Form 8-K

8-K — TRAVELZOO

Accession: 0001133311-26-000015

Filed: 2026-07-28

Period: 2026-07-28

CIK: 0001133311

SIC: 7310 (SERVICES-ADVERTISING)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tzoo-20260728.htm (Primary)

EX-99.1 (ex-99106x30x20268xk.htm)

EX-99.2 (q22026presentationfinal.htm)

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8-K

8-K (Primary)

Filename: tzoo-20260728.htm · Sequence: 1

tzoo-20260728

0001133311FALSETravelzoo00011333112026-07-282026-07-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

____________________________________________________

FORM 8-K

____________________________________________________

CURRENT REPORT

Pursuant To Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2026

____________________________________________________

Travelzoo

(Exact name of registrant as specified in its charter)

____________________________________________________

Delaware 000-50171 36-4415727

(State or Other

Jurisdiction of

Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

590 Madison Avenue, 35th Floor

New York, New York

10022

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code +1 (212) 516-1300

(Former Name or Former Address, if Changed Since Last Report)

____________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.01 par value TZOO The NASDAQ Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Item 2.02. Results of Operations and Financial Condition.

On July 28, 2026, Travelzoo (the "Company") reported its second quarter 2026 financial results. A copy of the Company’s press release is attached hereto as Exhibit 99.1.

The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.

Item 7.01. Regulation FD Disclosure

See Item 2.02, “Results of Operations and Financial Condition,” above.

In addition, a copy of the supplemental earnings presentation discussed during the Company’s earnings call is attached hereto as Exhibit 99.2.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. See Exhibit Index

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

TRAVELZOO

Date: July 28, 2026 By: /s/ JEFF HOFFMAN

Jeff Hoffman

Financial Controller, North America

EXHIBIT INDEX

Exhibit Description

99.1

Press Release, dated July 28, 2026.

99.2

Supplemental earnings presentation provided in connection with the second quarter 2026 earnings call of Travelzoo, dated July 28, 2026.

EX-99.1

Filename: ex-99106x30x20268xk.htm · Sequence: 2

Document

Exhibit 99.1

Travelzoo

590 Madison Avenue

35th Floor

New York, NY 10022

Investor Relations:

ir@travelzoo.com

FOR IMMEDIATE RELEASE

Travelzoo Reports Second Quarter 2026 Results

NEW YORK, July 28, 2026 — Travelzoo® (NASDAQ: TZOO):

•Revenue of $23.2 million, down 3% year-over-year

•Consolidated operating loss of $2.8 million

•Non-GAAP consolidated operating loss of $2.1 million

•Cash flow from operations of $(1.7) million

•Earnings per share (EPS) of $(0.21)

Travelzoo, the club for travel enthusiasts, today announced financial results for the second quarter ended June 30, 2026. Consolidated revenue was $23.2 million, down 3% from $23.9 million year-over-year. In constant currencies, revenue was $23.1 million. Travelzoo's reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members, and membership fees.

During Q2, international conflicts created uncertainty among advertisers and travelers. All of Travelzoo’s business segments were negatively impacted. Management considers this a temporary effect. In Q2, we continued to invest significantly in growing Club Members and accelerated the shift towards recurring membership revenues. Marketing costs were expensed immediately. Membership fees revenue is recognized ratably over the subscription period of 12 months. In Q2, the number of renewals of memberships jumped to the highest ever. Going forward, we expect renewals of memberships to further increase because of a growing base of members. We refer to our investor presentation.

Net Loss attributable to Travelzoo was $2.1 million for Q2 2026, or $(0.21) per share, compared with $0.12 per share in the prior-year period.

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Non-GAAP operating loss was $2.1 million. Non-GAAP operating loss excludes stock option expenses ($684,000). Please refer to “Non-GAAP Financial Measures” and the tabular reconciliation below.

“We will continue to leverage Travelzoo's global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more Club Offers for Club Members and add new benefits, such as our popular complimentary airport lounge access worldwide in case of a delayed flight,” said Holger Bartel, Travelzoo's Global CEO. “Travelzoo members are affluent, active, and open to new experiences. We inspire travel enthusiasts to travel to places they never imagined they could. Travelzoo is the must-have membership for those who love to travel as much as we do."

Travelzoo North America

North America business segment revenue decreased 3% year-over-year to $15.7 million. Operating loss for Q2 2026 was $1.5 million, or 10% of revenue, compared to operating profit of $2.8 million or 17% of revenue in the prior-year period.

