Visma (VISMA) Q2 2025 earnings summary

Executive summary

• Achieved robust growth in H1 2025, with revenue up 13.1% year-over-year to €1,553m and ARR reaching €2.8bn, driven by SaaS sales and M&A activity.

• Customer base expanded by 12% to 2.1 million, with over 350,000 new customers added.

• Completed 15 M&A transactions and divested Admincontrol, generating a net gain of €381m.

• SaaS and cloud services accounted for 90% of revenue, reflecting a strong market position.

Financial highlights

• Revenue: €1,553m in H1 2025, up 13.1% year-over-year.

• Adjusted EBITDA: €493m, up 14.1% year-over-year, with a margin of 31.7%.

• Adjusted net income: €260m, up 5.3% year-over-year.

• Operating free cash flow: €524m, up 13.4% year-over-year.

• Profit before tax: €546m, up 498.8% year-over-year, mainly due to the Admincontrol sale.

Outlook and guidance

• Expects continued organic and acquisitive growth, focusing on Continental Europe and Latin America.

• Anticipates resilient demand for mission-critical software despite global uncertainties and slower Nordic markets.

• Plans to reinvest proceeds from Admincontrol sale into M&A.