Visma (VISMA) Q1 2025 earnings summary

Executive summary

• Surpassed 2 million customers in Q1 2025, reaching 2.1 million, with 18% year-over-year growth in customer base.

• Achieved strong organic ARR growth of 11.5% and total ARR growth of 16.0% compared to Q1 2024.

• Revenue increased 14.4% year-over-year to €771 million, with SaaS & Cloud revenue comprising 90% of total revenue.

• Completed four acquisitions and one minority purchase, including Penneo, and announced further acquisitions post-quarter.

Financial highlights

• Q1 2025 revenue reached €771 million, up 14.4% year-over-year; organic revenue growth was 10.7%.

• EBITDA rose 18.6% to €244 million, with margin expanding to 31.6% from 30.5% in Q1 2024.

• Adjusted net income increased 20.3% to €132 million.

• Operating free cash flow grew 21.3% to €423 million; cash conversion LTM at 103.6%.

• Net debt/EBITDA at 2.4x as of March 31, 2025, within target range.

Outlook and guidance

• Full-year performance expected to align with long-term group targets.

• Continued growth anticipated in both customer numbers and markets served.