Travelzoo Europe

Europe business segment revenue decreased 2% year-over-year to $6.2 million. Operating loss for Q2 2026 was $1.2 million, or 19% of revenue, compared to operating loss of $0.9, or 14% of revenue in the prior-year period.

Jack’s Flight Club

Jack’s Flight Club is a membership subscription service in which Travelzoo has a 60% ownership interest. Revenue decreased 7% year-over-year to $1.3 million. Jack’s Flight Club’s revenue from subscriptions is recognized ratably over the subscription period (quarterly, semi-annually, annually). Operating loss for Q2 2026 was $34,000, compared to operating profit of $156,000 in the prior-year period.

New Initiatives

New Initiatives business segment revenue, which includes Licensing and Travelzoo META, was $17,000. Operating loss for Q2 2026 was $35,000.

In 2020, Travelzoo entered into royalty-bearing licensing agreements with local licensees for the exclusive use of Travelzoo’s brand, business model, and members in Australia, Japan, New Zealand, and Singapore. Under these arrangements, Travelzoo’s existing members in Australia, Japan, New Zealand, and Singapore will continue to be owned by Travelzoo as the licensor. Licensing revenue from

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the licensee in Australia was $10,000 for Q2 2026. Licensing revenue from the licensee in Japan was $7,000 for Q2 2026. Licensing revenue is expected to increase going forward.

Reach

Travelzoo reaches 30 million travelers. This includes Jack's Flight Club. Comparisons to prior periods are no longer meaningful due to strategic developments of the Travelzoo membership.

Income Taxes

The reported income tax benefit for Q2 2026 was $(382,000).

Balance Sheet

As of June 30, 2026, cash, cash equivalents and restricted cash were $7.6 million. Cash flow from operations was $(1.7) million.

Deferred revenue increased because membership fees are earned over the subscription period. Membership fees revenue is recognized ratably over the subscription period.

Share Repurchase Program

During Q2 2026, the Company repurchased 200,000 shares of its outstanding common stock.

Looking Ahead

For Q3 2026, we expect year-over-year revenue growth. We also expect revenue growth in subsequent quarters, as membership fees revenue is recognized ratably over the subscription period of 12 months, as we grow Club Members, and as more Legacy Members become Club Members. Over time, we expect profitability to increase as recurring membership fees revenue will be recognized. In the short-term, fluctuations in reported net income are likely.

In 2024, we introduced a membership fee for Travelzoo. Legacy Members, who joined prior to 2024, continue to receive certain travel offers. However, Club Offers and new benefits are only available to Club Members, who pay the membership fee. Therefore, we are seeing many Legacy Members become Club Members over time—in addition to new members who join.

Non-GAAP Financial Measures

Management calculates non-GAAP operating income when evaluating the financial performance of the business. Calculation of non-GAAP operating income, also called “non-GAAP operating profit” in this press release and today’s earnings conference call, excludes the following items: amortization of

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intangibles, stock option expenses, and severance-related expenses. This press release includes a table which reconciles GAAP operating income to the calculation of non-GAAP operating income. Non-GAAP operating income is not required by, or presented in accordance with, generally accepted accounting principles in the United States of America ("GAAP"). This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.

Conference Call

Travelzoo will host a conference call to discuss second quarter 2026 results today at 11:00 a.m. ET. Please visit http://ir.travelzoo.com/events-presentations to

•download the management presentation (PDF format) to be discussed in the conference call

•access the webcast.

About Travelzoo

We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travelers. Club Members receive Club Offers negotiated and rigorously vetted by our deal experts around the globe. Our relationships with thousands of top travel companies give us access to irresistible deals. Our club and its benefits are built around the lifestyle of a modern travel enthusiast.

Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect”, “predict”, “project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”, “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

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Travelzoo

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

Three months ended Six months ended

June 30, June 30,

2026 2025 2026 2025

Revenues $ 23,208 $ 23,906 $ 47,481 $ 47,046

Cost of revenues 7,104 5,163 12,340 9,335

Gross profit 16,104 18,743 35,141 37,711

Operating expenses:

