Trustpilot Delivers Strong H1 2025 Results and Launches £30 Million Buyback

Trustpilot (LSE:TRST) reported solid momentum in the first half of 2025, achieving both revenue growth and improved profitability. Revenue rose 23% year-on-year to $122.8 million, or 21% at constant currency, while bookings increased 17% to $140 million. Annual recurring revenue grew 29% to $273 million.

Profit before tax rose 45% to $3.7 million, although reported EPS declined due to the absence of a one-off tax credit recorded last year. The company’s net dollar retention rate improved to 103% from 101%, supported by product innovation and expansion among enterprise customers.

Adjusted EBITDA jumped 70% to $18 million, with margins increasing four points to 14.6%. Adjusted free cash flow more than doubled to $15 million. Trustpilot highlighted record enterprise client wins, including Barclays, Boots, Lindt, and Vimeo, while customers paying over $20,000 annually have grown at a 38% CAGR over the past two years. Review volume increased 22% and TrustBox impressions rose 18% year-on-year.

CEO Adrian Blair commented, “Our H1 results demonstrate the momentum of our platform and the strength of our business model. Innovations such as AI review summaries and semantic search are meaningfully enhancing the consumer experience on Trustpilot.” He added that efficiency gains from expanded AI use contributed to improved margins and strong cash generation.

Trustpilot maintained its guidance for high-teens revenue growth and expects the full-year EBITDA margin to align with the first-half performance, exceeding expectations. The company also announced a new £30 million ($40 million) share buyback, reflecting strong cash generation.

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