Airbnb — May 1, 2025 release

4 a benefit of approximately two percentage points related to the timing of Easter in 2024, which creates a favorable year-over-year comparison during the quarter. As a result, we anticipate our implied take rate in Q2 2025 to be higher than in Q2 2024. • Q2 Nights Booked and ADR. In Q2 2025, we expect year-over-year growth of Nights and Experiences Booked to moderate relative to Q1 2025. During April, we saw strong demand for Easter travel from Latin America–which remains our fastest growing region. Whereas in the U.S., we’ve seen relatively softer results, which we believe has been largely driven by broader economic uncertainties. In Q2 2025, we expect ADR to be approximately flat year-over-year. • Q2 Adjusted EBITDA. In Q2 2025, we expect Adjusted EBITDA to increase on a year-over- year basis, but for Adjusted EBITDA Margin to be flat to down slightly compared to Q2 2024. Marketing expense is expected to grow faster than revenue on a year-over-year basis in Q2 2025, partially due to our Summer Release and investments in new growth initiatives. • FY Adjusted EBITDA. For full-year 2025, consistent with our prior guidance, we expect to deliver a full-year Adjusted EBITDA Margin of at least 34.5%, maintaining our strong track record of profitability while making meaningful investments behind future growth levers. As shared in our prior shareholder letter, we plan to invest $200 million to $250 million towards launching and scalin