Sales and marketing 13,734 11,483 24,850 21,708

Product development 602 698 1,266 1,332

General and administrative 4,530 4,502 8,343 8,807

Total operating expenses 18,866 16,683 34,459 31,847

Operating income (loss) (2,762) 2,060 682 5,864

Other income, net 274 161 270 790

Income (loss) before income taxes (2,488) 2,221 952 6,654

Income tax expense (benefit) (382) 740 561 1,912

Net income (loss) (2,106) 1,481 391 4,742

Net income attributable to non-controlling interest 30 79 51 172

Net income (loss) attributable to Travelzoo $ (2,136) $ 1,402 $ 340 $ 4,570

Net income (loss) per share—basic $ (0.21) $ 0.13 $ 0.03 $ 0.39

Net income (loss) per share—diluted $ (0.21) $ 0.12 $ 0.03 $ 0.38

Shares used in per share calculation—basic 10,319 11,139 10,577 11,617

Shares used in per share calculation—diluted 10,319 11,505 10,658 12,088

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Travelzoo

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

June 30,

2026 December 31,

2025

Assets

Current assets:

Cash and cash equivalents $ 6,838 $ 10,007

Accounts receivable, net 14,543 10,723

Prepaid income taxes 1,827 1,364

Prepaid expenses and other 2,064 1,302

Total current assets 25,272 23,396

Deposits and other 193 166

Deferred tax assets 4,744 4,202

Restricted cash 754 756

Operating lease right-of-use assets 4,334 4,047

Property and equipment, net 132 231

Intangible assets, net 1,450 1,450

Goodwill 10,944 10,944

Total assets $ 47,823 $ 45,192

Liabilities and Equity

Current liabilities:

Accounts payable $ 7,811 $ 7,761

Merchant payables 10,723 11,665

Accrued expenses and other 5,544 3,926

Deferred revenue 13,400 8,728

Income tax payable 71 279

Operating lease liabilities 2,026 1,811

Total current liabilities 39,575 34,170

Long-term tax liability 10,770 9,260

Long-term operating lease liabilities 4,074 4,184

Total liabilities 54,419 47,614

Common stock 102 109

Tax indemnification (9,537) (9,537)

Retained earnings 3,105 7,243

Accumulated other comprehensive loss (5,410) (5,331)

Total Travelzoo stockholders’ equity (deficit) (11,740) (7,516)

Non-controlling interest 5,144 5,094

Total stockholders' equity (deficit) (6,596) (2,422)

Total liabilities and stockholders' equity $ 47,823 $ 45,192

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Travelzoo

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

Three months ended Six months ended

June 30, June 30,

2026 2025 2026 2025

Cash flows from operating activities:

Net income (loss) $ (2,106) $ 1,481 $ 391 $ 4,742

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 54 106 110 182

Stock-based compensation 684 339 719 708

Deferred income tax (728) 1 (753) 5

Net foreign currency effects (24) (188) 52 (295)

Provision of loss (net recoveries) on accounts receivable and refund reserve (157) (83) (146) 124

Changes in operating assets and liabilities:

Accounts receivable (1,039) 1,309 (3,857) 1,743

Prepaid income taxes (322) 301 (575) 238

Prepaid expenses, deposits and other 1,008 277 (521) (144)

Accounts payable (492) (36) 18 (180)

Merchant payables (2,723) (2,790) (814) (4,441)

Accrued expenses and other 1,179 975 1,733 1,842

Deferred revenue 2,780 478 4,763 1,720

Income tax payable (57) (1,058) (121) (2,007)

Other liabilities 276 188 1,186 345

Net cash (used) provided by operating activities (1,667) 1,300 2,185 4,582

Cash flows from investing activities:

Purchases of property and equipment (6) (14) (14) (34)

Net cash used in investing activities (6) (14) (14) (34)

Cash flows from financing activities:

Repurchase of common stock (1,938) (2,500) (5,205) (11,418)

Exercise of stock options and taxes paid for net share settlement of equity awards — (104) — (104)

Net cash used in financing activities (1,938) (2,604) (5,205) (11,522)

Effect of exchange rate on cash, cash equivalents and restricted cash (122) 289 (137) 432

Net increase (decrease) in cash, cash equivalents and restricted cash (3,733) (1,029) (3,171) (6,542)

Cash, cash equivalents and restricted cash at beginning of period 11,325 12,227 10,763 17,740

Cash, cash equivalents and restricted cash at end of period $ 7,592 $ 11,198 $ 7,592 $ 11,198

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Travelzoo

Segment Information from Continuing Operations

(Unaudited)

(In thousands)

