Slide 1: Full year results for the year ended 31 December 2025
For the year ended 31 December 2025 17 March 2026
Slide 2: AI and great execution drive accelerated margin progression
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 2 AI and great execution drive Strong financial Expanding Upgraded accelerated performance strategic advantage medium term guidance margin Top line momentum: Flywheel is thriving: Path to 30% progression • 1
Slide 3: Operational review
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 3 Operational review Adrian Blair, CEO
Slide 4: Expanding data set widens competitive moat
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 4 Expanding data set widens competitive More consumers moat Invite Read and customers write Showcase In 2025 reviews reviews Number TrustBox TrustScore of reviews impressions 20% 14% 4.4 0.4 More busines
Slide 5: Excellent full year performance
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 5 Bookings 18% cc with strong growth in focus markets Outstanding US performance 21% cc, particularly strong H2 momentum Adjusted EBITDA 69% to $40.7m, with 15.6% margin Excellent 4.2 ppt) Ahead of consen
Slide 6: UK
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 6 UK Continued growth, high margins Growth flywheel most established Notable H2 customer wins include: delivering highest margins • Contribution margin improved to 65% Bookings $116m Strong new sales performa
Slide 7: Europe & ROW
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 7 Europe & ROW Strong performance in focus markets Italy & DACH Strong bookings growth Notable H2 customer wins include: • Italy and DACH grew ahead of region average • Regional contribution margin 55% Bookin
Slide 8: North America
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 8 North America: Driving Enterprise scale and awareness Fastest growing region driven by Notable H2 customer wins include: strong Enterprise sales • Contribution margin up 4ppts YoY to 38% Bookings $62m Brand
Slide 9: Financial review
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 9 Financial review Hanno Damm, CFO
Slide 10: Continued bookings growth and improving profitability
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 10 Continued Bookings bookings growth $m and improving profitability CC bookings growth 18% Adjusted EBITDA $m LTM net dollar retention rate Adjusted EBITDA margin 102% Adjusted EBITDA margin 15.6% Adjuste
Slide 11: Record gross retention
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 11 Record gross retention FY 22 FY 23 FY 24 FY25 Gross dollar retention rate1 86% 84% 85% 87% Growth Product flywheel innovation + Net 14% 15% 18% 15% expansion2 = Net dollar 100% 99% 103% 102% GTM Enterprise
Slide 12: Strong recurring revenue base
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 12 Strong recurring revenue base Total Bookings by cohort and year The $20k customer growth engine: segmented customer bookings as a % of total bookings $291m FY22 $20k pa New business $239m 25% $10k pa $19
Slide 13: Adjusted EBITDA margin increases to 15.6%
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 13 Adjusted EBITDA Summary income statement (non-IFRS margin increases YoY $m FY 25 FY 24 Change Revenue 261.1 210.7 24% to 15.6% Cost of Sales 45.2 39.1 16% Gross Profit 215.9 171.6 26% Cost of sales Gross
Slide 14: Operating leverage continues to improve
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 14 Operating leverage Adjusted EBITDA* margin bridge continues to improve Tech & content significantly decreased as a share of revenue, driven by AI-enabled improvement Hosting economies of scale and normalisa
Slide 15: Higher SBC charge but lower share dilution
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 15 Higher SBC charge Closing diluted share count bridge (m) but lower share dilution SBC charge is driven by: • Shares awarded • Share price $12.5m charge in FY 25 up from $9.5m PY due to new share awards for
Slide 16: Continued cash generation & strong balance sheet
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 16 Continued cash Adj. Free Cash Flow of $46.6m generation & strong $61.2m $2.0m balance sheet after $8.3m $4.3m $115.5m $1.0m $72.0m $72m buyback Adjusted free cash flow of $46.6m FY24 $17.1m) drive
Slide 17: Consistent capital allocation framework
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 17 Consistent capital allocation framework Shareholder returns over time Objective FY25 results Deliver organic growth ● Invested $24m in the business* Invest in through investment in: Invested $24m organic •
Slide 18: 2026 outlook
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 18 2026 outlook 2025 bookings growth supports our ability to deliver high-teens constant currency revenue growth for the current year Adjusted EBITDA margin expected to increase 23ppts Continuing buyback by a
Slide 19: A clear path to 25% margin in FY 28 and 30% in FY 30
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 19 A clear path to 25% margin in FY 28 and 30% in FY 30 Margin path Top-line Structural growth efficiencies Enterprise Internal growth efficiencies Note: Targets are forward-looking statements and subject to t
Slide 20: Strategic highlights
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 20 Strategic highlights Adrian Blair, CEO
Slide 21: Delivered on 2025 priorities
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 21 Delivered on 2025 priorities Trust in the Enterprise Product age of AI growth innovation
Slide 22: Our compounding Trust advantage
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 22 Our compounding Trust advantage AI-powered metadata analysis drives greater precision • Increased data volume and sophisticated fraud detection allows us to maintain a trusted, safe ecosystem Reviews enable
Slide 23: The safeguarding ecosystem
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 23 The safeguarding ecosystem A connected system that protects at scale Technology: People: automated screening specialist assessment • At-scale detection: 91% of identified • Expert judgement: steps in for es
Slide 24: Data-driven evidence of the platform's strict neutrality
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 24 Data-driven % of reviews removed by star rating evidence of Paid profiles Free profiles the platformʼs strict neutrality Universal standards: • Every business on Trustpilot, paying or free, is held to the s
