Kayak_Software_(UK)_Limit

Kayak Software (UK) Limited

Company Information

Directors

Daniel Stephen Hafner

(resigned 8 April 2026)

Peer Bueller

(resigned 8 August 2026)

Susana Alves D'Emic

(appointed 8 August 2026)

Caroline Sullivan

(appointed 8 August 2026)

Dominic Smith

Registered number

06076185

Registered office

Alphabeta Building, 14-18 Finsbury Square (Until 6th January 2026)

London

EC2 1AH

United Kingdom

11 Monument Street (From 7th January 2026)

London

EC3R 8AF

United Kingdom

Deloitte LLP (resigned 17 March 2026)

Independent auditors

1 Station Square

Cambridge

CB1 2GA

Deloitte Ireland LLP (appointed 17 March 2026)

Chartered Accountants and Statutory Audit Firm

Three Park Place

Hatch Street Upper

Dublin 2

D02 FX65

Ireland

Kayak Software (UK) Limited

Contents

Page(s)

Strategic report

1 - 2

Directors' report

3 – 5

Directors' responsibilities statement

Independent auditors' report

7 – 11

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Notes to the financial statements

15 - 28

Kayak Software (UK) Limited

Strategic report

For the year ended 31 December 2025

Introduction

The Directors present their strategic report and the audited financial statements of the Company for the year ended 31 December 2025.

Principal activities and business review

The Company results for the year ended in a profit, before taxation, amounting to £6.6m, which is consistent with the profit before taxation in 2024 amounting to £6.6m. The stability in profit before tax was due to consistent inputs from the support services agreement provided to Kayak Europe GmbH and Momondo A/S through the intercompany arrangement.

The Company has increased its net asset position to £17.4m compared to £12.6m in 2024, largely driven by increase in amounts due from other group companies.

Principal risks and uncertainties

The healthy financial position and intercompany agreements in place ensures that the risks to stakeholders of the Company are minimised. The executive leadership consider that the principal risks and uncertainties faced by the Company are as follows:

Brand Name

We believe that maintaining and strengthening our brands are important aspects of our efforts to attract and retain users and customers. We intend to continue to invest resources in marketing and other brand building efforts to preserve and enhance user awareness. If we are unable to maintain or enhance user awareness and acceptance of our brand in a cost-effective manner, our business, market share, and results of operations may be adversely affected.

Competition

The Company faces risks in attracting new customers. This is driven by increasing website visitors, converting them into sales for our customers, and retaining existing users for repeat bookings. The directors manage competition through close attention to market research, technology platform updates and benchmarking competition.

Economic uncertainty

There continues to be a challenging global economic climate. Although both inflation (2.6% June 26) and interest rates (3.75% June 26) are declining against the respective highs of 3.8% and 4.75% during 2025, there continues to be pressure on consumers and doubt around their behaviours on discretionary spending, particularly considering the ongoing conflict in the Middle East. The impact from these factors on the the Company remains uncertain.

Cybersecurity

Cyberattacks and system vulnerabilities could lead to service outages, data loss, reduced revenue, increased costs, liability claims, or harm to our competitive position. If our systems cannot be expanded to cope with

Kayak Software (UK) Limited

Strategic report (continued)

For the year ended 31 December 2025

Principal risks and uncertainties (continued)

Cybersecurity (continued)

increased demand or fail to perform, we could experience unanticipated disruptions in service, slower response times, decreased customer service and customer satisfaction, and delays in the introduction of new services, any of which could impair our reputation, damage our brands, and materially and adversely affect our results of operations. Further, as an online business, we are dependent on the internet and maintaining connectivity between ourselves and users, sources of internet traffic, such as Google, and our travel service providers. As users increasingly turn to mobile and other smart devices, we also become dependent on users' access to the internet through mobile carriers and their systems. Disruptions in internet access, especially if widespread or prolonged, could materially adversely affect our business and results of operations. We have taken and continue to take steps to increase the reliability and redundancy of our

systems. These steps are expensive, may reduce our margins, and may not be successful in reducing the frequency or duration of unscheduled downtime.

