Verisure Group (VSURE) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered financial performance ahead of expectations, with double-digit growth in revenue, ARR, and EBIT, margin expansion, and positive free cash flow for the second consecutive quarter.

• Customer portfolio reached nearly 6.3 million, up 9.7% year-over-year, maintaining global leadership in monitored security.

• Integration of Mexico contributed to ARR and portfolio growth, and rebranding initiatives in Spain and Portugal are progressing well.

• Continued innovation with new AI-driven products, including Guardian in France and Seniors Protección in Spain.

• Board changes included new appointments and departures, supporting ongoing transformation.

Financial highlights

• Revenue reached €1,019.3m, up 10.8% year-over-year; ARR grew 12.2% to €3,533m, with Mexico contributing ~2 percentage points.

• Adjusted EBITDA was €472.3m (margin 46.3%, up 81bps), and Adjusted EBIT rose to €277m (margin 27.2%, up 210bps).

• Adjusted Net Profit increased to €152.1m from €71.2m in Q1 2025.

• Free cash flow turned positive at €39.1m, a €95m improvement from Q1 2025.

• Net leverage reduced to 2.8x, with net debt below €5bn.

Outlook and guidance

• 2026 guidance reaffirmed: ARR growth around 10% (excluding Mexico), Adjusted EBIT margin above 26%, and positive free cash flow.

• Interim dividend expected in H2 2026, with a payout ratio of 30%-40% of H1 adjusted net income.

• Medium-term guidance: ARR growth around 10% annually, revenue growth up to 100bps below ARR, and progressive EBIT margin development to 30% over the long term.