Trustpilot Group PLC
LSE:TRST

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Trustpilot Group PLC Logo
Trustpilot Group PLC
LSE:TRST
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Price: 146.4 GBX 13.31%
Market Cap: 589.2m GBX

Trustpilot Group PLC
Investor Relations

Trustpilot Group PLC, founded by Danish entrepreneur Peter Holten Mühlmann in 2007, has grown into a formidable player in the field of online business reviews. With its headquarters nestled in Copenhagen, the company has established itself as an essential intermediary between consumers and businesses across the globe. Trustpilot's platform is a bastion of transparency, allowing users to leave reviews about their experiences with various companies, ranging from local eateries to international conglomerates. This dynamic ecosystem not only empowers consumers to make informed decisions but also provides businesses with vital feedback to improve their services and products.

The company derives its revenue predominantly through a subscription-based model, offering businesses different tiers of services. These services include advanced analytics, detailed consumer insights, and tools for engaging with customers. Business clients have the option to leverage Trustpilot's vast repository of reviews to bolster their credibility and presence in the digital marketplace. While access to basic reviews is free for consumers, businesses pay for more intricate features that facilitate customer relationship management and reputation enhancement. By monetizing these value-added services, Trustpilot not only secures its financial foundation but also maintains a potent feedback loop that continually refreshes its review ecosystem. This dual-side engagement is at the heart of Trustpilot’s sustainable business model, ensuring it remains relevant and robust in the evolving landscape of digital reviews.

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Last Earnings Call
Fiscal Period
Q2 2025
Call Date
Sep 16, 2025
AI Summary
Q2 2025

Bookings Growth: Trustpilot delivered 17% constant currency bookings growth in H1 2025, with strong momentum across all focus markets.

Margin Expansion: Adjusted EBITDA surged 70% to $18 million, with margins expanding by 4 percentage points to 14.6%, ahead of consensus for the full year.

Exceptional Cash Conversion: Adjusted free cash flow improved 157% to $15 million, nearly matching all of 2024's cash generation.

Enterprise Focus: The number of customers paying over $20,000 annually grew 38% per year over the past two years, indicating success in shifting toward larger, higher-value clients.

AI Integration: AI is accelerating both product innovation and operational efficiency, notably reducing enforcement handling times by 63% and costs per case by 59% in content integrity.

Guidance Maintained: Management reaffirmed high teens constant currency revenue growth guidance and expects full-year EBITDA margin to match H1's 14.6%.

Share Buyback: Over $23 million was returned via buybacks in H1, with a new GBP 30 million ($40 million) buyback program announced.

Key Financials
Bookings
$140 million
Adjusted EBITDA
$18 million
Adjusted EBITDA Margin
14.6%
Adjusted Free Cash Flow
$15 million
Net Dollar Retention Rate
103%
Gross Retention Rate
86%
Development Spend Capitalized
$3.6 million
Pro Forma Cash Balance Before Equity Transactions
$84.1 million
Share Buyback
$23 million (H1); new GBP 30 million ($40 million) program announced
Number of Reviews on Platform (YoY Growth)
22% increase
Trustbox Impressions
149 billion
Earnings Call Recording
Other Earnings Calls
2025

Management

Mr. Adrian Peter Blair
Director & CEO
No Bio Available
Mr. Peter Holten Muhlmann
Founder & Non-Executive Director
No Bio Available
Mr. Hanno M. Damm C.F.A.
CFO & Executive Director
No Bio Available
Mr. Andrew David Williams
Chief Technology Officer
No Bio Available
Mr. Derek Brown
Head of Investor Relations
No Bio Available
Christie Garratt
Global Press Officer
No Bio Available
Ms. Donna Murray Vilhelmsen
Chief People Officer
No Bio Available
Ms. Alicia Skubick
Chief Customer Officer
No Bio Available
Mr. Ben Lavender
Chief Product Officer
No Bio Available
Mr. Anoop Joshi
Chief Trust Officer
No Bio Available

Contacts

Address
London
5th Floor, The Minster Building
Contacts