Airbnb — Aug 6, 2025 release

While we have seen an acceleration of nights booked growth in July, particularly in North America, we are mindful of the tougher year-over-year comparison towards the end of the quarter. In Q3 2025, we expect ADR to increase modestly on a year-over-year basis, primarily driven by FX. ¦ Q3 Adjusted EBITDA. In Q3 2025, we expect Adjusted EBITDA to increase to over $2.0 billion. However, we anticipate that Adjusted EBITDA Margin during Q3 2025 will be lower than in Q3 2024, primarily due to investments in new growth and policy initiatives. We expect a similar year-over-year decline in Q4 2025 Adjusted EBITDA Margin due to growth investments and a tougher year-over-year top-line comparison. ¦ FY Adjusted EBITDA. 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 larg