Operator

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, the 6th of May 2026. 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.

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, 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 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.

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 in trivago's Investor Relations website at 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.