Investor Presentation

Q4 2022
7 February 2023
Disclaimer
All of the information herein has been prepared by trivago N.V. the “Company” solely for use in this completely ceased television advertising in 2020 and only having resumed such advertising at reduced
presentation. The information contained in this presentation has not been independently verified. No levels in 2021 and 2022 on our ability to reach pre-pandemic revenue levels; our ability to implement our
representation, warranty or undertaking, express or implied, is made as to, and no reliance should be strategic initiatives; increasing competition in our industry; our reliance on search engines, particularly
placed on, the fairness, accuracy, completeness or correctness of the information or the opinions Google, which promote its own product and services that competes directly with our accommodation
contained herein. The information contained in this presentation should be considered in the context of search and may negatively impact our business, financial performance and prospects; our ability to
the circumstances prevailing at that time and has not been, and will not be, updated to reflect material innovate and provide tools and services that are useful to our users and advertisers; our business'
developments which may occur after the date of the presentation. The Company may alter, modify or model's dependence on consumer preferences for traditional hotel-based accommodation; our
otherwise change in any manner the content of this presentation, without an obligation to notify any dependence on relationships with third parties to provide us with content; changes to and our
person of such revision or changes. compliance with applicable laws, rules and regulations; the impact of any legal and regulatory
proceedings to which we are or may become subject; potential disruptions in the operation of our
All trademarks, service marks and trade names appearing in this presentation are, to the Company’s systems, security breaches and data protection; and impacts from our operating globally as well as other
knowledge, the property of their respective owners. The Company does not intend its use or display of risks and uncertainties detailed in our public filings with the SEC, including trivago's Annual Report on
other companies’ trademarks, service marks, copyrights or trade names to imply a relationship with, or Form 20-F for the fiscal year ended December 31, 2021, as such risks and uncertainties may be
endorsement or sponsorship of the Company by, any other companies. updated from time to time. Such risks and uncertainties may cause the statements to be inaccurate and
readers are cautioned not to place undue reliance on such statements. Many of these risks are outside
of our control and could cause our actual results to differ materially from those we thought would occur.
Special Note Regarding Forward-Looking Statements The forward-looking statements included in this presentation are made only as of the date hereof.
Except as required by law, we do not undertake, and specifically decline, any obligation to update any
This presentation contains statements that express the Company’s opinions, expectations, beliefs, such statements or to publicly announce the results of any revisions to any of such statements to reflect
plans, objectives, assumptions or projections regarding future events or future results, in contrast with future events or developments.
statements that reflect historical facts. Examples include discussion of our strategies, Adjusted EBITDA
forecasts, financing plans, growth opportunities and market growth. In some cases, you can identify such Special Note Regarding Non-GAAP Financial Measures
forward-looking statements by terminology such as “anticipate,” “intend,” “believe,” “estimate,” “plan,”
“seek,” “project” or “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or
similar expressions. While we always intend to express our best judgment when we make statements This presentation contains non-GAAP financial measures, including Adjusted EBITDA. Information
about what we believe will occur in the future, and although we base these statements on assumptions needed to reconcile such non-GAAP financial measures to the most directly comparable measures
that we believe to be reasonable when made, these forward-looking statements are not a guarantee of under US GAAP can be found in this presentation in the Appendix and should be carefully evaluated.
our performance, and you should not place undue reliance on such statements. Forward-looking These non-GAAP measures are not based on any comprehensive set of accounting rules or principles
statements are subject to many risks, uncertainties and other variable circumstances, such as our ability and should not be considered a substitute for, or superior to, financial measures calculated in
to grow our revenue in future periods, or at rates deemed sufficient by the market without reducing our accordance with GAAP, and may be different from non-GAAP measures used by other companies.
profits or incurring losses; any acceleration of long-term changes to consumer behavior and industry In addition, these non-GAAP measures should be read in conjunction with our financial statements
structure arising from the COVID-19 pandemic that may continue to have a significant adverse effect on prepared in accordance with GAAP.
our future competitiveness and profitability; the potential negative impact of the worsening economic
outlook and inflation on consumer discretionary spending; geopolitical and diplomatic tensions,
instabilities and conflicts, including war, civil unrest, terrorist activity, sanctions or other geopolitical
events or escalations of hostilities, such as the war in Ukraine; our continued dependence on a small
number of advertisers for our revenue and adverse impacts that could result from their reduced spending
or changes in their cost-per-click, or CPC, bidding strategy; our ability to generate referrals, customers,
bookings or revenue and profit for our advertisers on a basis they deem to be cost-effective; factors that
contribute to our period-over-period volatility in our financial condition and result of operations; any
additional impairment of intangible assets and goodwill; the continuing negative impact of having

