Verisure Group (VSURE) Q2 2024 earnings summary

Executive summary

• Achieved strong operating and financial performance in Q2 2024, with double-digit revenue and EBITDA growth year-over-year.

• Customer portfolio expanded by 9% to 5.4 million, driven by 214k new installations and low attrition.

• Deleveraging continued, with net leverage down to 4.9x, the lowest since the 2011 buyout.

• Successfully refinanced €1,050m in debt, extending all maturities to 2026 or beyond.

• ARPU increased 3.2% year-over-year in Q2 2024 to €45.8.

Financial highlights

• Group revenue rose 10.9% year-over-year to €849m in Q2 2024.

• Adjusted Group EBITDA increased 15.6% to €381m, with Portfolio Services EBITDA up 14% to €531m.

• Operating profit grew 25.1% to €186m, and profit before tax surged 77% to €93m.

• Cash and unutilized credit facilities increased 45% to €710m.

• Net debt remained stable at €7,464m, with total capex at €223m.

Outlook and guidance

• Management highlights a resilient, high-quality growth model with sustained low attrition and improving unit economics.

• Continued focus on portfolio growth, customer acquisition, and deleveraging trajectory.

• Optimism for medium and long-term growth despite external challenges, citing low home security penetration and persistent demand.