Trustpilot Addressing questions after yesterday‘s print

Research evidence excerpt

Trustpilot Addressing questions after yesterday‘s print

Equity Research

EMEA Internet

17 July 2026

Trustpilot

Addressing questions after

yesterday's print

Growing +19% CC rev is top end of guidance and +ve; UK TRST.L/TRST LN OVERWEIGHT

softness is concerning but with some moving parts we think Unchanged

are short term. Our analysis shows penetration in mid size EMEA Internet UnchangedPOSITIVE

and Enterprise biz is still low in region. Clear tailwinds in RoW, Price Target GBp 350

US looking interesting. Valn looks attractive in '28/9. OW Unchanged

Price (16-Jul-26) GBp 260

Potential Upside/Downside +34.7%

Trustpilot was down -11% yesterday, despite being ahead of Barc/consensus on both Source: Bloomberg, Barclays Research

bookings and revenues, with investors primarily focused on a slowdown in UK bookings

and a lack of upgrade to guidance despite strong US bookings (+27% CC). The business is Market Cap (GBP mn) 1004

growing revenues +19% CC YoY, the highest within the UK SMID tech space, and at the Shares Outstanding (mn) 386.58

higher end of company guidance. But we do acknowledge that the UK slowing is some Free Float (%) 88.44

cause for debate, this is the largest region for the business, with more established network 52 Wk Avg Daily Volume (mn) 1.9

effects, in our view. Presently we don't think the slowdown in the UK is structural: our Dividend Yield (%) N/A

analysis shows that Trustpilot is still early innings of penetration in both the Enterprise Return on Equity TTM (%) N/A

and mid size business opportunity in the region. Instead, we suspect that a mix of macro Current BVPS (GBp) -1

concerns and some issues with sales reorganisation are impacting conversion in the SMB Source: Bloomberg

base.