2
Q4 2022 – Financial Update
2021 2022 YoY

Total Revenue (€mm) ROAS1 (%) Adj. EBITDA2 (€mm) Net Income/Loss (€mm)

15.2 10.4 10.7

107.5

535.0

199%
34.6
180% 19.6 22.6
164%
156% (127.2)
361.4
Q4 FY Q4 FY

% of Total Revenue % of Total Revenue

104.9
89.1

17.1%
9.9%
Q4 FY Q4 FY 3.0%

22.0% 21.5% 20.1%

18% 48% (18) ppts 8 ppts 9.6%

(23.8)%
Q4 FY Q4 FY

(1) ROAS: Return on Advertising Spend; (2) Adj. EBITDA is adjusted for impairment of, and gains and losses on disposals of, property and equipment, impairment of intangible
assets and goodwill, share-based compensation, the Australian Federal Court penalty and Certain other items, including restructuring, significant legal settlements and court-
ordered penalties. A reconciliation to reported results is included in the Appendix; Source: Unaudited US GAAP financials and internal data 3
Global
2021 2022 YoY

ROAS1 (%) Referral Revenue (€mm)

199% 521.8
180%
156% 164%
349.4

83.7 101.4

Q4 FY Q4 FY

(19) ppts 8 ppts 21% 49%

Qualified Referrals (mm) RPQR2 (€)

311.6
282.2

1.76 1.67
1.34 1.24

62.4 57.6

Q4 FY Q4 FY

(8)% 10% 31% 35%

(1) ROAS: Return on Advertising Spend; (2) RPQR: Revenue per Qualified Referral;
Note: Some numbers may not add up due to rounding; Source: Internal data 4
Americas
2021 2022 YoY

ROAS1 (%) Referral Revenue (€mm)

210% 216.4
192%
164%
149%
140.1

36.2 41.8

Q4 FY Q4 FY

(18) ppts 15 ppts 15% 54%

Qualified Referrals (mm) RPQR2 (€)

2.55 2.48

87.3 1.77 1.70

82.6

20.4 16.4

Q4 FY Q4 FY

(20)% 6% 44% 46%

(1) ROAS: Return on Advertising Spend; (2) RPQR: Revenue per Qualified Referral;
Note: Some numbers may not add up due to rounding; Source: Internal data 5
Developed Europe
2021 2022 YoY

ROAS1 (%) Referral Revenue (€mm)

237.7
183%
170% 159%
153% 163.7

35.7 43.9

Q4 FY Q4 FY

(13) ppts 6 ppts 23% 45%

Qualified Referrals (mm) RPQR2 (€)

139.0
119.6
1.84 1.71
1.53
1.37

23.3 23.9

Q4 FY Q4 FY

3% 16% 20% 25%

(1) ROAS: Return on Advertising Spend; (2) RPQR: Revenue per Qualified Referral;
Note: Some numbers may not add up due to rounding; Source: Internal data 6
Rest of World
2021 2022 YoY

ROAS1 (%) Referral Revenue (€mm)

218% 203%
182% 189%

67.7
45.6
11.9 15.7

Q4 FY Q4 FY

(36) ppts (14) ppts 32% 48%

Qualified Referrals (mm) RPQR2 (€)

80.0 85.3

0.91 0.79
0.64 0.57
18.6 17.3

Q4 FY Q4 FY

(7)% 7% 42% 39%

(1) ROAS: Return on Advertising Spend; (2) RPQR: Revenue per Qualified Referral;
Note: Some numbers may not add up due to rounding; Source: Internal data 7
Advertiser Mix
Advertiser revenue share as % of Referral Revenue

