BKNG · Earnings call · 2026Q3T · Full report

EU Digital Regulation

Booking Holdings Inc. · 2026-11-03 · Importance 26 · Surprise 24

Management said Booking Holdings had not yet seen a measurable benefit from changes to Google search results under the EU Digital Markets Act (DMA). It also highlighted uncertainty about how horizontal personal agents will be regulated, including access to personal information and whether they can operate as commerce as well as advertising platforms. Management cited the DMA, EU AI Act, Digital Services Act and very large online platform (VLOP) rules, as well as potential U.K. Financial Conduct Authority requirements affecting monetary functions in Meta’s Muse.

Key facts

• Booking Holdings said adoption of horizontal personal agents may be slower than anticipated in some regions because of regulatory requirements, including the DMA, EU AI Act, DSA and VLOP laws.
• Booking Holdings reported no numerical change from the European DMA change to Google's search results at the time of the call and said it saw no great advantage yet.