Trustpilot Group Plc · LSE:TRST
Trustpilot — H1 2025 Earnings Presentation
45 slides from Trustpilot's earnings presentation, Sep 16, 2025
Slide 1: Trustpilot Half Year Results
Trustpilot Half Year Results For the six months ended 30 June 2025 16 September 2025 1
Slide 2: 2 year reflections: Trustpilot is fundamental in the age of AI
H1 25 Investor presentation 2 year reflections: Trustpilot is fundamental in the age of AI “Trustpilot Everywhereˮ strategy is Weekly ChatGPT citations (rebased) exceptionally well-suited to the AI moment Trustpilot feedback increasingly shapes how LLMs view companies ChatGPT citations up 246% from
Slide 3: Trustpilot is the world's largest open customer feedback platform
H1 25 Investor presentation Trustpilot is the worldʼs largest open customer feedback platform High margin SaaS Unique value Huge market platform with proposition opportunity network effects 3
Slide 4: The flywheel effect drives consistent growth
H1 25 Investor presentation The flywheel effect drives consistent growth Trustbox More consumers Impressions 18% Invite customers Read and write Showcase reviews reviews Number of reviews More businesses 22% 4
Slide 5: HSBC: using Trustpilot to build trust, grow and improve
H1 25 Investor presentation HSBC: using Trustpilot to build trust, grow and improve “More than three quarters of consumers say they are more likely to trust a brand with a high Trustpilot score…. Trustpilot reviews also help us to connect with our customers through genuine independent feedback, givi
Slide 6: H1 performance
H1 25 Investor presentation H1 performance Hanno Damm CFO
Slide 7: Strong first half performance
H1 25 Investor presentation Strong first half performance Bookings 17% cc with good growth in focus markets • 38% CAGR in number of customers paying $20k since June 2023 Product innovation and network effects enhance value Adjusted EBITDA up 70% to $18.0m, with 14.6% margin 4.0 ppt) Delivered s
Slide 8: UK: Continued growth in enterprise
H1 25 Investor presentation UK Continued growth in enterprise Bookings growth of 15% Share of enterprise bookings 4 ppts since H1 23 Redirected sales capacity towards larger accounts Small business new sales grew more slowly DMCCA Act implemented enhancing CMA powers to tackle fake reviews Notable
Slide 9: Europe & ROW: Strong performance in focus markets of Italy and DACH
H1 25 Investor presentation Europe & ROW Strong performance in focus markets of Italy and DACH Strong growth with bookings 19% Focus markets of Italy and DACH growing well ahead of the Group average Over half of bookings in these markets are from enterprise Notable customer wins in the period incl
Slide 10: North America: Good growth against a tough comparator
H1 25 Investor presentation North America: Good growth against a tough comparator Continued bookings growth of 18% on top of last yearʼs exceptional performance Strong new enterprise sales Brand awareness and adoption continue to grow Unprompted brand awareness up 53% Organic reviews up 32% Notable
Slide 11: Continued bookings growth and improving profitability
H1 25 Investor presentation Continued bookings growth and improving profitability 17%cc bookings growth LTM net dollar retention rate of 103% 4ppt improvement in adjusted EBITDA margin to 14.6% $15m adjusted free cash flow ` 11
Slide 12: New products continue to drive account expansion
H1 25 Investor presentation New products continue to drive account expansion FY 22 FY 23 FY 24 H1 25 86% 84% 85% 86% Gross dollar retention rate1 14% 15% 18% 17% + Net expansion2 100% 99% 103% 103% = Net dollar retention rate3 Bookings by cohort and year New business ` High retention of existing cus
Slide 13: Tech & content delivering economies of scale
H1 25 Investor presentation Non IFRS Income Statement Tech & content $m H1 24 H1 25 YoY change Revenue 99.8 122.8 23% delivering Cost of Sales 18.6 21.8 17% economies of scale % of Revenue Gross Profit 19% 81.2 18% 101.0 0.9ppt 24% Gross Margin % 81% 82% 0.9ppt Sales & marketing CAC 27.1
Slide 14: Higher SBC charge but lower share dilution
