Airbnb — May 1, 2025 release

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 scaling new businesses in 2025, which we will introduce on May 13. We believe that the impact of these investments on our quarterly Adjusted EBITDA Margin will be the most pronounced during the second half of the year due to the timing of when we introduce these new offerings. We anticipate a more significant contribution to revenue growth as these businesses scale over the coming years. 5 A CLOSER LOOK Minor changes, major impact Even modest improvements can make a big difference to our users. Through thoughtful design and iteration, we developed algorithms to make filter recommendations to guests in the booking flow. We adde