17% All others

18%
26%
Booking Holdings

Expedia Group

46%
49%

57%

37%
33%

17%

Q4 2020 Q4 2021 Q4 2022

Source: Internal data 8

Appendix

9
Consolidated Financials FY
FY 2022, trivago N.V.
in € thousands FY 2022 FY 2021 Δ€ Δ%
Referral Revenue 521,790 349,442 172,348 49.3%
Other revenue 13,214 12,023 1,191 9.9%
Total revenue 535,004 361,465 173,539 48.0%
Cost of revenue 12,691 11,500 1,191 10.4%
% of total revenue 2.4% 3.2%
Selling and marketing 342,024 249,196 92,828 37.3%
% of total revenue 63.9% 68.9%
Technology and content 54,921 52,374 2,547 4.9%
% of total revenue 10.3% 14.5%
General and administrative 60,852 38,208 22,644 59.3%
% of total revenue 11.4% 10.6%
Amortization of intangible assets 136 136 - 0.0%
% of total revenue 0.0% 0.0%
Impairment of intangible assets & goodwill 184,642 - 184,642 100.0%
% of total revenue 34.5% 0.0%
Operating income/(loss) (120,262) 10,051 (130,313) n.m.
Total other income/(expense), net 15 13,239 (13,224) (99.9)%
% of total revenue 0.0% 3.7%
Expense/(benefit) for income taxes 6,570 12,586 (6,016) (47.8)%
% of total revenue 1.2% 3.5%
Income/(loss) from equity method investment (401) - (401) 100.0%
% of total revenue (0.1)% 0.0%
Net income/(loss) (127,218) 10,704 (137,922) n.m.
% of total revenue (23.8)% 3.0%

Note: Calculations and variances above are calculated based on financial data as presented in the table within;
Source: Unaudited US GAAP financials 10
Consolidated Financial Information FY
FY 2022, trivago N.V.
in € thousands FY 2022 FY 2021 Δ€ Δ% Comments 2022 vs 2021
Referral Revenue 521,790 349,442 172,348 49.3% 1
Other revenue 13,214 12,023 1,191 9.9% 2 1. Referral revenue increased by 54.5%, 45.2% and 48.5% in
Total revenue 535,004 361,465 173,539 48.0%
Cost of revenue, excluding SBC 12,493 11,243 1,250 11.1% 3
Americas, Developed Europe and RoW, respectively.
% of total revenue 2.3% 3.1%
Selling and marketing, excluding SBC 341,287 248,092 93,195 37.6% 2. Other revenue increased by 9.9%, mainly driven by
% of total revenue 63.8% 68.6% increased revenue from our B2B solutions.
Advertising Spend 317,323 223,550 93,773 41.9% 4
% of total revenue 59.3% 61.8%
Other Selling and marketing, excluding SBC 23,964 24,542 (578) (2.4)% 5
3. Cost of revenue increased by 11.1%, mainly driven by
% of total revenue 4.5% 6.8% higher cloud-related service provider costs.
Technology and content, excluding SBC 51,952 48,477 3,475 7.2% 6
% of total revenue 9.7% 13.4% 4. Advertising spend increased by 39.9%, 40.0% and 59.6%
General and administrative, excluding SBC 49,414 26,205 23,209 88.6% 7 in Americas, Developed Europe and RoW, respectively.
% of total revenue 9.2% 7.2%
Add back: Depreciation expense 5,996 8,213 (2,217) (27.0)%
% of total revenue 1.1% 2.3% 5. Other selling and marketing expense excl. SBC decreased
Add back: Impairment and gains/losses property and equipment disposal 887 283 604 n.m. by 2.4%, mainly driven by lower television advertisement
% of total revenue 0.2% 0.1% production costs, partly offset by higher expenses incurred
Add back: Certain other items, including restructuring, significant legal settlements and court-ordered
penalties
20,710 (1,307) 22,017 n.m. 8 to acquire traffic and higher digital sales taxes.
% of total revenue 3.9% (0.4)%
Adjusted EBITDA 107,451 34,637 72,814 210.2% 6. Technology and content expense excl. SBC increased by
% of total revenue 20.1% 9.6%
7.2%, mainly driven by higher personnel costs.
Reconciliation from Adjusted EBITDA to net income/(loss)
Certain other items, including restructuring, significant legal settlements and court-ordered penalties (20,710) 1,307 (22,017) n.m. 8
% of total revenue (3.9)% 0.4% 7. General and administrative expense excl. SBC increased
Share-based compensation (SBC) (expense) (15,342) (17,261) 1,919 (11.1)% by 88.6%, mainly driven by the recognition of additional
% of total revenue (2.9)% (4.8)% expense of €20.7 million, relating to the penalty imposed
Impairment of intangible assets and goodwill (expense) (184,642) - (184,642) 100.0% 9
% of total revenue (34.5)% 0.0%
on us by the Australian Federal Court in the first quarter of
Impairment and gains/(losses) property and equipment disposal (887) (283) (604) n.m. 2022.
% of total revenue (0.2)% (0.1)%
Depreciation and Amortization (expense) (6,132) (8,349) 2,217 (26.6)% 8. The €20.7 million presented within Certain other items in
% of total revenue (1.1)% (2.3)%
Total other income/(expense), net 15 13,239 (13,224) (99.9)%
the second quarter of 2022 is mainly attributable to the
% of total revenue 0.0% 3.7% penalty imposed on us by the Australian Federal Court.
Income tax benefit/(expense) (6,570) (12,586) 6,016 (47.8)% 10
% of total revenue (1.2)% (3.5)% 9. As a result of the impairment tests performed in the
Income/(loss) from equity method investment (401) - (401) n.m.
second and third quarter of 2022, we recorded an
% of total revenue (0.1)% 0.0%
Net income/(loss) (127,218) 10,704 (137,922) n.m.
impairment charge for goodwill and intangible assets of
% of total revenue (23.8)% 3.0% €184.6 million.

