Trustpilot Group plc (LSE:TRST) delivered a strong trading performance in 2025, with bookings climbing 22% to $291m, or 18% on a constant-currency basis. Annual recurring revenue increased 28% to $296m, while reported revenue rose 24% to $261m, reflecting broad-based growth across the UK, Europe and North America.
The company said adjusted EBITDA is expected to exceed current market expectations, supported by faster growth in the second half of the year, stronger new customer acquisition—particularly among enterprise clients—and improving gross retention rates. Cash generation remained solid, allowing Trustpilot to complete $72m of share buybacks during the year. Building on this, management plans to extend the programme by up to a further £10m, highlighting confidence in the group’s ongoing cash flow profile.
Operationally, Trustpilot emphasised the increasing relevance of its platform in AI-driven answer engine optimisation, alongside the rollout of new AI-powered fraud detection tools. These technologies enabled the removal of 7.8 million fake reviews during the year, reinforcing the platform’s core trust and authenticity proposition. The company also disclosed that it is responding to a draft Statement of Objections from the Italian competition authority relating to an alleged breach of the Italian Consumer Code. Trustpilot noted that Italy represents less than 5% of group revenue and does not expect any outcome to have a material financial impact.
From a governance perspective, Trustpilot has completed an audit tender process and plans to appoint Ernst & Young LLP as its new external auditor from the 2026 financial year, replacing PricewaterhouseCoopers LLP following a long period of service.
While Trustpilot’s outlook is underpinned by strong revenue growth and improving profitability, this is tempered by bearish technical indicators and a relatively high valuation. The company’s fundamentals remain supportive, but investors may look for clearer improvements in technical trends and valuation metrics going forward.
More about Trustpilot Group Plc
Trustpilot Group plc is a global online reviews platform connecting consumers and businesses, aiming to serve as a universal symbol of trust in digital commerce. Founded in 2007, the group hosts more than 361 million reviews and generates around 160 billion annual brand impressions, serving approximately 1.3 million businesses and consumers worldwide. Headquartered in Copenhagen with over 1,000 employees, Trustpilot operates across the UK, Europe, North America and Australasia, helping companies build credibility, enhance online visibility and improve customer experience through its open and independent review system.
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