Future developments

The Company will continue operating as a commercial and support service entity to Kayak Europe GmbH and Momondo A/S. Booking Holdings Inc., the ultimate parent company, will continue to have ultimate control over the Company.

Financial key performance indicators

The Company receives service revenue based on an intercompany agreement with Kayak Europe GmbH and Momondo A/S. For the financial performance of the Company in the year ended 31 December 2025 revenue increased slightly to £14.2m (2024: £14.1m). The future target of this KPI is to increase revenue. Earnings before interest, tax, depreciation and amortisation (‘EBITDA') is a powerful indicator of profitability, thus selected as one of the Company's key performance indicators. EBITDA decreased slightly by 3.5% from a margin of £5.9m in 2024 to a margin of £5.7m in 2025.The decline was mainly due to an increase in interest receivable and similar income in the year. The future target is to maintain a positive EBITDA.

2025

2024

Profit before taxation

6,624,672

6,568,565

Interest receivable and similar income

(980,349)

(728,333)

35,969

Depreciation and amortisation

23,482

EBITDA

5,876,201

5,667,805

This report was approved by the board and signed on its behalf by:

Dominic Smith

Director

Date: 28 September 2026

Kayak Software (UK) Limited

Directors' report

For the year ended 31 December 2025

The directors present their report and the audited financial statements for the year ended 31 December 2025.

Principal activity

Results and dividends

The profit for the year, after taxation, amounted to £4,914,920 (2024: £4,935,361).

No dividend was paid during the year (2024: £Nil).

Streamlined energy and carbon reporting

The company has not reported energy and carbon information within this report as it qualifies as a low energy user, having consumed less than 40,000kWh during the year.

Directors

The directors who served during the year and up to the date of signing of the financial statements are:

Daniel Stephen Hafner (resigned 8 April 2026)

Peer Bueller (resigned 8 August 2026)

Susana Alves D'Emic (resigned 8 August 2026)

Caroline Sullivan (appointed 8 August 2026)

Dominic Smith (appointed 8 August 2026)

Financial risk management objectives and policies

The following areas of risk have been identified:

Financial risk

The Company's international presence exposes it to a variety of financial risks that include the effects of changes in foreign currency exchange rates, credit risks and liquidity. The Company manages the impact of exchange rate fluctuations on transactions which are borne in foreign currencies to help mitigate the risk.

Credit risk

The Company's principal financial assets are bank balances and cash, and intercompany receivables. The Company held receivables from other group companies as at 31 December 2025 and therefore must consider credit risk. Debtors are subject to impairment risk, which is an inherent risk for the Company. An impairment may occur when, based on current information and events, there is objective evidence that the Company will be unable to collect all amounts due. The directors' review, at each reporting date, the financial situation of those related parties to determine whether there is any indication that those assets have suffered impairment loss. The management considers the likelihood of impairment to be low.

Kayak Software (UK) Limited

Directors' report (continued)

For the year ended 31 December 2025

Financial risk management objectives and policies (continued)

Liquidity risk

The Company manages liquidity risks by continuously monitoring forecast and actual cashflows.

Capital risk management

The Company manages its capital to ensure that it will be able to continue as a going concern while maintaining its ability to invest in its websites. The capital structure of the Company consists of cash and cash equivalents and equity attributable to the equity holders of the parent, comprising issued share capital, reserves and retained earnings as disclosed in the statement of changes in equity.

Qualifying third party indemnity provisions

Qualifying third party provisions (as defined in section 234 of the Companies Act 2006) were in force for the benefit of the directors during the year as well as at the date of approval of the financial statements.

Matters covered in the strategic report

The business review, key and other performance indicators, details of the Company's principal risks and uncertainties identified by directors and future developments are listed in the strategic report on page 1-2.

Going concern

The financial statements have been prepared on a going concern basis. After making appropriate enquiries, including those appropriate to assessing the impact of the global and local economic climate on the business, the directors have a reasonable expectation that the Company has adequate resources in order to be able to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements.

The Company is one of strategic importance to the group and has secured a letter of support from Booking Holdings Inc., the ultimate parent company. The directors have assessed the cash flow forecasts of Booking Holdings Inc. and are satisfied that the Group has sufficient cash resources to support the Company for a period not less than 12 months from the date of approval of the financial statements.

