Slides
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Half Year Results For the half year ended 30 June 2026 15 September 2026
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ARR from customers paying $20k pa 35% YoY AI Answer Engine Optimisation is a tailwind H1 2026 Strong momentum, on track Strong financialperformance 2 Enterprise momentum Primary trust signal in the age of AI Trustpilot is #1 cited review platform globally 400% YoY increase in ChatGPT citations Strengthened Shopify partnership 18% cc bookings growth Outstanding North American performance with 27% cc bookings growth Adjusted EBITDA 46% to $26.3m with 17.4% margin 2.8ppt YoY
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3 01. OperationalReview Adrian Blair CEO
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4 Positive flywheel effects 20% More consumers More businesses Read and write reviews Invite customers & showcase reviews In H1 2026 Number of reviews 15% TrustBox impressions 29bn Google impressions
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5 Strong first half performance Bookings 18% cc with good growth in focus markets; outstanding North American performance 27% cc Key verticals driving growth include lending, insurance, health & wellbeing and utilities Enterprise momentum, AI and Answer Engine Optimisation AEO) and strong gross retention drove bookings growth Adjusted EBITDA 46% to $26.3m, with 17 .4% margin 2.8ppt)
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6 1 Expedia won out of UK sales team but is billed in the US, thus is included in North America Bookings figure 2 We completed an addressable market analysis in 2025 utilising a bottom-up approach combining internal data, customer surveys and secondary market data All percentage growth rates shown here represent a YoY comparison UK Continued enterprise traction Bookings ARR Revenue Notable H1 customer wins Flywheel driving growth across industries $64m 11%cc 15% $121m 13%cc 9% $59m 15%cc 19% Net revenue retention rate remains above Group average Strong sales growth of customers paying $20k Significant room for growth, with 41 industry verticals in excess of $1m ARR, and market penetration c.5%2 Bookings reflects growth in large multinational customers with overseas billing 1
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Europe & ROWExcellent execution yielding gains Bookings ARR Revenue Notable H1 customer wins $68m 19%cc 27% $123m 18%cc 16% $60m 20%cc 28% 7 1 Constant currency growth All percentage growth rates shown here represent a YoY comparison Strong bookings growth particularly in DACH Strong growth across Europe, driven by the number, and ACV, of customers paying $20k DACH share of bookings from customers paying $20k 5ppt YoY1 to 59% Notable Enterprise logo wins in Italy, including Bending Spoons and Isybank
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North AmericaGrowth flywheel delivering Bookings ARR Revenue Notable H1 customer wins $39m 27%cc 27% $69m 24%cc 24% $32m 23%cc 23% 8 All percentage growth rates shown here represent a YoY comparison Fastest growing region driven by excellent Enterprise execution Outstanding bookings growth of 27% cc Strong momentum with new business 76% YoY Rising consumer awareness and network effects with organic reviews 50% YoY
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9 02. FinancialReview Hanno Damm Departing CFO
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10 Record bookings growth and Adjusted EBITDA 18% CC bookings growth 101% LTM net dollar retention rate 46% Adjusted EBITDA growth $16.0m Adjusted free cash flow Bookings $m Adjusted EBITDA $m & Margin %
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11 FY 23 FY 24 FY25 H1 26 Gross dollar retention rate1 84% 85% 87% 87% + Net expansion2 15% 18% 15% 14% = Net dollar retention rate3 99% 103% 102% 101% 1 Gross retention rate quantifies the percentage of recurring revenue retained from existing customers, including winbacks but excluding upsell, downsell, cross-sell or expansion revenue. It illustrates the revenue loss, or “churnˮ, from existing customers who cancel their subscriptions. 2 Calculated as net dollar retention rate – gross dollar retention rate 3 Determined by taking retention bookings / contracts up for renewal, refers to US$ amount rather than customer count and includes up-and cross-selling (expansion) of existing customers Growth flywheel Continued strong retention Product innovation Enterprise strategy
