Airbnb — Aug 6, 2025 release

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 largest launch to date, expanding what people expect from Airbnb and generating significant press and