Taking these considerations into account, the directors have a reasonable expectation that the Company has access to adequate resources to be able to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing these financial statements.

Future developments

It is the intention of the directors to continue to develop the current activities of the Company.

Events since the balance sheet date

There were no significant events impacting the Company since 31 December 2025 that require adjustment to or disclosure in the financial statements.

Kayak Software (UK) Limited

Directors' report (continued)

For the year ended 31 December 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

•

so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and

•

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Auditors

The previous auditors, Deloitte LLP, resigned as auditors on 17 March 2026, and Deloitte Ireland LLP were appointed as the auditor of the Company from this date. Deloitte Ireland LLP will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.This report was approved by the board and signed on its behalf by:

Dominic Smith

Director

28 September 2026

Kayak Software (UK) Limited

Directors' responsibilities statement

For the year ended 31 December 2025

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

•

select suitable accounting policies and then apply them consistently;

•

make judgments and accounting estimates that are reasonable and prudent; and

•

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAYAK SOFTWARE (UK) LIMITED

Report on the audit of the financial statements

Opinion

In our opinion the financial statements of Kayak Software (UK) Limited (the ‘company'):

give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the financial year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and

have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements which comprise:

the statement of comprehensive income;

the statement of financial position;

the statement of changes in equity; and

the related notes 1 to 19.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's (the ‘FRC's') Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report and Audited Financial Statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual Report and Audited Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAYAK SOFTWARE (UK) LIMITED

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company's business sector.

We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:

had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, pensions legislation, tax legislation; and

do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included company's operating licence, health and safety regulations, employment law and General Data Protection Regulations.

We discussed among the audit engagement team including relevant internal specialists such as tax and IT specialists regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAYAK SOFTWARE (UK) LIMITED

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report or the directors' report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

We have nothing to report in respect of these matters.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAYAK SOFTWARE (UK) LIMITED

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Rory Brown

For and on behalf of Deloitte Ireland LLP

Statutory Auditor

Three Park Place, Hatch Street Upper, Dublin 2

Date: 30 September 2026

Kayak Software (UK) Limited

Statement of comprehensive income

For the year ended 31 December 2025

2025

2024

Note

Turnover

14,238,924

14,087,450

Cost of sales

(7,864,366)

(7,468,291)

Gross profit

6,374,558

6,619,159

Administrative expenses

(730,235)

(778,927)

Operating profit

5,644,323

5,840,232

Interest receivable and similar income

980,349

728,333

Profit before taxation

6,624,672

6,568,565

Taxation

(1,709,752)

(1,633,204)

Profit for the financial year

4,914,920

4,935,361

There was no other comprehensive income for 2025 (2024: £Nil). Profit is fully attributable to the equity owners of the parent.

The notes on pages 15 to 28 form an integral part of these financial statements.

Kayak Software (UK) Limited

Statement of financial position

As at 31 December 2025

2025

2024

Note

Non-current assets

Tangible assets

47,237

40,001

47,237

40,001

Current assets

Debtors: amounts falling due within one year

26,024,559

20,840,364

Cash at bank and in hand

100,000

26,124,559

20,940,364

Current liabilities

Creditors: amounts falling due within one year

(8,803,344)

(8,401,625)

Net current assets/liabilities

17,321,214

12,538,739

Total assets less current liabilities

17,368,451

12,578,740

Net assets

17,368,451

12,578,740

Capital and reserves

Called up share capital

Other Reserves

(2,037,629)

(1,912,419)

Profit and loss account

19,406,079

14,491,158

Total equity

17,368,451

12,578,740

The financial statements were approved and authorised for issue by the board on

28 September 2026

and signed on its behalf by:

Dominic Smith

Director

Registered number: 06076185

The notes on pages 15 to 28 form an integral part of these financial statements.

