Slide 1: Half Year Results
Half Year Results For the half year ended 30 June 2026 15 September 2026
Slide 2: H1 2026: Strong momentum, on track
H1 2026 Strong momentum, on track 18% cc bookings growth Strong financial Outstanding North American performance with 27% cc performance bookings growth Adjusted EBITDA 46% to $26.3m with 17.4% margin 2.8ppt YoY Enterprise ARR from customers paying $20k pa 35% YoY momentum AI Answer Engine Op
Slide 3: Operational Review
01. Operational Review Adrian Blair CEO 3
Slide 4: Positive flywheel effects
Positive More consumers flywheel effects Invite Read customers & and write showcase reviews reviews In H1 2026 More 20% 15% 29bn businesses Number of reviews TrustBox impressions Google impressions 4
Slide 5: Strong first half performance
Strong first half performance Bookings 18% cc with good growth in focus markets; outstanding North American performance 27% cc Key verticals driving growth include lending, insurance, health & wellbeing and utilities Enterprise momentum, AI and Answer Engine Optimisation AEO) and strong gross ret
Slide 6: Continued enterprise traction (UK)
UK Continued enterprise traction Notable H1 Bookings customer wins $64m 11%cc 15% Flywheel driving growth across industries 1 Net revenue retention rate remains above ARR Group average Strong sales growth of customers paying $20k $121m 13%cc 9% Significant room for growth, with 41 industr
Slide 7: Europe & ROW
Europe & ROW Excellent execution yielding gains Notable H1 Bookings customer wins $68m 19%cc 27% Strong bookings growth particularly in DACH ARR Strong growth across Europe, driven by the number, and ACV, of customers paying $20k $123m 18%cc 16% DACH share of bookings from customers payin
Slide 8: North America
North America Growth flywheel delivering Notable H1 Bookings customer wins $39m 27%cc 27% Fastest growing region driven by excellent Enterprise execution ARR Outstanding bookings growth of 27% cc Strong momentum with new business 76% YoY $69m 24%cc 24% Rising consumer awareness and networ
Slide 9: Financial Review
02. Financial Review Hanno Damm Departing CFO 9
Slide 10: Record bookings growth and Adjusted EBITDA
Record bookings growth and Adjusted EBITDA Bookings $m Adjusted EBITDA $m & Margin % 18% CC bookings growth 101% LTM net dollar retention rate 46% Adjusted EBITDA growth $16.0m Adjusted free cash flow 10
Slide 11: Continued strong retention
Continued strong retention FY 23 FY 24 FY25 H1 26 Growth flywheel Gross dollar retention rate1 84% 85% 87% 87% Product innovation 2 + Net expansion 15% 18% 15% 14% = Net dollar retention rate3 99% 103% 102% 101% Enterprise strategy 1 Gross retention rate quantifies the percentage of recurring revenu
Slide 12: Strong recurring base with Enterprise mix-shift
Strong recurring base with Enterprise mix-shift Total Bookings by cohort and year The $20k customer growth engine Segmented customer bookings as a % of total bookings $323m $291m New business $239m $195m 27% 29% 47% High retention of existing H1 23 H1 26 customer base 51% 22% 24% $10k pa $1020k p
Slide 13: Revenue grew 23% with Adjusted EBITDA up 46%
Revenue grew 23% with Summary income statement (non-IFRS*) Adjusted EBITDA up 46% $m Revenue H1 26 151.4 H1 25 122.8 YoY Change 23% Cost of Sales 25.7 21.8 17% Cost of sales Gross Profit 125.7 101.0 24% Infrastructure and hosting optimisations as volume scales, driving gross margin improvement
Slide 14: Continued cash generation and strong balance sheet
Continued cash $16.0m Adj. Free Cash Flow1 generation and strong balance sheet $25.0m $1.8m $4.4m $3.0m $2.0m $42.5m $63.4m Adjusted free cash flow of $16.0m1 H1 25 $15.2m) driven by: $47.6m Improved profitability; and Better working capital from business growth and new customers payin
Slide 15: Higher SBC charge but lower share dilution
Higher SBC charge Closing diluted share count bridge (m) but lower share dilution SBC charge is driven by Shares awarded Share price $9.8m charge in H1 26 up from $6.3m PY due to new share awards for Execs and high performers Diluted share count continues to fall Grants partially offset by forfeitur
Slide 16: Consistent capital allocation framework
Consistent capital allocation framework Shareholder returns over time1 Objective H1 26 Results Invest in organic Deliver organic growth through investment in: $13m Product innovation Invested in the growth business* Content integrity People & culture Retain Strategic M&A to accelerate Continue to
