Trustpilot's Strategic Growth and Valuation Outlook: Balancing Strong Performance with Future PotentialWe remain positive on the long-term growth story: Trustpilot is, in our view, the clear category leader in the horizontal consumer reviews market, underpinned by a differentiated dual-sided model: an open, free-to-use consumer review platform on one side and a freemium SaaS offering for businesses on the other. This structure creates powerful network effects, where growing consumer traffic drives higher business adoption and engagement, which in turn generates more reviews and richer content, reinforcing Trustpilot’s position and supporting sustained revenue growth. As the platform scales, it becomes increasingly embedded in merchants’ customer acquisition and trust-building funnels, deepening its moat, and supporting strong retention and expansion dynamics, as already visible in more mature markets such as the UK, where market penetration has reached c. 5%.