Kayak Software (UK) Limited

Statement of changes in equity

For the year ended 31 December 2025

Other

Called up share capital

Profit and loss account

reserves

Total equity

(34,088)

9,555,797

At 1 January 2024

9,521,710

Comprehensive income for the year

Profit for the year

4,935,361

Total comprehensive income for the year

4,935,361

Share based payment

792,898

Movement arising from recharge arrangement

(2,671,229)

At 1 January 2025

(1,912,419)

14,491,158

12,578,740

Comprehensive income for the year

Profit for the year

4,914,920

Total comprehensive income for the year

4,914,920

Share based payment expense

1,130,068

Movement arising from recharge arrangement

(1,255,278)

At 31 December 2025

(2,037,629)

19,406,079

17,368,451

The notes on pages 15 to 28 form an integral part of these financial statements.

Kayak Software (UK) Limited

Notes to the financial statements

For the year ended 31 December 2025

General information

The Company is a private limited company limited by shares, registered in England and Wales and incorporated in the United Kingdom under the Companies Act 2006. The address of its registered office is 11 Monument Street, London, EC3R 8AF, United Kingdom.

The Company's principal activity is to provide commercial and support services to Kayak Europe GmbH and Momondo A/S which provide online price comparison services (often referred to as “meta-search”) that allow users to easily search and compare travel itineraries and prices. The Company receives service revenue based on an intercompany agreement with Kayak Europe GmbH and Momondo A/S.

Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2 Financial reporting standard 102 - reduced disclosure exemptions

The Company meets the criteria to be a qualifying entity under FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and therefore, has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:

• the requirements of Section 7 Statement of Cash Flows;

• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

• the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

• the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; and

• the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Booking Holdings Inc. as at 31 December 2025, and these financial statements may be obtained from 1521 Concord Pike Suite 201, Wilmington, Delaware, 06854, United States.

Kayak Software (UK) Limited

Notes to the financial statements (continued)

For the year ended 31 December 2025

Accounting policies (continued)

2.3 Going concern

The Company is one of the important operating entities outside of the US for Booking Holdings Inc. (“the group”) and therefore of strategic importance to the group and has secured a letter of support from Booking Holdings Inc., the ultimate parent company. The directors have assessed the cash flow forecasts of Booking Holdings Inc. and are satisfied that the Group has sufficient cash resources to support the Company for a period not less than 12 months from the date of approval of the financial statements.

2.4 Turnover

Service revenue relates to intercompany amounts due from the intercompany agreements between the company, Kayak EU GmbH and Momondo A/S. The arrangement ensures that the Company is appropriately remunerated for commercial and support services it provides for the operation of the travel business in Europe. Revenue is recognised in the statement of comprehensive income when earned.

2.5 Administrative expenses

Administrative expenses are recognised in the statement of comprehensive income on an accruals basis, in the period in which the goods or services are received. Where costs are incurred in advance of the period to which they relate, they are carried as prepayments and released to the statement of comprehensive income in the relevant period. Costs incurred but not yet invoiced at the reporting date are accrued within Creditors.

2.6 Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP as this is the currency in the jurisdiction in which the company principally operates in.

Kayak Software (UK) Limited

Notes to the financial statements (continued)

For the year ended 31 December 2025

Accounting policies (continued)

2.6 Foreign currency translation (continued)

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'administrative expenses'.

2.7 Interest income

Interest income is recognised in the statement of comprehensive income using the effective interest method.

2.8 Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.9 Interest payable

Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Kayak Software (UK) Limited

Notes to the financial statements (continued)

For the year ended 31 December 2025

2.10 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that:

• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.11 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer

1-4 years

Fixtures and equipment

5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Kayak Software (UK) Limited

Notes to the financial statements (continued)

For the year ended 31 December 2025

2.11 Tangible fixed assets (continued)

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

2.12 Debtors

Short term and long term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15 Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the statement of financial position date.

2.16 Financial instruments

Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs) and are subsequently measured at amortised cost.

2.17 Share based payments

Equity-settled-share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period. This is based on the Company's estimate of the shares or share options that will eventually vest which considers all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates.

Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met.

Kayak Software (UK) Limited

Notes to the financial statements (continued)

For the year ended 31 December 2025

2.17 Share based payments (continued)

The Company reimburses Booking Holdings Inc., via Kayak Software Corporation., for the share-based payments provided to employees. Share based payments are reimbursed based on its fair value at the date of vesting and is netted off against share-based payments charge in the statement of changes in equity.

