Trustpilot shares rose 7% in London trading after investors looked at the latest share buyback and management award numbers. LONDON, July 1, 2026, 23:01 BST
- Trustpilot shares were up 7.24% after the London close, with the FTSE 250 up 1.38%.
- New RNS said 3.91 million shares were issued or allotted under warrant and restricted share plans during the first half.
- The number of shares left for sale under block listings is 21.36 million, about 5.5% of current voting rights.
- The next trading update is set for July 16.
Trustpilot Group Plc (LON:TRST) jumped on Wednesday, but for shareholders, the real takeaway looked to be changes on the share count side and not just the rally. Hargreaves Lansdown had Trustpilot quoted at 277.0p to sell, 279.2p to buy after London closed, up 18.8p, or 7.24%. That’s with the FTSE 250 up 1.38%. HL noted the price was at least 15 minutes old.
The stock traded near its 2026 high. HL has the high for the year at 289.4p and the low at 125.4p, with a market value of around 1.08 billion pounds. Trading volume stood at about 2.14 million shares. TradingView shows the price at 278.4p, up 8.8% for the past week, 10.66% for the month, and 15.52% for the year.
| Market read | Latest figure |
|---|---|
| Bid/ask | 277.0p / 279.2p |
| Session move | up 18.8p / up 7.24% |
| FTSE 250 change | +1.38% |
| Market cap | £1.08 bln |
| Volume | 2.14 mln shares |
| 52-week range | 125.4p-289.4p |
Trustpilot’s RNS on Wednesday was a block-listing update, not a trading statement. The company issued or allotted 2,542,212 ordinary shares on warrants in the six months to June 30, plus 1,371,473 shares through the restricted share plan. No shares were issued on the LTIP. According to the statement, 17,481,411 shares are still available on the warrants block listing, 46,641 on the restricted share plan and 3,836,894 on the LTIP.
| Scheme | Issued or allotted Jan. 1 to June 30 | Unissued or unallotted |
|---|---|---|
| Warrants | 2,542,212 | 17,481,411 |
| Restricted Share Plan | 1,371,473 | 46,641 |
| Long Term Incentive Plan | 0 | 3,836,894 |
| Total | 3,913,685 | 21,364,946 |
Trustpilot reported June 30 it had 387,491,560 ordinary shares out, each carrying one vote, with none held in treasury. That means the first-half scheme issuance made up around 1.01% of voting rights. The rest of the block-listed pool would be about 5.51% if all used.
Trustpilot said Monday it bought back 2,687,064 shares since March 25 under its programme, spending about 6.48 million pounds before costs. Those shares, cancelled, represent roughly 0.69% of current voting rights. But first-half shares issued or allotted under schemes topped these buybacks by 1.23 million shares, or about 0.32% of voting rights. The buyback partly offsets that.
That’s the investor angle. The share count isn’t moving much, so on its own it doesn’t change the story. But Trustpilot gets priced as a growth and operating leverage play. HL is showing no dividend and trades on a price/earnings ratio north of 180, so what counts most here are buybacks, share awards, and free cash flow per share—more so than for a standard low-multiple dividend stock.
Company-compiled analyst consensus as of May 20 showed 13 analysts included in the FY26 and FY27 adjusted EBITDA forecasts and 12 in FY28. The average forecast had revenue at $308 million for FY26, $358 million for FY27, and $413 million in FY28. Adjusted EBITDA numbers came in at $55.1 million, $73.4 million and $98.6 million for those years. Free cash flow forecasts stood at $45.7 million, $56.9 million and $77.2 million.
| Company-compiled consensus | FY26 | FY27 | FY28 |
|---|---|---|---|
| Revenue | $308 mln | $358 mln | $413 mln |
| Adjusted EBITDA | $55.1 mln | $73.4 mln | $98.6 mln |
| Adjusted EBITDA margin | 17.9% | 20.5% | 23.9% |
| Free cash flow | $45.7 mln | $56.9 mln | $77.2 mln |
Trustpilot has been pitching investors on its story of real human feedback on a more AI-driven internet. At the May AGM, CEO Adrian Blair said Trustpilot “helps people make choices and make themselves heard.” Blair said 2025 bookings climbed 18% in constant currency to $291 million, revenue hit $261 million and adjusted EBITDA jumped 69% to $40.7 million. Active reviews were up 20% to 361 million. Investegate
Investors will get their next look at Trustpilot on July 16, when the company is set to release a trading update. Half-year results for 2026 are due Sept. 15, according to the investor calendar.
