Trustpilot Group PLC
LSE:TRST
Trustpilot Group PLC
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.
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.
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.
