Trustpilot : Annual report and Accounts FY 2023

Universal symbol of

trust

Trustpilot Group plc

Annual Report and Accounts 2023

"We have a vast global opportunity p.18 as our platform is relevant to all businesses and p.20 our consumer usage is stronger than ever.

We made strong progress p.16

in 2023, becoming profitable* whilst delivering sustainable bookings and revenue growth."

Adrian Blair - Chief Executive Officer

*Profit after tax due to deferred tax assets being recognised in the year.

Welcome to our annual report and accounts

2023

Overview

Financial and Operational highlights	2
At a glance	3
Our purpose-driven approach	7
Investment case	9

Strategic report

1

Governance report	Meet Adrian,
our new CEO
Compliance with the UK Corporate Governance code	97
Chair's introduction	98
Division of responsibilities	99
Board of Directors	104
Board composition	107
Executive Leadership Team	108
Key Board activities during the year	109
Purpose, values and culture	112
Stakeholder engagement	113
Board evaluation	116
Nomination Committee report	119
Audit Committee report	124
Trust & Transparency Committee report	136
Remuneration Committee report	139
Directors' report	157
Statement of Directors' responsibilities	161

Chair's statement	12
Chief Executive's review	16
Market overview	24
Our customer journey	26
Our business model	27
Our strategy	33
Key performance indicators	38
Sustainability	42
Task Force on Climate-related
Financial Disclosures (TCFD)	64
Modern Slavery and Human Trafficking	75
Section 172(1) statement	76
Engaging with regulators and the government	77
Non-financial and sustainable information
statement	78
Finance review	79
Viability statement	83
Risk management	85

Read more about our markets, business model and strategy

24-37

Financial statements

Independent auditors' report to the
members of Trustpilot Group plc	163
Consolidated statement of profit or loss	171
Consolidated statement of comprehensive	171
income
Consolidated balance sheet	172
Consolidated statement of changes in equity	173
Consolidated cash flow statement	174
Notes to the consolidated financial statements	174
Company balance sheet	207
Company statement of changes in equity	208
Notes to the Company financial statements	208

Other information

Annual Report - important information	212
Glossary	213
Shareholder information	215

2

Financial and Operational highlights

Revenue	Annual recurring revenue*	Reviewed domains*
$176m	$197m	1.1m
+18% YoY (+17% cc)	+22% YoY (+18% cc)	+22% YoY
(FY22: $149m)	(FY22: $162m)	(FY22: 0.9m)

Adjusted EBITDA**	Profit after tax†	Active domains*
$16m	$7m	116k
(FY22: loss of $4m)	(FY22: loss of $15m)	+16% YoY
(FY22: 100k)

* Key performance indicator (KPI) - further detail available on p. 38

** Alternative performance measure (APM) - further detail available in note 4 on p. 187

• After capitalising certain sales commission under IFRS15 and beginning to use deferred tax assets, see p.81 and p.82 for more detail concerning these adjustments

At a glance

Universal

symbol of trust

3

Who we are

Trustpilot is where millions of consumers set the bar for trust and hundreds of thousands of businesses earn it.

Through Trustpilot, businesses engage with consumer feedback to build trust, grow and improve.

Trustpilot had over

900

employees ("Trusties")

as of December 2023 and is headquartered in Copenhagen, with operations in London, Edinburgh, New York, Denver, Melbourne, Berlin, Milan, and Amsterdam.

At a glance continued

Over

1.1 million reviewed domains*

*Key performance indicator (KPI) - further detail available on p. 38

4

Overview

Trustpilot hosts reviews to help people buy with confidence, and delivers insights to help businesses improve the experience they offer. The more people use our platform and share their opinions, the richer the insights we offer businesses, and the more opportunities they have to earn people's trust.

Businesses strengthen their reputation by collecting and responding to authentic feedback with a platform used by millions of global consumers.

Through Trustpilot's platform and software tools, businesses expand their reach and acquire new customers cost-effectively by showcasing stars and review content. This increases conversions throughout a buyer's journey, and boosts engagement with advertising.

Our platform and products help businesses turn feedback into growth with performance analytics and deep insights that help them to better serve their customers, so they can continue to grow and drive loyalty.

At a glance continued

Trustpilot office locations:

Copenhagen, London, New

York, Denver, Amsterdam,

Berlin, Edinburgh, Milan,

Melbourne

5

267 million

reviews* of 1.1 million domains*

(FY22: 213 million reviews of 0.9 million domains)

57 million

monthly unique visitors**

(FY22: 44 million monthly unique visitors)

116 thousand

active domains*

(FY22: 100 thousand active domains)

$197 million

Annual recurring revenue*

(FY22: $162 million annual recurring revenue)

$14 million

Adjusted free cash flow**

(FY22: $(13) million adjusted free cash flow)

>900

Trusties

(FY22: >900 Trusties)

• Key performance indicator (KPI) - further detail available on p. 38 ** Defined in glossary on pages 213 to 214

6

At a glance continued

	Trustpilot founded
2007	by Peter Holten	2012	Trustpilot expands into the
Mühlmann, to create	US and UK markets with
a universal symbol of	new offices established.

trust.

Trustpilot lists on the premium segment of the London Stock Exchange;

publishes first Transparency Report; 2021 launches e-commerce integrations;

exceeds 167 million reviews.

The platform reached 0.9 million reviewed

2022 domains, as c.20 million consumers leave their first review on Trustpilot during the year. Since 2020, the total number of reviews grew by over 40 per cent.

Trustpilot achieves over
US$100 million in annual	2020
recurring revenue for the
first time; platform exceeds

120 million reviews; R&D hub established in Edinburgh.

Closed year with $197 million ARR, delivered on goal of profitability with $16 million

2023 adj. EBITDA and $7 million profit after tax. Zillah Byng- Thorne becomes Chair and Adrian Blair CEO.

7

Our purpose-driven approach

Benefitting people, businesses and society

Our purpose

To help people and businesses help each other.

Our vision	Our mission
To be a universal	Trustpilot
symbol of trust.	everywhere.

Our purpose-driven approach continued

Our culture

At Trustpilot, we're driven by connection.

It's at the heart of what we

Our values

We start with the customer

We act with integrity

How we do it

Market opportunity

Trustpilot is relevant to all businesses and has a significant global market opportunity.

Business model

A strong value proposition lies at the heart of our business.

8

p.24

p.27

do. Our culture is built on the relationships that we create while pursuing our vision

of becoming a universal symbol of trust.

Read more on page 112

We are positively human

We make it happen

We win together

Strategyp.33

Our vision is to be a universal symbol of trust, and we have developed our strategy to ensure that we achieve this challenging ambition.

Sustainabilityp.42

The strategy focuses on three key pillars - Promote Trust Online, Empower Everyone and Partner for the Planet - and provides us with a clear set of focus areas for us to prioritise for action.

Risk mitigation

p.85

We continually work to identify, review and manage existing and emerging risks that could threaten our business model, performance and/or future prospects.