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12 Strong recurring base with Enterprise mix-shift The $20k customer growth engineTotal Bookings by cohort and year Segmented customer bookings as a % of total bookings $165m High retention of existing customer base H1 23 H1 26 $10k pa $1020k pa $20k pa 27% 22% 51% 47% 24% 29%$195m $239m $291m $323m New business
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13 Revenue grew 23% with Adjusted EBITDA up 46% * Non-IFRS figures exclude depreciation & amortisation, costs relating to non-recurring matters, and share-based compensation. Reconciliation to IFRS can be found in the Appendix. Summary income statement (non-IFRS*) Cost of sales Infrastructure and hosting optimisations as volume scales, driving gross margin improvement Continued investment in customer success teams Sales and marketing LTVCAC expansion Continued investment to drive growth Tech and content Investment in content integrity and product development AI-driven operating leverage G&A Reported G&A includes non-recurring AGCM fine and historical US sales tax provision. These are excluded from adjusted G&A of $21.8m Target of 25% Adj. EBITDA in 2028 and 30% in 2030 $m H1 26 H1 25 Yo Y Change Revenue 151.4 122.8 23% Cost of Sales 25.7 21.8 17% Gross Profit 125.7 101.0 24% Gross Margin % 83% 82% 0.8ppt Sales & marketing CAC 41.0 33.5 22% % of Revenue 27% 27% 0.2ppt Contribution Margin 84.7 67 .5 26% Contribution Margin % 56% 55% 1.1ppt Tech & Content* 35.1 29.1 21% % of Revenue 23% 24% 0.5ppt G&A 21.8 19.2 14% % of Revenue 14% 16% 1.2ppt Impairment losses on trade receivables and other income 1.5 1.2 33% % of Revenue 1% 1% 0.1ppt Adj. EBITDA 26.3 18.0 46% Adj. EBITDA Margin 17 .4% 14.6% 2.8ppt
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14 Continued cash generation and strong balance sheet Adjusted free cash flow of $16.0m1 H1 25 $15.2m) driven by: Improved profitability; and Better working capital from business growth and new customers paying annually Adjusted diluted free cash flow per share up 13% to 3.9c H1 25 3.5c) Period end cash balance of $21.9m 1 Adj. Free Cash Flow of $16.0m includes a $0.2m add-back for paid legal fees associated with the AGCM fine, already reflected in operating cash flow H1 26 Adj. EBITDA Excl. cash items2 Bonus payments Working capital Net interest Tax Capex Leases H1 26 Adj. FCF $26.3m $0.7m $17.7m $18.1m $0.8m $1.8m $4.4m $2.9m $16.0m $16.0m Adj. Free Cash Flow1 Dec 25cash Adj. operatingcash generation Capex Leases Adj. cash before equity transactions Options exercise FX H1 26cashTax Share buyback inc fees & purchase of own shares by employee benefit trust $47.6m $25.0m $1.8m $4.4m $3.0m $63.4m $2.0m $42.5m $1.1m $21.9m
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15 Higher SBC charge but lower share dilution SBC charge is driven by Shares awarded Share price $9.8m charge in H1 26 up from $6.3m PY due to new share awards for Execs and high performers Diluted share count continues to fall Grants partially offset by forfeitures and EBT utilisation Buyback continues to reduce diluted share count Closing diluted share count bridge (m)
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16 Consistent capital allocation framework Note: investment defined as the incremental spend YoY in sales & marketing and tech & content. 1 Excludes $16.5m relating to EBT repurchases in H1 26 Shareholder returns over time1 Objective H1 26 Results Invest in organic growth Deliver organic growth through investment in: Product innovation Content integrity People & culture $13m Invested in the business* Shareholder returns Maintain an efficient balance sheet by returning excess capital to shareholders $26.0m Of share buybacks Retain flexibility for M&A Strategic M&A to accelerate product roadmap or enter new/strengthen existing markets Continue to consider M&A to accelerate growth Ending Cash $m 75.6m 68.9m 67.0m 47.6m 21.9m
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17 On track for outlook On track to achieve full year outlook for high-teens constant currency revenue growth and 23 ppt increase in adjusted EBITDA margin YoY Remain confident in delivering sustainable growth and operating leverage over the long term
