CEO’s Comments at the 2025 Annual General Meeting
Trustpilot Group plc
21 May 2025
CEO’s Comments at the 2025 Annual General Meeting
Trustpilot today releases the comments made by CEO Adrian Blair at the 2025 Annual General Meeting, held in London at 1pm today.
Good afternoon, I'm Adrian Blair, CEO of Trustpilot. Welcome to everyone joining us for this year's AGM.
2024 was an excellent year for Trustpilot. As the world's largest independent customer feedback platform, we help people make choices and make themselves heard; and we help businesses build trust, grow and improve by engaging with authentic feedback.
Our SaaS business model is supported by product innovation driving an upgrade cycle. In 2024, we introduced new products which were well received and underpinned significant improvement in net dollar retention from 99% to 103% - a record for the business.
As a result, bookings grew 21% in constant currency, with strong growth in our focus markets of the UK, US, Germany and Italy.
On the other side of the flywheel, consumer adoption continues to grow. Active reviews on the platform increased 23% to over 300 million.
Strong execution of the strategy resulted in improved profitability. Adjusted EBITDA margin increased 260 basis points to 11.4%, allowing us to deliver a 55% increase in adjusted EBITDA, to $24.1 million.
There is still plenty to do, as we capitalise on the powerful network effects inherent in our model. In 2025 we will double down on trust in the age of AI; drive more product innovation to fuel the growth flywheel; and continue to improve profitability.
I'm also delighted to share that we recently reached a number of significant milestones. The UK business reached $100 million in annual recurring revenue (ARR), North America reached $50 million, and Europe and rest of world also reached $100 million. In total this means we've reached a quarter of a billion dollars in annual recurring revenue as a group. This is a huge achievement for the business.
I'd like to close by thanking all our Trusties for the commitment to our success and to all our shareholders for their ongoing support.
Thank you.
Notice of trading update
The Group will report its first half trading update on 15 July 2025.
Contacts
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Trustpilot Group plc Louise Bryant, Head of Investor Relations investor.relations@trustpilot.com +44 (0) 7813 210 809
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Headland Consultancy Stephen Malthouse / Rob Walker / Charlie Pepper trustpilot@headlandconsultancy.com Tel: +44 (0) 20 3805 4822
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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 300 million reviews and 64 million monthly active users across the globe, with
140 billion annual Trustbox impressions, and the numbers keep growing. We have more than 980
employees and we're headquartered in Copenhagen, with operations in Amsterdam, Denver, Edinburgh,
Hamburg, London, Melbourne, Milan and New York.
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