Note: Calculations and variances above are calculated based on financial data as presented in the table within; Some numbers may not add up due to rounding;
10. Income tax expense decreased mainly because of the
Source: Unaudited US GAAP financials deferred tax benefit arising from trademark impairment. 11
Recon of non-GAAP Financial Measures FY
FY 2022, trivago N.V.
in € thousands FY 2022 FY 2021 Δ€ Δ% Comments 2022 vs 2021
Net income/(loss) (127,218) 10,704 (137,922) n.m.
Income/(loss) from equity method investment (401) - (401) 100.0% 1. The €20.7 million presented within Certain other items,
Income/(loss) before equity method investment (126,817) 10,704 (137,521) n.m.
Expense/(benefit) for income taxes 6,570 12,586 (6,016) (47.8)%
including restructuring, significant legal settlements and
Income/(loss) before income taxes (120,247) 23,290 (143,537) n.m. court-ordered penalties is mainly attributable to the penalty
Add/(less): imposed on us by the Australian Federal Court.
Interest expense 51 389 (338) (86.9)%
Other, net (66) (13,628) 13,562 (99.5)%
Operating income/(loss) (120,262) 10,051 (130,313) n.m.
Depreciation of property and equipment and amortization of intangible assets 6,132 8,349 (2,217) (26.6)%
Impairment of, and gains and losses on disposals of, property and equipment 887 283 604 n.m.
Impairment of intangible assets and goodwill 184,642 - 184,642 100.0%
Share-based compensation 15,342 17,261 (1,919) (11.1)%
Certain other items, including restructuring, significant legal settlements and court-ordered penalties 20,710 (1,307) 22,017 n.m. 1
Adjusted EBITDA 107,451 34,637 72,814 210.2%

Provided below are the amounts of Share-based compensation excluded from the expense items
in € thousands FY 2022 FY 2021 Δ€ Δ%
Cost of revenue 198 257 (59) (23.0)%
Selling and marketing 737 1,104 (367) (33.2)%
Technology and content 2,969 3,897 (928) (23.8)%
General and administrative 11,438 12,003 (565) (4.7)%
Total Share-based compensation 15,342 17,261 (1,919) (11.1)%