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18 03. StrategicHighlights Adrian Blair CEO
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19 In 2026 we have three priorities Scale Trust Accelerate with AI Grow enterprise Build trust in the age of AI
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Deploying advanced technology at scale 83% YoY increase in business profile warnings 20 Scaling trust Review integrity Business misuse Regulatory & policy engagement Regulators moving to enforcement of review rules We strongly support these measures and continue to work with regulators Scale Trust Accelerate with AI Grow enterprise Moving AI detection earlier in the chain to intercept harmful content before it impacts the ecosystem Increase in business profile warnings, actively signalling to consumers and AI engines Active contribution to emerging legislation Strong, AI-led top of funnel detection Continuously sharpening detection
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21 Positioned as the primary trust signal in the age of AI Full Report #1 Trustpilot is the clear leader – #1 cited review platform Trustpilot BBB G2 Yelp CapterraTrustpilot BBB G2 Yelp Capterra 58% 15% 7% 0% 3% Trustpilot BBB G2 Yelp Capterra 49% 14% 15% 17% 8% 21% 4% 5% 0% 3% Trustpilot BBB G2 Yelp Capterra 52% 10% 15% 9% 4% Chat GPT Google AI Mode Gemini Perplexity Seer Interactive x Trustpilot - the study 9.5x More competitive co-mentions when AI is asked to compare a brand vs competitors 75x Citation visibility for businesses with active Trustpilot profile Active profile Without profile 75% 1% Note: Seer Interactive study comprised 800k+ AI responses analysed across ChatGPT, Gemini, Perplexity and Google AI Mode with 1,900+ brands tracked across 8 major B2B and B2C industries. An active profile comprises a claimed profile with median 81 reviews 100 Domain Authority The maximum possible score (up from 95 last year) Source: Semrush Scale Trust Accelerate with AI Grow enterprise
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22 Product innovation: increased velocity Two major release windows in 2026 with continuous feature improvements in between April 2026 Turn trust into AI visibility AI Search Analytics In-App Review Collector Invitation Optimiser Custom Dashboards New Starter Pricing Plan September 2026 Get AI recommended Multi-Domain Analytics QR Code Review Collector AI Search Market Insights Search Query Insights Product & Location Review Pages Continuous delivery Product Review Pages Expanded Shopify partnership Scale Trust Grow enterpriseAccelerate with AI
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23 Product review pages: AI visibility at scale Granular feedback Ties feedback explicitly to individual items Pools product variants (sizes, colours) into a single, aggregated score Scale Trust Accelerate with AI Grow enterprise New surface area on Trustpilot for individual products Provides the independent, structured data AI systems need New product review pages Market impact Trustpilot is now the destination to source both service and product reviews Captures value via usage-based pricing
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24 Continued growth in customers paying $20k No. of customers paying $20k pa No. of customers paying $1020k pa No. of customers paying $10k pa $95m ARR $94m ARR -0.4% 3% CAGR 22% CAGR $42m ARR $80m ARR 90% 34% CAGR $52m ARR $142m ARR 174% Scale Trust Grow enterpriseAccelerate with AI Note: Figures based on constant currency
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25 Sales reorganisation improves scalability and better serves Enterprise Scale Trust Grow enterpriseAccelerate with AI New outsourced business development External outsourcing of top-of-funnel lead generation, to create extra capacity given scale of the opportunity Internal teams focused on closing Internal sales team to focus on converting qualified pipeline and building new relationships Retention and health Dedicated, new Customer Success role focused on onboarding and product adoption Account expansion Introduction of dedicated Account Managers focused on cross-selling, upgrading and driving NRR growth Customer acquisition Key change: Outsourcing top-of-funnel lead generation Customer value Key change: Split of roles Sales specialisation
