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Trustpilot Group plc (TRST), the world’s largest open customer feedback platform, has released a trading update for the six months ending 30 June 2026, forecasting first-half bookings of $171 million. This marks an 18% increase at constant currency and a 22% rise on a reported basis year-over-year. The company attributes this growth to robust Enterprise segment momentum and rising demand in North America, while also identifying artificial intelligence as a growing structural advantage for its business model. Trustpilot reaffirmed its full-year guidance targeting high-teens constant currency revenue growth alongside a 2 to 3 percentage point improvement in adjusted EBITDA margin year-on-year, providing reassurance to investors tracking the company’s path towards sustained profitability.
Key Highlights
- Trustpilot Group plc (TRST), headquartered in Copenhagen, operates globally across the UK, Europe, North America, and Australia as the largest open customer feedback platform.
- H1 2026 bookings are expected to reach $171 million, up 22% year-over-year and 18% at constant currency, with revenue projected to grow 19% at constant currency to $151 million.
- Annual recurring revenue (ARR) hit $313 million at period end, a 17% increase at constant currency; net cash stood at $21.9 million after deploying $42.5 million in share buybacks and employee benefit trust purchases during H1 2026.
- Investors should monitor the full half-year results on 15 September 2026 for detailed margin disclosures and watch for continued AI-driven demand acceleration in H2.
Trustpilot Projects $171 Million in Bookings for H1 2026, Surpassing $140 Million in H1 2025
According to Trustpilot’s trading update, the group anticipates first-half 2026 bookings of $171 million, compared to $140 million in the same period in 2025. This represents a 22% year-over-year increase on a reported basis and 18% growth at constant currency, reflecting favorable foreign exchange impacts during the period. Bookings, defined as the annual contract value of signed contracts translated at monthly average rates, serve as a forward-looking indicator of revenue momentum rather than immediate cash inflows.
Regionally, North America led with 27% constant currency bookings growth, underscoring the strategic importance of the US market. Europe and Rest of World followed with 19%, while the UK recorded 11% growth at constant currency. Trustpilot noted that global Enterprise account expansions into multiple geographies have led to some customers being billed outside their original regions, which may affect future regional comparisons.
Annual Recurring Revenue Climbs to $313 Million, Strengthening Subscription Model
Trustpilot reported $313 million in annual recurring revenue as of 30 June 2026, up from $273 million at the same point in 2025, representing 15% reported growth and 17% at constant currency. ARR, defined as the annual value of subscription contracts on the last day of the reporting period, reflects the company’s subscription-based revenue base that supports forward visibility. This model provides revenue predictability superior to purely transactional approaches.
The ARR increase reflects strong contract signings and retention across customer segments, with Enterprise-tier momentum contributing significantly as larger contracts mature. Investors will be keen to see if ARR growth accelerates in H2 as prior-year Enterprise deals annualize and the new sales organization, implemented in Q2 2026, scales bookings further.
Gross Retention Improves to 87%, Net Dollar Retention at 101% After Plan Migration Annualization
Trustpilot disclosed a last-twelve-month gross retention rate of 87% as of 30 June 2026, up slightly from 86% in H1 2025. Gross retention measures subscription revenue retained from existing customers excluding upsells, indicating improved customer loyalty amid macroeconomic pressures on software budgets.
The net dollar retention rate, which includes revenue expansion or contraction within the existing base, stood at 101%, down from 103% in H1 2025. This slight decrease was expected due to the annualization of plan migrations from 2024 to 2025. With this drag largely absorbed, net dollar retention may stabilize or rebound if upsell and cross-sell activities continue.
H1 2026 Revenue Forecasted at $151 Million, Up 19% at Constant Currency
Trustpilot anticipates first-half 2026 revenue of $151 million, compared to $123 million in H1 2025, marking approximately 23% reported growth and 19% constant currency growth. This aligns with bookings growth adjusted for subscription revenue recognition timing. While no geographic or segmental revenue breakdown was provided, regional bookings data offer insight into market contributions.
The 19% constant currency revenue growth surpasses the analyst consensus of 17.1% compiled on 3 July 2026 from 13 analysts. Confirmation of this outperformance in the full results on 15 September 2026 could attract market interest. Further product line or customer tier revenue details will be available at the interim results.
Net Cash Position of $21.9 Million After $42.5 Million in Share Buybacks and EBT Purchases
As of 30 June 2026, Trustpilot held a net cash position of $21.9 million, down from $47.6 million at the end of 2025. The reduction reflects $42.5 million (approximately a331.5 million) spent on share buybacks and employee benefit trust purchases during H1 2026. This capital return activity signals management’s confidence in cash generation and the current share price as an attractive level for returning capital to shareholders, though no explicit capital allocation strategy was disclosed.
