Trustpilot Group (TRST) H2 2025 earnings summary

Executive summary

• Bookings grew 18% in constant currency, with Adjusted EBITDA up 69% to $40.7 million and a 15.6% margin, while $72 million was returned to shareholders via buybacks.

• Active reviews increased 20% year-over-year to 361 million, with AI-driven initiatives fueling platform growth and a 1,490% increase in AI search click-throughs.

• Upgraded medium-term guidance: targeting 25% Adjusted EBITDA margin in 2028 and 30% in 2030, reflecting confidence in AI-driven efficiencies.

Financial highlights

• FY 2025 bookings reached $291 million, revenue was $261.1 million, and gross margin improved to 82.7%.

• Adjusted EBITDA margin rose 4.2 percentage points to 15.6%, with adjusted free cash flow up 173% year-over-year to $46.6 million.

• Net income for the year was $7.8 million, up from $6.2 million in FY24.

• Net Dollar Retention was 102%, with Gross Dollar Retention improving to 87%.

• Share of bookings from customers paying over $20,000 annually grew to 43%, with this segment showing 93% gross retention and 111% net retention.

Outlook and guidance

• Expecting high teens constant currency revenue growth for 2026, with a 2-3 percentage point increase in Adjusted EBITDA margin.

• Upgraded margin targets: 25% Adjusted EBITDA margin by 2028 and 30% by 2030, driven by AI efficiencies and enterprise growth.