REG - Trustpilot Group PLC - Strong FY 25 performance: 18% cc bookings growth

TrustpilotAnnouncement

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RNS Number : 5955O  Trustpilot Group PLC  13 January 2026

Trustpilot Group plc


Trading update for the twelve months ended 31 December 2025

13 January 2026

This announcement contains inside information

 

 Strong FY 25 performance with 18% constant currency bookings growth, adjusted
 EBITDA projected to be ahead of expectations

 

 $m                                 FY 25     FY 24   Expected change %
                                    expected  actual  YoY        cc
 Bookings(1)                        291       239     22%        18%
 Annual recurring revenue (ARR)(2)  296       231     28%        19%
 Revenue                            261       211     24%        20%

1. The annual contract value of contracts signed in a given period translated
at monthly average rates.

2. Annual recurring revenue is defined as the annual value of subscription
contracts measured on the final day of a reporting period.

 

Financial Highlights

●     We expect to report FY 25 bookings of $291m (FY 24: $239m), up 22%
year on year and 18% at constant currency (cc):

○     UK bookings of $116m, up 16% cc (FY 24: $97m);

○     Europe & ROW bookings of $113m, up 20% cc (FY 24: $90m);

○     North America bookings of $62m, up 21% cc (FY 24: $52m);

●     Last Twelve Month (LTM) net dollar retention rate expected to be
102% (FY 24: 103%) driven by improved gross retention of 87% (FY 24: 86%),
offset by the annualisation of the package migration in April 2024;

●     Adjusted EBITDA projected to be ahead of market expectations;

●     Strong cash generation, with cash at 31 December 2025 of $48m (FY
24: $69m) having completed $72m (£54m) of share buybacks during the year;

○     Intend to extend the existing buyback programme by up to £10m
(c.$13m) given strong cash position and confidence in future cash generation

 

Operational Update

●     Growth accelerated in H2 with particular strength in new business
and Enterprise customers;

●     Importance of Trustpilot in AI answer engine optimisation helping
drive growth;

●     Implemented new AI-enabled fraud detection technology as we
continuously improve our enforcement and removed 7.8 million fake reviews.

 

Adrian Blair, CEO of Trustpilot said:

"2025 was a year of excellent strategic and financial progress, with growth
accelerating in H2.  Answer Engine Optimisation drove particularly strong
growth in enterprise new business. This, combined with product innovation and
improved gross dollar retention, positions us strongly for 2026. We reinforced
our core commitment to trust, implementing new AI-enabled fraud detection
technology, ensuring that both consumers and the 1.3 million businesses using
Trustpilot can continue to build trust with confidence."

Note: On 8 January 2026 the FY25 company-compiled analyst mean consensus was
for constant currency revenue growth of 18% and adj. EBITDA of $37m with a
14.6% adjusted EBITDA margin. 13 analysts contributed to consensus.

 

 Italian regulatory update

 

We recently received a draft "Statement of Objections" from the Italian
competition authority (AGCM) in relation to an alleged breach of the Italian
Consumer Code, and are submitting a robust response. We expect the process to
conclude by the end of March 2026 and do not anticipate any outcome to have a
material impact on the Group's operations. Italy represents less than 5% of
Group revenue.

 

 Selection of auditor

 

On 15 July 2025 we announced that the Group was launching a competitive tender
process for the role of its external auditor for the financial year ending 31
December 2026 and onwards. The decision to tender the external audit at this
juncture was driven by the upcoming rotation of the audit partner and is in
line with the company's commitment to strong corporate governance given the
period of time that the current auditor, PricewaterhouseCoopers LLP, had been
acting as auditor within the Group, including before IPO.

 

The formal tender process, overseen by the Company's Audit & Risk
Committee, has now concluded following a careful evaluation of the offering of
each participant. It was the recommendation of the Committee, which has been
endorsed by the Board, that a resolution be put to shareholders for approval
at the 2026 Annual General Meeting ("AGM"), appointing Ernst & Young LLP
as the Group's auditor for the year ending 31 December 2026.

 

PricewaterhouseCoopers LLP will undertake the Group audit for the year ending
31 December 2025.

 

 Notice of results

 

The Group will report 2025 full year results on 17 March 2026. A hybrid
analyst and investor meeting will be held on the day at 9.00am GMT at the
London Stock Exchange or via

https://sparklive.lseg.com/TRUSTPILOTGROUP/events/4e3ee369-ff77-4d3b-8824-6520fcdd1ebf/trustpilot-fy-2025-results
(https://sparklive.lseg.com/TRUSTPILOTGROUP/events/4e3ee369-ff77-4d3b-8824-6520fcdd1ebf/trustpilot-fy-2025-results)
. Please contact us if you would like to attend in person.

 

 

 Contacts

 

 Trustpilot Group plc                        Headland Consultancy

 Louise Bryant, Head of Investor Relations   Stephen Malthouse / Rob Walker / Charlie Pepper

 Priyal Soni, Investor Relations             trustpilot@headlandconsultancy.com

 investor.relations@trustpilot.com           +44 (0) 20 3805 4822

 +44 (0) 7813 210 809

 

 About Trustpilot

 

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 through reviews. Trustpilot is open, independent, and
impartial - we help consumers make the right choices and businesses to build
trust, grow and improve.

 

Today, we have more than 361 million reviews and 160 billion annual Trustpilot
brand impressions, and the numbers keep growing. We have more than 1,000
employees and we're headquartered in Copenhagen, with operations in Amsterdam,
Denver, Edinburgh, Hamburg, London, Melbourne, Milan and New York.

 

 

The person responsible for arranging the release of this announcement on
behalf of Trustpilot Group plc is Anne McSherry, Company Secretary.

 

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