Three months ended June 30, 2026 Travelzoo North

America Travelzoo Europe Jack's Flight Club New Initiatives Consolidated

Revenues from unaffiliated customers $ 15,548 $ 6,376 $ 1,267 $ 17 $ 23,208

Intersegment revenues 131 (139) 8 — —

Total net revenues 15,679 6,237 1,275 17 23,208

Sales and marketing expenses 8,307 4,821 606 — 13,734

Other expenses 8,866 2,615 703 52 12,236

Operating profit (loss) (1,494) (1,199) (34) (35) (2,762)

Other income, net 274

Income (loss) from operations before income taxes (2,488)

Three months ended June 30, 2025 Travelzoo North

America Travelzoo Europe Jack's Flight Club New Initiatives Consolidated

Revenues from unaffiliated customers $ 15,737 $ 6,740 $ 1,410 $ 19 $ 23,906

Intersegment revenues 395 (355) (40) — —

Total net revenues 16,132 6,385 1,370 19 23,906

Sales and marketing expenses 6,453 4,427 603 — 11,483

Other expenses 6,861 2,841 611 50 10,363

Operating profit (loss) 2,818 (883) 156 (31) 2,060

Other income, net 161

Income from operations before income taxes 2,221

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Six months ended June 30, 2026 Travelzoo North

America Travelzoo Europe Jack's Flight Club New Initiatives Consolidated

Revenues from unaffiliated customers $ 30,875 $ 13,961 $ 2,611 $ 34 $ 47,481

Intersegment revenues 473 (448) (25) — —

Total net revenues 31,348 13,513 2,586 34 47,481

Sales and marketing expenses 14,310 9,342 1,198 — 24,850

Other expenses 15,285 5,091 1,470 103 21,949

Operating profit (loss) 1,753 (920) (82) (69) 682

Other income, net 270

Income from operations before income taxes 952

Six months ended June 30, 2025 Travelzoo North

America Travelzoo Europe Jack's Flight Club New Initiatives Consolidated

Revenues from unaffiliated customers $ 30,567 $ 13,710 $ 2,733 $ 36 $ 47,046

Intersegment revenues 693 (613) (80) — —

Total net revenues 31,260 13,097 2,653 36 47,046

Sales and marketing expenses 12,153 8,329 1,226 — 21,708

Other expenses 12,695 5,423 1,259 97 19,474

Operating profit (loss) 6,412 (655) 168 (61) 5,864

Other income, net 790

Income from operations before income taxes 6,654

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Travelzoo

Reconciliation of GAAP to Non-GAAP Information

(Unaudited)

(In thousands, except per share amounts)

Three months ended Six months ended

June 30, June 30,

2026 2025 2026 2025

GAAP operating expense $ 18,866 $ 16,683 $ 34,459 $ 31,847

Non-GAAP adjustments:

Amortization of intangibles (A) — 16 — 42

Stock option expenses (B) 684 339 719 709

Severance-related expenses (C) — 6 15 227

Non-GAAP operating expense 18,182 16,322 33,725 30,869

GAAP operating income (loss) (2,762) 2,060 682 5,864

Non-GAAP adjustments (A through C) 684 361 734 978

Non-GAAP operating income (loss) (2,078) 2,421 1,416 6,842

###

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EX-99.2

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q22026presentationfinal

Second Quarter 2026 Performance July 28, 2026

2 | Second Quarter 2026 Performance Important Notice to Investors Please read this management presentation together with the Company’s press release issued earlier today announcing the Company’s second quarter 2026 financial results and in conjunction with the Company’s recent Annual Report and Quarterly Reports as filed with the Securities and Exchange Commission (SEC). Certain statements contained in this presentation that are not historical facts may be forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These forward looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects, expected future financial guidance and intentions, markets in which we participate and other statements contained in this presentation that are not historical facts. When used in this presentation, the words "expect," "predict," "project," "anticipate," "believe," "estimate," "intend," "plan," "seek" and similar expressions are generally intended to identify forward looking statements. Because these forward looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward looking statements to reflect events or circumstances occurring after the date of this presentation.

