Trustpilot Group – excellent results, shares up nearly 48% in one week, now 232p, brokers TP 423p

Trustpilot – excellent results, shares up nearly 48% in one week, now 233p, brokers TP 423p

Mark Watson-Mitchell – 18.03.2026

Up 47.7% in just eight days!

At the beginning of last week, on Monday 9^th March, SQC Research featured the shares of Trustpilot Group (LON:TRST), the world’s largest open customer feedback platform.

“Trustpilot Group – further growth to come, Finals next week, shares 157.30p offering quick upside, SQC TP 195p”

Yesterday the company reported strong financial results for the year to end- December 2025.

It announced that its bookings increased 18% in constant currency to $291.4m and revenue growing 20% constant currency to $261.1m.

Profitability exceeded expectations, with adjusted EBITDA rising 69% to $40.7m, resulting in an improved adjusted EBITDA margin of 15.6%.

Operating profit saw a significant increase of 320% to $16.0m and adjusted free cash flow more than doubled to $46.6m.

The company also announced plans for a further share buyback of approximately $30m.

The Business

The group started in 2007 with a simple yet powerful idea that is more relevant today than ever - to be the universal symbol of trust, bringing consumers and businesses together through reviews.

Trustpilot is open, independent, and impartial - it helps consumers make the right choices and businesses to build trust, grow and improve.

Today, the business more than 361m reviews with 160bn annual Trustbox impressions, and the numbers keep growing.

With more than 1,000 employees, the company is based in Copenhagen, with operations in Amsterdam, Denver, Edinburgh, Hamburg, London, Melbourne, Milan and New York.

Management Comment

CEO Adrian Blair stated that:

"As AI reshapes how consumers search and make decisions, authentic human feedback has never been more critical.

As the world's largest open customer feedback platform, Trustpilot is at the centre of this shift.

We have seen a dramatic rise in the visibility of Trustpilot in AI models, given the immense scale, recency and authenticity of the feedback we host.

By integrating AI-powered innovation and optimising for large language models, we are not just participating in this new era - we are helping drive it.

Trust is the foundation of our business - alongside investment in AI we continue to invest in the technology, team and expertise required to safeguard the integrity of the platform.

We delivered an excellent performance in 2025, achieving 18% constant currency bookings growth, with momentum accelerating in H2 driven by Enterprise growth, and a 4.2 ppt improvement in adjusted EBITDA margin, ahead of expectations.

This performance demonstrates the inherent operating leverage in our model.

We enter the new financial year with clear strategic momentum and continued confidence in our growth roadmap."

Broker Views

Some 13 brokers follow the company, with nine calling the shares as a Buy, three to Outperform and the final as a Hold.

The consensus average Target Price is 423p, with the Lowest 296p, and the Highest 505p.

Analyst Mark Crouch, at eToro, reports that after a lacklustre 2025, Trustpilot’s latest results should help rebuild confidence in the shares once again.

The consumer reviews platform reported a 20% jump in revenue in 2025 while profitability came in ahead of expectations, with earnings up 15% and operating profit skyrocketing 320% as AI drove momentum over the year.

Crouch said that:

“The shares put in a ‘lacklustre’ performance in 2025, nearly halving over the year, but said the latest results ‘should go some way toward rebuilding investor confidence’.

The revenue growth was impressive but what was ‘crucial’ was ‘converting that growth into meaningfully higher profits and cashflow’.

The increase in earnings and margins also underlined that operational discipline is starting to come through.

What really stands out however is Trustpilot’s early positioning in the AI ecosystem.

A sharp rise in traffic from AI-driven search and its prominence as a cited source on large language models highlight a potentially powerful new demand channel, representing a structural tailwind that is not yet fully reflected in expectations.

This AI drive combined with ongoing share buybacks and increasing cash generation hints at a company regaining its footing, and potentially its appeal, with investors.”

My View

What a wonderful one-week performance – up 47.7% in the week and up 32% yesterday alone, closing at 232.40p, valuing the business at $1.26bn.

This has proved to be a stunner.

After that wonderful rise, it would be reasonable for holders to consider selling half their holdings, with a view to buy back in again when they dip on profit-taking.

(Profile 09.03.26 @ 157.30p set a Target Price of 195p*)

mark@sqcresearch.com