BKNG Morgan Stanley TMT 2026

All right. Good afternoon, everyone. Welcome to our next fireside chat keynote here at the Morgan Stanley 2026 TMT Conference. We're thrilled to have Ewout Steenbergen with us from Booking.

Good to see you as always.

Thanks, Brian. And we're on the roll, Singapore, London. So, we've been spanning the globe, which is very fitting with Booking Holdings.

So let me do the disclosures first, always the best part. Please note that all important disclosures, including personal holdings disclosures and Morgan Stanley disclosures appear on the Morgan Stanley public website at www.morganstanley.com/researchdisclosures. Some of the statements made today by Booking Holdings may be considered forward-looking. These statements involve a number of risks and uncertainties that could cause actual results to differ materially.

Any forward-looking statements made today by the company are based on assumptions as of today, and Booking Holdings undertakes no obligation to update them. Please refer to Booking Holdings' Form 10-K for a discussion of the risk factors that may impact actual results.

Good to see you. c,dvsf.v0As RWR.mux T'ETxvv'dx EAx Y

Yes. So we've been doing a lot of these discussions across a lot of continents. And I feel like the Agentic discussion sort of remains on front burner.

But maybe before we get to all of that and how the world looks like in 10 years, just remind everybody of sort of how you're thinking about the multiyear growth framework for top line, margins and overall bottom line. How do you think about the next few years and the key drivers of each of those factors?

Yes. So we refer to this as the 8-8-15 framework. So we expect to grow our top line in terms of gross bookings and revenue by 8% from a medium-term perspective and then earnings per share by 15% from a medium-term perspective. So it's a very repeatable model, and I will later on explain why it's so repeatable, but those are the medium-term targets that we're aiming for.

So where were we last year? Of course, we had some benefit from FX. So let's take that out. On a constant currency basis, our results were 10-10-18.

So clearly, we exceeded, in 2025, our overall medium-term targets by quite a strong margin. So 2025 was a really good