3 | Second Quarter 2026 Performance Part 1: Second Quarter 2026 Performance Part 2: Travelzoo Club Membership Part 3: Management Focus Part 4: Travelzoo META

4 | Second Quarter 2026 Performance International conflicts negatively impacted all business segments. Investments in growing Club Members led to a reported loss. 23.9 23.2 Q2 2025 Q2 2026 Revenue $ millions Operating Profit (Loss) $ millions 2.1 (2.8) Q2 2025 Q2 2026

5 | Second Quarter 2026 Performance 2027* Q4 2026* Q3 2026* Q2 2026 Q1 2026 2025 2024 Average Q1 2025 thru Q1 2026 Q2 2026 and next few quarters We decided to accelerate the shift towards recurring membership revenues by more quickly growing (paying) Club Members. Objectives and Actions • Accelerate the growth in (paying) Club Members • Increase recurring membership revenues—a more attractive business model • Enhance the value of club membership: - Travel Enthusiast HotlineTM - META - Culinary Journeys Number of Club Members at End of Quarter/Year 2.3 4.7 Quarterly Spend on Marketing $ millions * Estimates

6 | Second Quarter 2026 Performance We are scaling member acquisition to the point where payback still occurs quickly. * Most new Club Members start with a trial. Acquisition cost here is presented for Club Members who paid the annual fee—after trial conversion. ** New members on a trial pay $1 for the first 30 days, so the payment of the $50 annual membership in the U.S. only occurs 30 days after the start of the trial. Payback on member acquisition is positive within a quarter,** even though revenue recognition is delayed Average Acquisition Cost of Annual Club Members* Q2 2026, U.S. market $ Additional revenue from transactions within the same quarter 1st year annual member- ship fee $50 Additional advertising revenue Future member- ship and other revenue $15 ($28) ($38) Q1 2025 Q2 2025 ($40) Q3 2025 ($62) Q4 2025 ($34) Q2 2026 Return from Club Members Acquired in the Quarter and Future Periods Q2 2026, U.S. market $ ($27) Q1 2026

7 | Second Quarter 2026 Performance As a reminder, with subscription businesses, membership fee revenue is recognized ratably over the subscription period, whereas acquisition costs are expensed immediately when incurred. Example: New member joins on June 15, 2026, paying a membership fee of $50 per annum Revenue Recognition $ Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 $50 $2.08 $12.50 $12.50 $12.50 $10.42 Payment by member Revenue recognized Revenue recognized

8 | Second Quarter 2026 Performance Marketing costs reduce reported quarterly EPS in the short time but are projected to drive better results in 2027 and beyond. 2025 2026* 2027* Club Member Growth Travelzoo Membership Revenues** $ millions 2025 2026* 2027* Incremental Impact of Marketing Costs on EPS 7.7 ~30.0+ ~17.2 ~$1.20 ($0.60) * Estimates ** Travelzoo Club Membership revenue only. Excludes Jack’s Flight Club As % of revenue** 8% 13% 30% 2027* 2026*

9 | Second Quarter 2026 Performance Membership fees, which are more stable and predictable, are adding revenue and have become a larger share, which we want to increase further. Advertising and Commerce Global Revenues $ millions 19.4 20.9 20.0 18.7 19.1 20.7 20.9 18.6 18.3 19.7 18.2 Q4 2023 Q1 2024 Q2 2024 Membership Fees 1.2 1.1 1.2 1.4 1.6 2.4 3.0 3.6 4.1 4.6 5.0 Includes advertising and commerce revenues from travel companies, local and entertainment businesses and other partners Includes membership fees and subscription revenues from both Travelzoo and Jack’s Flight Club Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026

10 | Second Quarter 2026 Performance 2.8 (0.9) International conflicts affected revenues in all segments. Revenue $ millions North America Segment Europe Segment Operating Profit (Loss) $ millions 6.4 6.2 0.2 Jack’s Flight Club Segment 1.4 1.3 16.1 15.7 Q2 2025 Q2 2026 Q2 2025 Q2 2026 (0.0)(1.2)(1.5)

11 | Second Quarter 2026 Performance Accelerated growth of Club Members reduces operating margin in the short-term. As the number of membership renewals—which do not have acquisition expenses—grows, operating margins are expected to become very attractive over time.* Operating Margin 4% 7% 9% 11% 18% 22% 8% 14% 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 (26%) (2%) (12%) * Quarterly fluctuations in operating margin are likely.

