Trustpilot Group (TRST) H1 2025 earnings summary

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 product innovation and a strategic shift toward enterprise customers.

• 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.

• Continued investment in product innovation and AI, including new features such as AI review summaries, semantic search, and TrustLayer API, enhancing platform value and customer engagement.

• Announced further share buyback of GBP 30 million ($40 million) following $23 million returned in H1.

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%, with adjusted EBITDA tripling year-on-year.

• Gross margin improved to 82%, supported by SaaS business model and network effects.

• Net dollar retention rate improved to 103% from 101% year-on-year; gross retention rate at 86%.

• Adjusted free cash flow reached $15.2 million, with period-end cash at $67 million after buybacks.

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.

• Confirms long-term outlook for sustainable mid-teens growth and ongoing margin improvement.