H1 25 Investor presentation Higher SBC charge but lower share dilution Closing diluted share count bridge (m) SBC charge is driven by: ● shares awarded ● share price $6.3m charge in H1 25 up from $3.7m PY due to new share awards for Exec and high performers Diluted share count continues to fall ● Gr
Slide 15: Profit before tax up 45%
H1 25 Investor presentation Profit before tax Reconciliation of EPS up 45% $m H1 24 H1 25 Change YoY Adjusted EBITDA 10.6 18.0 70% Adjusted EBITDA margin % 14.6 10.6 4ppt Share based comp. 3.8 6.3 72% Strong Underlying EPS growth, Reported EBITDA 6.8 11.7 71% reported growth impacted by prior
Slide 16: Continued cash generation and strong balance sheet allow further £30m buyback
H1 25 Investor presentation Continued cash generation and strong balance sheet allow further £30m buyback Adj. Free Cash Flow of $15.2m Adjusted free cash flow of $15.2m $3.9)m H1 24 $5.9m), driven by improved $0.4)m $1.8)m $21.3m profitability $84.1m $0.6m $23.3)m $68.9m $5.6m $67.0m Period e
Slide 17: Consistent capital allocation framework
H1 25 Investor presentation Consistent capital allocation framework Objective H1 25 results ● Deliver organic growth through investment in: Invest in organic growth ○ Product innovation ● Invested $10m in the business ○ Content integrity ○ People & culture ● Strategic M&A to accelerate Retain flexibi
Slide 18: Outlook
H1 25 Investor presentation Outlook Following a strong first half, and given that trading since the period end has been in line with our expectations, we maintain our outlook for high-teens constant currency revenue growth for the full year Now expect the adjusted EBITDA margin* to be in line with H
Slide 19: Strategic highlights
H1 25 Investor presentation Strategic highlights Adrian Blair CEO
Slide 20: Our strategy is clear
H1 25 Investor presentation Our strategy is clear 20
Slide 21: Our market is large and attractive
H1 25 Investor presentation Our market is large and attractive Total addressable market $bn $37bn $55bn ● $18bn SAM represents opportunity in focus markets plus Fr, DK and NL ● SAM Assumes all customers in current verticals who would $18bn consider using a reviews product buy our solution at current
Slide 22: US: vertical strategy delivering in our largest market
H1 25 Investor presentation US: vertical strategy delivering in our largest market US vertical penetration ● Estimated penetration of SAM ○ UK c.5% ○ US c. 0.5% ○ Germany & Italy c. 1% each 22
Slide 23: In 2025 we have three priorities
H1 25 Investor presentation In 2025 we have three priorities Enterprise Product Trust in the growth innovation age of AI 23
Slide 24: Shifting business mix to larger customers
H1 25 Investor presentation Shifting business mix to larger customers No. of customers paying $10k pa No. of customers paying $1020k pa No. of customers paying $20k pa -4-8% %CC GR AAGGR CA R R 0% G R +1 CA G CA 8% % +3 9 +2 24
Slide 25: Working with a diverse spread of businesses
H1 25 Investor presentation Working Money & insurance with a Home & garden diverse Shopping & fashion spread of Business services businesses Electronics & tech Beauty & wellbeing Travel Education Health & medical 25
Slide 26: Innovation in product and technology
H1 25 Investor presentation Innovation in product and technology ` Improvements to company profile pages for consumers: ● AI review summaries, ● Most relevant reviews Released new product features for businesses: ● Review follow-up - allows businesses to capture more detailed feedback ● Visitor insi
Slide 27: Trust is ever more important in the age of AI
H1 25 Investor presentation Trust is ever more important in the age of AI Dramatic rise in Trustpilot exposure via large language models ● Google impressions 80% year-on-year, driven by inclusion in Gemini AI overviews ● ChatGPT citations 246% from Jun-Aug Expanded use AI in content integrity ● Sc
Slide 28: Confident in delivering sustainable growth and operating leverage
H1 25 Investor presentation Confident in delivering sustainable growth and operating leverage Trustpilot is the worldʼs largest open customer feedback platform. Trustpilot feedback citations in LLMs surging. We are delivering on our strategy by driving growth in focus markets and enterprise Product
Slide 29: Any questions?
Any questions?