The remaining net cash balance indicates operations are not reliant on debt facilities. The near-total deployment of year-end cash into buybacks suggests underlying operating cash flow sustained the remainder. The company did not specify buyback timing or provide updated free cash flow figures for H1 2026.
Enterprise ARR from Customers Paying Over $20,000 Grows 36% Year-Over-Year, Fueled by AI Answer Engine Optimization
A key highlight in Trustpilot’s update is the 36% year-over-year growth in annual recurring revenue from customers paying over $20,000 annually, significantly outpacing the overall 17% ARR growth at constant currency. This surge is driven by demand for AI Answer Engine Optimization (AEO), which leverages Trustpilot’s review data and trust signals to enhance business visibility and credibility within AI-powered search and commerce environments.
The rise of AEO underscores a strategic shift as Trustpilot positions itself as a leading trust signal in AI-driven commerce. Independent research from Seer Interactive identified Trustpilot as the most-cited review platform globally. Internal data shows ChatGPT requests referencing Trustpilot content increased over 400% year-over-year in June 2026, indicating AI assistants are increasingly directing users to Trustpilot reviews. This structural change could sustain long-term demand for Enterprise products.
Trustpilot Recognized as Most-Cited Review Platform Globally Amid AI Commerce Growth
Trustpilot emphasized its competitive edge in the evolving AI commerce landscape, citing Seer Interactive’s research naming it the most-cited review platform worldwide. This distinction could be a significant advantage as AI-powered assistants and search engines rely more on third-party review data for consumer queries. Trustpilot’s open platform, hosting over 394 million reviews, offers scale that closed or curated systems may lack.
The reported 400% year-over-year increase in ChatGPT requests referencing Trustpilot content highlights AI’s growing engagement with the platform’s data. This dynamic may create a virtuous cycle, boosting consumer traffic and attracting businesses aiming to manage online reputations. The company also noted a strengthened partnership with Shopify, enabling merchants to integrate their stores directly with Trustpilot, expanding reach in e-commerce.
Full-Year Guidance Reaffirmed for High-Teens Constant Currency Revenue Growth and EBITDA Margin Improvement
Trustpilot confirmed it remains on track to achieve full-year guidance of high-teens constant currency revenue growth and a 2 to 3 percentage point year-over-year increase in adjusted EBITDA margin. The trading update did not disclose first-half adjusted EBITDA figures; these will be detailed in the full results on 15 September 2026. Analyst consensus from 13 contributors as of 3 July 2026 estimates full-year adjusted EBITDA at $55.6 million with an 18.0% margin, though the company is not bound by this forecast.
Maintaining guidance after a 19% constant currency revenue growth in H1 signals confidence, though the second half may see modest deceleration, typical for subscription software businesses where bookings translate into revenue over time. The new sales structure introduced in Q2 2026 may also affect bookings cadence in H2.
Trustpilot’s Business Model: 394 Million Reviews, Global Presence, and Subscription-Based Revenue
Founded in 2007, Trustpilot’s mission centers on building trust through transparency. Hosting over 394 million reviews globally, the platform allows any consumer to post reviews, distinguishing it from closed or invitation-only systems. Businesses subscribe to access tools for collecting, managing, and responding to feedback publicly, with tiered pricing based on access and functionality.
Headquartered in Copenhagen, Trustpilot operates worldwide with offices in the UK, Europe, North America, and Australia. Its diverse customer base spans e-commerce, financial services, travel, and professional services. Revenue is generated in multiple currencies, managed through constant currency reporting. The subscription model delivers ARR for forward visibility, while bookings growth signals future revenue trends. A key risk remains the platform’s integrity; any perceived manipulation or inadequate moderation could undermine trust and impact customer retention and growth.
Half-Year Results Scheduled for 15 September 2026, Investors Await Comprehensive Margin and Cash Flow Details
Trustpilot announced that full results for the six months ended 30 June 2026 will be published on 15 September 2026 via a webcast with a Q&A session, accessible through the London Stock Exchange Group’s Spark Live platform. This virtual format aligns with current trends but may limit informal engagement between management and investors.
The upcoming results will provide detailed financial statements including income, balance sheet, cash flow, and segmental analyses beyond the trading update’s summary metrics. Investors will focus on adjusted EBITDA margin progression, free cash flow, and updated commentary on net dollar retention following plan migration annualization. The CEO’s comments expressed confidence in long-term growth and guidance, with the full report offering deeper insight into first-half momentum sustainability.
This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell securities. Information is based solely on Trustpilot Group plc’s trading update dated 16 July 2026. Past performance is not indicative of future results. Readers should perform their own research and consult qualified financial advisors before making investment decisions. Investments carry risk, including potential loss of principal.