Note: Calculations and variances above are calculated based on financial data as presented in the table within; Some numbers may not add up due to rounding;
Source: Unaudited US GAAP financials 12
Consolidated Financials Q4
FY 2022, trivago N.V.
in € thousands Q4 2022 Q4 2021 Δ€ Δ%
Referral Revenue 101,447 83,740 17,707 21.1%
Other revenue 3,442 5,386 (1,944) (36.1)%
Total revenue 104,889 89,126 15,763 17.7%
Cost of revenue 3,492 2,817 675 24.0%
% of total revenue 3.3% 3.2%
Selling and marketing 61,533 50,119 11,414 22.8%
% of total revenue 58.7% 56.2%
Technology and content 12,421 13,235 (814) (6.2)%
% of total revenue 11.8% 14.8%
General and administrative 9,650 9,739 (89) (0.9)%
% of total revenue 9.2% 10.9%
Amortization of intangible assets 34 34 - 0.0%
% of total revenue 0.0% 0.0%
Operating income/(loss) 17,759 13,182 4,577 34.7%
Total other income/(expense), net (838) 12,562 (13,400) (106.7)%
% of total revenue (0.8)% 14.1%
Expense/(benefit) for income taxes 6,412 10,539 (4,127) (39.2)%
% of total revenue 6.1% 11.8%
Income/(loss) from equity method investment (88) - (88) 100.0%
% of total revenue (0.1)% 0.0%
Net income/(loss) 10,421 15,205 (4,784) (31.5)%
% of total revenue 9.9% 17.1%

Note: Calculations and variances above are calculated based on financial data as presented in the table within;
Source: Unaudited US GAAP financials 13
Consolidated Financial Information Q4
FY 2022, trivago N.V.
in € thousands Q4 2022 Q4 2021 Δ€ Δ% Comments 2022 vs 2021
Referral Revenue 101,447 83,740 17,707 21.1% 1
Other revenue 3,442 5,386 (1,944) (36.1)% 2 1. Referral revenue increased by 15.5%, 23.0% and 31.9% in
Total revenue 104,889 89,126 15,763 17.7%
Cost of revenue, excluding SBC 3,444 2,749 695 25.3% 3
Americas, Developed Europe and RoW, respectively.
% of total revenue 3.3% 3.1%
Selling and marketing, excluding SBC 61,388 49,799 11,589 23.3% 2. Other revenue decreased by 36.1%, mainly driven by our
% of total revenue 58.5% 55.9% decision taken in the second quarter of 2022 to discontinue
Advertising Spend 56,248 42,171 14,077 33.4% 4 some of our B2B products.
% of total revenue 53.6% 47.3%
Other Selling and marketing, excluding SBC 5,140 7,628 (2,488) (32.6)% 5
% of total revenue 4.9% 8.6%
3. Cost of revenue increased by 25.3%, mainly driven by
Technology and content, excluding SBC 11,766 12,202 (436) (3.6)% 6 higher cloud-related service provider costs.
% of total revenue 11.2% 13.7%
General and administrative, excluding SBC 6,894 6,942 (48) (0.7)% 7 4. Advertising spend increased by 26.0%, 33.0% and 56.4%
% of total revenue 6.6% 7.8%
in Americas, Developed Europe and RoW, respectively.
Add back: Depreciation expense 1,213 1,847 (634) (34.3)%
% of total revenue 1.2% 2.1%
Add back: Impairment and gains/losses property and equipment disposal (4) 289 (293) (101.4)% 5. Other selling and marketing expense excl. SBC decreased
% of total revenue (0.0)% 0.3% by 32.6%, mainly driven by lower expenses incurred to
Adjusted EBITDA 22,606 19,570 3,036 15.5% acquire traffic and lower television advertisement
% of total revenue 21.6% 22.0%
production costs.
Reconciliation from Adjusted EBITDA to net income/(loss)
Share-based compensation (SBC) (expense) (3,604) (4,218) 614 (14.6)%
% of total revenue (3.4)% (4.7)% 6. Technology and content expense excl. SBC decreased by
Impairment and gains/(losses) property and equipment disposal 4 (289) 293 (101.4)% 3.6%, mainly driven by lower office related expenses.
% of total revenue 0.0% (0.3)%
Depreciation and Amortization (expense) (1,247) (1,881) 634 (33.7)% 7. General and administrative expense excl. SBC decreased
% of total revenue (1.2)% (2.1)%
by 0.7%, as decrease in office related expenses was offset
Total other income/(expense), net (838) 12,562 (13,400) (106.7)%
% of total revenue (0.8)% 14.1% by higher professional fees compared to the same period
Income tax benefit/(expense) (6,412) (10,539) 4,127 (39.2)% 8 in 2021.
% of total revenue (6.1)% (11.8)%
Income/(loss) from equity method investment (88) - (88) 100.0% 8. Income tax expense decrease was mainly driven by the
% of total revenue (0.1)% 0.0%
Net income/(loss) 10,421 15,205 (4,784) (31.5)%
deferred tax benefit arising from the impairment of
% of total revenue 9.9% 17.1% trademark.

