Trustpilot Group – this Thursday’s Trading Update should prove interesting, shares now 272p heading higher

Mark Watson-Mitchell - 13.07.2026

“Our ambition is to be the universal symbol of trust – the platform consumers, businesses and AI systems rely on – by helping trust be earned, seen and protected in the open.”

This coming Thursday, 16th July, will see the Trustpilot Group (LON:TRST) issuing a Trading Update to investors, which could well provide the next checkpoint for its financial metrics to continue to support its platform’s foundations.

The group will declare that it enters the latter half of the year with its strategic focus of continuing to execute its objectives in a dynamic market environment.

The shares of the £1.05bn-capitalised group, from a Low of 125.40p, have been up to 289.40p in the last year.

They are now 272p and could well soon break above the recent High.

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

It is a UK-based company that operates a digital platform that brings businesses and consumers together.

The principal activity of the company and its subsidiaries consist of developing and hosting an online review platform that helps consumers make purchasing decisions and businesses showcase and improve their service.

The company's platform creates a place where businesses and consumers can gain actionable insights and collaborate.

Through its platform, consumers can share feedback, at any time, about any business with a website and review feedback left by other consumers.

The platform also gives consumers the opportunity to recommend businesses, products, services, and locations based on their experiences.

Management Comment

At the Capital Markets Event held on Wednesday, 6th May, CEO Adrian Blair stated that:

“Trust is and always has been the most important thing in business.

Whatever industry you're in, trust is what makes people want to work for you, invest in you and be your customers.

The fundamental ways in which businesses build trust are also timeless, be transparent with information, be credible on by delivering on your promises and treat people with respect as humans.

But in the age of AI, it's easier than ever to look and sound credible.

So, deciding which businesses to trust becomes more challenging.

Trustpilot has a critical role to play as a governance space in between the chaos of social media and the bias of information sources controlled by businesses.

As large language models amplify the feedback on Trustpilot, our platform is becoming the critical trust signal for the age of AI. In essence,

Trustpilot products collect customer feedback and turn it into influence over the actions of people and businesses.

Because the feedback has influence, people are more motivated to write it and businesses want to engage with it.

The more AI advances, the more influence that feedback has.”

Trustpilot and Shopify Strengthen Partnership

On Monday, 29th June, the group announced an enhanced partnership with Shopify, becoming a key product partner for reviews within the e-commerce platform.

This collaboration aims to leverage trusted third-party feedback as AI increasingly influences online shopping decisions, with the improved Trustpilot app now available on the Shopify App Store.

The app facilitates easier collection, management, and showcasing of reviews, helping Shopify merchants build credibility and transparency through customer feedback, which is crucial for visibility in an AI-driven commerce landscape.

CEO Adrian Blair stated that:

"Trust has become one of the defining signals people rely on when deciding which business, service or retailer to choose.

As customer journeys become faster, more automated and increasingly AI-driven, people want confidence that the companies they buy from are genuine, transparent and reliable.

This partnership brings Trustpilot closer to where purchase decisions are being made every day, making it easier for merchants to build credibility through open customer feedback, while helping shoppers see trusted reviews more naturally within the Shopify experience."

Deann Evans, Managing Director, EMEA of Shopify, stated that:

"Merchants want simple ways to build credibility with customers as they grow online.

As AI changes how people discover and decide what to buy, independent customer feedback becomes one of the strongest signals a merchant can build.

Making Trustpilot reviews easier to collect, manage and surface across Shopify helps our merchants compete on one of the things that matters most to any business, genuine customer trust."

The Equity

There are some 387.4m shares in issue.

The larger holders include FIL Investments International (7.77%), London & Amsterdam Trust Co. (6.02%), JPMorgan Asset Management (UK) (5.61%), Advent International (5.57%), Aegon Asset Management UK (5.34%), Liontrust Investment Partners (5.22%), SEED Capital Management (2.95%), Vanguard Capital Management (2.91%), BlackRock Investment Management (2.36%), abrdn Investment Management (2.32%), Peter Holten Mühlmann (2.08%), Herald Investment Management (1.66%), Gresham House Asset Management (Investment Management) (1.23%), Canaccord Genuity Wealth (1.02%), and Columbia Threadneedle Management (0.30%).

Broker’s Views

Some 13 brokers follow the group, nine of whom call the shares as a Buy, three to Outperform and the other rating them as a Hold.

The analyst consensus average Target Price is 449p, with the Lowest at 235p and the Highest at 544p.

Berenberg Bank has a Buy on the shares, with a 315p Target Price.

Deutsche also calls them a Buy, with a 375p TP.

RBC Capital Markets has a 305p TP and looks for them to Outperform.

UBS rates the shares as a Buy, targeting 410p.

The Lowest call is made by analysts Johnathan Barrett and Sean Kealy, at Panmure Liberum, in their recent comment on the Conduct Requirement imposition on Google.

My View

Despite currently being valued on an excessively high PE rating, I do see that falling dramatically over the next two to three years.

This week’s Trading Update is sure to be of market interest, especially if it outlines its policy of shifting to larger customers.

The shares at 272p offer attractive upside prospects.

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