Airbnb — Nov 6, 2025 release

We expect Adjusted EBITDA in Q4 2025 to be flat- to-down slightly on a year-over-year basis and for Adjusted EBITDA Margin to decline over the same time period, primarily driven by investments in new growth and policy initiatives. Consistent with our prior update, this includes investing approximately $200 million towards services and experiences in 2025. As we look forward to 2026, we are focused on maintaining strong margins while continuing to invest in growth initiatives. 5 A CLOSER LOOK Local investment, global returns Airbnb is synonymous with authentic travel. But as an American company, showing up authentically in markets around the world depends on our ability to connect at the local level. So we’re investing in and empowering local teams to create campaigns that reflect the language, culture, and behaviors of their communities—helping us become a brand that truly belongs anywhere. Adding flexible payments in Brazil Tapping into local preferences and behaviors, we introduced fee- free installments up to 6 months. Giving guests in Brazil this option has already accounted for nearly 50% of total bookings value in Q3. Tapping cultural insights in Korea Leveraging social partnerships in Japan Often called “Korean Thanksgiving,” Chuseok is becoming a big This year, a major event in the Kansai region was set to draw moment for overseas travel. So we spotlighted trip-planners to crowds to Osaka and its hotels. So we tapped local influencers share their Airbnb stays abroad. Compared