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26 Navy Federal: proving the value of earned trust Full case study can be found here: https://business.trustpilot.com/customer-stories/finance-insurance/navy-federal Trustpilotʼs impact on us is earned trust. Itʼs proof that we did what we said we would. When we talk about brand metrics, trust is at the top of the pyramid. But I canʼt just say ‘trust me.ʼ We have to earn it. Pam Piligian CMO Scale Trust Grow enterpriseAccelerate with AI
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ARR from customers paying $20k pa 35% YoY AI Answer Engine Optimisation is a tailwind H1 Strong momentum and strategic execution Strong financialperformance 27 Enterprise momentum Primary trust signal in the age of AI Trustpilot is #1 cited review platform globally 400% YoY increase in ChatGPT citations Strengthened Shopify partnership 18% cc bookings growth Outstanding North American performance with 27% cc bookings growth Adjusted EBITDA 46% to $26.3m with 17.4% margin 2.8ppt YoY
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28 Q&A Recent customer quotes I believe that the Trustpilot reviews and the data we can get from that and harvest there is one of the most powerful things we have. Klarna CMO David Sandstrom Having a diversity of feedback and much greater insight about our customers is critical for us….to help deliver on what our customers actually want. EDF Retail Director - Joe Souto Without a platform like Trustpilot, we lacked an easily accessible, third-party source for potential customers to hear genuine experiences and gain essential reassurance. HomeServe Senior Brand Manager - Andrew Beeson
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29 04. Appendix
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30 Operating leverage continues to improve Excluding depreciation, amortisation, share based compensation and non-recurring matters Adjusted EBITDA* margin bridge Broad-based operational leverage delivered Cost of sales and tech & content both improved, reflecting hosting economies of scale and continued benefit from AI-enabled productivity gains CAC held broadly stable, with modest efficiency gains G&A delivered largest efficiency gain, driven by disciplined cost control and operating leverage as we scale
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31 Capitalisation of sales commission IFRS 15 Note: the amortisation goes through the sales & marketing line of the P&L
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32 Capitalisation of development spend
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33 Significant deferred tax asset keeps cash tax low P&L tax charge of $5.4m Effective P&L tax rate of 126% after adjusting for non-deductible non-recurring matters. Cash taxes paid in the period of $1.8m H1 25 $0.4m) $15.7m deferred tax assets on the BS $1.2m cash taxes paid in UK for the first time, driven by taxable profits generated in FY25 Utilising tax assets to reduce tax payments Further unrecognised losses in the US Deferred tax assets
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34 Cost Reconciliation (non-IFRS * Non-IFRS figures exclude depreciation & amortisation, costs relating to non-recurring matters , and share-based compensation. H1 26 $m Reported Depreciation, Amortisation & Impairment Disposals SBC Non-recurring matters Non-IFRS Sales & Marketing 41.0 — — — — 41.0 Technology & Content 38.6 3.5 — — — 35.1 General & Administrative 40.2 2.9 — 9.7 5.8 21.8 Impairment losses on trade receivables 1.6 — — — — 1.6 Other Operating Income 0.1 — — — — 0.1 H1 25 $m Reported Depreciation, Amortisation & Impairment Disposals SBC Non-recurring matters Non-IFRS Sales & Marketing 33.5 — — — — 33.5 Technology & Content 32.0 2.9 — — — 29.1 General & Administrative (as restated) 28.9 3.0 — 6.3 0.4 19.2 Impairment losses on trade receivables 1.4 — — — — 1.4 Other Operating Income 0.2 — — — — 0.2
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35 Non-recurring matters reconciliation $m H1 26 unaudited As restated H1 25 unaudited AGCM regulatory fine 4.6 - AGCM associated costs 0.4 - US indirect sales tax provision 0.8 0.4 Total non-recurring matters 5.8 0.4 Non-recurring matters recognised within general & administrative expenses in the period totalled $5.8 million H1ʼ25 restated: $0.4 million). Further details can be found in the H1 2026 results statement.
