Trustpilot Group plc (LON:TRST) has announced its results for the six months ended 30 June 2026
AI, Enterprise and US momentum fuel strong growth; on track to deliver FY guidance
| $m unless stated otherwise | H1’26 | As restated (note 1) H1’25 | (+/-) % actual | (+/-) % constant currency** |
| Bookings1 | 171.2 | 140.0 | 22 % | 18 % |
| Revenue | 151.4 | 122.8 | 23 % | 19 % |
| Adjusted EBITDA* | 26.3 | 18.0 | 46 % | |
| Adjusted EBITDA margin (%)* | 17.4 | 14.6 | 2.8 ppt | |
| Operating profit | 4.4 | 5.4 | (18) % | |
| Profit before tax | 4.3 | 3.2 | 32 % | |
| Diluted (loss)/earnings per share (cents) | (0.3) | 0.5 | (162) % | |
| Adjusted diluted EPS (cents)2* | 3.1 | 2.2 | 44 % | |
| Operating cash flow | 23.2 | 20.9 | 11 % | |
| Adjusted free cash flow* | 16.0 | 15.2 | 5 % | |
| Adjusted diluted free cash flow per share (cents)* | 3.9 | 3.5 | 13 % | |
| Cash and cash equivalents | 21.9 | 67.0 | (67) % |
* Alternative performance measures (APM) – further detail available in note 3 on page 27 or in the financial review on pages 10-12; these are marked with an asterisk (*) throughout the document.
** See page 4 for the definition of constant currency
Rapid Enterprise growth and AI momentum
• Strong Enterprise growth across all regions, with new business logos up 41% YoY alongside significant growth in customers signing >$100k contracts. New customer wins include Expedia, Halfords and Bending Spoons;
• Trustpilot data increasingly underpins how AI evaluates and recommends businesses. Ranked #1 globally among cited review platforms according to new research by Seer Interactive.
New Product Innovation
• Accelerated product development, with new Product Review Pages (PRPs) embedding product reviews into AI discovery. Beta customers saw an average 1,500% increase in citations;
• Became a Shopify Key Product Partner with an enhanced Shopify app enabling merchants to connect stores seamlessly with the Trustpilot platform.
Strong underlying financial performance
• Strong growth in US and Enterprise sales resulted in 18% constant currency** (‘cc’) bookings1 growth to $171 million with revenue up 19% cc to $151 million;
• Adjusted EBITDA* grew 46% to $26 million (H1’25: $18 million) with a 2.8 ppt increase in adjusted EBITDA margin* to 17.4% driven by operating leverage;
• Adjusted free cash flow* grew to $16 million, with year on year growth moderated by bonus payout for beating target FY’25 growth, increased UK cash taxes and end of London office rent-free period;
• On track for full year outlook: high-teens constant currency revenue growth, with 2-3ppt year-on-year (‘YoY’) adjusted EBITDA* margin growth for FY26.
Non-recurring matters
• Non-recurring matters were $6 million (H1’25 restated: $0.4million) which includes the AGCM fine and a $1 million provision for historical US sales taxes, with a $0.4 million restatement for H1’25, resulting in operating profit of $4 million down from $5 million in the prior year;
• Net loss of $1 million (H1’25 restated: $2 million profit) impacted by a higher tax charge as a result of non-deductible non-recurring matters.
Adrian Blair, CEO, commented:
“We delivered a strong first half, with bookings up 18% at constant currency, led by outstanding momentum in the US and continued strength in the Enterprise customer segment. This performance was outpaced by 46% growth in adjusted EBITDA* to a record $26.3 million, demonstrating the continued operating leverage in our model.