Note: Calculations and variances above are calculated based on financial data as presented in the table within;
Source: Unaudited US GAAP financials 14
Recon of non-GAAP Financial Measures Q4
FY 2022, trivago N.V.
in € thousands Q4 2022 Q4 2021 Δ€ Δ%
Net income/(loss) 10,421 15,205 (4,784) (31.5)%
Loss from equity method investment (88) - (88) 100.0%
Income/(loss) before equity method investment 10,509 15,205 (4,696) (30.9)%
Expense/ (benefit) for income taxes 6,412 10,539 (4,127) (39.2)%
Income/(loss) before income taxes 16,921 25,744 (8,823) (34.3)%
Add/(less):
Interest expense 5 81 (76) (93.8)%
Other, net 833 (12,643) 13,476 106.6%
Operating income/(loss) 17,759 13,182 4,577 34.7%
Depreciation of property and equipment and amortization of intangible assets 1,247 1,881 (634) (33.7)%
Impairment of, and gains and losses on disposals of, property and equipment (4) 289 (293) (101.4)%
Share-based compensation 3,604 4,218 (614) (14.6)%
Adjusted EBITDA 22,606 19,570 3,036 15.5%

Provided below are the amounts of Share-based compensation excluded from the expense items
in € thousands Q4 2022 Q4 2021 Δ€ Δ%
Cost of revenue 48 68 (20) (29.4)%
Selling and marketing 145 320 (175) (54.7)%
Technology and content 655 1,033 (378) (36.6)%
General and administrative 2,756 2,797 (41) (1.5)%
Total Share-based compensation 3,604 4,218 (614) (14.6)%