Slide 25: Unlocking business value
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 25 Unlocking business value The Trustpilot value proposition Build Grow Improve Cost Enforce Trust Revenue Efficiency Accountability • Convey reputation to • Exposure in AEO and • Root cause analysis to • View
Slide 26: Customers paying $20k+ growing 36% CAGR
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 26 Customers paying $20k growing 36% CAGR supporting mix shift to higher ACV No. of customers paying $10k pa No. of customers paying $1020k pa No. of customers paying $20k pa -4% CAGR GR GR CA CA % 6% +25
Slide 27: AO: using Trustpilot to turn insights into customer service
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 27 AO using Trustpilot to turn insights . into customer service Watch AO interview here John Roberts CEO, AO Rated Excellent “By making Trustpilot a core part of our brand, we have seen a 4pp lift in brand co
Slide 28: Deepening North America penetration with higher-value customers
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 28 Deepening North America penetration with higher-value customers No. of US customers paying Strong ARR $m growth of US Expanding contribution $20k pa customers paying $20k pa margin in North America GR C
Slide 29: The shift from SEO to AEO
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 29 The shift from Traditional The shift SEO to AEO search AI models synthesise direct answers, pushing traditional blue links below the fold Optimising for As search evolves from links SEO delivering links t
Slide 30: Product innovation: Build Trust in the age of AI
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 30 Product innovation: Build Trust in the age of AI Roadmap: Trust in the age of AI • Driving AI Search visibility • New invitation workflows to capture more feedback New pricing plans • Enterprise tools to op
Slide 31: AI makes Trustpilot more valuable
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 31 AI makes Trustpilot Vast, proprietary New AI-enabled Greater insight more valuable data set surfaces from data with AI • Substantial defensive • 5th most cited • Fusing public moat domain globally on feedba
Slide 32: In 2026 we have three priorities
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 32 In 2026 we have three priorities Scale Accelerate Grow Trust with AI Enterprise Build trust in the age of AI
Slide 33: Any questions?
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 33 Any questions?
Slide 34: Appendix
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 34 Appendix
Slide 35: Capitalisation of sales commission (IFRS 15)
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 35 Capitalisation of sales commission IFRS 15 Note: the amortisation goes through the sales & marketing line of the P&L
Slide 36: Capitalisation of development spend
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 36 Capitalisation of development spend
Slide 37: Significant deferred tax asset keeps cash tax low
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 37 Significant Deferred tax assets deferred tax asset keeps cash tax low P&L tax charge of $6.3m • Effective P&L tax rate of 44.9% after adjusting for non deductible items. Cash taxes paid in the year of $2.0m
Slide 38: Cost Reconciliation (non-IFRS)
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 38 Cost Reconciliation (non-IFRS FY 25 $m Reported Depreciation, Amortisation & Impairment Disposals SBC Non-recurring costs Non-IFRS Sales & Marketing 71.5 — — — — 71.5 Technology & Content 67.8 6.1 —
Slide 39: Adjusted EBITDA reconciliation
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 39 Adjusted EBITDA reconciliation Full Year Results Half Year Results $m FY25 FY24 H1 25 H2 25 H1 24 H2 24 $m unaudited unaudited unaudited unaudited Operating profit 16.0 3.8 Operating profit 5.8 10.2 1.8 2.0
Slide 40: Adjusted EPS reconciliation
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 40 Adjusted EPS reconciliation Full Year Results $m FY25 FY24 Profit for the year 7.8 6.2 Share-based payments, including associated social security costs 12.5 9.5 Foreign exchange losses/(gains) 1.7 0.3 Non
Slide 41: Adjusted free cash flow reconciliation
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 41 Adjusted free cash flow reconciliation Full Year Results Half Year Results $m FY25 FY24 H1 25 H2 25 H1 24 H2 24 $m unaudited unaudited unaudited unaudited Net cash inflow from operating activities 59.2 29.4
Slide 42: IFRS Income Statement
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 42 IFRS Income Statement $m FY 25 FY 24 Revenue 261.1 210.7 Cost of sales 45.2 39.1 Gross profit 215.9 171.6 Sales and marketing 71.5 57.2 Technology and content 67.8 58.0 General and administrativ
Slide 43: IFRS Balance Sheet
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 43 IFRS Balance Sheet $m FY 25 FY 24 Net cash balance Tangible and intangible assets 29.3 29.5 $48m after $72m of share Deferred tax assets 18.7 20.1 buybacks in the period Deposits and other receivables 2.4 2
Slide 44: IFRS Cash Flow
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 44 IFRS Cash Flow $m FY 25 FY 24 Profit for the year 7.8 6.2 Adjustments to operating cash flows 32.5 15.6 Changes in net working capital 21.0 10.1 Interests received 1.9 3.2 Interests paid 2.0 2.1 Income
Slide 45: FX translation
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 45 FX translation % (+/-) over prior period Average rates (for bookings, revenue, and expense)1 $/£ $/€ €/£ $/£ $/€ €/£ FY 25 1.32 1.13 1.17 2% 4% 2% H1 25 1.30 1.09 1.19 2% 1% 1% FY 24 1.28 1.08 1.18 1% 0%
Slide 46: Glossary
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 46 Glossary ACV / AACV Annual Contract Value / Average Annual Contract Value LTM Net Annual contract value of all subscription renewals in the last twelve Dollar months divided by the annual contract value of
Slide 47: Purpose-driven business
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 47 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 throu
Slide 48: Disclaimer
Trustpilot Full year results 2025 Operational review Financial review Strategic highlights 48 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 indust
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Slide 50: Trustpilot
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