Share Split Has No Impact on Booking's Strengthening Network Advantage

Booking's 25-for-1 share split instituted April 6 has no impact on the company's fundamental positioning. Booking's leading network of hotel properties and other services continues to expand in developed and emerging markets, as well as vertical markets such as rentals, attractions, flights, and payments (where it looks to focus on near-term investment), resulting in a fully connected trip offering. In developed markets, replicating Booking’s leading network in Europe is proving costly and time-consuming for key competitors, given that around 60%-65% of all hotels in the region are small boutique establishments. In emerging markets, the firm has a presence in China with its Trip.com and Meituan partnerships, and in its own Booking.com and Agoda.com platforms, which are crucial. This expanding network positions Booking well for the increasing global shift to booking via mobile applications.