Trustpilot Group PLC

Trustpilot shares fell as much as 20% after the online review platform reported strong first-half growth but a messier bottom line than investors expected. Revenue rose 23% to $151.4 million in the six months to June, or 19% at constant currencies, while bookings climbed 22% to $171.2 million and adjusted EBITDA rose 46% to a record $26.3 million, with the margin expanding to 17.4%, though that profit figure came in slightly below the $27 million company-compiled consensus. The statutory result swung to a net loss of roughly $1.1 million from a profit a year earlier, driven by around $6 million of non-recurring items, including a €4 million fine from Italy's competition authority, which Trustpilot is appealing, and a provision of roughly $1 million for historical sales taxes not collected in certain US states. Despite the growth, management left its 2026 outlook unchanged, still expecting high-teens constant-currency revenue growth and a two-to-three percentage point improvement in adjusted EBITDA margin, a lack of upgrade that mattered after the shares had risen roughly 60% through the previous session. The key question now is whether that unchanged guidance proves conservative, and whether the US sales-tax issue is fully contained and the Italian appeal produces no further financial surprises.