Visma (VISMA) Q3 2025 earnings summary

Executive summary

• Achieved record ARR of €2.96 billion at Q3 2025, up 11.4% organically year-over-year, driven by strong performance in the Business segment and strategic expansion into Brazil with the Conta Azul acquisition.

• Customer base grew to 2.2 million, a 17.7% year-over-year increase, with particularly strong momentum in Geo Expansion countries.

• Revenue for the first three quarters reached €2,333 million, up 12.9% year-over-year, with SaaS and Cloud revenue now over 90% of group revenue.

Financial highlights

• ARR increased 14.9% year-over-year to €2,957 million, with 11.4% organic growth.

• EBITDA rose 13.3% to €780 million, with a margin of 33.4% and 1.3 percentage point organic margin improvement year-over-year.

• Business segment revenue grew 16.0% to €1,714 million; Public segment revenue increased 7.5% to €532 million.

Outlook and guidance

• Expects continued growth in both customers and markets served, supported by robust M&A pipeline and ongoing SaaS adoption.