# Trustpilot reports strong H1 growth driven by Enterprise and US momentum

- Link: https://www.directorstalkinterviews.com/trustpilot-reports-strong-h1-growth-driven-by-enterprise-and-us-momentum/4121256527
- Published: 2026-07-16T07:40:08+01:00
- Author: Ethan Davis

**Trustpilot Group Plc** (LON:TRST) has announced its Trading update for the six
months ended 30 June 2026

**Trustpilot reports strong H1 growth driven by Enterprise and US momentum**

| **$m** | **H1 26** | **H1 25** | **Expected change %** | 
| **expected** | **actual** | **Year on year (YoY)** | **cc** | 
| Bookings^(1) | 171 | 140 | 22% | 18% | 
| Annual recurring revenue (ARR)^(2) | 313 | 273 | 15% | 17% | 
| Revenue | 151 | 123 | 23% | 19% |

1. The annual contract value of contracts signed in a given period translated at
monthly average rates.

2. Annual recurring revenue is defined as the annual value of subscription contracts
measured on the final day of a reporting period.

**Financial Highlights**

●    We expect to report first half bookings of $171m _(H1 25: $140m)_, up 22% YoY
and 18% at constant currency (cc) with growth driven by Enterprise and US momentum:

○    North America bookings +27% cc;

○    UK bookings +11% cc;

○    Europe & ROW bookings +19% cc;

●    Strong Last Twelve Month gross retention rate of 87% _(H1 25: 86%)_ with net
dollar retention rate of 101% _(H1 25: 103%)_ as we completed the annualisation 
of previously flagged plan migrations from 2024-25;

●    H1 26 expected revenue growth of 19% cc;

●    Period end net cash of $21.9m _(FY 25: $47.6m)_ after executing $42.5m (£31.5m)
in share buybacks and EBT purchases in H1 26;

●    On track to deliver full year guidance of high-teens cc revenue growth and 
adjusted EBITDA margin +2-3ppt YoY.

**Operational Update**

●    Enterprise momentum sustained across all regions, with ARR from customers paying
>$20k up 36% YoY driven by AI Answer Engine Optimisation _(AEO)_.

●    Positioned as primary trust signal in AI-driven commerce with independent research
by Seer Interactive showing Trustpilot as #1 most-cited review platform globally,
and internal server data showing ChatGPT requests in June up over 400% YoY. 

●     Expansion of global Enterprise accounts into multiple geographies resulted
in customers increasingly being billed and reported in regions other than the UK,
even when sold there.

●    New sales organisation structure implemented in Q2 to support growth at scale.

●    Strengthened partnership with Shopify as key product partner and enhanced app,
enabling merchants to connect stores directly with the Trustpilot platform.

> **Adrian Blair, CEO of Trustpilot said:**
> “We delivered strong bookings growth and gross retention in the first half, particularly
> in North America. AI is proving a significant tailwind for customer growth across
> all focus markets, particularly in Enterprise, as usage by both consumers and 
> businesses continues to surge and businesses increasingly understand the value
> of Trustpilot feedback in the age of AI. These results reinforce our position 
> as the world’s largest open customer feedback platform, and we remain confident
> in the long-term growth opportunity and in our guidance.”
> Note: On 3 July 2026,
> the FY26 company-compiled analyst mean consensus was for constant currency revenue
> growth of 17.1% and adj. EBITDA of $55.6m with a 18.0% adjusted EBITDA margin.
> 13 analysts contributed to consensus.

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