Verisure Group (VSURE) Q2 2025 earnings summary

Executive summary

• Revenue grew 9.3% year-over-year in Q2 2025 to €928m, with adjusted EBIT up 13.9% and margin rising to 25.4%, driven by strong cost management and operating performance.

• Customer portfolio expanded by 8.1% to over 5.8 million, with market leadership in 13 of 17 geographies and reduced attrition rate to 7.4% LTM.

• July 2025 saw a record month for installations, up 4–5% year-over-year, supporting a confident outlook for H2.

• Continued investment in product and service innovation to drive usage, volume growth, and margin improvement.

Financial highlights

• Adjusted EBITDA increased 11.8% year-over-year to €426m, with margin at 45.9%; portfolio EBITDA rose 12.2% to €595m.

• Annualized recurring revenue (ARR) grew 10.1% to €3,262m.

• Operating cash flow was €298m in Q2 2025; total capex was €239m, driven by upselling, R&D, and network investments.

• Net debt rose to €7,732m, with available liquidity at €387m.

• Net profit for Q2 2025 was €41.8m.

Outlook and guidance

• Management remains optimistic for H2 2025, citing strong installation momentum, cost discipline, and growth prospects in underpenetrated markets.

• Continued focus on innovation and premium positioning to support future growth.

• Leverage reached the mid-term target of 4.5x, with continued deleveraging expected.