Trustpilot Group PLC (LSE:TRST) shares leapt almost 20% to 211.2p after results showed strong profit growth and an upbeat outlook, with analysts pointing to the growing importance of AI search and margin expansion as key drivers.
Boosted by a 1,400% increase in search engine click-throughs, revenue for 2025 was up 20% and adjusted EBITDA 69%. EBITDA came in ahead of expectations, supported by continued bookings momentum.
Peel Hunt analyst Jessiva Pok said: "We believe that in a world moving further into AI search, Trustpilot is emerging as a clear beneficiary, supported by the rising volume of its citations in AI results.
"Alongside continued product development and a sharp focus on sales and marketing, this should underpin 15%+ bookings growth in the near term. Sustained top-line momentum should continue to drive further margin expansion."
She noted that bookings grew 18% to US$291 million, indicating continued revenue growth, while net cash stood at US$48 million.
Panmure Liberum's Sean Kealy described the update as a "strong release", with earnings ahead of expectations and strong free cash flow, supported in part by customer prepayments.
The company issued guidance for further margin expansion of 2-3% in 2026, implying a double-digit upgrade to consensus EBITDA. Longer-term targets for margins of up to 30% were also flagged.
There was no material update on the search for a new finance chief, though the process is said to be “at an advanced stage”.