Airbnb — Aug 6, 2025 release

For 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. This includes investing approximately $200 million towards services and experiences in 2025. 2 A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided at the end of this letter. 4 2025 Summer Release On May 13, Airbnb expanded beyond places to stay and introduced three things: ¦ Airbnb Services – Incredible services to make your stay more special ¦ Airbnb Experiences – Explore a city with the locals who know it best ¦ All-new Airbnb app – A redesigned app that makes it easy to book homes, services, and experiences—all in one place Our 2025 Summer Release was our largest launch to date, expanding what people expect from Airbnb and generating significant press and social attention globally. Following the launch, Airbnb executives traveled around the world, visiting priority markets to amplify the news locally. Over three weeks, they visited six cities and met with over 600 partners, press, policymakers, and hosts. These collective eo ff rts are paying o. G ff uests say it’s now easier to discover new offerings on the homepage and find what they’re looking for in the app. Feedback from guests who’ve booked services and experiences has been overwhelmingly positive—with an average rating o