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Trustpilot Group (TRST) investor relations material
Trustpilot Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary16 Sep, 2025
Executive summary
Achieved record bookings growth of 17% year-on-year in constant currency for H1 2025, with revenue up 23% to $122.8 million and strong momentum in focus markets, driven by enterprise customer expansion and product innovation.
Adjusted EBITDA rose 70% to $18 million, with margin improving by 4 percentage points to 14.6% due to operating leverage and AI-driven efficiencies.
Adjusted free cash flow increased 157% to $15.2 million, with robust cash generation supporting share buybacks and a period-end cash balance of $67 million.
The SaaS business model, with gross margins over 80%, is underpinned by network effects, a growing base of high-value enterprise clients, and product innovation.
Announced CFO succession, with Hanno Damm to step down in 2026 after nearly 10 years.
Financial highlights
Revenue increased 23% year-over-year to $122.8 million, with bookings up from $98 million in H1 2023 to $140 million in H1 2025.
Adjusted EBITDA margin improved to 14.6%, more than doubling year-on-year, and gross margin rose to 82%.
Net dollar retention rate increased to 103% from 101% in H1 2024; gross retention rate improved to 86%.
Adjusted free cash flow margin improved, with pro forma cash balance at $84.1 million before equity transactions and period-end cash at $67 million.
EPS declined due to the absence of a prior year one-off tax credit, despite higher profit before tax.
Outlook and guidance
Maintains guidance for high-teens constant currency revenue growth for the full year.
Expects full-year adjusted EBITDA margin to match H1's 14.6%, ahead of consensus and previous expectations.
Confirms continued momentum into Q3 and confidence in achieving consensus expectations, with a long-term outlook of mid-teens growth and expanding margins.
AI's impact on Trustpilot's competitive moat?
Enterprise focus: long-term impact on growth?
Strategy to increase US market penetration?
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Next Trustpilot Group earnings date
Q4 2025 TU15 Jan, 2026
Next Trustpilot Group earnings date
Q4 2025 TU15 Jan, 2026
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Frequently asked questions
Trustpilot Group plc is operates a leading feedback platform supporting both consumers and businesses. Today, Trustpilot has a global presence in over 190 countries, with businesses and customers using the platform to engage power users that contribute reviews on a regular basis. The core value of Trustpilot is to generate smarter buying decisions and recommendations, based on broader insights and more genuine data compared to other online rating platforms. The company was founded in 2007 and is headquartered in Copenhagen, Denmark.
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