Trustpilot H126 trading update demonstrates AI-driven bookings momentum

Research evidence excerpt

Trustpilot H126 trading update demonstrates AI-driven bookings momentum

J P M O R G A N Europe Equity Research

16 July 2026

Trustpilot Overweight

TRST.L, TRST LN

H126 trading update demonstrates AI-driven bookings Price (15 Jul 26):291p

momentum Price Target (Dec-27):350p

Our Take: Trustpilot has reported a short H126 trading update, reporting +18% European Tech Software & IT

YoY cc bookings growth through the period (vs. consensus of ~16.5%). The better- Services

than-expected performance was driven by Enterprise ARR growth across all Joseph George AC

regions (+36% YoY), itself supported by AI Answer Engine Optimisation. North (44-20) 3493-6990

American bookings growth of +27% YoY cc is a particularly strong segmental joe.george@jpmorgan.com

result, and a sequential acceleration vs. the already healthy exit rate of H225. J.P. Morgan Securities plc

Guidance is unchanged at this stage, though we think the drivers of the better-than- Toby Ogg

expected H126 results (AI search optimization & strong NA bookings growth) (44-20) 7742-3278

toby.ogg@jpmorgan.com

should lead to increased conviction through H226 that consensus estimates are J.P. Morgan Securities plc

achievable. We make immaterial changes to our estimates and reiterate our OW Giulio Gambardella

recommendation and Dec-27 PT of £3.50. (44-20) 3493-4181

giulio.gambardella@jpmorgan.com

• Noteworthy Areas: 1) H126 regional bookings growth: Bookings growth J.P. Morgan Securities plc

across key regions was +11% YoY cc (UK), +19% YoY cc (Europe & RoW), Priya R Suneja

and +27% YoY cc (NA). The somewhat softer performance in the UK was (91-22) 6157 4721

partly attributed to the expansion of global enterprise accounts into multiple priya.suneja@jpmchase.com