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Highlights

  • Berenberg has issued a Buy rating on Trustpilot Group with a target price of GBX 613.

  • The analyst forecast suggests a 30.10% upside potential from the current market price.

  • Trustpilot continues to deliver significant financial and operational momentum in H1 2025.

Trustpilot Group Plc (LSE:TRST), the London-based global review platform, has received a Buy recommendation from Berenberg. The analyst has set a target price of GBX 613, implying a potential upside of 30.10% compared to the current trading level.

This endorsement comes at a pivotal time, following the company’s interim results for the six months ended 30 June 2025. 

First-Half Performance

In the first half of 2025, Trustpilot reported notable growth across key metrics. Bookings rose 17% at constant currency to $140 million, while revenue increased 21% to $123 million. The company achieved adjusted EBITDA of $18 million, ahead of expectations and representing a margin improvement to 14.6%. Profit before tax climbed 45% to $4 million, underlining a clear trend of profitability.

Operationally, the company witnessed record enterprise customer wins, including Barclays, Boots, Lindt, and Vimeo. This translated into a 38% compound annual growth rate over two years in the number of enterprise clients paying more than $20,000 annually.

Trustpilot’s consumer platform also showed robust expansion, with review volumes growing 22% year-on-year and TrustBox impressions rising 18%. The launch of new products, such as AI review summaries, semantic search, and the TrustLayer API, has further cemented its role in driving digital transparency and credibility.

Berenberg’s Target and Market Positioning

With shares currently trading at GBX 230.6, Berenberg’s price target reflects a 30.10% potential increase.

Strategic Momentum and Outlook

Trustpilot’s leadership continues to forecast high-teens revenue growth for the full year 2025, alongside maintaining adjusted EBITDA margins consistent with first-half performance. The company has also announced a new share buyback program worth £30 million, following favourable cash generation and free cash flow growth.