Trustpilot Group (TRST) H1 2026 earnings summary

Executive summary

• Bookings grew 18% in constant currency, with North America up 27% and adjusted EBITDA up 46% to $26.3 million, margin 17.4%.

• Enterprise momentum strong: ARR from customers paying over $20,000/year up 35%, with notable wins and strong new business logos.

• AI influence deepened: platform is the most cited review source globally, with ChatGPT citations up over 400% year-on-year.

• Major product innovation and partnerships, including AI Search Analytics, enhanced Shopify integration, and new Product Review Pages.

• Net loss of $1.1m due to higher tax charge and non-recurring items.

Financial highlights

• Revenue reached $151.4 million, up 23% year-over-year, with gross margin at 83% (up 0.8pp YoY).

• Adjusted EBITDA margin improved by 2.8pp to 17.4%, adjusted free cash flow at $16 million.

• LTM net dollar retention rate at 101%, gross dollar retention at 87%.

• Adjusted diluted EPS rose to 3.1 cents, up 44% year-on-year.

• Cash and cash equivalents at $21.9m after $26m share buybacks.

Outlook and guidance

• Guidance maintained for high teens constant currency revenue growth and 2–3pp adjusted EBITDA margin increase for FY26.

• Long-term targets: 25% adjusted EBITDA margin by 2028, 30% by 2030.

• Free cash flow margin expected to be slightly below adjusted EBITDA margin for the full year.

• Confident in delivering sustainable growth and operating leverage long-term.