Slide 17: On track for outlook
On track to achieve full year outlook for high-teens constant currency revenue growth and 23 ppt increase in adjusted EBITDA margin YoY On track Remain confident in delivering sustainable growth and operating for outlook leverage over the long term 17
Slide 18: Strategic Highlights
03. Strategic Highlights Adrian Blair CEO 18
Slide 19: Build trust in the age of AI
In 2026 we have three priorities Scale Accelerate Grow Trust with AI enterprise Build trust in the age of AI 19
Slide 20: Scaling trust
Scale Trust Accelerate with AI Grow enterprise Scaling trust Review Business Regulatory & integrity misuse policy engagement Strong, AI-led top of Deploying advanced Regulators moving to funnel detection technology at scale enforcement of review rules Continuously sharpening 83% YoY increase in We
Slide 21: Positioned as the primary trust signal in the age of AI
Scale Trust Accelerate with AI Grow enterprise Positioned as the primary trust signal in the age of AI Full Report Seer Interactive x Trustpilot - the study 100 Chat GPT Google AI Mode Gemini Perplexity Domain 58% #1 52% 49% Authority Trustpilot is the clear leader – 15% 14% 15% 17% 21% 4% 5% 10% 15
Slide 22: Product innovation: increased velocity
Scale Trust Accelerate with AI Grow enterprise Product innovation: increased velocity Turn trust into AI visibility Get AI recommended AI Search Analytics Multi-Domain Analytics In-App Review Collector QR Code Review Collector Invitation Optimiser AI Search Market Insights Custom Dashboards Search Q
Slide 23: Product review pages: AI visibility at scale
Scale Trust Accelerate with AI Grow enterprise Product review pages: AI visibility at scale New product review pages Granular feedback New surface area on Trustpilot for individual products Ties feedback explicitly to individual items Provides the independent, structured data AI systems need Pools p
Slide 24: Continued growth in customers paying $20k
Scale Trust Accelerate with AI Grow enterprise Continued growth in customers paying $20k No. of customers No. of customers No. of customers paying $10k pa paying $1020k pa paying $20k pa 3% 22% 34% CAGR CAGR CAGR $95m $94m $42m $80m $52m $142m ARR ARR ARR ARR ARR ARR -0.4% 90% 174% 24 Note:
Slide 25: Sales reorganisation improves scalability and better serves Enterprise
Scale Trust Accelerate with AI Grow enterprise Sales reorganisation improves scalability and better serves Enterprise New outsourced business development Customer External outsourcing of top-of-funnel lead generation, acquisition to create extra capacity given scale of the opportunity Key change: Ou
Slide 26: Navy Federal: proving the value of earned trust
Scale Trust Accelerate with AI Grow enterprise Navy Federal: proving the value of earned trust Trustpilotʼs impact on us is earned trust. Itʼs proof that we did what we said we would. When we talk about brand metrics, trust is at the top of the pyramid. But I canʼt just say ‘trust me.ʼ We have to ea
Slide 27: H1: Strong momentum and strategic execution
H1 Strong momentum and strategic execution 18% cc bookings growth Strong financial Outstanding North American performance with 27% cc bookings performance growth Adjusted EBITDA 46% to $26.3m with 17.4% margin 2.8ppt YoY Enterprise ARR from customers paying $20k pa 35% YoY momentum AI Answer
Slide 28: Recent customer quotes
Recent customer quotes I believe that the Trustpilot reviews and the data we can get from that and harvest there is one of the most powerful things we have. Klarna CMO David Sandstrom Q&A Having a diversity of feedback and much greater insight about our customers is critical for us….to help delive
Slide 29: Appendix
04. Appendix 29
Slide 30: Operating leverage continues to improve
Operating leverage Adjusted EBITDA* margin bridge continues to improve Broad-based operational leverage delivered Cost of sales and tech & content both improved, reflecting hosting economies of scale and continued benefit from AI-enabled productivity gains CAC held broadly stable, with modest effici
Slide 31: Capitalisation of sales commission (IFRS 15)
Capitalisation of sales commission IFRS 15 31 Note: the amortisation goes through the sales & marketing line of the P&L
Slide 32: Capitalisation of development spend