Note: Calculations and variances above are calculated based on financial data as presented in the table within;
Source: Unaudited US GAAP financials 15
Consolidated Statement of Cash Flows FY
FY 2022, trivago N.V.
in € thousands FY 2022 FY 2021 Comments 2022 vs 2021
Net income/(loss) (127,218) 10,704 1
Adjustments to reconcile net income/(loss) to net cash provided by/(used in): 1. Net loss of €127.2 million adjusted by non-cash items e.g.,
Depreciation 5,996 8,213
Amortization of intangible assets 136 136
for intangible assets and goodwill impairment loss (€184.6
Goodwill and intangible assets impairment loss 184,642 - million), share-based compensation (€15.3 million) and
Impairment of long-lived assets including internal-use software and website development 893 - depreciation (€6.0 million), partly offset by deferred income
Share-based compensation 15,342 17,261 taxes (€19.7 million) led to an increase in cash and cash
Deferred income taxes (19,734) 8,856
equivalents of €60.9 million in the twelve months ended
Foreign exchange (gain)/loss 228 (1,554)
Expected credit losses, net 228 255
December 31, 2022.
(Gain)/Loss on disposal of fixed assets (6) 317
Gain from settlement of asset retirement obligation - (5) 2. Net cash provided by operating activities of €66.3 million
(Gain)/loss from lease termination and modification, net - (1,307) for the twelve months ended December 31, 2022 was
Loss from equity method investment 401 - primarily driven by the adjustment of non-cash items
Changes in operating assets and liabilities
totaling €188.1 million included in the period net loss and
Accounts receivable, including related party (10,114) (25,754)
Prepaid expenses and other assets 1,557 (2,510) positive changes in operating assets and liabilities of
Accounts payable 5,291 6,897 €5.4 million.
Payroll liabilities (835) 297
Accrued expenses and other liabilities (677) 2,738 3. Net cash used in investing activities of €54.9 million for the
Deferred revenue (485) (576)
twelve months ended December 31, 2022, was primarily
Taxes payable/receivable, net 10,623 8,568
Net cash provided by/(used in) operating activities 66,268 32,536 2
driven by the purchase of €50.0 million term deposits, a
Purchase of investments (50,000) (1,351) €5.9 million investment in an equity-method investee and a
Proceeds from sales and maturities of investments 5,000 19,338 €4.0 million net cash outflow related to capital
Business acquisition, net of cash acquired - (4,302) expenditures, including internal-use software and website
Capital expenditures (3,976) (3,781)
development. These were partly offset by proceeds from
Investment in equity-method investees (5,951) -
Proceeds from sale of fixed assets 17 114
sales and maturities of investments of €5.0 million.
Net cash provided by/(used in) investing activities (54,910) 10,018 3
Proceeds from exercise of option awards 118 1,270 4. Net cash used in financing activities of €19.6 million for the
Repayment of other non-current liabilities (112) (217) twelve months ended December 31, 2022 was primarily
Purchases of treasury stock (19,627) - driven by the purchase of treasury stock, which includes
Net cash provided by/(used in) financing activities (19,621) 1,053 4
Effect of exchange rate changes on cash 470 2,341
the purchase of 20,000,000 Class A shares from Peter
Net increase/(decrease) in cash, cash equivalents and restricted cash (7,793) 45,948 5 Vinnemeier for €19.3 million in November 2022.
Cash and cash equivalents and restricted cash at beginning of the period 256,719 210,771
Cash and cash equivalents and restricted cash at end of the period 248,926 256,719 5. Net decrease in cash, cash equivalents and restricted cash
was €7.8 million in the twelve months ended December 31,
2022.

Note: Calculations and variances above are calculated based on financial data as presented in the table within;
Source: Unaudited US GAAP financials 16
Consolidated Statement of Cash Flows Q4
FY 2022, trivago N.V.
in € thousands Q4 2022 Q4 2021 Comments 2022 vs 2021
Net income/(loss) 10,421 15,205 1
Adjustments to reconcile net income/(loss) to net cash provided by/(used in): 1. Net income of €10.4 million adjusted by non-cash items
Depreciation 1,213 1,847
Amortization of intangible assets 34 34
e.g., share-based compensation (€3.6 million), foreign
Share-based compensation 3,604 4,218 exchange loss (€1.3 million) and depreciation (€1.2
Deferred income taxes (746) 6,768 million), partly offset by deferred income taxes
Foreign exchange (gain)/loss 1,251 (525) (€0.7 million) led to an increase in cash and cash
Expected credit losses, net 139 76
equivalents of €16.0 million in the fourth quarter of 2022.
(Gain)/Loss on disposal of fixed assets (4) 95
Loss from equity method investment 88 -
Changes in operating assets and liabilities:
2. Net cash provided by operating activities of €34.0 million
Accounts receivable, including related party 26,302 35,842 was primarily driven by changes in operating assets and
Prepaid expenses and other assets 1,978 246 liabilities of €18.0 million primarily due to a decrease in
Accounts payable (10,051) (5,948) accounts receivable of €26.3 million and an increase in
Payroll liabilities (1,185) 20
taxes payable of €2.3 million. These were partly offset by a
Accrued expenses and other liabilities (994) 286
Deferred revenue (289) 412 decrease in accounts payable of €10.1 million in the fourth
Taxes payable/receivable, net 2,255 3,460 quarter of 2022. Net income adjusted by non-cash items of
Net cash provided by/(used in) operating activities 34,016 62,036 2 €16.0 million in the fourth quarter of 2022 further
Proceeds from sales and maturities of investments 5,000 - contributed to net cash provided by operating activities.
Capital expenditures (645) (880)
Proceeds from sale of fixed assets 5 4
Net cash provided by/(used in) investing activities 4,360 (876) 3
3. Net cash provided by investing activities of €4.4 million
Proceeds from exercise of option awards 28 19 was primarily driven by proceeds from sales and maturities
Repayment of other non-current liabilities (13) (43) of investments in the fourth quarter of 2022.
Purchases of treasury stock (19,328) -
Net cash provided by/(used in) financing activities (19,313) (24) 4 4. Net cash used in financing activities of €19.3 million in the
Effect of exchange rate changes on cash (1,949) 803
fourth quarter of 2022 was primarily driven by the purchase
Net increase/(decrease) in cash, cash equivalents and restricted cash 17,114 61,939 5
Cash and cash equivalents and restricted cash at beginning of the period 231,812 194,780
of treasury stock, which includes the purchase of
Cash and cash equivalents and restricted cash at end of the period 248,926 256,719 20,000,000 Class A shares from Peter Vinnemeier for
€19.3 million in November 2022.