12 | Second Quarter 2026 Performance The investments in Club Members occur in all key markets. Over time, we expect margins to return to previous levels or even exceed them. North America Operating Margin Europe Operating Margin (4%) (14%) (10%) (16%) 31% 27% 22% 29% 31% 26% 25% 33% 24% 17% 8% 10% 21% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 8% 4% 13% 21% 8% 17% 3% 3% 4% (19%)(10%)

13 | Second Quarter 2026 Performance 2.1 0.3 2.4 Q2 2025 * GAAP operating profit + amortization of intangibles + stock option expenses + severance-related expenses = non-GAAP operating profit; GAAP operating loss - stock option expenses = non-GAAP operating loss Total non-GAAP operating loss was $2.1 million. Non-GAAP Operating Profit (Loss)* $ millions GAAP Operating Profit (Loss) Adjustments Non-GAAP Operating Profit (Loss)* (2.8) 0.7 (2.1) Q2 2026

14 | Second Quarter 2026 Performance Items excluded in the calculation of non-GAAP operating profit (loss): $ millions Q2 2025 Q2 2026 Adjustments* 0.4 0.7 Amortization of intangibles 0.0 0.0 Stock option expense 0.3 0.7 Severance-related expenses — 0.0 * Numbers do not add up due to rounding.

15 | Second Quarter 2026 Performance 11.2 11.3 7.6 Q2 2025 Q1 2026 Q2 2026 Our cash balance decreased because we reduced merchant payables by $2.7 million and repurchased shares for $1.9 million. We expect the cash balance to rebound next quarter. Cash Balance at End of Quarter* $ millions * Includes cash, cash equivalents and restricted cash

16 | Second Quarter 2026 Performance Part 1: Second Quarter 2026 Performance Part 2: Travelzoo Club Membership Part 3: Management Focus Part 4: Travelzoo META

17 | Second Quarter 2026 Performance The must-have membership for the travel enthusiast Membership empowers you to live your life as a travel enthusiast to the fullest, while respecting different cultures. Annual membership ($50 for a 12-month period in the U.S.) provides: • Access to Club Offers negotiated and rigorously vetted for us travel enthusiasts You won’t find them anywhere else. • First access to our weekly Top 20®, giving travel enthusiasts a first choice • Complimentary access to airport lounges worldwide in case of flight delays • Travel Enthusiast HotlineTM—24/7 complimentary assistance wherever you travel • Culinary Journeys (coming soon)

18 | Second Quarter 2026 Performance A few of the exclusive Club Offers that we created for Club Members during Q2: £249pp—Rome luxury city break with flights $499—Hawaii vacation at Hilton resort w/flights £89pp—London’s ‘hottest theatre ticket’ plus dinner $2000 off—Mexico St. Regis ocean view escape w/butler service

19 | Second Quarter 2026 Performance Perfect for the travel enthusiast: Worldwide complimentary lounge access in case of flight delays Complimentary access to an airport lounge if flight is delayed by at least one hour. The benefit is good on any flight on any airline, regardless of where they booked. Bring up to three family members or guests for free. For an unlimited number of trips.

20 | Second Quarter 2026 Performance Travelzoo is loved by travel enthusiasts who are affluent, active and open to new experiences. Sources: Travelzoo Trends Global Survey; October 2025; n=8,039 Travelzoo members. * Meta Business Suite; April 2026; global demographics based on Facebook and Instagram followers across six markets; global figures represent a simple average of market-level platform splits. ** Travelzoo Domestic Travel Survey in the U.S.; January 2026; n=1,425 Travelzoo members, 500 general population respondents; the median excludes respondents who did not specify their household income; the median is determined based on the selected income range from the survey, with the midpoint of that range rounded to the nearest thousand. 88% are likely to book an unplanned trip with an attractive offer 90% are open to new destinations and travel ideas 69% plan to take 2+ international trips in 2026 73% female 27% male* 62% ages 45+ 38% ages 18-44* Our Members Compared to the General Population Median Household Income** Member Sentiment and Demographics U.S. Travelzoo members U.S. general population $150,000 $63,000

21 | Second Quarter 2026 Performance Part 1: Second Quarter 2026 Performance Part 2: Travelzoo Club Membership Part 3: Management Focus Part 4: Travelzoo META

22 | Second Quarter 2026 Performance Management focus • Grow the number of (paying) members and accelerate revenue growth by converting Legacy Members and adding new Club Members • Retain, and grow, our profitable advertising business from the popular Top 20® product • Accelerate revenue growth which drives future profits in spite of temporarily lower EPS • Grow Jack’s Flight Club’s subscription revenue • Launch Travelzoo META with discipline

23 | Second Quarter 2026 Performance Part 1: Second Quarter 2026 Performance Part 2: Travelzoo Club Membership Part 3: Management Focus Part 4: Travelzoo META

24 | Second Quarter 2026 Performance

NASDAQ: TZOO HAVE A GOOD DAY! For questions, please contact Travelzoo Investor Relations: ir@travelzoo.com

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