“AI is proving a significant tailwind for Trustpilot. As consumers increasingly use AI to discover and evaluate businesses, trusted, independent feedback is becoming even more valuable to businesses. Trustpilot’s scale and authority as the #1 cited review platform globally means our content is increasingly visible in AI-generated answers. We are innovating at an unprecedented pace to capitalise on this shift and help businesses succeed in the AI-driven world. The recent launch of our refreshed Product Review Pages has given businesses a new layer of AI visibility, and through our expanded partnership with Shopify we are embedding trust data directly into the commerce ecosystem.
“We enter the second half with confidence in our full-year guidance and the long-term opportunity ahead.”
| Additional business information | ||||
| $m unless stated otherwise | H1’26 | H1’25 | (+/-) % actual | (+/-) % constant currency |
| Bookings | ||||
| UK† | 63.7 | 55.4 | 15 % | 11 % |
| Europe and Rest of the World | 68.5 | 53.9 | 27 % | 19 % |
| North America† | 39.0 | 30.7 | 27 % | 27 % |
| Total bookings1 | 171.2 | 140.0 | 22 % | 18 % |
| Revenue | ||||
| UK† | 59.1 | 49.7 | 19 % | 15 % |
| Europe and Rest of the World | 60.1 | 47.0 | 28 % | 20 % |
| North America† | 32.2 | 26.1 | 23 % | 23 % |
| Total revenue | 151.4 | 122.8 | 23 % | 19 % |
| † For presentation purposes, the Isle of Man, Jersey and Guernsey are included within the UK. North America includes the USA and Canada. | ||||
| Operational metrics | ||||
| Annual Recurring Revenue (‘ARR’) ($m)3 | 313 | 273 | 15 % | 17 % |
| LTM Net Dollar Retention Rate4 | 101 % | 103 % | (2) ppt | |
| Average annual contract value (‘AACV’) ($)8 | 11,513 | 9,781 | 18 % | 13 % |
| Number of active reviews (m)5 | 394 | 330 | 20 % | |
| LTM Trustbox impressions (bn)6 | 172 | 149 | 15 % | |
| Trust7 | 4.4 | 4.2 | 4 % | |
| Employee engagement9 | 7.9 | 8.0 | (1) % | |
1. Bookings is defined as the annual contract value of contracts signed or renewed in a given period. Nearly all of Trustpilot’s contracts with customers have a duration of twelve months and, in the event a contract length exceeds a 12-month term, the value is adjusted to the 12-month equivalent for the purpose of calculating bookings. Bookings are a leading indicator of future revenue.
2. Adjusted diluted EPS is (loss)/profit after tax, excluding share based payments and associated social security costs, foreign exchange gains or losses and transaction costs which are adjusted for their tax impact, divided by the weighted average number of shares including potential ordinary shares as a result of options and share awards.
3. Annual recurring revenue (‘ARR’) is defined as the annual value of subscription contracts measured on the final day of a reporting period.
4. LTM Net Dollar Retention Rate is defined as the 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 win back. Twelve months of data is used as nearly all subscriptions are twelve months in duration, ensuring the appropriate alignment of renewal activities.
5. The total number of service reviews on Trustpilot’s platform as at 30 June.
6. LTM TrustBox impressions are the number of customer webpage loads with an embedded TrustBox in the last twelve months, but the consumer doesn’t necessarily see the TrustBox.
7. Trust measured as the average monthly star rating of all active reviews received on the Trustpilot company profile page in the year. This differs from the TrustScore which is a lagging indicator.
8. Average annual contract value (‘AACV’) per customer defined as total annual bookings for the twelve months to 30 June 2026 divided by the total number of subscribing customers at the period end.
9. Employee engagement is defined as the average of the quarterly Peakon employee engagement scores taken across the last 12 months. Peakon is scored out of 10.
Constant currency basis
Given the Group operates in multiple currencies, Trustpilot believes illustrating period-to-period comparisons on a constant currency basis is meaningful to see differences before the impact of currency fluctuations. The Group’s constant currency calculations are performed by applying the monthly average exchange rates from the last month in the most recent period to prior periods at the entity level.
