Trustpilot Group (TRST) H1 2026 TU earnings summary

Executive summary

• Bookings grew 22% year-over-year (18% at constant currency) to $171m for H1 2026, driven by strong Enterprise and US performance.

• Revenue expected to reach $151m, up 23% year-over-year (19% at constant currency).

• Enterprise ARR from customers paying $20k+ increased 36% year-over-year, supported by AI Answer Engine Optimisation.

• Positioned as the leading global review platform, with significant AI-driven demand and increased ChatGPT integration.

Financial highlights

• Bookings: $171m (H1 25: $140m), up 22% YoY (18% cc); North America +27% cc, UK +11% cc, Europe & ROW +19% cc.

• Annual recurring revenue: $313m, up 15% YoY (17% cc).

• Gross retention rate at 87% (H1 25: 86%), net dollar retention at 101% (H1 25: 103%).

• Period-end net cash: $21.9m after $42.5m in share buybacks and EBT purchases.

Outlook and guidance

• On track to deliver full-year guidance of high-teens constant currency revenue growth and adjusted EBITDA margin improvement of 2-3 percentage points year-over-year.

• Analyst consensus (as of July 2026): 17.1% constant currency revenue growth, adjusted EBITDA of $55.6m, and 18.0% adjusted EBITDA margin.