2.18 Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the statement of comprehensive incomes on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Critical accounting judgments and key sources of estimation uncertainty

In the application of accounting policies described in Note 2, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.

The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the change takes place if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

At each reporting date the company estimates the liability owed to Kayak Software Corporation for its future share-based payments reimbursement. The intergroup liability is revalued to reflect the value of the share options as at year end. The estimate is determined from the unvested shares data and the year-end publicly displayed share price.

Kayak Software (UK) Limited

Notes to the financial statements (continued)

For the year ended 31 December 2025

Turnover

An analysis of turnover by class of business is as follows:

2025

2024

Services provided to other group companies

14,238,924

14,087,450

14,238,924

14,087,450

The whole of turnover is attributable to the principal activity of the Company, wholly undertaken in the United Kingdom.

Administrative expenses

Administrative expenses were as follows:

2025

2024

Legal and Professional fees

165,974

137,633

Operating lease expense

201,742

141,893

Depreciation

23,482

35,969

Exchange differences (gain)/loss

(133)

16,823

Travel

148,039

205,603

Other

191,131

241,007

730,235

778,927

Kayak Software (UK) Limited

Notes to the financial statements (continued)

For the year ended 31 December 2025

Operating profit

The operating profit is stated after charging:

2025

2024

Exchange differences

(133)

16,823

Operating lease expense

201,742

141,893

Share-based payments

1,130,068

792,898

Depreciation

23,482

35,969

Auditors' remuneration

2025

2024

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements

99,150

87,615

No fees have been incurred for the provision of non-audit services (2024: £nil).

Kayak Software (UK) Limited

Notes to the financial statements (continued)

For the year ended 31 December 2025

Employees

Staff costs were as follows:

2025

2024

Wages and salaries

6,442,360

6,307,352

Social security costs

1,167,710

928,775

Cost of defined contribution scheme

254,296

232,164

7,864,366

7,468,291

The average monthly number of employees, including the directors, during the year was as follows and calculated in line with the Companies Act 2006 requirements:

2025

2024

No.

Commercial

Marketing

Technology

Corporate

The highest paid director received remuneration of £Nil (2024: £Nil). The directors have received emoluments through other group companies and no remuneration was directly attributable to the Company.

During the year, no director (2024: none) participated in the defined contribution pension scheme.

Interest receivable

2025

2024

Interest receivable from group companies

231,470

529,147

748,879

199,186

Other interest receivable

980,349

728,333

Interest receivable from group companies is interest earnt from the cash pool of £231,470 (2024: £529,147).

Other interest receivable mainly includes interest received on a group loan with a sister company of £730,986 (2024: £199,185).

Kayak Software (UK) Limited

Notes to the financial statements (continued)

For the year ended 31 December 2025

Taxation

2025

2024

Corporation tax

Group relief payable/(receivable)

821,730

851,302

UK Corporation tax

821,731

851,302

Adjustments in respect of prior periods

Total current tax

1,702,676

1,643,461

Deferred tax

Origination and reversal of timing differences

(10,153)

7,027

Adjustments in respect of prior periods

(104)

Total deferred tax

7,076

(10,257)

Taxation

1,709,752

1,633,204

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are reconciled below:

2025

2024

Profit/(loss) before tax

6,624,672

6,568,565

Profit/(loss) multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)

1,656,168

1,642,141

Effects of:

Expenses not deductible for tax purposes

282,889

198,286

Income not taxable for tax purposes

Other permanent differences

(229,426)

(207,119)

Capital allowances for year in excess of depreciation

Group relief surrendered/(claimed)

(851,302)

(821,730)

Payment/(receipt) for group relief

851,302

821,730

Timing differences not recognised in computation

Short term timing difference leading to an (decrease) in taxation

Adjustments to tax charge related to deferred tax

(104)

Adjustment to tax charge in respect of prior period

Remeasurement of deferred tax for changes in tax rates

Share scheme differences

Total taxation for the year

1,709,752

1,633,204

Kayak Software (UK) Limited

Notes to the financial statements (continued)

For the year ended 31 December 2025

10 Taxation (continued)

Factors affecting tax charge for the year (continued)

As at 31 December 2025, the company has no trading losses available to offset against future trading profits of £nil (2024: £nil).

