Trustpilot: A strong H1; US bookings stand out

Research evidence excerpt

Trustpilot: A strong H1; US bookings stand out

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Trustpilot 16 July 2026

Europe Reuters Bloomberg Rating Buy

United Kingdom TRST.L TRST LN Price target (GBX) 375.0 Price at 14 Jul 26 286.0

52-week range 286.0 – 129.2

Media and Online

Online services Valuation & Risks

A strong H1; US bookings stand out

Gareth Davies

Trustpilot has released a strong update for H1, with constant currency revenue Research Analyst

+44-20-754-11560 growth expected to be 19% (DB 17%), and bookings up 18%. A strong trailing 12-

month gross retention rate of 87% and net dollar retention of 101%. Continued Annabel Hames

strong cash conversion sees period end net cash of $21.9m after $42.5m share Research Analyst

purchase in the period. Outlook comments for 2026 of high teens constant +44-20-754-11574

currency revenue growth and an adjusted EBITDA margin up +2-3% are

Steve Liechti confirmed. All in a very encouraging statement, FY numbers firmly underpinned Research Analyst

with risk on the upside as we move through the year. Trustpilot is a key mid cap +44-20-7541-1549

pick for us in 2026, we remain very comfortable with this stance, BUY.

Revenue ahead in H1. Constant currency revenue growth of 19% in H1 was ahead

of the 17% we had modelled, resulting in $151m revenue (DB $148.3m). Bookings

grew a good 18% CCY. ARR was up 17% CCY.

US bookings particularly encouraging. Geographically US bookings were stand

out, up an impressive +27% with management noting strong Enterprise

momentum. Europe and RoW booking were a good +19%. While the UK was at

face value a touch light at +11%, the statement notes that the expansion of global

Enterprise accounts into multiple geographies resulted in customers increasingly