Slide 30: Appendix
Appendix
Slide 31: Capitalisation of sales commission (IFRS 15)
Capitalisation of sales commission (IFRS 15) Note: the amortisation goes through the sales & marketing line of the P&L 31
Slide 32: Capitalisation of development spend
Capitalisation of development spend 32
Slide 33: Significant deferred tax asset keeps cash tax low
Significant deferred tax asset keeps cash tax low Deferred tax assets P&L tax charge of $1.2m vs $5.1m credit in H1 24 reflecting the PY recognition of UK tax assets - Effective P&L tax rate of 32% based on estimated annual profits after adjusting for non deductible items. Cash tax in the period of
Slide 34: Cost Reconciliation (non-IFRS)
Cost Reconciliation (non-IFRS H1 25 $m Reported D&A SBC Other Operating Income Transaction costs Restructuring Costs Non-IFRS Sales & Marketing 33.5 — — — — — 33.5 Technology & Content 32.0 2.9 — — — — 29.1 General & Administrative 28.5 3.0 6.3 — — — 19.2 Impairment losses on trade 1.4
Slide 35: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Half Year Results $m H1 24 H1 25 unaudited unaudited Operating profit/(loss) 1.8 5.8 Depreciation, amortisation 5.0 5.9 and impairment EBITDA 6.8 11.7 Transaction costs 0.1 — Share-based payments, including associated social 3.7 6.3 security costs Adjusted EBITDA 10.
Slide 36: Adjusted EPS reconciliation
Adjusted EPS reconciliation Half Year Results $m H1 24 H1 25 unaudited unaudited Profit for the period 2.5 7.7 Share-based payments, including associated social security costs 6.3 3.7 Foreign exchange losses/(gains) 2.0 (0.1) Transaction costs 0.0 0.1 Tax impact of the above items (1.2) (0.5) 9.6
Slide 37: Adjusted free cash flow reconciliation
Adjusted free cash flow reconciliation Half Year Results $m H1 24 H1 25 unaudited unaudited Net cash inflow from 11.4 20.9 operating activities Transaction costs 0.1 — Capital expenditure¹ 3.5 3.9 Principal element of lease 2.1 1.8 payments Adjusted free cash flow 5.9 15.2 ¹ Capital expend
Slide 38: IFRS Income Statement
IFRS Income Statement $m H1 24 H1 25 Revenue 99.8 122.8 Cost of sales 18.6 21.8 Gross profit 81.2 101.0 Sales and marketing 27.1 33.5 Technology and content 28.5 32.0 General and administrative 22.4 28.5 Impairment losses on trade receivables 1.5 1.4 Other operating income 0.1
Slide 39: IFRS Balance Sheet
IFRS Balance Sheet $m December 31 2024 June 30 2025 Tangible and intangible assets 29.4 30.6 Deferred tax assets 20.1 20.1 Deposits and other receivables 2.5 2.7 Total non-current assets 52.0 53.4 Trade receivables 12.1 12.9 Contract acquisition costs 6.8 8.1 Cash and cash equivalents 68.9 67.0 Ot
Slide 40: IFRS Cash Flow
IFRS Cash Flow $m H1 24 H1 25 Profit for the year 7.7 2.5 Adjustments to operating cash flows 2.0 15.1 Changes in net working capital 1.1 3.8 Interests received 1.7 0.9 Interests paid 1.0 1.0 Income taxes paid 0.1 0.4 Net cash inflow from operating activities 11.4 20.9 Purchase of property
Slide 41: FX translation
FX translation % (+/-) over prior period Average rates (for bookings, $/£ $/€ €/£ $/£ $/€ €/£ revenue, and expense)1 H1 25 1.30 1.09 1.19 2% 1% 1% FY 24 1.28 1.08 1.18 1% 0% 1% H1 24 1.27 1.08 1.17 2% 0% 2% End of period spot rate (for ARR $/£ $/€ €/£ $/£ $/€ €/£ H1 25 1.37 1.17 1.17 10% 13% 3%
Slide 42: Glossary
Glossary Adj. EBITDA EBITDA (earnings before interest, tax, depreciation, amortisation) adjusted to exclude share-based compensation, including associated cash settled social security costs, non-recurring transaction costs such as those related to IPO preparation and restructuring costs, which relat
Slide 43: Purpose-driven business
Purpose-driven business Trustpilot began in 2007 with a simple yet powerful idea that is more relevant today than ever — to be the universal symbol of trust, bringing consumers and businesses together through reviews. Trustpilot is open, independent, and impartial — we help consumers make the right
Slide 44: Disclaimer
Disclaimer Important Notice Industry and market data This Presentation does not purport to be comprehensive or complete and has not been independently verified. Where this Presentation contains industry, market or competitive position data it may have come from third party It is provided as at its d
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