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36 Half Year Results $m H1 26 unaudited As restated H1 25 unaudited Operating profit 4.4 5.4 Depreciation, amortisation and impairment 6.4 5.9 Non-recurring matters 5.8 0.4 Share-based payments, including associated social security costs 9.7 6.3 Adjusted EBITDA 26.3 18.0 Adjusted EBITDA reconciliation
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37 Adjusted EPS reconciliation Half Year Results $m H1 26 unaudited As restated H1 25 unaudited Loss/profit for the period 1.1 2.1 Share-based payments, including associated social security costs 9.7 6.3 Foreign exchange (gains)/losses 0.6 2.0 Non-recurring matters 5.8 0.4 Tax impact of the above items 0.9 1.2 12.9 9.6 Weighted average number of shares and potential ordinary shares used as the denominator in calculating diluted earnings per share (millions) 408.2 438.7 Adjusted diluted EPS (cents) 3.1 2.2
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38 Adjusted free cash flow reconciliation Half Year Results $m H1 26 unaudited H1 25 unaudited Net cash inflow from operating activities 23.2 20.9 Non-recurring matters 0.2 — Capital expenditure 4.4 3.9 Principal element of lease payments 3.0 1.8 Adjusted free cash flow 16.0 15.2
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39 IFRS Income Statement $m H1 26 As restated H1 25 Revenue 151.4 122.8 Cost of sales 25.7 21.8 Gross profit 125.7 101.0 Sales and marketing 41.0 33.5 Technology and content 38.6 32.0 General and administrative 40.2 28.9 Impairment losses on trade receivables 1.6 1.4 Other operating income 0.1 0.2 Operating profit 4.4 5.4 Finance income 1.1 0.9 Finance expenses 1.2 3.0 Profit before tax 4.3 3.3 Income tax (charge)/credit 5.4 1.2 Loss/profit for the period 1.1 2.1
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40 IFRS Balance Sheet $m H1 26 As restated FY 25 Tangible and intangible assets 29.2 29.3 Deferred tax assets 15.7 18.7 Contract acquisition costs 4.3 4.3 Deposits and other receivables 2.6 2.4 Total non-current assets 51.8 54.7 Trade receivables 14.7 13.7 Contract acquisition costs 5.3 5.3 Cash and cash equivalents 21.9 47.6 Other current assets 8.2 6.2 Total current assets 50.1 72.8 Total assets 101.9 127 .5 Total equity 39.8 9.3 Total non-current liabilities 16.4 16.8 Income tax payable 0.7 1.1 Contract liabilities 72.4 62.4 Other current liabilities 52.2 56.5 Total current liabilities 125.3 120.0 Total liabilities 141.7 136.8 Total equity and liabilities 101.9 127 .5 Net cash balance $22m after $26m of share buybacks in the period
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41 IFRS Cash Flow $m H1 26 As restated H1 25 Loss/profit for the period 1.1 2.1 Adjustments to operating cash flows 20.1 15.1 Changes in net working capital 6.7 4.2 Interests received 0.4 0.9 Interests paid 1.1 1.0 Income taxes paid 1.8 0.4 Net cash inflow from operating activities 23.2 20.9 Purchase of property, plant and equipment — 0.3 Net payments from net investment in sublease 0.1 — Payments for intangible asset development 4.4 3.6 Net cash outflow from investing activities 4.5 3.9 Principal elements of lease payments 2.9 1.8 Proceeds from share issue 2.0 0.6 Proceeds from borrowings 21.0 — Repayment of borrowings 21.0 — Purchase of own shares by employee benefit trust 16.5 — Share buyback programme 26.0 23.3 Net cash outflow from financing activities 43.4 24.5 Net cash flow for the period 24.7 7 .5 Cash and cash equivalents at the beginning of the period 47.6 68.9 Effects of exchange rate changes on cash and cash equivalents 1.0 5.6 Cash and cash equivalents at the end of the period 21.9 67 .0
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42 FX translation % (+/-) over prior period Average rates (for bookings, revenue, and expense)1 $/£ $/€ €/£ $/£ $/€ €/£ H1 26 1.35 1.17 1.15 2% 4% 2% FY 25 1.32 1.13 1.17 2% 4% 2% H1 25 1.30 1.09 1.19 2% 1% 1% End of period spot rate (for ARR $/£ $/€ €/£ $/£ $/€ €/£ H1 26 1.32 1.14 1.16 2% 3% 1% FY 25 1.35 1.18 1.15 1% 1% 2% H1 25 1.25 1.04 1.21 1% 3% 2% 1 Period average rates shown here represent the average reported rates of all months in the period.