5. Net increase in cash, cash equivalents and restricted cash

was €17.1 million in the fourth quarter of 2022.

Note: Calculations and variances above are calculated based on financial data as presented in the table within;
Source: Unaudited US GAAP financials 17
Consolidated Balance Sheet
FY 2022, trivago N.V.
in € thousands As of As of Comments 2022 vs 2021
Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 248,584 256,378 1
Restricted cash 342 -
1. Cash and cash equivalents decreased by €7.8 million,
Accounts receivable, less allowance 25,679 23,707 mainly driven by cash used in investing activities of
2
Accounts receivable, related party 24,432 16,506 €54.9 million and in financing activities of €19.6 million,
Short-term investments 45,000 - partly offset by cash provided by operating activities of
Tax receivable 498 3,527
€66.3 million.
Prepaid expenses and other current assets 8,669 10,273
Total current assets 353,204 310,391
2. Accounts receivable from non-related parties increased by
Property and equipment, net 13,075 15,905
Operating lease right-of-use assets 45,028 48,323
€2.0 million, accounts receivable from related parties
Deferred income taxes - 26 increased by €7.9 million, due to higher revenues in the
Investments and other assets 8,408 3,250 fourth quarter of 2022 compared to fourth quarter of 2021.
Intangible assets, net 89,950 170,085
3
Goodwill 181,927 286,539 3. As a result of the expected prolonged deterioration of our
TOTAL ASSETS 691,592 834,519
business due to the declining global economy, we recorded
Accounts payable 19,941 14,053 4 an impairment charge for goodwill and intangible assets of
Income taxes payable 12,325 4,358
Deferred revenue 1,689 2,174
5 €184.6 million to reflect the economic and financial impact
Payroll liabilities 2,454 3,289 on our business.
Accrued expenses and other current liabilities 8,675 16,323 6
Operating lease liability 4,538 2,269 4. Accounts payable increased by €5.9 million as advertising
Total current liabilities 49,622 42,466 spend was higher in the fourth quarter of 2022 compared to
Operating lease liability 40,729 45,267 fourth quarter of 2021.
Deferred income taxes 30,050 49,810
Other long-term liabilities 9,455 3,192 7 5. Income tax payable increased by €8.0 million due to higher
Class A common stock 7,458 5,802 revenues the fourth quarter of 2022 compared to fourth
Class B common stock 142,486 157,178
quarter of 2021.
Treasury stock (19,960) -
Reserves 863,987 835,839
Contribution from Parent 122,307 122,307
6. Accrued expenses and other current liabilities decreased by
Accumulated other comprehensive income 54 36 €7.6 million, mainly due to the payment in the second
Accumulated deficit (554,596) (427,378) quarter of 2022 of the penalty imposed on us by the
Total stockholders' equity 561,736 693,784 Australian Federal Court.
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 691,592 834,519

7. Other long-term liabilities increased by €6.3 million, mainly

driven by changes in our uncertain tax position.

Note: Calculations and variances above are calculated based on financial data as presented in the table within;
Source: Unaudited US GAAP financials 18
19