? Or are you seeing meaningful repeat behavior and higher revenue per member from existing pace?

好的，很棒。接著追問一個、也有點相關：當你們提到登入會員帶來的導流收入成長到占導流收入的 30% 時，我想了解登入轉換是在旅遊漏斗的哪個環節發生？另外，我想問這個登入會員的成長主要來自新使用者嗎——也就是第一次登入、被專屬優惠吸引？還是你們看到既有會員有明顯的重複使用行為，以及每位會員的收入提升？

Yeah, I think very good question as well. I think overall, we have shown this in the investor relations presentation an example. The most important, drivers for this are the prompts in -- if you go to the desktop, you prompted the better prices when you log in. You've unlocked rates in the price comparison stack that you have on a hotel level. And when you are a main driver as well. If you use our app, you are quite prominently asked to log in. And these are drivers that do this.

是的，我也認為這是個很好的問題。我想整體而言，我們在投資人關係簡報中用一個例子展示過。最重要的驅動因素是提示機制——如果你在桌機端，當你登入時會被提示可獲得更好的價格；你在飯店層級的比價列表中解鎖了專屬房價（unlocked rates），這也是主要驅動之一。如果你使用我們的 App，你也會相當明顯地被要求登入。這些都是促成登入的驅動因素。

And it's both. It is people returning to trivago the share there of logged-in members, is much higher than for the general population. So it's a combination of both. But most important is, unlocking new deals and pushing users in our app to log in, where users tend to be more core trivago loyal users and where trivago -- and where people are more used to logging in.

而且兩者都有。回到 trivago 的回訪使用者中，登入會員的占比遠高於整體使用者。因此這是兩者的組合。但最重要的是：解鎖新的優惠，以及在我們的 App 中推動使用者登入；App 使用者往往是更核心、更忠誠的 trivago 使用者，也更習慣登入。

And in the app to great thing is we not only have CRM activities with emails and the -- if you get somebody to log into the app, you can create push notifications which then drive a contribution as there's little cost to these activities compared to other marketing.

另外，App 的一個很棒之處在於：我們不僅能透過電子郵件進行 CRM 活動——而且如果你讓某個人登入 App，你還可以發送推播通知，進而帶來貢獻；相較於其他行銷方式，這些活動的成本很低。

We have no further questions at this time. I'll turn the call back to Johannes Thomas for closing remarks.

目前沒有其他問題。我將把電話交回 Johannes Thomas 作結語。

Thank you. Over the past three years, we have deliberately diversified our marketing mix, reduced our reliance on Google, and rebalanced our marketplace effectively. The result is a strictly more resilient business that we expect to continue to grow at a strong pace.

謝謝。過去三年，我們有意識地分散行銷組合、降低對 Google 的依賴，並有效地重新平衡我們的平台生態。其結果是一個韌性顯著更強的業務，我們預期將持續以強勁的速度成長。

From here, we are increasingly focused on steering towards profitability to maximize returns for our shareholders. Our planned share buyback program reflects our conviction to our investors, thank you for the trust you placed in us and to everyone on the call.

接下來，我們將更加聚焦於朝向獲利能力前進，以最大化股東回報。我們規劃的庫藏股回購計畫反映了我們的信念。也向投資人致謝，感謝你們對我們的信任，以及所有參與本次電話會議的人。

Thank you for joining us today.

感謝今天加入我們。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以中斷連線。