Visma (VISMA) Q4 2025 earnings summary

Executive summary

• Achieved record growth in FY2025, surpassing 2.4 million customers, with a 22.0% year-over-year increase in customer base and strong expansion in both the Nordics and Continental Europe.

• Annualised Repeatable Revenue (ARR) reached €2,794 million, up 19.4% year-over-year, driven primarily by new customer acquisition and supported by 28 acquisitions, including entry into Brazil.

• Adjusted EBITDA rose to €975 million, an 18.5% increase year-over-year, reflecting operating leverage and efficiency gains from AI initiatives.

• Strategic focus sharpened through divestment of Admincontrol and spin-out of Norvato, enabling concentration on core SaaS offerings.

• AI transformation accelerated, with over 250 AI initiatives live, delivering significant productivity and product enhancements.

Financial highlights

• Operating revenue for FY2025 was €3,168 million, up 13.0% year-over-year; total revenue and income, including the gain on sale of Admincontrol, was €3,552 million.

• Adjusted EBITDA reached €1,024 million, up 13.2%, with €975 million attributable to continuing operations (excluding disposed entities).

• Free cash flow increased to €1,002 million, a 13.2% rise from the previous year.

• Net gain on sale of Admincontrol contributed €384 million to other income.

• Profit before tax surged 260.6% to €666 million, largely due to the Admincontrol sale.

• Adjusted net income was €506 million, with limited growth due to lower tax expense in the prior year.

Outlook and guidance

• Entering 2026 with strong momentum, continued focus on organic growth, M&A, and AI-driven innovation.

• Anticipates robust demand for mission-critical software amid ongoing regulatory complexity and digitalisation trends.

• Active M&A agenda to persist, targeting untapped regions and strategic market expansion.

• Disinflation and potential interest rate reductions expected to support business investment and confidence.