Trustpilot extends buyback after growth accelerates in second half

(Alliance News) - Trustpilot Group PLC on Tuesday said it is extending its share buyback programme as it forecast full-year earnings will be ahead of expectations.

In response, shares in the Copenhagen-based consumer review platform shot up 8.2% to 203.60 pence each in London on Tuesday morning.

Shares in Trustpilot were knocked at the back end of 2025 after short-seller Grizzly Research LLC accused the company of "mafia-style extortion campaigns against non-paying businesses" and a "concerning pattern of apparently falsified reviews".

On Tuesday, Trustpilot said it has implemented new AI-enabled fraud detection technology "as we continuously improve our enforcement and removed 7.8 million fake reviews."

Trustpilot expects to report 2025 bookings of USD291 million, up 22% from USD239 million the year prior, or up 18% at constant currency.

UK bookings rose 16% at constant currency to USD116 million, Europe & Rest of the World bookings rose 20% to USD113 million and North America bookings rose 21% to USD62 million.

Trustpilot said growth accelerated in the second half of 2025 with particular strength in new business and Enterprise customers.

Last twelve month net dollar retention rate is expected to be 102% compared to 103% in 2024, driven by improved gross retention of 87%, up from 86% a year ago, offset by the annualisation of the package migration in April 2024.

Adjusted earnings before interest, tax, depreciation and amortisation is projected to be ahead of market expectations of USD37 million.

In 2024, Trustpilot reported adjusted Ebitda of GBP24.1 million, itself up 55% from GBP15.5 million in 2024.

In addition, the firm said it is extending its current GBP30 million share buyback programme by a further GBP10 million.

By Jeremy Cutler, Alliance News reporter

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