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Trustpilot Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary16 Sep, 2025
Executive summary
Achieved record bookings growth of 17% year-over-year in constant currency for H1 2025, with revenue up 23% to $122.8 million and strong momentum in focus markets driven by enterprise customer wins and product innovation.
Adjusted EBITDA rose 70% to $18 million, with margin expanding by 4 percentage points to 14.6% due to operating leverage and AI-driven efficiencies.
Robust cash generation with adjusted free cash flow up 157% to $15.2 million, supporting $23 million in share buybacks and a new GBP 30 million ($40 million) buyback program.
Continued shift toward larger enterprise customers, with a 38% CAGR in customers paying over $20k since June 2023.
Strategic focus on product innovation, AI integration, and deepening presence in the U.K., U.S., Germany, and Italy.
Financial highlights
Revenue increased 23% year-over-year to $122.8 million, bookings grew from $98 million in H1 2023 to $140 million in H1 2025.
Gross margin improved to 82% (up from 81%), and contribution margin reached 55%.
Adjusted EBITDA margin increased to 14.6%, with adjusted EBITDA tripling year-over-year.
Net dollar retention rate maintained at 103% for the 12 months ended June 2025; gross retention rate at 86%.
Adjusted free cash flow reached $15.2 million, and period-end cash balance was $67 million after buybacks.
Outlook and guidance
Guidance for high-teens constant currency revenue growth for the full year is maintained.
Full-year adjusted EBITDA margin expected to be in line with H1's 14.6%, ahead of consensus.
Confident in delivering sustainable mid-teens growth and ongoing margin improvement and operating leverage.
AI's impact on Trustpilot's competitive moat?
Enterprise focus: long-term impact on growth?
Strategy to increase US market penetration?
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Next Trustpilot Group earnings date
Q4 2025 TU15 Jan, 2026
Next Trustpilot Group earnings date
Q4 2025 TU15 Jan, 2026
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Frequently asked questions
Trustpilot Group plc is operates a leading feedback platform supporting both consumers and businesses. Today, Trustpilot has a global presence in over 190 countries, with businesses and customers using the platform to engage power users that contribute reviews on a regular basis. The core value of Trustpilot is to generate smarter buying decisions and recommendations, based on broader insights and more genuine data compared to other online rating platforms. The company was founded in 2007 and is headquartered in Copenhagen, Denmark.
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