Trustpilot forecasts 22% bookings growth as AI drives second-half acceleration

Trustpilot Group said it expects FY25 bookings of $291 million, representing year-on-year growth of 22% and 18% at constant currency, alongside annual recurring revenue of $296 million and revenue of $261 million.

In a trading update, the company provided a regional breakdown of bookings. UK bookings are expected to reach $116 million, up 16% at constant currency. Europe and the rest of the world are forecast to deliver $113 million, up 20% at constant currency, while North America bookings are expected to total $62 million, up 21% at constant currency.

Trustpilot said last-twelve-month net dollar retention is expected to be 102%, compared with 103% in FY24, supported by gross retention of 87%, up from 86% a year earlier. Adjusted EBITDA is projected to be ahead of market expectations, and the group said it intends to extend its share buyback programme by up to £10 million, equivalent to around $13 million.

The update highlighted continued operational progress, with growth accelerating in the second half of the year. Trustpilot said momentum was driven by strength in new business and enterprise customers, alongside growing demand for its role in AI answer engine optimisation, which it said contributed to higher customer acquisition and expansion.

The company also pointed to advances in platform integrity, noting that newly deployed AI-enabled fraud detection tools removed 7.8 million fake reviews during the year. Trustpilot said this reinforced its focus on maintaining trust for consumers and businesses using the platform.

Adrian Blair, Chief Executive of Trustpilot, said 2025 marked a period of strong strategic and financial progress. He said accelerated growth in the second half, combined with enterprise demand driven by answer engine optimisation, product innovation and improved retention, positions the business well for 2026. Blair added that the company has strengthened its commitment to trust through investment in AI-based fraud detection.

Trustpilot also disclosed that it has received a draft Statement of Objections from the Italian competition authority and is in the process of submitting a response. The company said it expects the matter to conclude by the end of March and noted that Italy represents less than 5% of group revenue.

The Recap

• Trustpilot booked $291 million in FY25, up 22% year on year.
• Annual recurring revenue reached $296 million, rising 28% year on year.
• Company expects adjusted EBITDA ahead of market expectations.