Booking Holdings — Oct 28, 2025 release

2024 Top Line Metrics ● Alternative accommodation room nights at Booking.com increased by about 10% ● CC ADRs increased by about 1%(1) ● Gross bookings increased 14% (10% on a CC basis) and revenue increased 13% (8% on a CC basis) Margins ● Net Income margin of 30.5% (31.5% in Q3 2024) ● Adjusted EBITDA margin of 47.0% (45.8% in Q3 2024) Fixed Costs ● Total operating expenses increased 15%, faster than the 13% growth in revenue ● Adjusted fixed operating expenses increased 10% driven by adverse FX changes and higher cloud computing costs Marketing Metrics ● Marketing expense as a percentage of gross bookings was 4.7% (5.0% in Q3 2024) ● Over the trailing four quarters, the mix of our total room nights booked through the direct channel was a mid-fifties percentage and increased year-over-year GAAP EPS +14% Adjusted EPS +19% (1)Constant Currency (“CC”) and accommodation average daily rates ("ADRs")   Booking Holdings' guidance for the fourth quarter and full year of 2025 is as follows: While there remains some uncertainty in the macroeconomic and geopolitical backdrop, we are pleased to see continued momentum with steady travel demand trends in our business so far in the fourth quarter. Refer to the "Information About Forward-Looking Statements" section of this release. (growth is on a year-over-year basis) Q4 2025 FY 2025 Room Nights Growth 4% - 6% About 7% Gross Bookings Growth 11% - 13% About 11% - 12% Constant Currency Gross Bookings Growth 6% - 8% About 8% - 9% Revenue Growth (1) 10% - 12% About 12% Constant Currency Revenue Growth (1) 5% - 7% About 9% Adjusted EBITDA (2)(3)(4) $2.0 billion - $2.1 billion Adjusted EBITDA Growth (2)(3)(4) 8% - 14% About 17% - 18% (1) Revenue Growth includes a benefit of about 5% in Q4 2025 and of about 3% for FY 2025 due to foreign currency exchange rates. (2) We are not able to provide a reconciliation between forward-looking Adjusted EBITDA and GAAP Net income as we cannot, without unreasonable effort, forecast certain items required to develop meaningful comparable GAAP Net Income and predict certain components of such reconciliation as they arise from events in future periods. This is due to the unpredictable nature of these reconciling items, which would require an unreasonable effort to forecast, and would result in a large range of projected values that would not be meaningful to investors. See Item 10(e)(1)(i)(B) of SEC Regulation S-K. (3) Excludes certain costs expected to be incurred related to the Transformation Program. Refer to the "Non-GAAP Financial Measures" section of this release. (4) Changes in foreign currency exchange rates