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 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.