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

Mark Watson-Mitchell – 09.03.2026

On Tuesday, 17^th March, Trustpilot Group (LON:TRST) will be declaring its Final Results for the year to end-December 2025.

The group, which is capitalised at £616.5m, is a leading global review platform dedicated to building trust between consumers and businesses.

Trustpilot, which is the worldʼs largest open customer feedback platform, has the vision to be the universal symbol of trust.

How many times do we look online for various goods and services and get impressed by what is offered.

How many times do we read of cheats and scammers pulling a fast one?

It is good advice to ask other people whether they have dealt with those providers, to check on both quality and service being offered before you part with your pennies.

Basically, that is what Trustpilot is about, and ahead of its results next week its shares at the current 157.30p could offer some quick upside.

The Business

Trustpilot began 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.

Currently it has more than 361m reviews and 160bn annual Trustpilot brand impressions, and the numbers keep growing.

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

The Recent Trading Update

On Tuesday 13^th January, the group updated the market by announcing a strong performance for 2025, with expected bookings of $291m, a 22% year-on-year increase and 18% at constant currency, and adjusted EBITDA projected to exceed market expectations.

Its Annual Recurring Revenue is expected to have reached $296m, up 28% year-on-year, and revenue is projected at $261m, a 24% increase.

The company also reported that the last twelve months net dollar retention rate was 102% and with a strong cash generation, ending the year with $48m in cash after completing $72m in share buybacks, with plans to extend the buyback programme by up to £10m.

Management Comment

CEO Adrian Blair stated that:

"2025 was a year of excellent strategic and financial progress, with growth accelerating in H2. 

Answer Engine Optimisation drove particularly strong growth in enterprise new business.

This, combined with product innovation and improved gross dollar retention, positions us strongly for 2026.

We reinforced our core commitment to trust, implementing new AI-enabled fraud detection technology, ensuring that both consumers and the 1.3m businesses using Trustpilot can continue to build trust with confidence."

The Equity

There are some 412.8m shares in issue.

The larger holders include Advent International (5.55%), Aegon Asset Management UK (5.26%), Liontrust Investment Partners (5.14%), JP Morgan Asset Management UK (4.85%), SEED Capital Management (2.91%), Canaccord Genuity Wealth (2.52%), Peter Muhlmann, Dir (2.15%), Gresham House Asset Management (Investment Management) (0.84%), Polar Capital (America) Corp (0.37%) and Zillah Byng-Thorne, Chmn (0.19%).

Broker’s Views

There are some 13 analysts following the group, nine of whom rate the shares as a Buy, three to Outperform and the other as a Hold.

The consensus average Target Price is $4.20, with the Lowest call at $2.96 and the Highest at $5.19.

The average expectations for 2025 suggest $288m bookings, up 20.7%, with revenues of $259m, up 22.5%, with adjusted EBITDA 14.9% better at $38.5m, generating earnings of $5.0c per share, up 48%.

For this year, they see $335m bookings, $304m revenues, EBITDA of $48.5m and $6.6c earnings.

Looking into 2027 estimates suggest $385m bookings, $351m revenue, EBITDA of $60.9m and $8.6c earnings per share.

Bank Of America has recently raised its Trustpilot Buy Target Price to 272p (230p) pence, while RBC Capital Markets has a 290p TP.

My View

Regular readers will know by now just how much I favour companies with increasing annually recurring revenues, they are a Finance Director’s dream because they identify future corporate income, enabling prospective investment decisions.

This group’s shares were up to 232p in the middle of January this year, since when they have been down 131p a month later, ahead of staging a partial recovery to 157.30p now.

Despite the market generally, I believe that this group is undervalued and capable of moving a great deal higher.

I now set a Target Price at 195p.

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

Notes:

Adj. EBITDA

EBITDA (earnings before interest, tax, depreciation, amortisation) adjusted to exclude share-based compensation, including associated cash settled social security costs, non-recurring transaction costs such as those related to IPO preparation and restructuring costs, which relate to one-time costs associated with a material organisational change such as severance payments.

ARR Annual recurring revenue

ARR represents 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.