Trustpilot rallies as operating profits surge on strong FY25 performance

(Sharecast News) - Customer feedback platform operator Trustpilot said on Tuesday that operating profits had surged in 2025, as both bookings and revenues grew and margins expanded. Trustpilot said operating profits had skyrocketed 320% to $16m in FY25, while pre-tax profits grew 172% to $14.1m. Adjusted underlying earnings were up a more subdued 69% at $40.7m, while adjusted EBITDA margins expanded 4.2 percentage points to 15.6%.

Bookings were up 22% at $291.4m, with momentum accelerating in the second half, and revenues rose 24% to $261.1m, driven by strong retention and bookings growth. Operating cash flow increased by 102% to $59.2m and adjusted free cash flow grew 173% to $46.6m.

Looking ahead, Trustpilot said revenue was expected to grow "high-teens" at constant currency rates, reflecting strong 2025 bookings, and it also expects to see a further 2-3% improvement in adjusted EBITDA margins.

Trustpilot said it continue to expect to deliver "at least mid-teens revenue growth each year" and, given the "opportunity" AI offers its business and operating leverage, also expects to reach 25% adjusted EBITDA margins in 2028 and 30% in 2030.

Chief executive Adrian Blair said: "We delivered an excellent performance in 2025, achieving 18% constant currency bookings growth, with momentum accelerating in H2 driven by Enterprise growth, and a 4.2 ppt improvement in adjusted EBITDA margin, ahead of expectations.

"This performance demonstrates the inherent operating leverage in our model. We enter the new financial year with clear strategic momentum and continued confidence in our growth roadmap."

As of 0830 GMT, Trustpilot shares had surged 16.18% to 204.60p each.

Reporting by Iain Gilbert at Sharecast.com

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