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43 Glossary LTM Gross Dollar Retention Rate Determined by taking retention bookings divided by contracts up for renewal. Refers to US$ amount rather than customer count and excludes up-and cross-selling (expansion) of existing customers. LTM Net Dollar Retention Rate Annual contract value of all subscription renewals in the last twelve months divided by the annual contract value of subscriptions expiring in the last twelve months. LTM Net dollar retention includes the total value of subscriptions with existing Subscribing Customers, and includes any expansion of contract value with existing Subscribing Customers through upsell, cross-sell, price expansion or winback. Twelve months of data is used as nearly all subscriptions are twelve months in duration, ensuring the appropriate alignment of renewal activities. Net expansion Calculated as net dollar retention rate minus gross dollar retention rate. Revenue Recognised revenue, software subscriptions are amortised over the term of the contract. Review invitations Product feature that allows Trustpilot customers to invite their customers to leave a review on their Trustpilot company page. TrustBox impressions The number of customer webpage loads with an embedded TrustBox, but the consumer does not necessarily see the TrustBox. Unprompted reviews Consumers reviewing a business without being invited or prompted to do so. ACV / AACV Annual Contract Value / Average Annual Contract Value. Adj. EBITDA Operating profit adjusted to exclude depreciation, amortisation, non-cash charges such as impairments, disposals and termination of leases, share-based payments, including associated cash-settled social security costs and costs relating to non-recurring matters, some of which may span multiple reporting periods. Adj. diluted EPS Loss/profit after tax, excluding share-based payments and associated social security costs, foreign exchange gains or losses and costs relating to non-recurring matters which are adjusted for their tax impact, divided by the weighted average number of shares including potential ordinary shares as a result of share options, conditional and deferred share awards. Adj. FCF Net cash flow from operating activities, adjusted for costs relating to non-recurring matters, restructuring costs, capital expenditure and principal lease payments net of proceeds from net investment in sublease. ARR The annual value of subscription contracts measured on the final day of a reporting period, and is calculated as Monthly Recurring Revenue multiplied by 12. Bookings The annual contract value of contracts signed in a given period. Nearly all are 12 months in duration but in the rare case a contract exceeds 12 months the value reported is only the 12 month equivalent. CAC Includes Sales and Marketing costs in a given period. Constant Currency (cc) Financial growth metrics calculated by applying current period exchange rates to prior periods, neutralising FX fluctuations. Cost of sales Includes network operating costs and the costs incurred to onboard, support, retain and upsell customers.
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44 Purpose-driven business Trustpilot began in 2007 with a simple idea – that trust between people and businesses should be built on transparency, not guesswork. As the worldʼs largest open customer feedback platform, Trustpilot is where people share their experiences and businesses respond in public. Home to more than 394 million reviews, Trustpilot helps people make more informed decisions, while giving businesses the insights and tools to build trust, grow and improve. We apply clear rules to every review and every business, combining advanced technology with human expertise to protect the integrity of the platform. Headquartered in Copenhagen, Trustpilot operates globally with offices across the UK, Europe, North America and Australia.
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45 Disclaimer Important Notice This Presentation does not purport to be comprehensive or complete and has not been independently verified. It is provided as at its date and is subject to change without notice. Neither Trustpilot Group plc (the “Companyˮ) nor any other person is under an obligation to update or correct this Presentation or to provide access to any additional information that may arise in connection with it. “Presentationˮ means the document of which this page forms part, and such documentʼs contents or any part of it or them, any oral presentation, any question and answer session and any written or oral material discussed or distributed before, during or after any meeting at which this document or any part of it is made available. This Presentation has been prepared for information purposes only and does not constitute an offer to sell, or a solicitation of an offer to subscribe for or purchase, any securities in any jurisdiction, and is not for publication or distribution in or into any jurisdiction where such publication or distribution is unlawful. Nothing in this Presentation is intended to form the basis of, or be relied upon in connection with, any investment decision and nor should it be construed as legal, tax, regulatory, financial, accounting or investment advice or a recommendation to subscribe for, purchase or dispose of any securities. Before making any investment decision you should consult with your own advisers in relation to such matters and make your own independent assessment and conduct such investigations as you deem necessary. Forward-looking Statements This Presentation may include statements that are, or may be deemed to be, “forward-looking statementsˮ. 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