Capitalisation of development spend 32
Slide 33: Significant deferred tax asset keeps cash tax low
Significant deferred tax Deferred tax assets asset keeps cash tax low P&L tax charge of $5.4m Effective P&L tax rate of 126% after adjusting for non-deductible non-recurring matters. Cash taxes paid in the period of $1.8m H1 25 $0.4m) $15.7m deferred tax assets on the BS $1.2m cash taxes paid in U
Slide 34: Cost Reconciliation (non-IFRS)
Cost Reconciliation (non-IFRS H1 26 Non-recurring $m Reported Depreciation, Amortisation & Impairment Disposals SBC Non-IFRS matters Sales & Marketing 41.0 — — — — 41.0 Technology & Content 38.6 3.5 — — — 35.1 General & Administrative 40.2 2.9 — 9.7 5.8 21.8 Impairment losses on trade r
Slide 35: Non-recurring matters reconciliation
Non-recurring matters reconciliation As restated Non-recurring matters $m H1 26 unaudited H1 25 unaudited recognised within general & administrative expenses AGCM regulatory fine 4.6 - in the period totalled $5.8 AGCM associated costs 0.4 - million H1ʼ25 restated: $0.4 million). US indirect sales t
Slide 36: Adjusted EBITDA reconciliation
Adjusted EBITDA reconciliation Half Year Results As restated $m H1 26 unaudited H1 25 unaudited Operating profit 4.4 5.4 Depreciation, amortisation and impairment 6.4 5.9 Non-recurring matters 5.8 0.4 Share-based payments, including associated social 9.7 6.3 security costs Adjusted EBITDA 26.3 18.0
Slide 37: Adjusted EPS reconciliation
Adjusted EPS reconciliation Half Year Results As restated $m H1 26 unaudited H1 25 unaudited Loss/profit for the period 1.1 2.1 Share-based payments, including associated social security costs 9.7 6.3 Foreign exchange (gains)/losses 0.6 2.0 Non-recurring matters 5.8 0.4 Tax impact of the above
Slide 38: Adjusted free cash flow reconciliation
Adjusted free cash flow reconciliation Half Year Results $m H1 26 unaudited H1 25 unaudited Net cash inflow from operating activities 23.2 20.9 Non-recurring matters 0.2 — Capital expenditure 4.4 3.9 Principal element of lease payments 3.0 1.8 Adjusted free cash flow 16.0 15.2 38
Slide 39: IFRS Income Statement
IFRS Income Statement As restated $m H1 26 H1 25 Revenue 151.4 122.8 Cost of sales 25.7 21.8 Gross profit 125.7 101.0 Sales and marketing 41.0 33.5 Technology and content 38.6 32.0 General and administrative 40.2 28.9 Impairment losses on trade receivables 1.6 1.4 Other operating
Slide 40: IFRS Balance Sheet
IFRS Balance Sheet As restated $m H1 26 Net cash balance FY 25 Tangible and intangible assets 29.2 29.3 $22m after $26m of share Deferred tax assets 15.7 18.7 buybacks in the period Contract acquisition costs 4.3 4.3 Deposits and other receivables 2.6 2.4 Total non-current assets 51.8 54.7 Trade rec
Slide 41: IFRS Cash Flow
IFRS Cash Flow As restated $m H1 26 H1 25 Loss/profit for the period 1.1 2.1 Adjustments to operating cash flows 20.1 15.1 Changes in net working capital 6.7 4.2 Interests received 0.4 0.9 Interests paid 1.1 1.0 Income taxes paid 1.8 0.4 Net cash inflow from operating activities 23.2 20.
Slide 42: FX translation
FX translation % (+/-) over prior period Average rates (for bookings, revenue, and expense)1 $/£ $/€ €/£ $/£ $/€ €/£ H1 26 1.35 1.17 1.15 2% 4% 2% FY 25 1.32 1.13 1.17 2% 4% 2% H1 25 1.30 1.09 1.19 2% 1% 1% End of period spot rate (for ARR $/£ $/€ €/£ $/£ $/€ €/£ H1 26 1.32 1.14 1.16 2% 3% 1%
Slide 43: Glossary
Glossary ACV / AACV Annual Contract Value / Average Annual Contract Value. LTM Gross Determined by taking retention bookings divided by contracts up for renewal. Dollar Refers to US$ amount rather than customer count and excludes up-and Retention Rate cross-selling (expansion) of existing customers.
Slide 44: Purpose-driven business
Purpose- Trustpilot began in 2007 with a simple idea – that trust between people and businesses should be built on driven transparency, not guesswork. As the worldʼs largest open customer feedback platform, Trustpilot is where people business share their experiences and businesses respond in public.
Slide 45: Disclaimer
Disclaimer Important Notice Industry and market data This Presentation does not purport to be comprehensive or complete and has not been independently verified. It is Where this Presentation contains industry, market or competitive position data it may have come from third party provided as at its d
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