Tangible fixed assets

Computer

Fixtures and equipment

and servers

Total

Cost or valuation

99,381

At 1 January 2025

28,771

29,819

Additions

1,048

(35,205)

Disposals

1,048

92,947

93,995

At 31 December 2025

Depreciation

59,380

At 1 January 2025

22,531

22,583

Charge for the year on owned assets

(35,205)

Disposals

46,706

46,758

At 31 December 2025

Net book value

40,001

At 31 December 2024

46,241

47,237

At 31 December 2025

996

Kayak Software (UK) Limited

Notes to the financial statements (continued)

For the year ended 31 December 2025

Debtors

2025

2024

Note

Trade debtors

342

Amounts owed by other group companies

25,484,149

20,305,128

Other debtors

34,083

49,793

Prepayments

30,345

38,475

Income tax receivable

340,457

304,368

135,183

142,259

Deferred tax assets

26,024,559

20,840,364

The amount due from other group companies includes a balance of £23,936,893 (2024: £18,693,436) due from a sister company. These amounts are unsecured and payable on demand, apart from £15.3m (2024: £14.6m) which is short term in nature in 2025 (2024: long term in nature.)

The Company is entitled to receive interest equivalent to SONIA + 0.95%. The loan will mature on 1 October 2026 (2024: mature on 1 October 2026).

Cash and cash equivalents

2025

2024

Cash at bank and in hand

100,000

Creditors: Amounts falling due within one year

2025

2024

Amounts due to parent company

1,641,141

1,682,300

Amounts owed to other group companies

5,327,409

5,023,050

Other taxation and social security

724,195

554,770

Accruals

1,110,599

1,141,505

8,803,344

8,401,625

Amounts owed to related parties are interest free, unsecured and payable on demand.

Kayak Software (UK) Limited

Notes to the financial statements (continued)

For the year ended 31 December 2025

Share capital

2025

2024

Authorised

1,000 (2024: 1,000) ordinary shares of £1.00 each

1,000

Allotted, called up and fully paid

1 (2024: 1) ordinary share of £1.00

Reserves

Profit and loss account

The reserve balance consists of profit and loss reserve available to ordinary shareholders.

Deferred taxation

2025

2024

At beginning of year

142,259

132,003

Charged to the profit or loss

(7,076)

10,256

At end of year

135,183

142,259

The deferred tax asset is made up as follows:

2025

2024

Fixed asset timing differences

19,233

26,308

Short term timing differences

115,950

115,951

135,183

142,259

The deferred tax asset expected to reverse in 2025 is £135,183, which primarily relates to deferred tax recognised on short term timing differences.

As at 31 December 2025, the Company has unutilised tax losses of £nil (2024: £ nil).

Kayak Software (UK) Limited

Notes to the financial statements (continued)

For the year ended 31 December 2025

Pension commitments

The Company operates a defined contribution plan, the amount recognised in the statement of comprehensive income during the year amounted to £254,295 (2024: £232,164).

Controlling party

The Company's immediate parent is Kayak Software Corporation, (registered office at 1521 Concord Pike Suite 201, Wilmington, Delaware, 06854, United States). The Company's ultimate parent undertaking and controlling party is Booking Holdings Inc., a company incorporated in the United States of America, whose principal and registered office is, and whose financial statements can be obtained at 1521 Concord Pike Suite 201, Wilmington, Delaware, 06854, United States. This is both the smallest and largest group in which the results of the Company are consolidated.

Subsequent events

After the reporting date, on 7 January 2026, the entity changed its registered office address from Alphabeta Building 14-18 Finsbury Square London EC2A 1AH United Kingdom to The Monument Building 11 Monument Street London EC3R 8AF.

Other than that noted above, there were no other significant events impacting the Company since the year end that require adjustment to or disclosure in the financial statements.