Verisure Group (VSURE) Q4 2025 earnings summary

Executive summary

• Delivered strong Q4 and full-year 2025 results, surpassing 6.2 million customers, with record customer growth, margin expansion, and a successful IPO on Nasdaq Stockholm.

• Achieved key milestones: IPO, strategic acquisition of ADT Mexico adding 125,000 customers, and leadership in 14 out of 18 markets.

• Maintains a long growth runway with high-quality, predictable subscription revenues and continued investment in AI-enabled products and innovation.

• Customer portfolio grew 10% year-over-year to over 6.2 million, with low attrition rates maintained.

• Free cash flow turned positive in Q4 and leverage reduced to 2.9x post-IPO.

Financial highlights

• Q4 revenue grew 10.9% year-over-year to €964.7m; full-year revenue reached €3,745.4m, up 10.3%.

• Annualized recurring revenue (ARR) reached €3,448m, up 12.7% year-over-year, including 2pp from Mexico.

• Adjusted EBIT for 2025 was €953m (+15.5% YoY), with margin expansion to 25.4%.

• Adjusted EBITDA for 2025 was €1,708m, up 11.3% year-over-year; margin at 45.6%.

• Net leverage reduced to 2.9x at year-end; net debt at €5.0bn.

Outlook and guidance

• 2026 guidance: ARR growth around 10%, adjusted EBIT margin above 26%, and positive free cash flow.

• Plans to pay first interim dividend in H2 2026, with a payout ratio of 30–40% of H1 adjusted net income.

• Medium-term guidance reaffirmed: ARR growth ~10% annually, revenue growth up to 100bps below ARR, and EBIT margin expansion toward 30%.