Vrbo Pilot Highlights Alternative Accommodations Ad Opportunity

研报英文原文证据摘录

Vrbo Pilot Highlights Alternative Accommodations Ad Opportunity

Equity Research

Flash Comment — June 11, 2026

Internet

Vrbo Pilot Highlights Alternative

Accommodations Ad Opportunity

Vrbo and ABNB Both Likely to Pursue Accretive Sponsored

Listings

Our Call Ken Gawrelski

Press commentary confirms Vrbo piloting sponsored listings on alt. accommodations Equity Analyst | Wells Fargo Securities, LLC

Ken.Gawrelski@wellsfargo.com | 617-210-3707

inventory with a full commercial rollout likely by year end. See every point of ads

Audey Ashkarreinvestment rate (Ads/Bookings) adding 3.5% and 5% to annual EBITDA/EPS at EXPE.

Associate Equity Analyst | Wells Fargo Securities, LLC

Audey.Ashkar@wellsfargo.com | 212-214-7393

Initial Thoughts George Rusnak

Industry press quotes EXPE exec saying Vrbo is piloting sponsored listings. See as George.C.Rusnak@wellsfargo.com | 212-214-6573

incremental monetization layer with every 1% of reinvestment in ads lifting ’27/’28 Zachary Morrissey

revenue by ~1%, EBITDA by 3.5% and EPS by ~5% on top of accelerating core bookings. Associate Equity Analyst | Wells Fargo Securities, LLC

EXPE management notes the sponsored listings pilot is already underway and is "working Zachary.Morrissey@wellsfargo.com | 212-214-5344

fantastic," supported by EXPE's existing ad stack and cross-platform distribution. Expect David Umansky

official sponsored listings rollout near the end of FY26. Associate Equity Analyst | Wells Fargo Securities, LLC

David.Umansky@wellsfargo.com | 212-214-1406

Barath Rao, CFAVrbo's enthusiasm around sponsored listings reinforces our view on the promising

opportunity for sponsored listings at ABNB, where we have only incorporated modest AssociateBarath.Rao@wellsfargo.comEquity Analyst | Wells| 212-214-8814Fargo Securities, LLC